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Bitcoin FAQs

Back in 2014 I started hearing about Bitcoin and being inquisitive I researched it and found out how to buy some, which I did. I then promptly ignored them and carried on with my fumbling attempts to make money out of other things.

In fact, I couldn’t remember what my details were and how to access them.

Whilst clearing out some old paper work recently I stumbled across where I had written down my account details, so I logged into Blockchain and my bitcoins where still there and what was more pleasing I was sat on a 10 bagger.

Now at this point you are probably thinking “Smug Bastard” but no I was kicking myself.

At the time, I purchased I had thought “What am I going to do with them and they will probably go belly up as a scam and I only bought 0.1 bitcoins. Yes, I risked a massive £21 which is now worth £210 as I type.

So, I am now sitting thinking why didn’t you buy 1 or 5 or 10 for God’s sake it would not have broken you at the time.

So Doh! This making money game is easy when looking through a rear-view mirror.

I will hang on to my small stake and maybe it will 10 bagger again and I still don’t know what to do with them, but things are changing.
M

Yes crazy isn't it!

So...

Soon you will be able to short bitcoin I assume through CBOT which makes me wonder what the traders will do with it. where would you short it? 20k , 50k? because there's no intrinsic way to measure what it's worth

I know nothing, I'm out of my depth, I'm steering clear.

Remember when Freeserve was the 6th biggest stock on FTSE?

CC - lets not go there..........

pop?

Well done, Martini!

May I ask please, when you sold your coins, what was the bid/offer spread like, and did you have to accept the bid, or could you place your own order on the book and wait for a fill?

I just sent an order to sell to coinify I got a price no view of the order book but does that exist yet? Maybe when the futures Market comes into play. More on this later :)

Well, it's all very odd... This use of Blockchain and "Trust between Transactions" - as to the price, like so many things if there is a queue - join it!
Martini made a v.small profit - and is yet to bare the details which will be most interesting.... as will the notion this can be "Shorted" - does that really mean you can sell something that doesn't exist? I'd expect Blockchain to be more robust than that - but these are particularly curious days, for sure.
That the US Authorities are looking, may signal a massive sell-off since no-one can know what others may do.... and it seems odd to me that the price rises when there is nothing to "make" to add a coin.
I don't understand the discussion abt. "Bit-coin Energy" either. The Internet's servers and wiring isn't free - Everyone pays their ISP - & they pay into a big Organisation like Amazon that (some say) has a grip on most servers. So every transaction or email has a "Cost" - but whilst Blockchain is a very large number . . . is that gradually swallowing up all the spare capacity in the Internet? Something like a virus that grows (but with afinancial purpose?).
I must lie down.

Martini,

The price will now collapse. You are warned! All the muppets like me, have now bought in. Just like year 2000.

Futures traded from tonight as XBT in Chicago, I believe. What usually happens from here?

Best of luck
randonpunt (aka March from a long time ago)

CBOE XBT
Heavy volume on the website tonight, according to their Twitter feed.. XBT?

Some funny replies on 'the twitter' @CBOE about this crypto thing right now.

I will get my coat ...

Bitcoin futures: Here’s what you need to know

Thanks for the link skinny.

Hi March. I have long ago given up trying to forecast the price of Bitcoin.

Profit in the coffers and a small punt left to keep me interested.

Regards M

Anyone wanna buy a tulip? :)

Nice one, M. Despite my inbox having been inundated with his stuff for months I did not do anything other than watch. Currently planting bulbs.

20 grand anyone ?

That is a Rembrandt Tulip variety. :-)) Seriously.



Put some more 00000000's jimmy. lol
Worth a absolute fortune - not seriously lol

It's Official: Bitcoin Surpasses "Tulip Mania", Is Now The Biggest Bubble In World History


by Tyler Durden

Dec 12, 2017


One month ago, a chart from Convoy Investments went viral for showing that among all of the world's most famous asset bubbles, bitcoin was only lagging the infamous 17th century "Tulip Mania."





One month later, the price of bitcoin has exploded even higher, and so it is time to refresh where in the global bubble race bitcoin now stands, and also whether it has finally surpassed "Tulips."

