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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

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

To me I think it's obvious what is going to happen.

There are a limited number of bitcoins or will be and demand outstrips supply so it will continue up for some time yet as joe public becomes more aware.

Until it faces a crisis of confidence.

"I lost all my savings when my bitcoins were stolen and I didn't realise there was no protection"
"My hard drive failed and I've lost my entire savings even though they are still out there in the ether somewhere"
"My Dad told me I'd inherit all his bitcoins but there is no way to trace them"
"My bitcoins were stolen - I thought they were held in kind of like a bank account but it appears no own actually has them - I now know there's just numbers in the blockchain in a virtual world"
"As the price has starting falling I couldn't sell them, I set a target to sell but it I didn't act, thinking it would bounce. I did this several times watching the price fall and fall and now apparently the only thing I can buy with my bitcoins are this white crystal stuff that I don't know much about. Apparently it is real though and I can have it shipped"

Apparently, the Satsuma person or persons unknown who engineered Bitcoin holds around 1 million BTC. There must be scores of people like him/her/them who did the early mining when BTC were 10 a penny, and who are still sat on eWallets containing perhaps 20% or even 30% of the 16 million BTC currently in circulation.

I personally think BTC demand will continue to outstrip supply until such time as one of the early miners decide to cash in and drop shedloads of BTC into the market. However, that might not be for a few years yet.

How many are you selling?

None Fred, but we do have an 8 core dedibox in a Munich datacentre that we've been paying for on an all inclusive rental package and it's not even being used at the moment. I've asked if we can get it set up for mining and test its efficiency over a two month period.

With everything I've read about BTC mining, I very much doubt it'll be productive, but I'm using the argument that we'll never know for sure unless we set it up and try it.

South Korean cryptocurrency exchange to file for bankruptcy after hacking

EU considers launching database of Bitcoin owners to crack down on criminals


By James Titcomb
18 December 2017 • 4:13pm



The European Union is considering a database of Bitcoin owners in Europe under laws designed to fight money laundering and terrorism.

As part of a crackdown on virtual currencies, MEPs will consider setting up a central hub of people who use the online exchanges where Bitcoin is bought and sold.

The proposal, first mooted last year and agreed on Friday, follows fears that Bitcoin, which is partially anonymous, is being used to dodge taxes and finance criminality.

It was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.

The amendments to the Fourth Anti Money Laundering directive included a clause saying that the EU may setting up a “central database registering users' identities and wallet addresses”.




The database will be considered...



http://www.telegraph.co.uk/technology/2017/12/18/eu-considers-launching-database-bitcoin-owners-crack-criminals/

Hil.

If I understood what you are up to I might agree with your decision.

I have an appointment with my grandson later and will ask him.