Bitcoin

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ALF
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Re: Bitcoin

Post by ALF » Thu Nov 30, 2017 1:33 am

Sir Bobby wrote:There's very little on this forum about cryptocurrencies like Bitcoin considering how popular it seems to be becoming. In fact, practically the only reference to it is 4 years ago where Mifune states it isn't worth getting involved. I don't want to rub his face in it too much but had he invested £500 that week he would have woken up today with around £60,000. So since it seems to be gaining more and more traction both in regular Joe world and in financial markets, what are people's thoughts? Is it going to crash? Will it ever be adopted as a genuine form of payments for things? Will the government start regulating it before it gets out of control? Has anyone invested?

Personally I'm annoyed I waited so long to invest since I considered it a year ago but only ended up doing it 3 months ago. However in that time I've doubled my money so can't exactly complain too much.
What did you use to invest? Seen there's lots of different sites but most seem to have very mixed reviews.

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Sir Bobby
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Re: Bitcoin

Post by Sir Bobby » Thu Nov 30, 2017 3:26 am

ALF wrote:
Sir Bobby wrote:There's very little on this forum about cryptocurrencies like Bitcoin considering how popular it seems to be becoming. In fact, practically the only reference to it is 4 years ago where Mifune states it isn't worth getting involved. I don't want to rub his face in it too much but had he invested £500 that week he would have woken up today with around £60,000. So since it seems to be gaining more and more traction both in regular Joe world and in financial markets, what are people's thoughts? Is it going to crash? Will it ever be adopted as a genuine form of payments for things? Will the government start regulating it before it gets out of control? Has anyone invested?

Personally I'm annoyed I waited so long to invest since I considered it a year ago but only ended up doing it 3 months ago. However in that time I've doubled my money so can't exactly complain too much.
What did you use to invest? Seen there's lots of different sites but most seem to have very mixed reviews.
I used coinify through a website called Blockchain.info I believe. I have no idea if it’s the best but it’s defo legit and does a job for me. I’ve heard good reviews about Coinbase though and would probs use that if I was going again, since I think that allows you to trade a few currencies, which is better once you get deeper involved and want to play the crypto field

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Re: Bitcoin

Post by Bodacious Benny » Thu Nov 30, 2017 9:56 am

This sounds far too complicated, I'm out <laugh>
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Re: Bitcoin

Post by PTAO? » Thu Nov 30, 2017 1:51 pm

ALF wrote:
PTAO wrote:
Yes, but what does mifune say?
Mifune wrote:
No <ok>.

What a f***ing bellend.
I'm all in

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Re: Bitcoin

Post by Toondes » Thu Jan 04, 2018 10:40 pm

I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !
# stolen from nufc.com :)

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Re: Bitcoin

Post by Bodacious Benny » Fri Jan 05, 2018 9:57 am

Toondes wrote:I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !
Not had an accy for ages!
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Re: Bitcoin

Post by Hjl » Fri Jan 05, 2018 1:31 pm

Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!

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Re: Bitcoin

Post by Donkey Toon » Fri Jan 05, 2018 1:51 pm

Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Hey Hjl, what do you think of bitcoin?

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Re: Bitcoin

Post by Hjl » Fri Jan 05, 2018 6:11 pm

Donkey Toon wrote:
Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Hey Hjl, what do you think of bitcoin?
Dunno really. I have never given it much thought.... <scratch>

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Sir Bobby
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Re: Bitcoin

Post by Sir Bobby » Sat Jan 06, 2018 12:58 am

Hjl wrote:
Donkey Toon wrote:
Hey Hjl, what do you think of bitcoin?
Dunno really. I have never given it much thought.... <scratch>
<laugh>

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Re: Bitcoin

Post by Colback's Orange Tufts » Sat Jan 06, 2018 2:39 pm

People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
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Re: Bitcoin

Post by Sir Bobby » Sat Jan 06, 2018 2:51 pm

Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)

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Re: Bitcoin

Post by Colback's Orange Tufts » Sat Jan 06, 2018 3:04 pm

Sir Bobby wrote:
Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
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Re: Bitcoin

Post by Sir Bobby » Sat Jan 06, 2018 3:26 pm

Colback's Orange Tufts wrote:
Sir Bobby wrote:
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?

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Re: Bitcoin

Post by PTAO? » Sat Jan 06, 2018 11:19 pm

Sir Bobby wrote:
Colback's Orange Tufts wrote:
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?
The transaction fee goes to the miners, not the exchanges.
I also think the exchanges lump transactions in together to minimize fees.
They make their money on the % they charge when you put fiat in/take it out and the spread.

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Re: Bitcoin

Post by Toondes » Sun Jan 07, 2018 12:13 pm

No a f***ing clue what you lot are talking about
# stolen from nufc.com :)

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Re: Bitcoin

Post by Bodacious Benny » Sun Jan 07, 2018 12:32 pm

Toondes wrote:No a f***ing clue what you lot are talking about
Nor me <ok>
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Re: Bitcoin

Post by Colback's Orange Tufts » Sun Jan 07, 2018 2:15 pm

Bodacious Benny wrote:
Toondes wrote:No a f***ing clue what you lot are talking about
Nor me <ok>
Nor me
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Re: Bitcoin

Post by Sir Bobby » Sun Jan 07, 2018 2:51 pm

Yeah not a clue here either tbh

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Re: Bitcoin

Post by dlee » Thu Feb 08, 2018 6:45 am

So what you guys think now?? Will it go up again???

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