Bitcoin (cryptocurrency)

[BosnianBlue]

£7.6m worth of bitcoin. Holy clusterfuck!

It was more than that. I had lot of altcoins too at that moment, many different ones, it was probably much closer to 500 bitcoins when those would be converted.

 

[Wafty Cranker]

Anyone riding the Bitcoin rollercoaster? Up 15% today alone.

I reckon it could be back above $10k next month as the bulls pile in, and with the halving.

 

[Wafty Cranker]

That didn't take long. Back above $10k.

 

[bakerdave76]

My mate sold all his tron ripple and other currency and bought Bitcoin last month , do you think it will hit 20,000 like last year ?

 

[Tricky_Trev]

Even many years later, I still don’t understand what bitcoin is and what ‘mining’ it means.

 

[Wafty Cranker]

My mate sold all his tron ripple and other currency and bought Bitcoin last month , do you think it will hit 20,000 like last year ?

I wouldn’t be surprised at all if it hits $20k within the next 12 months. It’ll be interesting to see how it behaves next week with the halving. If it contines to follow the Stock to Flow model it could even be $100k in 2022, and a million $ a coin in the mid 20’s when all the coins are mined. It sounds crazy but 10 years ago, 1BTC was worth less than $0.01.

Of course it could all come crashing down and be worthless, but there is far my upside than downside in my opinion.

 

[Onholiday(somemightsay)]

I wouldn’t be surprised at all if it hits $20k within the next 12 months. It’ll be interesting to see how it behaves next week with the halving. If it contines to follow the Stock to Flow model it could even be $100k in 2022, and a million $ a coin in the mid 20’s when all the coins are mined. It sounds crazy but 10 years ago, 1BTC was worth less than $0.01.

Of course it could all come crashing down and be worthless, but there is far my upside than downside in my opinion.

Please could you dumb this bit down for the mere remedial among us?

 

[Ardwick Green Blue]

Please could you dumb this bit down for the mere remedial among us?

It's all a load of bollocks based on the Greater Fools Theory. To make anything you have to buy before all the greater fools pile in and then get rid before they all start to dump them.

It's about time the tulip craze started up again...

 

[Wafty Cranker]

Please could you dumb this bit down for the mere remedial among us?

The stock to flow model is based and how scarce an item is, by looking at how much of it there is and how much more of it is being made/mined.

The number is based on how many years it would take to replenish the stock. Say there is 170,000 tonnes of gold on the world and it's being mined at 2,750 tonnes per year, it would take around 62 years to replenish the stock. Gold's stock to flow is 62. Hypothetically if a load more gold was discovered and more was mined then that stock to flow number would come down, as would the price.

Some people have applied that same model to Bitcoin as you know the stock, and the flow, so you an use it to predict the price. So far there has been a strong correlation between the stock to flow and the price. I don't know how to upload images, but there is a graph here to illustrate https://digitalik.net/btc/

The flow of Bitcoin is due to half next week, so if it continues to follow the stock to flow model it should be in the region $30k by the end of the year. Then the flow halves every four years, which is where the $1 million figure came from.

It could well all be bollocks to apply the model to Bitcoin, but as I mentioned I wouldn't be surprised if it surpassed $20k in the next 12 months.

 

[SWP's back]

Usually the stock would have an inherent value/use. Crypto is currently not there yet.

 

[Didsbury Dave]

Is there anyone there who can point me in the right direction to set up a wallet and buy Bitcoin? It looks like there are scams out there and I don’t trust my google results. PM is fine ;-)

 

[Wafty Cranker]

Is there anyone there who can point me in the right direction to set up a wallet and buy Bitcoin? It looks like there are scams out there and I don’t trust my google results. PM is fine ;-)

If you are wanting to store the coins offline yourself then the the most popular hardware wallets are Trezor or Ledger nano. I think if you have a Trezor you can buy coins directly through the Trezor and store them on there (no need for an exchange). You can buy the basic wallets off amazon for about £50. If you get it from Amazon make sure you get it from a reputable supplier and it's properly sealed when it arrives.

If you're happy to leave the coins on an exchange then Coinbase is the pretty straight forward and I believe Binance is too. Some people will say don't leave your coins on an exchange as they're not secure.

