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  #2701  
Old 19-05-2021, 04:38 PM
Nth Kent Eagle Nth Kent Eagle is offline
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I have no skin in this game but Musk is behaving unbelievably irresponsibly. There will be young inexperienced gamblers who will have lost their savings or be doing this on borrowed money.
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  #2702  
Old 19-05-2021, 05:21 PM
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Originally Posted by greybot View Post
I bought some shares in companies back in January when everyone was banging on about crypto. Almost doubled my money with just one particular company.

Glad I didn't touch crypto. Taken an absolute battering today!
LOL if you'd bought Bitcoin in January you'd be approx 40% up on today's price
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  #2703  
Old 19-05-2021, 05:23 PM
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Narrative: China
Target: 30k
Just after hits bottom: Musk tweets

It's never random. Be that in forex, or whatever asset. You can be reasonably confident that we've seen the bottom for a while longer.
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  #2704  
Old 19-05-2021, 05:23 PM
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  #2705  
Old 19-05-2021, 05:48 PM
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Originally Posted by Neil 154 View Post
LOL if you'd bought Bitcoin in January you'd be approx 40% up on today's price
LOL Even if I'd been luck enough to enter the market at its lowest price for the whole of January, I'd be at best 25% up on today's price.
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  #2706  
Old 19-05-2021, 07:11 PM
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Quote:
Originally Posted by eagle mart View Post
Narrative: China
Target: 30k
Just after hits bottom: Musk tweets

It's never random. Be that in forex, or whatever asset. You can be reasonably confident that we've seen the bottom for a while longer.
I've said it before, I'll say it again; the guy is such a Bond villain. And much like many Bond villains, he has a legion of fans constantly telling him how great he is. It's not a good thing.
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  #2707  
Old 19-05-2021, 07:27 PM
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I've said it before, I'll say it again; the guy is such a Bond villain. And much like many Bond villains, he has a legion of fans constantly telling him how great he is. It's not a good thing.
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  #2708  
Old 19-05-2021, 11:41 PM
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LOL Even if I'd been luck enough to enter the market at its lowest price for the whole of January, I'd be at best 25% up on today's price.
LOL you can't do maths
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  #2709  
Old 20-05-2021, 12:27 AM
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I'd be out of a job if I couldn't calculate ROI

You're welcome to enlighten me though, going by the price of bitcoin at the time of my posting.

Absolutely huge fluctuations in the last 24 hours which is why I don't touch it.
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  #2710  
Old 20-05-2021, 03:33 PM
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Quote:
Originally Posted by greybot View Post
I'd be out of a job if I couldn't calculate ROI

You're welcome to enlighten me though, going by the price of bitcoin at the time of my posting.

Absolutely huge fluctuations in the last 24 hours which is why I don't touch it.
Any market cap that rises from $0 to $1,000,000,000,000 in eleven years will experience volatility. do you expect it to go up in an even straight line?
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  #2711  
Old 20-05-2021, 03:36 PM
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Originally Posted by Neil 154 View Post
Any market cap that rises from $0 to $1,000,000,000,000 in eleven years will experience volatility. do you expect it to go up in an even straight line?
Is there any logic as to why it would go up at all?
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  #2712  
Old 20-05-2021, 03:40 PM
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Is there any logic as to why it would go up at all?
He's a bit insecure about bitcoin. Reacts badly. Don't prod the nest!
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  #2713  
Old 20-05-2021, 04:49 PM
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Is there any logic as to why it would go up at all?
Sort of.

Firstly forget the idea that Bitcoin is money (because it really isn’t) and look at it as an investment. So what you are then looking at is what does it do and how scarce it is.

What Bitcoin does is provide an ability to transfer value outside of regulatory control (which is important to some people - Chinese people for instance) And there is a limited supply of them both in terms of the ability to create them and a fundamental cap on how many can ever exist. Once upon a time I would have said they were reasonably secure but it appears to be pretty easy to steal them.

So if demand for such an asset increases and the supply is limited and cannot adjust to satisfy the increased demand then you can see how the price would naturally rise.

Whether you think that makes one worth $40k is an entirely different question.
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  #2714  
Old 20-05-2021, 05:05 PM
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Can you get change from one bitcoin?
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  #2715  
Old 20-05-2021, 08:04 PM
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Is there any logic as to why it would go up at all?
Scarcity
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  #2716  
Old 21-05-2021, 01:01 PM
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  #2717  
Old 22-05-2021, 10:06 PM
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Scarcity
Scarcity of an item never determines its value on its own. The demand for an item is what determines value.

Things like a Sinclair C5 and a BBC Micro are hard to find (scarce), but hardly valuable.

So, value is usually determined by both supply and demand.

For the time being there is a demand for certain cryptocurrencies and a limited supply (of most of them). The question posed by Golf Boy, which you probably didn't understand, is why the value of Bitcoin should go up at all. Your answer 'scarcity' doesn't address that at all. The real question is why is there demand.

To an extent, Adlerhorst answered this - but he is an accountant and probably understands these things a bit better than you or me. His sensible qualification 'sort of' tells you that this isn't the complete answer.

Look, I know you desperately want to believe that Bitcoin (and perhaps other cryptocurrencies) will continue to increase in value and if you have invested heavily, I hope you are right. However, perhaps you could at least try to appear a little less aggressive towards those who question whether it is realistic to expect continuing growth.
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  #2718  
Old 23-05-2021, 09:13 PM
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Good to see it coming back to reality. The more I think about it the less value I see in Bitcoin. The code behind it must be horrible at this point and development is extremely conservative due to internal politics.
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  #2719  
Old 23-05-2021, 10:13 PM
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Quote:
Originally Posted by James View Post
Scarcity of an item never determines its value on its own. The demand for an item is what determines value.

Things like a Sinclair C5 and a BBC Micro are hard to find (scarce), but hardly valuable.

So, value is usually determined by both supply and demand.

For the time being there is a demand for certain cryptocurrencies and a limited supply (of most of them). The question posed by Gold Boy, which you probably didn't understand, is why the value of Bitcoin should go up at all. Your answer 'scarcity' doesn't address that at all. The real question is why is there demand.

To an extent, Adlerhorst answered this - but he is an accountant and probably understands these things a bit better than you or I. His sensible qualification 'sort of' tells you that this isn't the complete answer.

Look, I know you desperately want to believe that Bitcoin (and perhaps other cryptocurrencies) will continue to increase in value and if you have invested heavily, I hope you are right. However, perhaps you could at least try to appear a little less aggressive towards those who question whether it is realistic to expect continuing growth.
You will buy Bitcoin. I suggest today.
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  #2720  
Old 24-05-2021, 08:47 AM
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It occurs to me that the place we are in now is very similar to the "dot com" bubble of 1999/2000. In that, although we all know crypto / the internet is where society is heading, but we are all getting a little ahead of ourselves.

This isn't about whether crypto will be worth something in the future, but that the market cap on most of the cryptos is looking to the future, not the present. Yes, cryptocurrencies will be worth a hell of a lot in 10 years, but that doesn't mean that they are worth that right now.

My method of investing is to put in a small amount into crypto (specifically Ether and Polkadot) to mitigate the wild fluctuations in the market that we are currently seeing.

My preference to Ether and Polkadot is that they both offer a utility that will be of immense value in the future, compared to Bitcoin which is simply a long line of digits and doesn't create anything. I have a strong sense that Bitcoin will be worth nothing at some point when people realise the value of the utility-based cryptos. Bitcoing offers literally nothing that Gold can't already provide as an investment opportunity.
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