# Bitcoin #

KK, is your price optimism based on the inexperience, in surfing terms, of Kooks entering the market?

Nah. More like the big boys, ie financial institutions, coming to play. It's only just started

Fair enough. What are they playing, the price or the other players?

Check out the coins I listed. All have realworld use, massive backers and serious potential.

Fair enough. What are they playing, the price or the other players?

Like all financial markets, both

Good to see another surfer into crypto King Kenny, Welcome to the forum.

Okay heres one for all the crypto haters

Netherlands-based bitcoin miner, The Bitfury Group, wants to plug into the Redbank coal-fired power station, around 90 kilometres north-west of Newcastle, NSW.

http://micky.com.au/bitcoin-mining-giant-eyes-coal-fired-power-in-hunter...

I mean seriously, I'm not a Greens voter but it's 2018, i really think POW and energy wastage in particular Bitcoin is a huge negative for the general public perception of crypto.

I can't see how POW has a future in this world.

POS crypto with very very low energy use, is the complete opposite though and can actually save energy on present systems.

Personally i only invest in POS cryptos.

KK, well done with your investments to date.

I assume you're aware that it's the value of the individual coin that matters, rather it's the total marketcap of the token. So you can have a coin that's valued over $1 that can rise to $10,000 provided the marketcap is low enough at the $1 value. Conversely you can have a coin that's valued at mere $0.01 that will struggle to get above $0.10 due to it's total marketcap.

Heres another interesting article.

Facebook forming a new blockchain group, headed by Coinbase board member

https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-he...

Okay this is pretty crazy!

CBA CFO quits for cryptocurrency role

CBA chief financial officer Rob Jesudason has resigned with immediate effect in order to return to Hong Kong and join the firm behind the EOS cryptocurrency.

http://www.news.com.au/finance/business/breaking-news/cba-cfo-resigns-af...

Apparently he was the highest paid CFO in Australia.

But to be fair chances of him getting a job in the banking sector after what’s been coming out in the royal commission is probably zero..still pretty crazy though.

Okay I need a bit of a lesson on this

You have Bitcoin which my understanding is that is acts like a storage of wealth as an alternative t9o say gold.

Useless as a form of payment because of the lack of stability in price. If I have saved up 20k to go on a surf trip if I put it into Bitcoin I could get lucky and it turns into the never ending holiday but it could go the other way and my year away turns into a few weeks as Bitcoin drops.

So ok it and some others that directly compete can be an alternative to gold if enough people see value.

But you then go to tokens or alternatives

If I started a business before I would lodge a document with the authorities and issue shares in my company.

Investors put money up and get shares

Now it seems that as an investor I give the business owners money so they get the cash and get to keep their business and I get tokens that do what ?

It seems you are hoping that someone else will think they are worth more in the future.

Investors do not get a share of the business so no right to future dividends or capital gains from building assets

What do you get ?

It's all pure price speculation, yes value pushed up by others who are also speculating on the price.

You could be investing in Ripple/XRP token believing it will be used by banks to transfer funds, or IOTA believing the tech will be used by companies like Microsoft, Voxswagen, Futijsu who are all trialing the tech.

Or you could be some crazy who thinks some coins is going to be used in the future and replace fiat. (not something i believe in)

Yes it's all crazy and highly speculative but there is also lots of money to be made obviously high risk high reward.

So I guess what you get is a chance to make money and make percentage returns rarely seen in other investments..

BTW. you can get cryptos that do produce a passive income like dividends https://captainaltcoin.com/cryptocurrency-dividends/

'So I guess what you get is a chance to make money and make percentage returns rarely seen in other investments..'

There are many much better leveraged instruments in the stock and forex markets to make considerably higher percentage returns, where you can also protect/preserve your capital with much more safety.

Considerably higher return than one million percent in a handful of years, with protected capital? Awesome, I’m in, where??

Mmm i don't know much about stocks or forex markets, but i know lots of guys that are into crypto (do youtube videos etc) come from those areas and they always say in youtube videos etc the possible returns are much bigger and trading opportunities greater in crypto because of greater volatility, many still invest in the stock and forex markets though because they diversify and don't want to put all their eggs in one basket.

'Mmm i don't know much about stocks or forex markets'

That's actually pretty obvious. They are markets based on profiting from buying and selling , or put simply, profiting on price movement. Like the cryptocurrency markets. There are differences in trading currencies and shares, and other instruments, but the principles apply to all.