 

[Didsbury Dave]

If you are wanting to store the coins offline yourself then the the most popular hardware wallets are Trezor or Ledger nano. I think if you have a Trezor you can buy coins directly through the Trezor and store them on there (no need for an exchange). You can buy the basic wallets off amazon for about £50. If you get it from Amazon make sure you get it from a reputable supplier and it's properly sealed when it arrives.

If you're happy to leave the coins on an exchange then Coinbase is the pretty straight forward and I believe Binance is too. Some people will say don't leave your coins on an exchange as they're not secure.

Thanks mate. I’ve just bought some on Coinbase and it was very simple. I’ll be spending them tomorrow so hopefully that should be straightforward too!

 

[Wafty Cranker]

Thanks mate. I’ve just bought some on Coinbase and it was very simple. I’ll be spending them tomorrow so hopefully that should be straightforward too!

Nice one. The fees are slightly higher on Coinbase but it's quick and easy to use. I'm not sure I want to know what you're spending them on if you have to pay in Bitcoin!

 

[zerox]

tell you my story of bitcoin , stumbled across it when it was around 400 dollars about 2015
Bought a couple on localbitcoins, went up to 600 dollars bought some more.

Anyway it was just a question of looking each week to see how much profit I had made.
Then bang it went down and I lost all interest.
Sometime later new computer, and then around 2017 bitcoin hit mainstream news.
" Wow I have some of them I am rich", no I'm not they are on the computer I scrapped.
T o this day I rue my 7 or so coins lost for ever.

 

[Wafty Cranker]

tell you my story of bitcoin , stumbled across it when it was around 400 dollars about 2015
Bought a couple on localbitcoins, went up to 600 dollars bought some more.

Anyway it was just a question of looking each week to see how much profit I had made.
Then bang it went down and I lost all interest.
Sometime later new computer, and then around 2017 bitcoin hit mainstream news.
" Wow I have some of them I am rich", no I'm not they are on the computer I scrapped.
T o this day I rue my 7 or so coins lost for ever.

They reckon 4 million Bitcoins are lost forever. Which is roughly about 20% of the what will be the total supply, or a current market value of £29,200,000,000

Some bloke in Wales reckons there is a $100 million worth on a tip in Newport https://www.walesonline.co.uk/news/wales-news/man-offering-welsh-council-74-13993161

 

[blue b4 the moon]

tell you my story of bitcoin , stumbled across it when it was around 400 dollars about 2015
Bought a couple on localbitcoins, went up to 600 dollars bought some more.

Anyway it was just a question of looking each week to see how much profit I had made.
Then bang it went down and I lost all interest.
Sometime later new computer, and then around 2017 bitcoin hit mainstream news.
" Wow I have some of them I am rich", no I'm not they are on the computer I scrapped.
T o this day I rue my 7 or so coins lost for ever.

For the hard of thinking like me....why can't you just 'log-in' and get them back?

 

[m7mcfc]

That is what I thought?

 

[JASR]

For the hard of thinking like me....why can't you just 'log-in' and get them back?

Presumably they have lost the equivalent of A bank ‘account number’ access key, or the ‘key’ to access the ‘wallet’ that they were storing the bitcoin on.

As there is no tying of an ‘account number’ to a person, other than that which is maintained by the person in the form of remembering the ‘key’, then the bitcoin is effectively lost, as it is cryptographically practically impossible to find the ‘key’.
Something like 1 in 7 bitcoins are ‘lost’ iirc.

 

[blue b4 the moon]

Presumably they have lost the equivalent of A bank ‘account number’ access key, or the ‘key’ to access the ‘wallet’ that they were storing the bitcoin on.

As there is no tying of an ‘account number’ to a person, other than that which is maintained by the person in the form of remembering the ‘key’, then the bitcoin is effectively lost, as it is cryptographically practically impossible to find the ‘key’.
Something like 1 in 7 bitcoins are ‘lost’ iirc.

Ah right so whereas I have money in investments that even if I lost my details I could 'get back into', these wallets aren't stored with any company then. I'd assumed Trezor or Ledger nano etc were on-line banks that you put them in.

Ah well, I'll never be in the market anyway.

Thanks for the reply