Crypto currency

[Xela]

3 hours ago, omariqy said:

Is there a danger that everyone just sees this as an investment and no one ever actually spends the currency. Surely then it will devalue massively?

There will always be day-traders buying and selling IMO

What level Bitcoin hits, no idea. £50k? £500k? 

[nick76]

I think some version of a coin will turn into a currency from this.  Obviously 95% of these coins will vanish but there are some real world solutions within some of these coins and slowly being adopted like the partnership between American Express and Ripple 

https://www.reuters.com/article/us-blockchain-amex-ripple/amex-launches-blockchain-based-business-payments-using-ripple-idUSKBN1DG1SX

I think why it has a chance to turn into cash is that society is pushing back on so many things, the likes of you and I are sick of the banks, perceived corruption, too much control by the establishment, big fees, currency conversion etc etc and crypto although in it's novice form starts to solve some of those problems.  So it's an evolution of the current way and  why it might not get adopted is the infrastructure that will need to be developed but I'm convinced that big companies would invest that because it will benefit them.  Therefore for me it will be the establishment that will stop it as governments and banks will have less or very little control over it and obviously they are not going to take it lying down.

Who knows!  This crypto ride has been exciting and if it's a bubble then it's been fun but I still think some of of the solutions will be adopted at the very least.

 

[Genie]

Massive jump in bitcoin overnight

[Xela]

IOTA has been rocketing over the last week as well

[Genie]

@Stevo985 did you buy ARK in the end? If so where from and was it easy (like coinbase)?

[PieFacE]

7 hours ago, nick76 said:

I think some version of a coin will turn into a currency from this.  Obviously 95% of these coins will vanish but there are some real world solutions within some of these coins and slowly being adopted like the partnership between American Express and Ripple 

https://www.reuters.com/article/us-blockchain-amex-ripple/amex-launches-blockchain-based-business-payments-using-ripple-idUSKBN1DG1SX

I think why it has a chance to turn into cash is that society is pushing back on so many things, the likes of you and I are sick of the banks, perceived corruption, too much control by the establishment, big fees, currency conversion etc etc and crypto although in it's novice form starts to solve some of those problems.  So it's an evolution of the current way and  why it might not get adopted is the infrastructure that will need to be developed but I'm convinced that big companies would invest that because it will benefit them.  Therefore for me it will be the establishment that will stop it as governments and banks will have less or very little control over it and obviously they are not going to take it lying down.

Who knows!  This crypto ride has been exciting and if it's a bubble then it's been fun but I still think some of of the solutions will be adopted at the very least.

 

Just to be clear, Banks are using the ripple tech, not the XRP coin. They are two very different things.

I'd think twice about buying XRP based on the fact that "banks are going to use it". Banks will never use a publicly traded crypto currency which is as volatile as crypto currently is, imo.

I'm pretty sure in a recent Ripple press conference,  banks stated that they see no use for the crpytocurrency. 

Edited December 6, 2017 by PieFacE

[Stevo985]

11 minutes ago, Genie said:

@Stevo985 did you buy ARK in the end? If so where from and was it easy (like coinbase)?

No I haven't had a chance to do it yet. But I was going to use Bittrex. I've signed up already but couldn't figure out how to get my bitcoin there.

Pieface explained it above. Will do it this week

[PieFacE]

1 hour ago, Xela said:

IOTA has been rocketing over the last week as well

Yeah it's ridiculous. So much hype and fomo over something which doesn't have a working product, is centralised and has a completely shit wallet.

There's so much absolutely dumb money in crypto. People just get sucked in by hype way too easily without doing research.

Edited December 6, 2017 by PieFacE

[lapal_fan]

Been keeping an eye on this for a while now.  

I'm not jumping in now, I think I've missed the point where there was potential to get huge gains.  Yes, it's still going up a lot, but I think it will all crumble away just as quickly, meaning that whilst in the very short term I think you could do well out of it, I think the risk is increasing just as much as the potential. 

Good luck to those of you who have had a go! 

[PieFacE]

8 minutes ago, lapal_fan said:

 

I'm not jumping in now, I think I've missed the point where there was potential to get huge gains. 

I thought that just over 6 months ago when I was joining various Slack/chat rooms chatting to people about crypto just after Ethereum took off. Told people I felt I was late to the party but was hoping to make enough to pay my mortgage off after 3-5 years. I was told multiple times that the party hasn't even got started yet, in fact, if this was a party then people are still sending out Facebook invites. Now i've been in crypto for 6 months and done a lot of research,  I very much agree. It's not even remotely got going yet. There's going to be huge opportunity to make huge gains still. As far as I'm concerned, it's a once in a lifetime opportunity.  Institutional money can't even get into crypto at the minute because it's still too small. Of course all of this is just my opinion but there's a long long way to go before this bubble pops. $350bn market cap is nothing. 