'i know lots of guys that are into crypto (do youtube videos etc) come from those areas and they always say in youtube videos etc the possible returns are much bigger and trading opportunities greater in crypto because of greater volatility, many still invest in the stock and forex markets though because they diversify and don't want to put all their eggs in one basket.'

So, despite a gazillion instruments to trade in world wide stocks and currency, etc markets, these people that you know a lot of, and a lot about, successful experts in those markets, want more 'volatility'. And more 'eggs', for their baskets? So they have decided to apply their expertise, success and prowess to high 'volatility' trading? To make even more money than they have already, expertly made?

Mmmmm... really?

So clever those market makers. 'Only trade if you have money to throw in the bin (or our pockets)'. And they know that there are so, so, so, so, so, so (ad infinitum) many willing to do that, without a clue how or why.

By all means... please... carry on 'trading' (sic)!!!

If you remove fear, you’ll find that higher volatility is just a compression of the timeline of what is happening. What you can do in 50 years on the regular stock market, you can do in 5 with crypto

"The combined market capitalisation of the top 50 largest cryptocurrencies has dropped over $387 billion this year, a decline of over 53 per cent. Today, 90 per cent of these top coins are worth less than they were at the start of the year."

A pretty sobering chart (for would-be crypto enthusiasts) on the ABC story linked.

http://www.abc.net.au/news/2018-06-18/the-biggest-cryptocurrencies-are-h...

Who got rich and who got scammed?

I see it as a great opportunity to purchase a bargain ATM Ben. I'm not seeing the top 20 or so crypto's dieing anytime soon. BTC is certainly becoming accepted more and more as a currency around the world now.

And this fall from the stupid peak in Jan 2018 had to happen. It wasn't sustainable what happened late last year, early this year. But look at the historic rise and fall of BTC since it's inception. Similar (% wise) rises and falls have occurred in the past.

There's potentially big money coming into cryptos in the coming short term time frame. Marketcap can only go one way when that enters.

That’s right DW. ID post a good link ages ago showing the life of the BTC graph in its entirety. Ben put it this way, imagine I graphed the surf report scores through all of winter and Spring, and claimed from that information the surf is going downhill and will be flat forever soon. If you look at the BTC graph in its entirety and not just pull a small sample to suit the naysaying argument, then you’ll see it’s gone up and down quite wildly from the beginning. If it stays on trend, and that’s what we have bet on, then it will go wildly up again. I’m not saying it will, I’m just saying that is the trend

I'm more interested (as someone watching from the sidelines) in what happened to the people I saw jump aboard crypto late last year with zero experience in currency, trading, technlology or even basic business - expecting it to be a no-brainer way to make a stack of cash.

Perhaps Blockchain will survive but a truly alternative currency requires public faith and when cryptos spawn like rabbits it only spooks the public. Add to that the fact that most people got into it to get rich, which means the framework underpinning the whole concept was built on sand. I read a lot of people justify their investment as a middle finger to central banks, yet really, all they ever wanted to do was Get Rich Quick. Say what you want about central banks but they serve a different purpose, and they're stable enough to defy sudden, avaricious human impulses.

The crypto thing of 2017 is over and I say that without a trace of Schadenfraude. If you've still got skin in the game I suggest some cold, hard detachment - but don't go looking for that on YouTube - and then apply those lessons the next time a bubble comes around (which it invariably will).

PS: At the end of the Poseidon NL bubble shares were worth $75, down from nearly $400. Does anyone think they were a good buy?

"I read a lot of people justify their investment as a middle finger to central banks, yet really, all they ever wanted to do was Get Rich Quick."

That's what irked me the most. 

Life’s quick. Travel lots, and be with the ones I love. There’s my motivation for buying in.

Nothing wrong with that SD - agree with the semtiment 100%. 

Bitcoin will be less than 1000 dollars by year's end.

NEWS (South Korea)
Random Eskimo fisherman hacked into Cold Wallet bit thumb walks away with cool $32m.
Check your bits guys!

Been a while.....here's my tip for 2018....Gochain.

Hi guys, been away for a while. Its looking pretty quiet here.

Hi don, What do you like about gochain? I had not checked it out until now. Its price seems to be holding up pretty well comparatively.

Ha ha...havent seen this thread for a while, im too scared to even look at my crypto balance.

