Gemmill 51163 Posted May 19, 2021 Share Posted May 19, 2021 Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point? Buy vanguard lifetarget funds and hold them til retirement. Link to comment Share on other sites More sharing options...
Dr Gloom 23958 Posted May 19, 2021 Share Posted May 19, 2021 it's a giant fucking ponzi scheme man, and no one has so far has been able to convince me otherwise. Link to comment Share on other sites More sharing options...
Dr Gloom 23958 Posted May 19, 2021 Share Posted May 19, 2021 (edited) On 19/05/2021 at 13:24, Gemmill said: Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point? Buy vanguard lifetarget funds and hold them til retirement. Expand it's living life on the edge i suppose, piling your hard earned cash into an asset class that can plummet by 30% in a given day Edited May 19, 2021 by Dr Gloom Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 Buying the dips is indeed what you're meant to do - but if you're invested at a certain point, and it falls, and you think it's going to fall further.... then get out and buy further down. Which is my strategy with this. Link to comment Share on other sites More sharing options...
NJS 4635 Posted May 19, 2021 Share Posted May 19, 2021 I paid for my iptv subscription last year with bitcoin by transferring £100 into an account and then buying £40 worth for the subscription leaving £60. I think that £60 worth of bitcoin was worth £360 at one point but its gone down to £160 today - not too bothered unless it goes really stupidly high. Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 My personal view is that Bitcoin won't last. I know some people think it'll become the crypto version of gold, but it really is a fairly worthless coin in terms of functionality. I've mostly focused on the Alt Coins. Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 (edited) On 19/05/2021 at 13:24, Gemmill said: Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point? Buy vanguard lifetarget funds and hold them til retirement. Expand I guess this is worth addressing actually - I do understand why the market has crashed. China banned trading cryptocurrencies last night. That's a fairly obvious crash signal IMO. Elon Musk's nonsense over the previous few days is less predictable but still ultimately made sense in terms of cause and effect within the market - that really should have only affected Bitcoin itself (and indeed, I made quite a bit on ADA as a consequence). The market is volatile but it's not totally random. The cryptos that have been doing well have functionality and long term value and potential. As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Once cryptocurrencies get to the point where they are being used and traded for goods instead of conventional currencies, then they really won't be any different to traditional money. The big question, frankly, is whether governments will let them - not whether it's a ponzi scheme or not. If Bitcoin is valued to the point where you can buy a house with 3 coins, and both sides of the trade are happy with that, how is that different to cash money? Edited May 19, 2021 by Rayvin Link to comment Share on other sites More sharing options...
Howmanheyman 37127 Posted May 19, 2021 Share Posted May 19, 2021 I was going to buy some bitcoins with my bitquids, I had eleventy bitquids worth £200,000 which I originally bought with an absent thought in my mind free of charge. Was going to just pay 50 Meths for one bitcoin so would only need to break into one bitquid as I thought shrapnel wouldn't be missed if the bitcoin kept falling on the market. 2 Link to comment Share on other sites More sharing options...
Renton 24198 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 14:39, Rayvin said: I guess this is worth addressing actually - I do understand why the market has crashed. China banned trading cryptocurrencies last night. That's a fairly obvious crash signal IMO. Elon Musk's nonsense over the previous few days is less predictable but still ultimately made sense in terms of cause and effect within the market - that really should have only affected Bitcoin itself (and indeed, I made quite a bit on ADA as a consequence). The market is volatile but it's not totally random. The cryptos that have been doing well have functionality and long term value and potential. As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Once cryptocurrencies get to the point where they are being used and traded for goods instead of conventional currencies, then they really won't be any different to traditional money. The big question, frankly, is whether governments will let them - not whether it's a ponzi scheme or not. If Bitcoin is valued to the point where you can buy a house with 3 coins, and both sides of the trade are happy with that, how is that different to cash money? Expand I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself. Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 15:03, Renton said: I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself. Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. Expand I suppose the bigger question is how notionally free market states could refuse this idea? How would they stop it? China can, I guess (I suspect it actually can't in reality) but I can't imagine the US following suit this late in the game. Elon Musk didn't crash the market through the tweet itself, he crashed it by holding huge amounts of Bitcoin and then claiming his company, which had moved itself into something of a 'bitcoin cheerleader' position, would no longer work with them. This had an impact because of the large amount of value that Tesla owned in the coin. On the other hand, when the UK decided to leave the EU, the pound absolutely tanked. So it's not as if fiat currencies are immune to this sort of thing either. But yes, I mean I agree on stability to some extent (although this 'crash' we're currently talking about has really just pulled us back to where we were in February in terms of value) but then that's the nature of the beast at this point. Fair enough if it's not your thing though, I do understand that. I'll add that I'm not sure what impact the national cryptocurrencies that several states are introducing will have on this either. But I very much like the idea of currency without borders and government intervention. Link to comment Share on other sites More sharing options...
