Crypto Currency - Believers Only

Hursty

https://www.theguardian.com/business/2021/jun/07/digital-currencies-pose-threat-to-economy-warns-bank-of-england

Still deciding…oh dear lol

Governments need to get with the program rapid times otherwise liquidity will evaporate from traditional markets quite quickly, especially when that financial crisis comes around……

RichM

Finally dipped my toe into the crypto pool over the weekend and seen a fantastic 10% fall in my investment.

now living the dream

Hursty

RichM Good effort, always worth hedging bets

Smallman1

RichM Finally dipped my toe into the crypto pool over the weekend and seen a fantastic 10% fall in my investment.

now living the dream

Sorry but this made me lol!

benson

Hedging them how?

BTC continues to slide. As expected.

Hursty

benson yeah down into the 20s before recovering is expected

RichM

Smallman1 it’s all about losing money in this game, is what I’ve understood in this thread. Hope I’ve not got that wrong

benson

Hursty but how do you hedge that?

Mad_Cyril

RichM Spot on, believe it’s referred to as ‘licking the dip’

303abuser

benson i assume the only answer is blind belief that these prices are a bargain given a long enough time frame.

Hursty

Pretty much yeah, fundamentally Bitcoin is ridiculously scarce, only 21 Million will exist once all are minted by 2040 ish and with global demand soaring each cycle the price will inevitably go up considerably.

I’m watching this South American Bitcoin adoption closely to see what develops there, could be interesting.

303abuser

> Hursty each cycle the price will inevitably go up considerably

while i suspect this will happen, it’s far from certain. beyond scarcity, bitcoin is completely useless at the moment and other coins and use cases could easily render it obsolete/worthless.

Hursty

303abuser I’m not into Bitcoin and follow other next generation blockchain technologies as I believe this too, but Bitcoin will always be around and be invested in. Currently all other cryptos follow what Bitcoin does, until this is broken then its still king pin.

mono-stereo

I found this article quite useful in explaining how mining new blocks works in proof of work. Clever stuff.

https://coincentral.com/what-is-a-nonce-proof-of-work/

Old-Dutch

Lol no way I’m clicking that link, Mono. You’re just trying to take us all down with you

Hursty

https://www.standard.co.uk/news/world/el-salvador-adopts-bitcoin-legal-tender-b939551.html

Is it just me, or would you not want to fuck with the El Salvador President?

hugopal

Hursty Is it just me, or would you not want to fuck with the El Salvador President?
https://www.standard.co.uk/news/world/el-salvador-adopts-bitcoin-legal-tender-b939551.html

Haha, erm…

With a lot of people in this thread joking about “buy the dip”, it’s worth providing an update about this guy:

Over the last year or so he’s spent about $100mil of El Salvado’s incredibly limited funds on Bitcoin, and his (the country’s) portfolio is now down 49%.

He’s being referred to in many places now as “El Bagholder”.

Someone has even created a tracker for his bitcoin investments:

https://nayibtracker.com/

https://www.ft.com/content/0da21b10-bfff-4efc-9c7c-1711bdba34aa

Funky

Anyone else do those quizzes on coinbase to earn free coins? Really pleased that one of the coin was Amp as its on a great run ended up buying more last night.

Amps

Funky Had no idea there was an Amp coin. I’m all in obvs!

RichM

Read an article that said hedge funds expect to hold 7% of their portfolios in crypto within 5 years.

Funky

Lol.

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