Bitcoin (cryptocurrency)

Invisible Man's Bandage said:
It has gone down 10% this morning. It's a speculative bubble and not an investment for anyone other than the equivalent of having a bet on a football match or race horse.
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So reply after it has a 10% dip. Bitcoin does that all the time it also goes parabolic and jumps 100%.

Like I said alot more financial institutions and hedge funds are putting money into it. Tulip mania is a lazy comparison people have been saying it about bitcoin since like 2007 and it just keeps going from strength to strength.
 
Anyone who has bought bitcoin at any stage in the last 10 years, except for the last 10 days has at least doubled their money. Many have ten folded or hundred folded, or more.
 
zerox said:
Anyone who has bought bitcoin at any stage in the last 10 years, except for the last 10 days has at least doubled their money. Many have ten folded or hundred folded, or more.
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Also a big community of people who now use it as their main currency and no longer have fiat.
 
pity they didn't warn Hargrave and Lansdowne investers about the Woodforde fund a couple of years ago
The chance of the FCA being right about anything, is about the same as the Government and covid.
 
Scottyboi said:
Also a big community of people who now use it as their main currency and no longer have fiat.
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Ask anyone of them how “rich” they are and I bet they won’t say they have assets worth 100BTC.

I equally find such statements like this highly unlikely, how do they buy life’s essentials?

Unless the entire global economy was accepting of BTC (which it is no where near and won’t be ever with vol like this). A grocery store cannot be monitoring prices based on a 10% swing in value when it buys it product to sell in currency as it has to do today. Imagine getting paid in BTC? Sorry pet you need to go down to the food bank or Waitrose as i’m 10% better off or worst off this months pay cheque. Crazy talk

Banks and hedge funds don’t give two hoots about the “story” behind BTC they just love a bit of vol and getting the right side of it to make cash (measured in USD/GBP/etc not BTC)

Society needs inflation to erode debt and promote internal investment along with interest to promote external investment. Furthermore if requires stability of currency. BTC lacks all of these fundamental requirements so remains just a punt.

Hope you keep making GBP cash out of it mate, I don’t trade it but if I did I’d want to buy a call option, keep it hedged and ride the vol.
 
adrianr said:
Bitcoin was Tulip mania when it was £30 a coin. It's something else now entirely.
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It really isn’t and you are making the classic mistake of valuing BTC in a fiat currency which really defeats any argument for it. Put another way I don’t value my house in USD because I live in the UK.

The underlying “product” of Bitcoin has no inherent value yet is being marked at irrational levels. The hallmark of a bubble. Furthermore there are several BTC available. OI is a key indicator and this appears to have remained relatively static since the last rally (ie no new money, just folk trading within their collective another hallmark of a bubble that refuses to know it’s one) until this latest rally where we can see new money coming in but already we are seeing the indicators of massive profit taking with this drop. There is an old trading adage that says if something is easy to sell you hold on to it, but when I see profit taking having this much of an impact on price it is telling me it is hard to sell, this means the new money is exhausting has nothing to back it up.

This doesn’t mean this is the end or a crash or new money won’t join the fray at lower levels (or reinvestment of profits) but my advice
would be to get long vol (if it’s not already prohibitively expensive) or take your profit (some or all depending on your entry point) and let the games play out. These are professional traders who make money (in $) by sniping off the causal trader or firms who are only able to play from the long side, you’re best to not try and get in their way.

The best tip I can give anyone would be to ask yourself every day would you buy it here. If the answer is no then why are you still long?


Good luck
 
@metalblue
What would you pick to invest £5000 in of the following
straight S&P
tesla
bitcoin
Looking at a 12 month investment.
 
zerox said:
@metalblue
What would you pick to invest £5000 in of the following
straight S&P
tesla
bitcoin
Looking at a 12 month investment.
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Mate forgive me but I wouldn’t give that sort of advice. Maybe @SWP's back might.

As a mate over a pint I might causally mention that I think I can still see some value in Miners. Then make a joke about how Gordon Gekko tells me “Blue moon loves copper”. Although I’d remind Gekko of the many headwinds to economic stimulus
 
metalblue said:
Mate forgive me but I wouldn’t give that sort of advice. Maybe @SWP's back might.

As a mate over a pint I might causally mention that I think I can still see some value in Miners. Then make a joke about how Gordon Gekko tells me “Blue moon loves copper”. Although I’d remind Gekko of the many headwinds to economic stimulus
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Ha I’m not going near that with a barge pole mate!

No one “invests” for 12 months any more than they “invest” on black at roulette table.
 
bitcoin bombed 20%+ so far today, but more importantly, my recovering life changing investment in litecoin has bombed 29%, oh well, you lose some, and you lose some more
 
flook said:
bitcoin bombed 20%+ so far today, but more importantly, my recovering life changing investment in litecoin has bombed 29%, oh well, you lose some, and you lose some more
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That's the beauty of Crypto, you might lose some days but you'll always have something to have another go at it unlike betting where a losing bet will take the lot.

Seems to be coming back now but I wouldn't be surprised to see further drops over the next few days, I'm hoping so anyhow as I've now sold my bag and want to buy back in cheaper.
If not and it continues to rise I'll buy back in anyhow and take the daily increase and trade my way back up once it settles.

Either way I'm leaving things be for a couple of days because a usual Bitcoin correction could easily be -30% so there is still someway to go if that happens.

looking at the 6hr ema we are still on a downward trend.
 
slick said:
That's the beauty of Crypto, you might lose some days but you'll always have something to have another go at it unlike betting where a losing bet will take the lot.

Seems to be coming back now but I wouldn't be surprised to see further drops over the next few days, I'm hoping so anyhow as I've now sold my bag and want to buy back in cheaper.
If not and it continues to rise I'll buy back in anyhow and take the daily increase and trade my way back up once it settles.

Either way I'm leaving things be for a couple of days because a usual Bitcoin correction could easily be -30% so there is still someway to go if that happens.

looking at the 6hr ema we are still on a downward trend.
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The 20 day SMA is around $31k, It got down there today but bounced off it. It's done that off the daily 20 SMA a few times now. I'd set my highest buy order around the 20 day SMA, and it triggered today.

That run wasn't sustainable, and the correction is healthy if we're going to get to $100k. Good luck getting back in. Don't wait too long!
 
MillsyTheMosher said:
That’s disgraceful and if Bitcoin can’t help him access his money the regulators should issue an unprecedented fine.
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SWP's back said:
It’s nothing to do with Bitcoin mate, they’re helpless. It’s like blaming the Bank of England if you can’t get into your own safe.
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I'm reading his comment as a sardonic swipe at the complete lack of any regulation or any recourse wrt Bitcoin.

I stand by my comments earlier in thread that it is a speculative bubble based on the 'bigger fool' principle.
 
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