Re: Off Topic Bitcoin.

Minermike Fri Apr 13, 2018 9:43 am

Bitcoin on the move, going up !

adrian ss 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.

Minermike 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 .

granite2 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.

Minermike 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 .

granite2 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

Minermike Fri Apr 13, 2018 9:21 pm

I will be dead and buried long before Bitcoin crashes , we will see .

granite2 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?

Minermike 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 .

adrian ss 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

Guest 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

Minermike 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 .

adrian ss 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??

Minermike 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 .

adrian ss 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??

Minermike 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 .

adrian ss Sat Apr 14, 2018 12:51 pm

OK I am starting to get the drift.

Minermike 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 .....

Alan WA Tue May 14, 2019 9:55 am

Here we go again...

Maybe..

Very Happy

Minermike Tue May 14, 2019 10:12 am

It has been a long wait but I am still here ! To me, Bitcoin is now building on a solid base . I would have liked to buy some when it was US$3k. , no funds , it has now been over US$8k.

Minermike Thu May 30, 2019 1:50 pm

Bitcoin , still going strong !

Curley Thu May 30, 2019 3:11 pm

Hey Mike, what is the best detector to find Bitcoin and where is the best place to find it?
Do people find many that people lose at the beach, or are parks better? Basketball

Cheers
Curley

Minermike Thu May 30, 2019 4:47 pm

Waste of time going on the beach these days . Nobody carries cash any more . Some guy said that in 20 years time the only thing to have is property or land and Bitcoin ....

GPZhunter Fri May 31, 2019 7:33 pm

Curly,
I have found Bitcoin with my Minelab Sovereign, munched up bits of $2.00 & $1.00 dollar coins hit by lawnmower blades.
Its pretty funny watching posts on Crypto's on non Crypto forums, definite split between people who have faith in them versus those that don't?

They say Bitcoin will only go up because there are limited bitcoins?
But don't the other coins devalue expensive bitcoin?

Very risky speculation in my opinion.

harryopal Fri May 31, 2019 9:17 pm

For what it's worth, a few years ago I was prepared to buy some crypto currency. I came to the conclusion that the key was, as with shares, to be able to buy at the bottom of a downward trend and sell just after peaking with the next downturn. I spent quite a bit of time researching various trading companies where I could buy or sell quickly but often found that where I might have been inclined to open an account there would be negative postings from "clients" who for a variety of reasons were not getting the services for which they had signed up. And then there were a disconcerting number of stories of people who had opened accounts and then the companies disappeared.

It was apparent that there was a bit of a feeding frenzy feeling about getting into crypto currencies and plenty of sharks circling. In the end I could not find a means for trading about which I felt confident.

On the other hand the son of a friend who was in banking got into Bitcoins at a critical time and did very well. Paid off a newly bought house in two years and then resigned to work part time.

Facebook recently indicated an interest in crypto currency and the recent surge in Bitcoin prices began with that report.

Whatever your personal disposition do research thoroughly if you decide to trade and invest what you are prepared to lose.

Minermike Fri Jun 21, 2019 9:30 am

As gold has gone up so has Bitcoin now USD$9,500 . May be due to Facebook getting in on the act and the uncertainty in the world at the present time .

Trading crypto is a lot cheaper than trading shares . That is , the fees are a lot less .

Minermike Sat Jun 22, 2019 12:30 pm

Bitcoin now USD$10,700

Minermike Wed Jun 26, 2019 1:44 pm

Bitcoin now USD$12,000.

harryopal Thu Jul 04, 2019 6:51 pm

I had earlier remarked that while there is money to be made in crypto currencies .... there were a disconcerting number of stories of people who had opened accounts and then the companies disappeared."

Well, I am afraid there is another story today from the ABC of a young couple losing $20,000 and reporting:

"According to the Australian Competition and Consumer Commission (ACCC)'s Scamwatch, investment scams involving Bitcoin and other cryptocurrencies have increased markedly in 2019.
By May 31 Australians had reported more losses to investment scams mentioning cryptocurrency than they had for all of 2018."

Here's a link to the full sad story.

https://www.abc.net.au/news/2019-07-04/bitcoin-investment-scam-steals-thousands-from-canberra-couple/11271742

Minermike Tue Jul 09, 2019 4:05 pm

Bitcoin now USD$12,600

June the 21 st. I said it was USD$9,500 .