# Bitcoin #

udo's picture
udo started the topic in Wednesday, 15 Nov 2017 at 3:49pm

The Bitcoin graph looks Interesting ! ?

Topsy's picture
Topsy's picture
Topsy Tuesday, 13 Oct 2020 at 9:36am

Anyone here still into crypto?

Michael Bourne's picture
Michael Bourne's picture
Michael Bourne Tuesday, 13 Oct 2020 at 2:03pm

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.

shoredump's picture
shoredump's picture
shoredump Tuesday, 13 Oct 2020 at 6:34pm

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

Topsy's picture
Topsy's picture
Topsy Tuesday, 13 Oct 2020 at 8:02pm

@shoredump good luck mate, I hope it pumps for you. I think we are on the verge of a bull market
@Michael Bourne aaaaayyyyyeeeeemmmaayyyttteee

thermalben's picture
thermalben's picture
thermalben Wednesday, 21 Oct 2020 at 6:38am

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...

Blowin's picture
Blowin's picture
Blowin Wednesday, 21 Oct 2020 at 11:13am

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...

shoredump's picture
shoredump's picture
shoredump Wednesday, 21 Oct 2020 at 11:38am

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

thermalben's picture
thermalben's picture
thermalben Wednesday, 21 Oct 2020 at 11:39am

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.

Topsy's picture
Topsy's picture
Topsy Thursday, 22 Oct 2020 at 10:36am

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.

Topsy's picture
Topsy's picture
Topsy Thursday, 22 Oct 2020 at 10:42am

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.

Topsy's picture
Topsy's picture
Topsy Friday, 23 Oct 2020 at 12:08pm

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.

donweather's picture
donweather's picture
donweather Friday, 23 Oct 2020 at 12:07pm

I'm still in it, albeit no long term holds other than stable coins. Trading the volatility of BTC pretty much these days.

Topsy's picture
Topsy's picture
Topsy Friday, 23 Oct 2020 at 12:09pm

Glad to hear that you are still in Don. BTC volatility is a wonderful thing. Plenty to be made there

donweather's picture
donweather's picture
donweather Friday, 23 Oct 2020 at 12:12pm

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.

donweather's picture
donweather's picture
donweather Friday, 23 Oct 2020 at 12:13pm

Yeah topsy had a good run the last few weeks. Lets hope it continues.

donweather's picture
donweather's picture
donweather Friday, 23 Oct 2020 at 12:15pm

Paypal now accepting cryptocurrency payments.

udo's picture
udo's picture
udo Monday, 2 Nov 2020 at 11:51am

Oct 2nd $14700 today $19700 AUD.

donweather's picture
donweather's picture
donweather Monday, 2 Nov 2020 at 11:51am

All are watching the US election now to see where most global markets go.

udo's picture
udo's picture
udo Sunday, 8 Nov 2020 at 12:11pm

$20500 AuD

udo's picture
udo's picture
udo Wednesday, 18 Nov 2020 at 3:30pm

Still rising - $24940

donweather's picture
donweather's picture
donweather Saturday, 21 Nov 2020 at 4:38pm

BTC marketcap hits ATH

shoredump's picture
shoredump's picture
shoredump Sunday, 22 Nov 2020 at 8:22am

Ripple up 30% in 24hrs

shoredump's picture
shoredump's picture
shoredump Sunday, 29 Nov 2020 at 7:51am

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

donweather's picture
donweather's picture
donweather Sunday, 29 Nov 2020 at 8:41am

There is certainly a lot of FOMO happening in the recent weeks which is never good for a sustained market.

san Guine's picture
san Guine's picture
san Guine Sunday, 29 Nov 2020 at 8:55am

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!

udo's picture
udo's picture
udo Monday, 7 Dec 2020 at 4:11pm

$25 960

udo's picture
udo's picture
udo Tuesday, 8 Dec 2020 at 6:00pm

Topsy's picture
Topsy's picture
Topsy Friday, 18 Dec 2020 at 8:47pm

$30,426

shoredump's picture
shoredump's picture
shoredump Saturday, 19 Dec 2020 at 5:20am

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?

donweather's picture
donweather's picture
donweather Saturday, 19 Dec 2020 at 7:17am

No one really looks at BTC/AUD. It’s all about BTC/USD.

velocityjohnno's picture
velocityjohnno's picture
velocityjohnno Saturday, 19 Dec 2020 at 8:52am

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

donweather's picture
donweather's picture
donweather Sunday, 20 Dec 2020 at 3:21pm

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.

udo's picture
udo's picture
udo Monday, 21 Dec 2020 at 6:08pm

$31,700 - AuD

velocityjohnno's picture
velocityjohnno's picture
velocityjohnno Monday, 21 Dec 2020 at 6:34pm

woot!

Craig's picture
Craig's picture
Craig Monday, 21 Dec 2020 at 6:41pm

What's the main push behind the rise?

velocityjohnno's picture
velocityjohnno's picture
velocityjohnno Monday, 21 Dec 2020 at 6:56pm

Printer go brrrrrrr

Topsy's picture
Topsy's picture
Topsy Monday, 21 Dec 2020 at 9:02pm


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

Topsy's picture
Topsy's picture
Topsy Monday, 21 Dec 2020 at 9:35pm

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

velocityjohnno's picture
velocityjohnno's picture
velocityjohnno Monday, 21 Dec 2020 at 11:01pm

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.

shoredump's picture
shoredump's picture
shoredump Tuesday, 22 Dec 2020 at 9:41am

Good info & opinion. Thanks fellas

Topsy's picture
Topsy's picture
Topsy Sunday, 27 Dec 2020 at 10:12pm

37K AUD

donweather's picture
donweather's picture
donweather Monday, 28 Dec 2020 at 9:03am

USD$30k very much in sight now.

indo-dreaming's picture
indo-dreaming's picture
indo-dreaming Monday, 28 Dec 2020 at 10:17am

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.

Craig's picture
Craig's picture
Craig Monday, 28 Dec 2020 at 10:41am

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.

udo's picture
udo's picture
udo Monday, 28 Dec 2020 at 10:46am
donweather's picture
donweather's picture
donweather Monday, 28 Dec 2020 at 11:05am

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.

https://www.tradingview.com/symbols/CRYPTOCAP-BTC.D/

Distracted's picture
Distracted's picture
Distracted Monday, 28 Dec 2020 at 11:27am

Don, why as Ripple fallen back so much, sounded like it had a lot going for it at the time.

Topsy's picture
Topsy's picture
Topsy Monday, 28 Dec 2020 at 11:42am

.

Topsy's picture
Topsy's picture
Topsy Monday, 28 Dec 2020 at 11:41am

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.”

donweather's picture
donweather's picture
donweather Monday, 28 Dec 2020 at 11:17pm

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.