Author Topic: Bitcoin...  (Read 10743 times)

Offline mahleu

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Re: Bitcoin...
« Reply #30 on: August 13, 2017, 07:21:06 PM »
Now I've lost out on R200,000 ...

Hindsight is always 20/20 in investing...
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Offline Red Baron

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Re: Bitcoin...
« Reply #31 on: August 13, 2017, 07:34:38 PM »
Remember the age old saying..."If it sounds too good to be true...." I have looked at Bitcoin and other Crypto's for some time now - still not convinced about investing in them.... Still sounds too much like a Ponzi Scheme....all Crypto-buyers that I know in the Cape are running around looking for people to "Invest" in their "mines" etc.... sounds pretty much like a Ponzi to me

I rather stay with direct share accounts without any direct broker/s involved and property.... Self-catering apartment on the West Coast area gives return of R30K+ per month and increase in value every year and it cannot be stolen... My  :2c:
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Offline oNyX

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Re: Bitcoin...
« Reply #32 on: September 13, 2017, 11:58:59 PM »
Bitcoin took a nose dive recently, so go have a listen to the podcasts below.

https://iono.fm/search?search=bitcoin
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Offline Baseline

Re: Bitcoin...
« Reply #33 on: September 14, 2017, 07:54:34 AM »
The recent "dive" was merely a correction as happens with any investment that grows rapidly. Bitcoin and Ethereum have been fairly flat and stable, trading in a narrow band for the past ten days or so since the correction. The correction was actually forced by China's ban on the use of cryptocurrencies in China, which gave the market a scare and the opportunity to re-evaluate and consolidate. The price correction was simply a case of investors with large exposure, selling off and taking profits before reinvesting at the lower value making even more profit.

The concept of Bitcoin was to provide three things. Anonymity, a decentralized currency that cannot be inflated or controlled by any one party and ease of transacting internationally without high fees or the need for third parties. As for anonymity, initially that will be near impossible as the safest way to acquire Bitcoin etc when starting out with minimal knowledge, is via a currency exchange like Luno or ice3X and they will have to comply with FICA legislation, meaning they must verify all your FICA credentials before allowing you to trade. Unlike Luno, ice3x will permit you to deposit funds and acquire cryptocurrencies whilst they are in the process of verifying your details. You will however not be able to withdraw your funds, be it Rands or Bitcoin etc before the FICA verification has been completed.

Once you know what you are doing, you can attain anonymity by trading directly. You can download a wallet to your computer or mobile device and purchase Bitcoin, Ethereum etc directly from a seller. Since the only trail is the blockchain ledger keeping track of currency in circulation, you are essentially trading anonymously as only the wallet address is known and you acquire wallets anonymously as you do most other downloads.

As soon as governments realize that this is the way of the future, they will look for ways to regulate it by insisting that your wallet must be registered to you and available for inspection so they can tax you. It as always only comes down to the government wanting their cut of whatever you generate. Governments will then also start issuing Cryptocurrencies which the sheep in society will flock to because it makes them feel safe. Anyone knowledgeable about fiat currencies will know that it is no longer backed by gold and as worthless as numbers in a computer. You are simply operating on good faith that governments will honour the currency.

Remember the age old saying..."If it sounds too good to be true...." I have looked at Bitcoin and other Crypto's for some time now - still not convinced about investing in them.... Still sounds too much like a Ponzi Scheme....all Crypto-buyers that I know in the Cape are running around looking for people to "Invest" in their "mines" etc.... sounds pretty much like a Ponzi to me

I rather stay with direct share accounts without any direct broker/s involved and property.... Self-catering apartment on the West Coast area gives return of R30K+ per month and increase in value every year and it cannot be stolen... My  :2c:

Those looking to sell you a mining rig are simply trying to sell computer hardware and those wanting you to invest in their mining operation, are simply trying to recover some of what they spent on a rig once they realize they are not making enough from mining. None of this has anything to do with Ponzi schemes.
You are however correct in maintaining property as the central core of your investment portfolio and may in future accept Bitcoin or other Cryptocurrencies as payment for lets.
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Offline Toxxyc

Re: Bitcoin...
« Reply #34 on: September 14, 2017, 08:41:21 AM »
The recent dive is actually attributed to the Chinese government hammering on BTC in China.  China contains a very large portion of BTC's hashpower, so the banning of ICOs and the closing (or attempted closing) of markets there is putting stress on BTC.  In the long run though, it's good for BTC, since it was created solely for the purpose of not being controlled or regulated.

The current "dip" in the BTC price is the same kind of dip as it's seen before.  Some call it "breathing", it climbs a bit, falls again, and repeats.  The overall trend on BTC though will, always, be upward.  There's never a too late time to invest, and right now is a good time.  With a possible fork upcoming with BTC forking into BTC and BTCGPU, and attempted crypto aimed at putting the power back to home miners and counteracting the ASICs that currently control the market, you'll see another dip, followed by a spike again.  This dip will again be a good time to buy, with the following spike being a good time to sell.

BTC won't die.  It's not a ponzi scheme.  There's no benefactors except the users, and the users are plenty and growing.  Everyone should support it as well.  You don't have to buy or have BTC to support it, but the whole idea behind it is brilliant.  It supports an internationally accepted, unregulated, non-governed and unstoppable method of dealing, without people interfering with it.

On the question of "what does mining do", well,  mining pays for the bitcoin transactions that are done every second, worldwide, all the time.  These transactions can be seen here:  https://bitbonkers.com/  It's awesome, just check the volume and realize that it's not something that's just going to "go away".

