# Bitcoin #

The lesson to that story Blowy, is that as soon as you cross the border into Sth. Oz, the road gets better and the skies bluer and life is just a little bit better

Not a chance , Chin.

WA RULZ.

Good Post, Blowin..i like a lot of your post you get descriptive and paint a picture and story.

Yeah I'm just treating it like a hobby and a bit of fun with the aim or chance to make some money, i was lucky enough to luck into a few thousand the other week that i wouldn't have normally had so if i lose it, it's not the end of the world. (still up 10% at the moment)

Power ledger is a great company and has a great team. I believe we will see big thing from them soon. Would get on it. This is not investment advice.

Great post Blowin, always enjoy your yarns.

"tonebone commented FRIDAY, 17 NOV 2017 at 6:29PM
Have a look at IOTA @indodreaming"

Thank's for that tip Tone bone, i bought in at a $1 something topped up at about $2 something then $3 something, only have 250 coins but now at over $8 a coin I'm pretty happy.

"Due to network congestion, we are increasing the birthing fee from 0.001 ETH to 0.002 ETH. This will ensure your kittens are born on time! The extra is needed to incentivize miners to add birthing txs to the chain. Long-term solution will be explored very soon!"

Seems Ethereum is choking on people playing Cryptokitties, this is a new level of insane, I think I've brained my damage.

Touched $20k AUD on coinbase for a while this morning, mental

If there's one thing I've learned from playing Gordon Gecko Lite the past 18 months it's that if you're looking at a very healthy profit on an untested investment then take it while you can.

I'd say bitcoin has a very real future and a long term play will probably work out but there will be a correction . I don't know when or why or the size or duration of it but the price will falter and it could take a long time to recover.

They say it's time in the market rather than timing the market , but if an investment is climbing crazily based on speculation as opposed to actual returns then it'll drop and if you've cashed out you buy back in at the lowered price for the same holding and pocket the difference. Or you could just throw the lot back in for a vastly greater holding.

The stock I referred to in my earlier post is speculative and behaved in this very manner. I got burnt the first time it pumped and crashed and then went and experienced the same thing on the pump and dump of another speculative stock. A few weeks ago it happened again and this time I was a bit smarter.

Long term hold just rides out the bumps , but it's fucking heartbreaking to see the loss as it retraces even if it's just on paper.

I recommend taking your profits and live to fight another day.

But then again , if I was smart I would of bought bitcoin years ago....

I really don't know much about Bitcoin.

But, I thought this quote (and the article) summed up things pretty well - based on the commentary I have seen on Facebook. 

"Many of those 'investing' have no idea about the structure of bitcoin, how it works or the technology behind it. They've abandoned all rational thought in the hope they can get on board what appears to be a sure thing."

http://www.abc.net.au/news/2017-12-11/bitcoin-what-the-bubble-tells-us-about-ourselves/9245104

If you don't have real gold to back it... you don't have real money.

Alan Kohler was on radio yesterday talking about Bitcoin. He's not interested in speculating in any of these coins, mentioned there are over 140 new types of coins being issued just this week, the same last week, and wonders where it will all go / end .... and he says of course its a bubble. Food for thought!

Richard branson sees it differently

But you'd think the many developing new types of coins guysmiley talks of would undermine it and bring it back to earth

Bitcoin in itself is a shit coin, high fee's, slow transaction speeds, crappy security...I haven't read about why its become the number one coin (there is coins older, it wasn't the first), but it's not because it's useful it's just like gold, gold itself is not really a useful metal unless you want to make things to look pretty, there is far better more useful metals to make useful things.

Bitcoin now is just a store of value like Gold because its rare and everyone wants some.

There is other Cryptocurrencys that are useful though, for instance Lite Coin is superior in every way to Bitcoin (except price), low fees, five times faster transaction speeds, better security and other features, but only worth a fraction of the price (about $120 two weeks ago, but about $300-$350 today)

But Cryptocurrency are not just about coins there also about platforms and tokens.

Cryptos like IOTA with it's tangle tech that big companies like Microsoft are getting involved with.

And Ripple with it's tech that banks are looking at adopting, then there is Etherum and plenty of others lots of new tech will come out of this and you will be a part of it and use the tech in the future even if your not involved in Cryptocurrency's.

Yes 90% + Cryptocurrency's will probably go nowhere, but the other ten percent is going to change many different things.