ewerk 33643 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 14:39, Rayvin said: As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Expand That's exactly it. And most people in the real world don't see crypto as having any real value and that's why it's likely to fail. Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 15:45, ewerk said: That's exactly it. And most people in the real world don't see crypto as having any real value and that's why it's likely to fail. Expand Well you hit me with an 'I told you so' when it does then. For now at least, I'm back to green - so I'm not complaining about it myself. Link to comment Share on other sites More sharing options...
TheGingerQuiff 2412 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 12:52, Rayvin said: So this has been an exciting day I bailed on everything as soon as I woke up, and it was an incredibly good decision based on how things have progressed since then. Holy fuck... Expand It's shirty arses like you that cause the volatility Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 16:03, TheGingerQuiff said: It's shirty arses like you that cause the volatility Expand I bought back in If we get back to where we were, I'll have made some money out of the dip. Honestly I held for the first bit but it was so obvious we were going to take a hit as the day rolled on and the US woke up to see red everywhere that I didn't think it made sense to hold. Link to comment Share on other sites More sharing options...
Dr Gloom 23958 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 14:43, Howmanheyman said: I was going to buy some bitcoins with my bitquids, I had eleventy bitquids worth £200,000 which I originally bought with an absent thought in my mind free of charge. Was going to just pay 50 Meths for one bitcoin so would only need to break into one bitquid as I thought shrapnel wouldn't be missed if the bitcoin kept falling on the market. Expand Eleventy bitquids Link to comment Share on other sites More sharing options...
Dr Gloom 23958 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 16:06, Rayvin said: I bought back in If we get back to where we were, I'll have made some money out of the dip. Honestly I held for the first bit but it was so obvious we were going to take a hit as the day rolled on and the US woke up to see red everywhere that I didn't think it made sense to hold. Expand Paper hands Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 16:20, Dr Gloom said: Paper hands Expand Indeed, but I really don't see the logic in holding if you know it's going to go down significantly enough to make some money out of it. It's a weird sentiment. Link to comment Share on other sites More sharing options...
TheGingerQuiff 2412 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 16:27, Rayvin said: Indeed, but I really don't see the logic in holding if you know it's going to go down significantly enough to make some money out of it. It's a weird sentiment. Expand Alright, Wolf of Balls Street. You got lucky this time. What you holding? 1 Link to comment Share on other sites More sharing options...
TheGingerQuiff 2412 Posted May 19, 2021 Share Posted May 19, 2021 1 Link to comment Share on other sites More sharing options...
TheGingerQuiff 2412 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 15:03, Renton said: I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself. Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. Expand That's the point really. People are investing in the belief that they're early. That one man can influence value so much is seen as a sign of how early we are. But then your fiat devalues through inflation and quantative easing. There'll never be more than 21million bitcoin. Rayvz is wrong imo, bitcoin will always be the daddy. The argument of functionality has already been had when bitcoin cash forked. Bitcoin won. Link to comment Share on other sites More sharing options...
TheGingerQuiff 2412 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 13:24, Gemmill said: Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point? Buy vanguard lifetarget funds and hold them til retirement. Expand The dream of being wealthy when you're too decrepit to do anything. Sell it! Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 17:02, TheGingerQuiff said: Alright, Wolf of Balls Street. You got lucky this time. What you holding? Expand ETH, ADA, XRP - my usuals. You might well be right on Bitcoin btw, just my view. Link to comment Share on other sites More sharing options...
Monkeys Fist 45828 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 17:02, TheGingerQuiff said: Wolf of Balls Street. Expand I’m picturing Rayvin Luded out his mind, trying to open his car doors with his feet and just apologising left, right and centre to trees, bins and the pavement. 7 Link to comment Share on other sites More sharing options...
Rayvin 6110 Posted May 19, 2021 Share Posted May 19, 2021 On 19/05/2021 at 17:46, Monkeys Fist said: I’m picturing Rayvin Luded out his mind, trying to open his car doors with his feet and just apologising left, right and centre to trees, bins and the pavement. Expand Wait, have we met in real life? Did I apologise to you? Sorry about that. 1 Link to comment Share on other sites More sharing options...
Monkeys Fist 45828 Posted May 19, 2021 Share Posted May 19, 2021 “"I Choose Sorry Every Fucking Time." Link to comment Share on other sites More sharing options...
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