# Bitcoin #
Anyone here still into crypto?
Interesting question Tops (not to be confused with bottoms). And, like a lot of swillnutty ‘incidents’ there’s a... a... well... erm... a bit of a ‘backstory’. Tops.
Think of it this way. Parents hear of a dude offering swimming lessons. They check his qualifications... part time electrician... or maybe he’s almost over qualified. Maybe he cares for his oldies, and even a sick rellie as well. An all rounder so to speak. They think, ‘shit, sounds deluxe’, so off they go.
‘Gidday, I’m ya instructor today, just letting ya know, I’m a intermediate expert too.’
He enters the pool, flounders around like an idiot and drowns before the horrified kids eyes.
The owner of the centre then presents himself, and announces,
‘great story ta tell the kids aaayyyeee!!!!’
Yep, it’s just another run of the mill swillnut ‘backstory’ that one Tops.
The ‘official’ position you ask?
‘Best not discussed... aaaaayyyyeeee mmmmaaaayyyytttee...’ Again.
In a nutshell.
I’ve still got mine. Most impressive gamble outside of sports multis I’ve ever had. Much better than anything I’ve had on the asx. 4.5 times my buy in, in a month. Proof it worked I reckon.
The trouble was of course greed, that rapid gain syndrome is real, & didn’t take out a win. I won’t take out a loss, I’ll leave it there to either drop to zero, get stolen, or maybe it’ll bubble up again some day, which it could. Good fun, but I don’t follow it at all
@shoredump good luck mate, I hope it pumps for you. I think we are on the verge of a bull market
@Michael Bourne aaaaayyyyyeeeeemmmaayyyttteee
Ah, the Bitcoin thread! Long time, no see. Hope you're well.
Came across an interesting quote in this article, that's worth looking into.
"...then there’s the environmental problem. The environmental problem? Aren’t we talking about digital coins? Yes, which makes it even stranger. Solving all those complex puzzles requires a huge amount of energy. So much energy that the two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria. Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months."
https://thecorrespondent.com/655/blockchain-the-amazing-solution-for-alm...
Best get your head around it Ben. Digital currency isn’t going away by any means.
https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b...
If that’s the case Ben, then Bitcoin is doomed. I think the one I bought, Ripple, is a whole different kettle of fish. Could be wrong though, never spent more than 5 minutes thinking about it.
Topsy, what are your reasons
I have no doubt that cryptocurrency is here to stay.
I'm just interested in all of the previously unknowns (whilst everyone was scrambling to make a quick profit) that are now becoming known.
Just a quick comment here to begin with until I get some time later to fully digest that article. Yes, Bitcoin and Ethereum currently use a lot of energy, but that is going to change. Ethereum is getting very close to changing from proof of work (the energy hungry consensus mechanism) to proof of stake where an amount of ETH is “staked”, or locked up in exchange for the right to participate in mining (creation of the blockchain ledger) and receive a share of the mining rewards. Bad actors lose their staked ETH. The trick is to keep it all decentralised at the same time.
Second layer solutions are also being developed where a more efficient consensus application runs the bulk of the transactions and then deposits a group of them on the Bitcoin or Ethereum blockchain in a single transaction.
There is an incredible amount of activity and innovation happening in the blockchain space atm. Also, as usual, there are a lot of fake scam projects. The writer of the above article (the correspondent one) cherry picks obscure examples to suit his article. I found myself shaking my head and skimmed the bulk of it because it was not worth my time to read it.
I have plenty of time for you guys though and would be happy to answer any questions here.
Hope you are all getting your share of the waves.
I'm still in it, albeit no long term holds other than stable coins. Trading the volatility of BTC pretty much these days.
Glad to hear that you are still in Don. BTC volatility is a wonderful thing. Plenty to be made there
The power requirements of BTC transactions have always been well known Ben. Nothing new there. Watched an interesting video yesterday about a central bank digital currency. Quite thought provoking. Stick with it. A little slow at the start. Gets interesting about midway through.
