Off Topic Bitcoin.

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Re: Off Topic Bitcoin.

Post  Minermike on Fri Apr 13, 2018 9:43 am

Bitcoin on the move, going up !
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Re: Off Topic Bitcoin.

Post  adrian ss on Fri Apr 13, 2018 10:21 am

Seems to me that if you buy and sell bitcoin by the minute then you could make some profit but if you buy it and sit on it then you are likely to loose in the long term.
If the value rises too high then only the rich will be able to afford it. Sort of like diamonds: Small stones are common as dirt and are actually worthless but people buy them thinking that they will gain in value to a worthwhile degree, but they will not. I bought my wife,s engagement ring 33 years ago for 800 bucks and today it is still worth 800 bucks and 800 bucks today will not buy anywhere near as much as it could 33 years ago, so the ring has actually lost value. Sad But big stones over 1.5ct have increased in value quite well but not many ordinary wage earners will blow their money on those stones.

So it is with bitcoin if the value rises too high.  Ordinary wage earners can afford a bit of bitcoin but not enough to be of any investment value but for as long as the market dictates that bitcoin is great stuff then small buyers will continue to buy small bits and that will keep the value climbing.which will only benefit the already rich.


Last edited by adrian ss on Sat Apr 14, 2018 7:24 am; edited 1 time in total
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Re: Off Topic Bitcoin.

Post  Minermike on Fri Apr 13, 2018 11:01 am

It is all about getting a better return for your money than what the banks will pay . That is why people play the stock exchange , in hope of a better return . The rich will all ways get richer , they employ people full time to invest their money . There is a limited number of Bitcoin , so it will always go up . You cannot buy a lot of the other coins unless you have Bitcoin . Some say Bitcoin will get to $60,000 by the end of the year, we will see. BTW I have always lost on the shares .
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Re: Off Topic Bitcoin.

Post  granite2 on Fri Apr 13, 2018 5:49 pm

Shares I understand and have done well out of them. But shares are backed by the business that sells the shares. Bitcoin in is not backed by anything. The only value they have is what people will pay for them. Eventually they will crash and no one will want them simply because they have no real value. Caveat emptor.
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Re: Off Topic Bitcoin.

Post  Minermike on Fri Apr 13, 2018 6:01 pm

At the moment   Bitcoin is backed by   USD$ 135,363,372,345       .  Please tell me an Australian  company   that has that much backing  ???


Bitcoin will never crash , take my word for it ! You need to read more about Bitcoin .
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Re: Off Topic Bitcoin.

Post  granite2 on Fri Apr 13, 2018 8:53 pm

Any company can go broke. Bitcoin is no exception. Believe me, it will eventually crash it's just a matter of how long. But for the sake of the many people who invested in good faith I hope it doesn't but I would never buy into it.

Cheers, Jim
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Re: Off Topic Bitcoin.

Post  Minermike on Fri Apr 13, 2018 9:21 pm

I will be dead and buried long before Bitcoin crashes , we will see .
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Re: Off Topic Bitcoin.

Post  granite2 on Fri Apr 13, 2018 9:40 pm

Minermike wrote:At the moment   Bitcoin is backed by   USD$ 135,363,372,345       .  Please tell me an Australian  company   that has that much backing  ???


Bitcoin  will never crash ,  take my word for it  !  You need to read more about Bitcoin .

Where is the property/ business worth USD 135,363,372,345? What does it manufacture? What products does it sell and where? What is its PE ratio? And where can I buy shares in it? Does it pay taxes and if so what percentage? If Bitcoin doesn't pay taxes then why not?

Actually I think I know the answer to that question. A company has to make a profit before it has to pay taxes and as far as I can see Bitcoin doesn't make anything and makes no profit so it wouldn't need to pay tax.

That is the sort of backing any company needs. As a company it must be worth something. BHP for instance has a value that exceeds its share price with a price earning ratio where it actually takes the company around 15 years to earn its own value.

What is Bitcoins PE ratio?
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Re: Off Topic Bitcoin.

