Fear of missing out

brewski1984 Are you spread betting it?

Brumby What is your trade plan on bitcoin?

As yet I have no plan but I have dabbled in trading BTCUSD @ etx, very small stakes mind.

However, last night I had a meeting with my developer and another friend who is senior in computer networks etc. They know a great deal more than I do about how all this stuff works, but either way, we all came to the conclusion that cryptos are far from mainstream and have much further to go. One conclusion we arrived at was that new issues initially are the easiest and cheapest to mine in decent quantities and although they have little to no value currently, they could have significant value in the future. (Bitcoin started of in cents). So we have more or less decided that some seed capital invested in fairly low tec mining equipment is justifiable. We aim to get going on the mining of new issues in the next couple of months.

We won't be mining Bitcoin or any other cryptos which require the latest tech and vast amounts of power etc, as the cost and length of time required make it unproductive and prohibitive. The interesting thing here is that in order for the ledger to be maintained, there have to be miners who are adequately compensated for their efforts and to cover costs. This all but ensures that cryptos are a One way bet as the difficulty in mining gets progressively harder.

Have a think about that!

Further meetings planned to look at other aspects of interest.
 
Bubble up! Dotcom all over again!

brewski1984 said:
Out of curiosity, do you think you've missed the bubble due to not getting in before the average joe or do you think it's now too high to buy/going to pop?
Click to expand...

Almost by definition it is not really a bubble until the average Joe is getting in. BTW, even though Bitcoin is still going up and might even go all the way up to $100K it still means it is a bubble.

The whole idea of speculating on something like Bitcoin is to get in early and make 100,000% gain or more - i.e. Risk a few pennies to make $1000’s. Anybody who thinks risking $10,000 for 1000% gain means it isn’t a bubble just doesn’t get it. You have opportunities like that almost every day in the stock market. There are plenty of penny stocks (or penny dreadfuls as they are known) that you can speculate on in the hope of making 1000%. I just closed half a position on a stock that returned a 500% gain and it was far from a risky venture. It was a quality stock that had just been oversold in a panic.

This so reminds me of the dotcom bubble...If Bitcoin is still around in 5 years time and above its current price ($11K) then I will concede I was wrong about it.
 
Reminds me of a watering hole in Africa. Hungry lions all around and crocs in the water.
 
counter_violent said:
We won't be mining Bitcoin or any other cryptos which require the latest tech and vast amounts of power etc, as the cost and length of time required make it unproductive and prohibitive. The interesting thing here is that in order for the ledger to be maintained, there have to be miners who are adequately compensated for their efforts and to cover costs. This all but ensures that cryptos are a One way bet as the difficulty in mining gets progressively harder.

Have a think about that!

Further meetings planned to look at other aspects of interest.
Click to expand...

Might be a stupid question but if the cryptos you are planning to mine are only cents each, would it not be more efficient to spend the few hundred quid you would be spending on equipment/electric buying up lots of different cryptos in the hope that one takes off?
new_trader said:
Almost by definition it is not really a bubble until the average Joe is getting in. BTW, even though Bitcoin is still going up and might even go all the way up to $100K it still means it is a bubble.

The whole idea of speculating on something like Bitcoin is to get in early and make 100,000% gain or more - i.e. Risk a few pennies to make $1000’s. Anybody who thinks risking $10,000 for 1000% gain means it isn’t a bubble just doesn’t get it. You have opportunities like that almost every day in the stock market. There are plenty of penny stocks (or penny dreadfuls as they are known) that you can speculate on in the hope of making 1000%. I just closed half a position on a stock that returned a 500% gain and it was far from a risky venture. It was a quality stock that had just been oversold in a panic.

This so reminds me of the dotcom bubble...If Bitcoin is still around in 5 years time and above its current price ($11K) then I will concede I was wrong about it.
Click to expand...

So you've missed it because the price and therefore risk is now too high and there are better opportunities elsewhere. Have you ruled Bitcoin out as an opportunity entirely?
 
brewski1984 said:
Might be a stupid question but if the cryptos you are planning to mine are only cents each, would it not be more efficient to spend the few hundred quid you would be spending on equipment/electric buying up lots of different cryptos in the hope that one takes off?
Click to expand...