Yeah topsy had a good run the last few weeks. Lets hope it continues.
Paypal now accepting cryptocurrency payments.
Oct 2nd $14700 today $19700 AUD.
All are watching the US election now to see where most global markets go.
$20500 AuD
Still rising - $24940
BTC marketcap hits ATH
Ripple up 30% in 24hrs
Ripple up 300% in two weeks
Dropped back down to only be up 240% today, the third week
Haters will say it’s not really happening haha
There is certainly a lot of FOMO happening in the recent weeks which is never good for a sustained market.
A good news story re Bitcoin, close relatives in NZ who are super tech savvy early adopters (verging on uber-geek!) and bought in to Bitcoin @ $10 and they still have them...when my cousin rolled up in a Tesla X, I figured things had gone well with there investments!
$25 960
$30,426
Personally I’m shocked.
Who on earth would have ever thought that something that has gone up and down 6 times previously, would go up again?
No one really looks at BTC/AUD. It’s all about BTC/USD.
I do Don. If we come from AUD land, then that is most relevant to us.
https://bitcoincharts.com/charts/btcmarketsAUD#rg60ztgSzm1g10zm2g25zv
It defaults to USD but going to the LHS tab and scrolling up to AUD gives some choices, I find the btcmarkets selection the closest to a spot AUD BTC chart
My point was more aimed at anyone who trades it. If you hold it then yeah....but all support and resistances are against the USD. AUD is just converted from the USD.
$31,700 - AuD
woot!
What's the main push behind the rise?
Printer go brrrrrrr
This is a couple of months old but well worth watching. Raoul Pal is one of the best. It covers the potential financial reset and how Bitcoin can be a hedge against it. Radical change is coming and we all should be aware of what is happening.
*I just noticed that Don has already posted a link to this but I will leave this comment in case anyone missed it
Craig, the main push behind the rise looks to be the first of the institutional investors getting into Bitcoin. The 2017 bubble was caused by retail investors but it looks to be very different this time around. According to Raoul Pal (see video above) retail has hardly been involved this time around....yet
That was very good Topsy/Don. In broad agreement with Mr Pal's take on it. If anyone is familiar with the (somewhat controversial) work of RN Elliot, institutions are start of 3rd wave :) A complicated future with great opportunity.
Good info & opinion. Thanks fellas
37K AUD
USD$30k very much in sight now.
Thats crazy honestly thought that could never happen, where does the money come from?...who on earth buys at that price?
This time there is not even the wave of hype behind it from everyday people.
Obviously there is some huge manipulation coming from somewhere to push prices up and to create future confidence, and once it falls again people will now buy back in with more confidence, which might not even see it drop as low as it once did.
Anyway only one thing for certain its going to fall faster than it rose if it was me there again id be cashing out now and not be too greedy, putting some aside and putting a little in certain alts that have a history of a run after BTC like XRP if it hasn't already happened yet.
All too much of a head fuck for me though, was fun, but rather focus on other things.
People aren't buying a whole BTC, but likely small bits of them and for it to keep rising there are a lot of buyers.
Most alts are dead. Including ripple. Other than majors like ETH LTC and BCH etc. majority of alts are at ATLs against BTC.
Bitcoin dominance is insanely high. Like 70%+. Shows no one is buying alts.
Don, why as Ripple fallen back so much, sounded like it had a lot going for it at the time.
.
The SEC (US securitys exchange comission) has filed a lawsuit against Ripple and many exchanges are delisting XRP
“ In its complaint, the Commission paints a straightforward pattern of sales of XRP that were never registered with the SEC or made pursuant to any exemption from registration. From the perspective of the Commission, this amounts to a sustained practice of illegal sales of unregistered, non-exempt securities under Section 5 of the Securities Act of 1933.”
Refer above from Topsy for latest crash on XRP. But even before this it was dead. As I said there’s literally only a handful of alts surviving.
The Bitcoin graph looks Interesting ! ?