Post  Minermike on Fri Apr 13, 2018 10:06 pm

Granite, before you invest in a company you read all about it . I suggest you go and read all about Bitcoin and try and under stand it , I have . I do not own any Bitcoin but I do own other crypto currencies .
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Re: Off Topic Bitcoin.

Post  adrian ss on Sat Apr 14, 2018 7:51 am

Bitcoin dropped from 8167 to 7800  in the past 12 hours or so. It is up and down like an old Coca Cola yoyo. and is why I said that if you bought and sold by the minute you could make a good profit.

By following the graph here you can do some imaginary calculations and work out how much profit you could have made by buying on the lows and selling on the highs if you watch the price closely.. Give it a shot it is fun. Very Happy
https://www.plus500.com.au/Instruments/BTCUSD
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Re: Off Topic Bitcoin.

Post  davsgold on Sat Apr 14, 2018 9:35 am

It's not like share trading where you can have a (for instance) Commsec acct and buy and sell instantaneously. From what I have read Bitcoin buying and selling can take from hours to days for a trade to go through, so that makes it impossible to trade the highs and lows.

cheers dave
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Re: Off Topic Bitcoin.

Post  Minermike on Sat Apr 14, 2018 10:35 am

I have noticed that the price of cryptos drops on the weekend , so it is a good time to buy . They start going up on Monday , here and o/seas , when people are back at "work " trading them .
If you buy and sell at market price the deal will go through in half an hour . What I do is put in the price I want and leave it for 24 hours . If I do not get the price , I will leave it or change it . I am not a day trader and have not bought or sold for some time . There is a platform for day traders, so that you can trade quickly , but I am not involved with it .
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Re: Off Topic Bitcoin.

Post  adrian ss on Sat Apr 14, 2018 11:53 am

davsgold wrote:It's not like share trading where you can have a (for instance) Commsec acct and buy and sell instantaneously.  From what I  have read Bitcoin buying and selling can take from hours to days for a trade to go through, so that makes it impossible to trade the highs and lows.

cheers dave

OK Dave. I see what you mean.
I do not trade in bitcoin so I don't know the details of buying and selling.
I assume that if you buy or sell at a certain value then that is the price you get and not the price at the time the trade is complete??
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Re: Off Topic Bitcoin.

Post  Minermike on Sat Apr 14, 2018 11:59 am

Yes, that is correct , you get the price you are asking for buy or sell . If you buy or sell for market price , well then you get that price at the time. You have no control over the price , market price .
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Re: Off Topic Bitcoin.

Post  adrian ss on Sat Apr 14, 2018 12:18 pm

What limits are there on your asking price??
The NEO graph  seems to be following the Bitcoin graph and NEO is much cheaper giving an opportunity to make a bit of profit for a smaller initial outlay ?? What is wrong with NEO??
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Re: Off Topic Bitcoin.

Post  Minermike on Sat Apr 14, 2018 12:41 pm

There are no limits on your asking price . I can see that some people have put up an asking price and there is no way that they will get it .

At the present time I do not own any Bitcoin . The cheaper cryptos have a better chance of in creasing in value than Bitcoin . Lets say Bitcoin is $8,000 if it goes up to $16,000 that is 100 % profit .
I bought some cheap crypto at 10 cents each . They went up to $1 that is 1,000 % profit but I did not sell . I still think they will do better , maybe $100 ..... You have to be careful buying the cheaper ones, they need to have a good buiss. plan . I know of NEO but I do not have any . Check out ION they are into gaming , so they have some thing that is working . I have some .

Bitcoin is the leader, so if it goes up so do the others . You need to own some Bitcoin to buy a lot of the others. They are linked in price to Bitcoin .
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Re: Off Topic Bitcoin.

Post  adrian ss on Sat Apr 14, 2018 12:51 pm

OK I am starting to get the drift.
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Re: Off Topic Bitcoin.

Post  Minermike on Sat Apr 14, 2018 1:05 pm

The ones I paid 10 cents for are now 18.2 cents . So that is a gain of 82 % I bought them in June last year. I am in for the long haul, if I live that long .....
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