Mining is only One aspect we will cover, but you are right, purchasing other lots and spreading it wide will be another strat. Not just any old junk though, we will need to weed out obvious junk, scams, and ideas that have no need for blockchain tech. Probably a discussion for the next meet.
 
counter_violent said:
However, last night I had a meeting with my developer and another friend who is senior in computer networks etc. They know a great deal more than I do about how all this stuff works, but either way, we all came to the conclusion that cryptos are far from mainstream and have much further to go. One conclusion we arrived at was that new issues initially are the easiest and cheapest to mine in decent quantities and although they have little to no value currently, they could have significant value in the future. (Bitcoin started of in cents). So we have more or less decided that some seed capital invested in fairly low tec mining equipment is justifiable. We aim to get going on the mining of new issues in the next couple of months.

We won't be mining Bitcoin or any other cryptos which require the latest tech and vast amounts of power etc, as the cost and length of time required make it unproductive and prohibitive. The interesting thing here is that in order for the ledger to be maintained, there have to be miners who are adequately compensated for their efforts and to cover costs. This all but ensures that cryptos are a One way bet as the difficulty in mining gets progressively harder.
Click to expand...

My impression is that the business of mining in the more established crypto currencies is at best marginally profitable.

I would be interested in your determination as you explore the feasibility of the newer start ups. All the best.
 
Thought the authorities couldn't resist getting their sticky fingers onto the cryptos.
 
counter_violent;2993478The interesting thing here is that in order for the ledger to be maintained said:
Good morning to you Sir, I am surprised you are just discovering this very important part of the block chain technology, this also the main reason why you won't see any mainstream major implementation soon... A ledger could be GBs in size, so it can become very expensive for the miner to maintain it...
Click to expand...
 
counter_violent said:
https://coinmarketcap.com/currencies/bitcoin/

All the naysayers have missed out again I see :LOL:

Bubble talk and cryptos are just in their infancy. 15k here we come.
Click to expand...


You have no trade plan for it, but yet you say people missed out...?
This is a very reckless comment and one I am surprised to see coming from a T2W mod. It would be something i'd expect a naive trader to say.

I am one of the average joe's and I hear conversations from other Joe's about Bitcoin.
If the crash is just waiting on the average joe's to jump in, then strap yourself in because it's already started
 
Nowler said:
You have no trade plan for it, but yet you say people missed out...?
This is a very reckless comment and one I am surprised to see coming from a T2W mod. It would be something i'd expect a naive trader to say.

I am one of the average joe's and I hear conversations from other Joe's about Bitcoin.
If the crash is just waiting on the average joe's to jump in, then strap yourself in because it's already started
Click to expand...

People like you are living in denial. You know perfectly well that crypto's are unstoppable and here to stay. None of us knows how the story will unfold and yet you see fit to condemn my take on it. Unbelievable.

So, save your fake outrage for an audience that gives a fig, cos I don't.
 
I’m still undecided, the risk with Bitcoin is too high for me to get involved but the feeling I could be missing out on something big just wont go away!

I’m too scared to actually open one of these wallets and actually buy Bitcoin because all I can think about is getting ripped off somehow. Spread betting it could have been a viable alternative but spreads vary between 50-100 points, the overnight fees at ETX work out around 30% a year and no guaranteed stops for obvious reasons. There are far better opportunities.
 
"To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. Even though the available information on VISA’s energy consumption is limited, we can establish that the data centers that process VISA’s transactions consume energy equal to that of 50,000 U.S. households. We also know VISA processed 82.3 billion transactions in 2016. With the help of these numbers, it is possible to compare both networks and show that Bitcoin is extremely more energy intensive per transaction than VISA."
 
The world seems to need something like crypto currency but in quite what form is open to question/
 
counter_violent said:
People like you are living in denial. You know perfectly well that crypto's are unstoppable and here to stay. None of us knows how the story will unfold and yet you see fit to condemn my take on it. Unbelievable.

So, save your fake outrage for an audience that gives a fig, cos I don't.
Click to expand...

I condemn your stupidity.
Posting stupid comments with the intention of inflaming.

Grow up
 
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