 

 

Edited December 6, 2017 by PieFacE

[lapal_fan]

2 minutes ago, PieFacE said:

I thought that just over 6 months ago when I was joining various Slack/chat rooms chatting to people about crypto just after Ethereum took off. Told people I felt I was late to the party but was hoping to make enough to pay my mortgage off after 3-5 years. I was told multiple times that the party hasn't even got started yet, in fact, if this was a party then people are still sending out Facebook invites. Now i've been in crypto for 6 months and done a lot of research,  I very much agree. It's not even remotely got going yet. There's going to be huge opportunity to make huge gains still. As far as I'm concerned, it's a once in a lifetime opportunity.  Institutional money can't even get into crypto at the minute because it's still too small. Of course all of this is just my opinion but there's a long long way to go before this bubble pops. $350bn market cap is nothing. 

 

 

Do you not think though, that if this has the potential to have such substantial gain, then it'll end up like.. payday loans for example and get regulated heavily, thus losing so much of it's appeal? 

I can just see the status quo saying "woah, this is fundamentally changing the value of money, this needs to stop, or be regulated" in which case it'll lose all it's value and the status quo will be maintained. 

This - at the moment - seems to be making millionaires/billionaires on an almost daily basis.  Something has to give, doesn't it? 

[PieFacE]

37 minutes ago, lapal_fan said:

Do you not think though, that if this has the potential to have such substantial gain, then it'll end up like.. payday loans for example and get regulated heavily, thus losing so much of it's appeal? 

I can just see the status quo saying "woah, this is fundamentally changing the value of money, this needs to stop, or be regulated" in which case it'll lose all it's value and the status quo will be maintained. 

This - at the moment - seems to be making millionaires/billionaires on an almost daily basis.  Something has to give, doesn't it? 

I'm sure it will be like that eventually for sure. But whilst at a 350bn market cap? I'm not sure. But i'm no expert really. I told myself I'll evaluate my position in crypto once it reaches a 2 trillion market cap.

Have to remember, the dotcom bubble crashed at 1.75trillion in 1998 I think? In 2018 that figure looks a lot different. Big institutional money is about to come into this space it seems. So whilst people are becoming millinoaires, it's not money being made out of no where. Plus, the upside of crypto compared to the dotcom bubble, back then far less people had access to the stock market or were even able to participate. Now everyone has internet at home or mobile & can trade crypto in their underpants - 24/7 

It's going to be bigger. A lot bigger. In my opinion. 

 

Bitcoin about to jump from $12k to $13k in hours  

 

 

Edited December 6, 2017 by PieFacE

[lapal_fan]

2 minutes ago, PieFacE said:

I'm sure it will be like that eventually for sure. But whilst at a 350bn market cap? I'm not sure. But i'm no expert really. I told myself I'll evaluate my position in crypto once it reaches a 2 trillion market cap.

Have to remember, the dotcom bubble crashed at 1.75trillion in 1998 I think? In 2018 that figure looks a lot different. Big institutional money is about to come into this space it seems. So whilst people are becoming millinoaires, it's not money being made out of no where. Plus, the upside of crypto compared to the dotcom bubble, back then far less people had access to the stock market or were even able to participate. Now everyone has internet at home or mobile & can trade crypto in their underpants - 24/7 

It's going to be bigger. A lot bigger. In my opinion. 

 

Bitcoin about to jump from $12k to $13k in hours  

 

You're probably right - at least I hope you are! 

Maybe I just need to "get with the times" - it's just hard to envisage isn't it?  

I don't want figures or anything, but at what point will it have to get to, to make you cash in and run? 

[PieFacE]

11 minutes ago, lapal_fan said:

You're probably right - at least I hope you are! 

Maybe I just need to "get with the times" - it's just hard to envisage isn't it?  

I don't want figures or anything, but at what point will it have to get to, to make you cash in and run? 

A few million would be nice  - But yeah, it all is a bit bonkers. Speaking to people in chat rooms who are becoming millionaires daily. It's all a bit surreal.

In all seriousness,  my goal was to be able to pay my mortgage off in 3-5 years. If after 3 years i'm in a position to do so then I'll be very happy.

I'm 75% of the way there after 6 months so, fingers crossed.

