SWP's back
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Yep. Everyone’s piling in as if the good times are never going to stop.
Fair play to those that have made a lot but someone will be left holding the baby.
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Bitcoin (cryptocurrency)
- Thread starter vonkeynotvenky
- Start date
Fair play to those that have made a lot but someone will be left holding the baby.
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blueinsa
Guest
Yep. Everyone’s piling in as if the good times are never going to stop.
Fair play to those that have made a lot but someone will be left holding the baby.
Quick question for you mate its where all this bitcoin hype has me scratching my head.
All the talk of $5 dollars worth a few years back being worth $Millions now etc etc.
You want to cash in so where do you get all those $Millions from?
Im guessing at some point you are going to get told it doesn't really exist and fuck off lol
SWP's back
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You get it from people buying your coins on the market at the higher price being traded now.Quick question for you mate its where all this bitcoin hype has me scratching my head.
All the talk of $5 dollars worth a few years back being worth $Millions now etc etc.
You want to cash in so where do you get all those $Millions from?
Im guessing at some point you are going to get told it doesn't really exist and fuck off lol
The question is “Is the market big enough and liquid enough to actually sell hundreds of millions of bitcoin without depressing the market?”
There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
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blueinsa
Guest
There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
So thats a yes then lol.
Like you say its as fragile as fuck and far too many are being suckered in here thinking they are going to be rich.
It rarely if ever works out that way i'm afraid.
SWP's back
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It’s certainly fragile yeah. There’s 16.7m bit coins about and the strength of a currency is usually based on who uses it and what for.So thats a yes then lol.
Like you say its as fragile as fuck and far too many are being suckered in here thinking they are going to be rich.
It rarely if ever works out that way i'm afraid.
As an example, the US Dollar’s strength comes from the US manufacturing industry and US economy allied to the fact that the dollar is used to trade oil and gas. The last two leaders of oil and gas producing countries that suggested using other currencies were Ghadaffi and Saddem and you won’t need reminding how things turned out fo then.
BitCoin is not really used to purchase goods at present and it’s strength is entirely sentiment led. As soon as people stop believing in it then everyone will notice that the Emperor is stark bollock naked.
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blueinsa
Guest
It’s certainly fragile yeah. There’s 16.7m bit coins about and the strength of a current is usually based on who uses it and what for.
As an example, the US Dollar’s strength comes from the US manufacturing industry and US economy allied to the fact that the dollar is used to trade oil and gas. The last two leaders of oil and gas producing countries that suggested using other currencies were Ghadaffi and Saddem and you won’t need reminding how things turned out fo then.
BitCoin is not really used to purchase goods at present and it’s strength is entirely sentiment led. As soon as people stop believing in it then everyone will notice that the Emperor is stark bollock naked.
Thanks for putting some meat on the bones mate.
Millwallawayveteran1988
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Reminds me of the Dotcom boom a bit. Buffets advice of sell when everyone else is buying and buy when everyone else is selling springs to mind on this one.
west didsblue
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- 2 Oct 2011
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Am I right in saying that it's effectively a complicated Ponzi scheme.You get it from people buying your coins on the market at the higher price being traded now.
The question is “Is the market big enough and liquid enough to actually sell hundreds of millions of bitcoin without depressing the market?”
There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
bluemonkey71
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- 26 Jan 2009
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Mate bought some when he was pissed in the pub. They were 1500 quid each. I’d take the money and run
Nebuchadnezzar
Well-Known Member
I've a mate who recently bought into ethereum. He got one for around $400. Another friend in our group decided to get $30 worth.
I was tempted myself. Had visions of myself obsessing late into the night over fluctuations, allsorts. I even made a Coinbase account and was ready to start.
The thing that put me off was worrying about what would happen if I wanted to cash out. I was also a bit wary of putting my bank details into an app I hadn't heard of 24 hours previously.
Add into all of that, I wouldn't have a fucking clue what I was doing. This thread and some of the posts have helped reinforce that staying out of it was the better decision.
I was tempted myself. Had visions of myself obsessing late into the night over fluctuations, allsorts. I even made a Coinbase account and was ready to start.
The thing that put me off was worrying about what would happen if I wanted to cash out. I was also a bit wary of putting my bank details into an app I hadn't heard of 24 hours previously.
Add into all of that, I wouldn't have a fucking clue what I was doing. This thread and some of the posts have helped reinforce that staying out of it was the better decision.