1 Bitcoin = $5386AUD, what????

[ol' boy]

Value? What does that actually mean?
We all think Gold is valuable. You can't actually do much with it

Well, Gold has Value in the fact that has relative stability, is a commodity and is accepted world wide.
Thus, you can park your money in Gold and be more than happy your money should still be there in 50 years time.

Crytpo, hasn't really any of these things, although it is trying to.

Why buy a Pizza with Bitcoin for $10 today, when next week it might only cost $5, month after $2.50.
Next year it might be 5 cents or $200

Or, if you want to think more Dark Web uses for Cyrpto, why would i buy $200,000USD of Cocaine using BitCoins currently, when next month it might be cost me half that amount for the same amount of drugs? In which case, the recipient has done well

Gold beats Crypto hands down for stability and worth.
Hence, that is golds worth.
Unless you wish to consider Gold as the worlds best ponzi scam, that hasn't fallen over yet

And hence, Crypto could be just a big digital ponzi unless it gets a stable attachment to real world items.

[ol' boy]

In a shopping mail in Sydney



Hmmmm now there are the smart people.
Not the people holding the Bitcoins, but the people taking a cut for the Buying and Selling of Bitcoins

They win no matter what happens!
Win on the way up, win on the way down.

Digital Share Brokers of a Virtual Currency.
Well done you sir.

[ol' boy]

My god, i had no idea how many Crypto Currencies there were!!!!

Hundreds and Hundreds of different ones!
All trying to get traction.

Here is one that isn't doing so well


Plus the crazy world of Mining, AltCoin Mining, spending $40k on hardware, to bring in $2000 a month in AltCoins, to then trade for a BitCoin.
But at the last minute, the value of your Altcoins falls like stone, mining is no longer viable.

I think Steve Earl said it best..."I take seed from columbia mexico and plant it up a hollow on copperhead road"

[Tiny]

Well, Gold has Value in the fact that has relative stability, is a commodity and is accepted world wide.
Thus, you can park your money in Gold and be more than happy your money should still be there in 50 years time.

yeah, be careful there, Gold can crash too when it gets over sold.
It hasn't always been the high price it is now.

I think Steve Earl said it best..."I take seed from columbia mexico and plant it up a hollow on copperhead road"

Ah! & where do you plant yours?? lol

[ol' boy]

Ah! & where do you plant yours?? lol

On next doors property of course

[Uncle Fester]

In a shopping mail in Sydney

LOL, I could have built that money machine. Why didn't I think of that

[lsemmens]

So many reports of people deleting their hard drive or swapping computers and thinking they brought over enough files
Only to find out its all gone???That bit i really don't understand, how can it be all gone?
The record must still be somewhere.

That bit gets me, too. If it resides on your computer and you create an image of your drive, does it suddenly mean you've doubled your bitcoins?

[Uncle Fester]

No no no, it does not reside just on your computer, it kind of resides on everybody's computer who downloaded and synched to the blockchain.
It is never lost. Ppl are only too stupid to find it or too stupid to backup their wallet or just write down their private keys on a friggin piece of paper mixed with other words that nobody could make any sense out of.
The block chain is a record of EVERY transaction everybody ever made with Bitcoin, and since it resides on probably a billion harddrives online and sometimes offline all over the world it can never get lost or manipulated.
The danger is if somebody hacked your machine they could STEAL your private keys and clone you wallet on another machine and send the coins somewhere else. Other risks exist with online wallets, not my recommendation unless you are using a limited amount of coins to trade on a trusted exchange.
Cloning the wallet does not double the coins. It is just another point of access.
Wallets can be encrypted, it is only vulnerable when it is open. Using a MAC or Linux significantly reduces the risk but if you leave it open and walk away somebody could still take something out just like they could empty a real leather wallet holding physical cash, however you can't encrypt a leather wallet once it is closed.

[trash]

Such an accurate predication trash

Actually it is a pretty accurate description, but not one that has any magical abilities to predict the future.
Exponential growth is not sustainable and if a market doesn't self correct and slow down with an inverse d$/dt then a crash will result.
A lot of things follow this natural pattern. Even an aircraft stalling. And even the recoveries continue to follow similar patterns depending on the reaction.