BTW I'm very open to the fact I could be completely wrong on all of this, so trust your gut really mate. If I am wrong, it's been a hell of a ride so far!

[Xela]

41 minutes ago, PieFacE said:

In all seriousness,  my goal was to be able to pay my mortgage off in 3-5 years. If after 3 years i'm in a position to do so then I'll be very happy.

I'm 75% of the way there after 6 months so, fingers crossed.

That's fantastic, well done! 

[Genie]

@PieFacE If you were punting some new/fresh money now would you recommend ARK then or something else?

[PieFacE]

I dunno man it's difficult to say. I like ARK because it's tackling real world issues that I feel will be essential in the future for crypto to survive (interoperability).

But at the same time ARK is by far my biggest and most successful investment so it's the one I keep my eye on the most. There could be much better opportunities out there now which i'm simply not aware of.

I don't think there's any magical answer i'm afraid. I got in ARK at 13p, so it could halve in value and i'm still okay. 

Have to just do research and decide for yourself. It's what everyone has to do i'm afraid.   

[Genie]

3 minutes ago, PieFacE said:

I dunno man it's difficult to say. I like ARK because it's tackling real world issues that I feel will be essential in the future for crypto to survive (interoperability).

But at the same time ARK is by far my biggest and most successful investment so it's the one I keep my eye on the most. There could be much better opportunities out there now which i'm simply not aware of.

I don't think there's any magical answer i'm afraid. I got in ARK at 13p, so it could halve in value and i'm still okay. 

Have to just do research and decide for yourself. It's what everyone has to do i'm afraid.   

Cheers, I'm just trying to feed off your research completely understand that there's no guaranteed answer for profit. 

[Xela]

9 minutes ago, PieFacE said:

I dunno man it's difficult to say. I like ARK because it's tackling real world issues that I feel will be essential in the future for crypto to survive (interoperability).

But at the same time ARK is by far my biggest and most successful investment so it's the one I keep my eye on the most. There could be much better opportunities out there now which i'm simply not aware of.

I don't think there's any magical answer i'm afraid. I got in ARK at 13p, so it could halve in value and i'm still okay. 

Have to just do research and decide for yourself. It's what everyone has to do i'm afraid.   

Do you ever think you'll reach a point where you just cash out?! 

Say if I had invested £10k last year and its worth £250k today... would I keep my powder dry and see if it keeps going up to £1m plus or would I cash out - I think i'd take the cash now! I'm not much of a risk merchant! 

[PieFacE]

18 minutes ago, Xela said:

Do you ever think you'll reach a point where you just cash out?! 

Say if I had invested £10k last year and its worth £250k today... would I keep my powder dry and see if it keeps going up to £1m plus or would I cash out - I think i'd take the cash now! I'm not much of a risk merchant! 

I have a figure in my head for which i'd cash 50% out. I think i'd always leave some in to be honest. 

If I was in that hypothetical you just proposed (though it does kind of depend on what coins you're holding) I'd certainly stay all in whilst the market is in it's current state. Only seems to be growing at the minute. Whilst it's possible for the whole of crypto to crash like it did in 2013, it's a very different space now. People have accepted the volatility. Bitcoin could drop $1000 and within a day it will bounce back because there's a whole lot of people/business/hedge funds etc wanting to get in and keep buying up all the dips. Whereas in 2013 if Bitcoin dropped 50% people would panic sell. It's a completely different space now to what it used to be imo. Different beast so i'd keep my money in. 

 

See what I like about a lot of coins is that you can stake your coins and receive a 5-10% ROI a year. For example,  currently with the amount of ARK I have, I receive 13 ARK a day for staking them. If ARK goes to £50 for example,  that's £650 a day just as a passive income, or £18,000 a month. When you're receiving a passive income like that, it's kinda hard to sell your coins  

 

But there's loads of different consensus models

POW = Proof of Work (Mining)
POS = Proof of Stake (You get rewarded for how much stake you have, but requires keeping a computer on with your wallet open)
DPOS = Delegated Proof of Stake (You get rewarded for voting for delegate to run the network, no computer is required to be on)
LPOS - Leased Proof of Stake   (Very similar to DPOS but the rewards are less)

 

DPOS and LPOS are the future in my opinion as they are incredibly energy efficient. You can run a whole decentralised blockchain network using the power consumption of a small office block. Whereas bitcoin mining is simply **** ridiculous how much energy it consumes. 

 

https://www.rt.com/business/411777-bitcoin-mining-electricity-states-power/

 

Edited December 6, 2017 by PieFacE