I personally don't have any Bitcoin to make it worthwhile you need to have at least half to a whole one for example if you only bought 10% of a Bitcoin for about $2k to double your money it would need to hit about $40K, it will probably be at that next year sometime, but still.

There is plenty of cryptocurrencys that are cheap and you can get hundreds to thousand times increase quite quickly (Knowing which ones to pick is the hard part)

For instance if you had bought 2K of IOTA a few weeks ago in October for 50c today you would have about 24K worth with a 22K profit.

Anyway I'm close to 2K up now on my initial 3.5K investment :D

Just wish id got into this months ago :(

730 tonight - head of JP Morgan says is a all fraud

Killing it indod...for the moment....

Good onya, hope it all pans out.

Branson got in early, and surprised himself. He reckons it's now his most lucrative investment, which is pretty significant for him you would think. He's probably talking it up to keep it going up. It seems he's not the only one talking them up to increase their investments. You're sounding the same indod!! Haha.

I read somewhere bitcoin has been so lucrative because its the currency of choice for criminals, as they cannot be traced.

Interesting the differing perspectives that guysmiley points out. Interesting times ahead.

All good if you can distance yourself from the ups and downs. It does all seem a bit stock market pre gfc, where any gumby was making a killing. As blowin pointed out, the ups and downs can rule your life a bit. My mates bagging me for not getting in on the market pre gfc are all very quiet these days, whereas before they relished in pointing out the then apparent astuteness of their investments. As a mates wife said post gfc, although they panned out technically in front, the downer times wasn't worth the trouble. A lot of grey hairs and bald spots!

Not anti investment but the 1st rule has to be never invest in what you don't understand which by definition means most of us punters ought not put hard earned into anything other than a house. direct investment in shares? who understands that when monkey's can and do out perform the experts? Understanding an investment class is a very complex thing that one doesn't pick up over a few hours on the web but one area where we all ought to get a very good understanding is individual risk profile as it comes to investment choice for compulsory super. most of us/members still go with the default fund which maybe okay depending on the circumstances and age of the member but we all should learn to actively manage our super before we start speculating in anything else.

Stoked for you Indo.

Do you have an exit strategy ? A figure that you'd be happy to walk away with or are you just gonna let it ride ?

Sounds like you're learning a bit about the crypto currency workings. They'll be the future one way or another. With the relentless push towards globalisation a global currency is a high probability.

Either way you're having fun and you've found an interest Indo.

Happy days.

I don't have an exit strategy as such, in theory once i double my money i could take the profit and just use the house money so to speak...but i think that will be easier said than done.

I have diversified my portfolio over about 20 cryptos, some coins, some tokens, some platforms.

And then I've put the main percentage into the top 5 as a base, then a percentage into mid range, then a percentage into longshots.

Then i monitor them daily, i generally aim to hold the ones i really believe in, and then swap around the others as needed. (sell when up, buy others when cheap)

It's actually quite easy to predict some rises and falls in coins as they surge on any kind of news, and you can find out when events that may affect the price come up, for example a launch of something new.

BTW. woke up this morning and I'm currently about $700 off doubling my initial investment,(thanks to lite coin) but off course that price will most likely drop again as the market goes up and down.

Last night was an amazing ride for Litecoin and XEM. I took some profits.....about half of my initial investment. I hope to recover the remaining half and then let the house money ride.

Ripple leading the charge for me tonight!!!

interesting

http://www.scmp.com/business/banking-finance/article/2124079/why-bitcoin...

No offence to those involved in the markets and it sounds like you're killing it, but.....if you think a currency called " ripple " is ever going to be utilised as was the intention of its creation ie as a financial medium .

Then I've got some bad news .

Great article Happy. 

What goes up...

I think the world is just changing everything seems to be breaking the rules and going against tradition, i have no idea how this bitcoin or cryptocurrency thing will be in a year or a few years, but i think this is interesting.

Cant embed it for some reason.

Yeah I like your image you posted Indo. Shows how the world is changing and what happened yesterday certainly isn't the way it will be tomorrow.

My 12 yr old and 11 yr old sons were asking a gazillion questions of me about bitcoin this morning. They said you have to be very rich to own one.

Yeah I like your image you posted Indo. Shows how the world is changing and what happened yesterday certainly isn't the way it will be tomorrow.