Don't get me wrong i don't regret getting into crypto it was fun while it lasted it was a real buzz and it was a cool experience and i learnt a lot, and about 80% of the money i used was money i lucked into so money i was willing to lose and I'm kind of in the mindset its gone.

Obviously in hindsight I should have cashed out in January, but greed got the better of me :D

I think i watched way to many youtube videos and price predictions and got sucked into the hype.

I always promised myself id give it one year no matter what, so fingers crossed things get better before November, but highly doubtful, i might even leave some in after November who knows, will wait and see.

That said i think the tech has a future, i even read during the week i think it was Commonwealth bank are doing something with Ethereum.

It's kind of been nice to forget about it all for a while though, although it was fun, it can also be kinda draining needing to constantly monitor prices, i see guys on social media are still making money from trading, but i really don't have the time to monitor it all and it kind of gut wrenching and can Fark with your head.

Was in Indo the other month and was funny to hear the story from others, young guys only buying now for the first time, guys that own charter boats telling me there stories and big money too, and then a guy who worked on an oil rig during the hype said everyone on the rig was into it 24/7.

Oh well on the flip side the value of my house seems to have gone up about $100K or more in the last year :D

Can't remember if I posted this before but this sums up my thoughts (fad)..

Bit coin price

Google trends: bitcoin

The tech is very useful but people jumping in to make a quick buck not so..

https://steemit.com/bitcoin/@siamkidd/don-t-be-a-crypto-weak-hand-it-s-w...

Some good projects that have just been listed on exchanges are tanking at the moment just because of the market. If crypto does recover they could be the incredibly cheap bargains that people look back on in the future. It is starting to feel like early days again for me. I could be wrong of course but I am in for a smallish amount because I think the potential upside is worth the risk, nothing I cant afford to lose.

'Been a while.....here's my tip for 2018....Gochain.'

'Hi don, What do you like about gochain? I had not checked it out until now. Its price seems to be holding up pretty well comparatively.'

Yes, brilliant swillnutting exhibition!!! Professional swillnutting 101!!! In a nutshell!?! Its only plummeted by 70% since that mighty squwark!!! Whilst 'holding up pretty well comparatively'!!! In a nutshell!!! Again!!

https://www.coingecko.com/en/price_charts/gochain/usd

'it was fun while it lasted it was a real buzz and it was a cool experience and i learnt a lot'

Like the geek that took up surfing, stumbled into the rip, fins first, floundering, and was instantly swept away. Then, a year later was plucked from the ocean on the other side of the planet, still floundering against the rip, fins first, and slapped with a $1,000,000 rescue bill.

Or the gumby with his new app that joins the gym, and a year later is having back, knee, shoulder and neck surgery. And forgot to renew his private health cover and gets slapped with a $1000,000 medical bill.

Guinness Book of Records... most stupid humans ever...

For the good of the planet, these people should not be allowed to operate anything with any type of moving parts. Nor should they be allowed to enter any body of water anywhere at anytime.

If you come across these people, under no circumstance approach them, they are armed with lethal, ludicrous amounts of stupidity!!! Call the authorities immediately and allow them to deal with them.

Hi CK....

I think I missed you

https://icodrops.com/gochain/
Relative to ico price

Are you still around King Kenny?
Anything to add to your list?

Saw this interesting post on Facebook

"If you want to know where smart money goes follow this wallet , potential exchange /whale /hedge ? Who knows all I know is he brought 40 k BTC July to October 2017 sold at ATH and is now buying back ,so far upto 30k btc"

https://bitinfocharts.com/bitcoin/address/3R1hBCHURkquAjFUv1eH5u2gXqooJk...

I bet ya he was spewing he sold so many BTC from July 2016 to Aug 2017 given the huge price rise in Dec 2017/Jan 2018. If he'd kept his 70000 BTC he would have been sitting on USD$1.2b in Jan 2018, all from a mere USD$29m some 18 mths earlier!!!

Ripple making waves, again....

Finally!

The Onion’s Guide To Blockchain Technology

https://www.theonion.com/the-onion-s-guide-to-blockchain-technology-1829...

Still quiet here, anyone around?

Aussie crypto Power Ledger wins the worlds biggest startup competition (not just crypto startup)
https://micky.com.au/power-ledger-wins-over-richard-branson/

One more to stir the pot a bit
https://medium.com/@thinkoutsidetheblox/why-bitcoin-and-crypto-have-no-f...