Conveniently, overnight the former Bridgewater analysts Howard Wang and Robert Wu who make up Convoy, released the answer in the form of an updated version of their asset bubble chart. In the new commentary, Wang writes that the Bitcoin prices have again more than doubled since the last update, and "its price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame."

That's right: as of this moment it is official that bitcoin is now the biggest bubble in history, having surpassed the Tulip Mania of 1634-1637.



And with that we can say that crypto pioneer Mike Novogratz was right once again when he said that "This is going to be the biggest bubble of our lifetimes." Which, of course, does not stop him from investing hundreds of millions in the space: when conceding that cryptos are the biggest bubble ever, "Novo" also said he expects bitcoin to hit $40,000 and ethereum to triple to $1,500.

"Bitcoin could be at $40,000 at the end of 2018. It easily could," Novogratz said Monday on CNBC's "Fast Money." "Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."




More good stuff here: http://www.zerohedge.com/news/2017-12-12/its-official-bitcoin-surpasses-tulip-mania-now-biggest-bubble-world-history

Closing the day at new highs. Sigh

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Just in......

"....It’s all going to come crashing down. You’d be a fool to invest in it. You are going to lose all of your money if you even THINK about investing in it.

That’s what they want you to believe. What they need you to believe. That’s how they keep us all using their services, playing the game, even if we come out worse off.

But bitcoin isn’t going anywhere. Anywhere but up. In my view, this is just the beginning of its rampant growth phase. One that could last a decade.

Bitcoin has climbed more than 1,000% this year.

The most bullish investors see it soaring to way higher.

I’m one of them. An eventual price of $500,000 a coin would not surprise me.

If you’re not into bitcoin yet – my advice – stop faffing about. As far as I’m concerned, it should be every investor's first port of call. Load up on a little bitcoin and don’t let go......"

How can you possibly suggest with certainty this will continue its meteoric path for a further decade? (= 2027). Roughly that will mean this currency will be worth more than much of the World, which is clearly nonsense, since there is no "willing Buyer" of the Mkt-Value.
Companies like [BP] have a price that's based on Sentiment and some handle on Reserves, Ownership of extraction Rights and "know-how" as well as actual hardware, although things like office-blocks may be rented, they have an intrinsic value since the lease itself can be compared with similar buildings in the vicinity. That is not to say it is valued correctly, but it's maybe not too far off.

Bitcoin has the disadvantage that most-folks don't understand it.
Bitcoin value has risen to dizzying heights, such that folks that gambled maybe $1000 are multi-milionaires... while nothing has actually happened.....

A Biotech company sp starts reasonably high ( to gather Cash ), then slips away as the Phases lengthen, Trial are worked-out; BUT then something happens to renew Investor interest... there is some breakthrough to add the "perception" of future riches... but rarely does this cure-for-cancer ( as an example), mean the World is healthier; as we discover it only treats 1-in-100 - OR it is short-term - OR very expensive. However, as the business turns into Profit the sp starts to firm-up... it is possible to apply somewhat similar approach as in [BP] above, sp maybe it's worth several year's income . . . depending on your view and "Risk-profile"

Bitcoin, IMHO is all "Risk-profile" - it never had any intrinsic value... and now? Well the technology appears solid . . . but then so we believed ( read 1-dozen devices) were, until hacked = the criminals will be working on this... and I read that QUANTUM computers can theoretically perform cod-cracking maybe a million-times faster than our best computers-networked. Could a Nation-State use this to slip inside Bitcoin and drag out some value without anyone noticing?
That's just one fear (for me), but I think the 2015-2017 rise in Bitcoin-value is a pointer to disaster. If folks sell, what happens to the price? Won't that start a "Rush" in the direction of destruction, just as surely we are in a "Rush-to-Buy" phase.... just when is anyone happy with the "profit" they already hold ( er, Notionally - since a Profit is only a profit when it's back in yr hands as cash.). This principle is another reason (for me) to avoid....indeed I would happily work without Banks, The City and others that promise so much and are found Wanting, far too often.

UBS warns of bitcoin bubble as futures trading begins on CME – business live



https://www.theguardian.com/business/live/2017/dec/18/bitcoin-bubble-ubs-futures-trading-20000-cme-stock-markets-tax-business-live