My 12 yr old and 11 yr old sons were asking a gazillion questions of me about bitcoin this morning. They said you have to be very rich to own one.

Ah Indo, have to right click that image URL in the URL you posted, I'll fix up.

ACA covering Bitcoin, now that would be quality investigative journalism at its finest!

Did it feature a cub reporter chasing a Bitcoin down the street asking the probing questions?

Ripple making waves today

Nice headline Don.

:)

.....mined on chinese coal. what are the co2 emissions? look it up.

Is there anyone here actually making decent cash off of bitcoin or just a few hundred bucks here and there?

I shudder to think whats going to happen as soon as one of these "whales" roll over.

At least with conventional shares or currency you can measure over/under valued or traded and certain market open/closures affect movement macro news events etc but this crypto currency stuff is just rolling the dice down the hallway.

What reason is there to actually buy bitcoin with legal currency? It only feels safe for now.

People went mad buying tulips in the 1600s but at least they got a sniff out of it.

Gaz On the 22nd of last month i started with $120 I almost doubled it in a week, so a week latter put in $600 then 1K more than 1K more then another 1K so total $3,720

After 3 weeks im currently up to $6, 429.84 so I'm up $2,709 in 3 weeks and i should note I've had to trickle that money in because of the missus being skeptical...if i had dropped it all first day id easily be up another grand on that and I've missed out on some good buys, also at the start i missed opportunities because i didn't have the knowledge i have now. (I'm at the caching proper waves now and trimming stage)

All that said from looking at the charts many are predicting a very big correction between now and the new year, I'm might even put half back into fiat just incase then buy up once its dropped.

And i now know of many people who have made tens to hundreds of thousands

My one and only recommendation. Once you've doubled your money pull out all of your original investment money. Then you're playing free spins with the houses money and you've got nothing to lose.

No guts no glory. Let it ride.....

What type of chart analysis do you use for bitcoin indo? Charts dont display just the prices its also a reflection of the mood of the other currency traders in the market. In currencies you're always playing the man not just the market. Dont ever trust the charts they are always biased. At least with currency anyway.

About 7 years back I threw 15k into one of my trading accounts and made $30k in 2 weeks on the aud/usd. I used to do it every few months and make $5k and pull out but this time i stayed in. It was amazing. Best run of my life. The next week china randomly devalued its currency by a fraction and the dollar dropped 3 cents and i lost $25k in an afternoon. Margin call. Hardest loss of my life. Totally avoidable. I Still trade every now and then but its better to have a job where you can sleep at night. Id rather close it on a $2k loss and sleep like a log and make it back on average than ever ride all the way down to a margin call ever again. Its an awful drawn out death.

Hence my negativity on bitcoin. Theres only 16 million out there. Its so sensitive to big transactions that the correction is going to be savage.
Its fun to put a few grand in and trade for beer money but its really only gambling unless you stick to your trading plan and temptation is always there.

Cold burst spells swell for ripple!!!

Beat the Xmas rush, sell now!

Extrapolating from anything growing exponentially is always likely to be seriously misleading on any but ultra short time scales

Ive more than doubled my money now in less than a month I'm a bit over 10K at the moment put in $4,720.00 (if i had put it all in to start with, I'm sure id be closer to $15k)

@Gaz
I generally use the charts on https://www.binance.com as have started buying a few cryptos on there i can't buy on coin spot.

I also use https://www.tradingview.com/symbols/LTCUSD/ where others analyze charts, i also watch youtube vids where they analyse them.

Im starting to get a bit of an idea from charts, but still got a long long way to go.

Indo you haven't doubled your money until you sell at double the purchase price. You could wake up,one morning and find you have halved your money, or worse.

Ditto blindboy. Dont trust other peoples analysis too much indo if they were truly amazing theyd use their own analysis to make shitloads. The charts will be cold comfort when they don't work in your favour too. Currency markets are zero sum or even less with brokerage. Its like blackjack where the losers make the winners rich. Has anyone stopped to ask whos paying for these huge price increases?

Yep Blindboy, it's betting on someone else buying for a higher price than you have, and with low liquidity, it's doomed to fail. I'd get out now.

Yeah, fees are a killer, often think about the guys that sold the pans and picks during the gold rushes, they made a fortune compared to the majority of miners.

From this morning's Age.