Offline Yossarian

Re: Bitcoin...
« Reply #35 on: September 14, 2017, 10:16:27 AM »
I like the idea of Bit coin as a medium of transaction owing to the points raised above although it does open an interesting topic of debate as to whether central banks are a positive force in the economy or are they only good for rectifying previous imbalances that they have inadvertently created.

Second Investing in something that's only intrinsic value is its last traded price IE no earnings is a simply a bet on future direction. There is no ability to value it based on its ability to generate future cash flows, to me this is pure speculation same as gold.

I am not saying it will not continue to increase in price but i cant figure out a way to say whether or not i think its over or undervalued and this makes me hesitant to gamble.

Offline andredt

Re: Bitcoin...
« Reply #36 on: September 14, 2017, 10:52:57 AM »
Luckily i sold all mine at its peak :)
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Offline JonnyP

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Re: Bitcoin...
« Reply #37 on: September 14, 2017, 11:03:15 AM »
The Bank of England governor (I think, or one of the bank bigwigs anyway) compared it to Tulip Bulb mania the other day.
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Offline Baseline

Re: Bitcoin...
« Reply #38 on: September 14, 2017, 11:28:10 AM »
The Bank of England governor (I think, or one of the bank bigwigs anyway) compared it to Tulip Bulb mania the other day.

Take it from whence it comes. Bankers and all those whose livelihood has been based on traditional currencies are obviously scared shitless as they potentially see their jobs disappearing. You can exchange currencies right in your own wallet without needing the services of bankers and currency exchangers who have been having a great time ripping us off. First they offer a lower rate than the days price to buy your currency making a neat profit and then they have the temerity to charge you a commission for having ripped you off. That sh1t stops with cryptocurrencies.
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Offline Scrat

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Re: Bitcoin...
« Reply #39 on: September 14, 2017, 12:00:19 PM »
The Bank of England governor (I think, or one of the bank bigwigs anyway) compared it to Tulip Bulb mania the other day.

I see the value of blockchain technology. But I'm not so sure about bitcoin just yet. Simply too much hype and irrational "market" movements.

Le-me: "So why did bitcoin go up 4% today and 13 percent this week?"

Le-bitcoinguy: "Because so much awesome new world order evil bankers anonymous!!!"

whatthe.....

Was it Buffet who said don't invest in it if you don't understand it? That's my reason. I hope guys who invest in it make millions, really I do. I'm just gonna let it play out for another year or two.

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Online Juggy

Re: Bitcoin...
« Reply #40 on: September 14, 2017, 02:31:02 PM »
I see the value of blockchain technology. But I'm not so sure about bitcoin just yet. Simply too much hype and irrational "market" movements.

Le-me: "So why did bitcoin go up 4% today and 13 percent this week?"

Le-bitcoinguy: "Because so much awesome new world order evil bankers anonymous!!!"

whatthe.....

Was it Buffet who said don't invest in it if you don't understand it? That's my reason. I hope guys who invest in it make millions, really I do. I'm just gonna let it play out for another year or two.

That is what I thought of doing until my wife insisted that we buy in March last year at R7400 a coin. A good speculation even considering the current price crash.

Offline Curlycat

Re: Bitcoin...
« Reply #41 on: September 14, 2017, 07:06:11 PM »
I have made a bit of money with both trading crypto and mining. Both have their advantages and disadvantages. The way I see it, roughly speaking, take R35K at 7% interest will give me about R200/month interest. Take that same R35K in mining equipment and my "interest" is about R1600/month. As far as I am concerned that's a win. If the whole bitcoin thing goes south - I just hold the coins till it goes up in value again. If it sinks totally, I can sell my equipment and use some of it myself.

As far as trading is concerned. I sold about a week ago. I see the value of Bitcoin has dropped the past two weeks from a high of R67K to R45K now. I will buy again when I see the market changing upwards again.
« Last Edit: September 14, 2017, 07:12:03 PM by Curlycat »

Offline Dumb and Dumber

Re: Bitcoin...
« Reply #42 on: September 17, 2017, 06:22:52 AM »
I am prepared to buy and keep it long term, 10 years plus. But I am scared of a total loss, something that does have a possibility of happening. Too many knowledgeable people out there are saying that it can happen keeps me for falling for it.
Then again, what you said @Curlycat also makes a lot of sense..


Offline Toxxyc

Re: Bitcoin...
« Reply #43 on: September 18, 2017, 06:53:17 AM »
I am prepared to buy and keep it long term, 10 years plus. But I am scared of a total loss, something that does have a possibility of happening. Too many knowledgeable people out there are saying that it can happen keeps me for falling for it.
Then again, what you said @Curlycat also makes a lot of sense..

It's relatively safe though.  If you hold lower amounts, you can keep it in a trading wallet and place sell orders for when the prices drop.  If you see that it's climbing to ~R70k, you place sell orders on your BTC for ~R50k.  If it climbs to R100k, you place sell orders for ~R80k, etc.  If it drops to below where you are comfortable at, people will probably buy and you can safely cash out.

Offline ron g

Re: Bitcoin...
« Reply #44 on: September 18, 2017, 08:15:16 AM »
I am prepared to buy and keep it long term, 10 years plus. But I am scared of a total loss, something that does have a possibility of happening. Too many knowledgeable people out there are saying that it can happen keeps me for falling for it.
Then again, what you said @Curlycat also makes a lot of sense..


only put money into bitcoin if you can afford to lose all of it.

is it just me or have bitcoin people gone a bitquiet because its a bitdown? #bitter