The other factor here is my doubling down. It's a kind of cheat, but in this case I have only offered a single double down.
(Never underestimate the supply of idiots!) I could ensure that my prophecy comes true by infinitely doubling down, each time I have a 50% chance of winning.

This doubling down is why markets boom and bust. Greed and panic.
If you place a $100 bet on the flip of a coin, you win $200. Double down, it's now $400, double down again its $800, ... , $12800.
At what point in time you cash out? What people do in a casino is a lot more logical than what they do on an investment.
Rene Rivkin used to say he watched people ride investments to the top and then all the way to the bottom.
The sensible thing to do is say... I have trippled my position... cash out now with 300% profit and sigh when it gets to 1000%, but you'll cry when it crashes to 50%.

We can see that bitcoin already followed this exponential growth and crash early on. This is a good indication that bitcoin holders are easily spooked.
Now the spike is much larger. I want to short sell or put call bitcoin, because that will make a killing.
Exponential spikes like this are because a lot of people are already doubling down many times over.

The Palladium charts are a great example of this kind of spike.
Gold also does this, but if you look at the charts for gold, the crashes are typically about 25-30% and then the gold commodities recover.
Gold however has an intrinsic value that is hard to shake. People love gold even if it was worthless, they would just want more of it. (which makes sense)
Bitcoin has not physical backing. If it crashes all you're left with is the blockchain

Watch this space ...
I give it 50% chance of a crash within 12 months and 100% before 24 months.
If it was my money... I'd be nervous about even 6/12 months.

[cobra679]

Bitcoin is now the barrel of Oil of all Crypto Currency

[ol' boy]

Yeah, its all well and good, to play in this made up world of Crypto
Have your nice Block chain ledger
Keep away from them "greedy" banks

All well and good until you want a loan that is

And lets not forget, the Banks hold the kitty
They have the cash and they have control over your normal accounts.
Can't really buy Bitcoins without sending money to someone
And how you going to do that.

So the Miners are ok, but they still have to cash out at some point, unless the whole world starts accepting Bitcoins
Now that is a HUGE bet.

One thing id like to know.
You have Millions of Bit Mining Operations, from several Computers to entire Factories of Computers processing hash files.
I take it these hash files our the transactions made in the virtual crypto economy
What happens if a Mining Op suddenly goes off line? Power outage, Fire, what ever.

What happens to the transactions that were in progress when the machines dead?
Do they fail, so no Crypto was exchanged, then you have another go?

I appreciate it is a "peer to peer" mode, much like Bit torrent.
So is the system so big it is self healing, But if a huge Bit mining Operation, like the one in Iceland were to burn to the ground???

I guess no different to online banking and transaction situation we have now.

[Uncle Fester]

One thing id like to know.
You have Millions of Bit Mining Operations, from several Computers to entire Factories of Computers processing hash files.
I take it these hash files our the transactions made in the virtual crypto economy
What happens if a Mining Op suddenly goes off line? Power outage, Fire, what ever.

What happens to the transactions that were in progress when the machines dead?
Do they fail, so no Crypto was exchanged, then you have another go?

The transaction will not fail but it could get delayed.
Generally you need 6 confirms before a transaction is complete.
So if any of those fail, it will keep trying until it has sucessfully confirmed 6 times.
This is fully automated.

[Tactile]

If anyone feels like a punt, I can recommend the recent BTC fork - BCH.

[ol' boy]

If anyone feels like a punt, I can recommend the recent BTC fork - BCH.

On what basis?

[Tactile]

On what basis?

Check out the

[ol' boy]

Yep, not bad, thanks Tactile

And i see BTC is climbing again too

[Nigel]

Older thread I know but if anyone is interested in making a bit of money from major Crypto's (Bitcoin, Ethereum, Litecoin) there is a great way.
I have started doing it myself and the returns are great. Message me and ill fill you in on the details.
Cheers

[ol' boy]

Bit Coin almost $7000 AUD now!!! Wow!

[Neddie]

You know what they say, if it seems too good to be true, it probably is.

[Uncle Fester]

Always stick to the golden rule of trading.

Buy cheap, sell expensive.

However Crypto should be mined(not BTC) and traded with BTC, not bought with FIAT.
That is all I will say about this.
DYOR