To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

I reckon today is going to be Black Monday for Bitcoin. Whoosh all your money gone in a flash. Take it back while you can.

Viviennemary

I'm starting to love you ... every time you post, I seem to get inquiries about roles with blockchain and smart contracts.

Not sure about the goldrush, but I'm happy selling shovels ....

If it drops to £1500 I’ll buy more.

For those who like to buy 'on the dip', buying 'on the dip' is what they like to do.

It just hasn’t dipped enough for me.

I’m still kicking myself for the last time I went into hibernation when it dropped from £800 to £140ish. I should have bought more at £149. Am going to try to not make the same mistake twice.

You do realise that for you to 'make money', someone else is going to lose it?

You do realise that for you to 'make money', someone else is going to lose it?

Only if the system is closed, surely ?

Isn't this the mythical "growth" we are all supposed to be chasing in the economy ? (Personally I have my doubts, but what do I know ?).

So you’re saying I should hodl for the rest of my life so that no one runs the risk of losing money through me? That makes continuing my main source income via the stock market a bit tricky.

< I actually do intend to pass the majority of my coins onto my DC.>

Do I get commission.

The trouble with a bull market is that, deep down, no-one really believes that they'll lose money. Most of those human traders who are left, it being a young man's game, have never experienced anything but growth. There may be warnings everywhere along the lines of 'The value of your investments can fall as well as rise' but no-one takes them seriously.

www.theregister.co.uk/2018/01/22/blockchain_rebrand_sends_stapleton_capitals_shares_soaring/

....

You'll have to forgive that I can't quote the original - I have no Korean - but you may like to remind yourselves about the very recent South Korean petition to their government.

"The petition asks the government to renounce proposed trading regulations that would ruin “a happy dream” that has been enabled by digital currencies."

.....ruin a "happy dream".....?

A lot of Bitcoin-ers will be begging for government intervention once they realise they've lost their money to a dodgy unregulated exchange. Hundreds of years of financial rules and regulations are there for a reason - to stop people people being scammed. Regulating exchanges are a good thing. I wouldn't put a single penny into an unregulated exchange.

The Bitcoin and crypto markets are the criminals utopia, perfect for money laundering and scamming.

The way people have jumped on this Bitcoin bandwagon beggars belief. People saying it will be £1m by the end of the year. It's shameful folk have been encouraged to buy into this scam. It's dropping like a stone and I read if it goes below $10k it will totally sink into oblivion as everyone will sell out. What's to bet all the exchanges will go down in the rush to get out.

It's difficult to predict what will happen with the price. It's a highly manipulated market, and quite possibly a lot of the money used to pump is printed out of thin air.

It's reckoned that the mtgox bubble was entirely the work of two bots. $450 million dollars went missing as a result of that crash.

Many times that amount could be lost this time around.

I have often thought the exchange rates for Bitcoin are totally fabricated. To manipulate the market. And I also read that huge requests for buys are made and not followed through and similar for sales. These affect the market but don't actually go through. It's a totally unregulated scam. When will these people realise that no more can come out than goes in. It's not growing money. It's a total Ponzi scheme.

I still haven’t lost a cent though.

Well neither have I for that matter. And never will.

Good test of whether you're doing it right or wrong ...

Is this news ?

Yes: probably better stick to something else.
No: As you were.

Viviennemary - yeah, that's called spoofing. You put in a huge buy or sell order to fake demand/supply, then withdraw it before it can be taken. Illegal on a regulated exchange, but of course crypto exchanges are unregulated so attract all sorts of manipulation. There are other plenty of other tricks as well. These are professionals that understand and can manipulate market. They will take money off the amateurs. It's like an amateur playing Tennis against a pro, with the pro being allowed to cheat at will.

The current Bitcoin price could well be artificially inflated by the amount of fake USD in the system. Not everyone will be able to get their money out, even if these tokens are genuine. If they aren't then we're going to have a meltdown. Tether, the company putting in $2 billion of USD tokens, has refused to be audited and the latest news is that they are blaming that on the US banking system! They won't even reveal the name of their bank. This isn't a small company, they are meant to have $2 billion of customer deposits.

People are beginning to get worried: trends.google.com/trends/explore?q=tether%20scam

ps Tether have just printed another $100 million. That's now $600 million in a week.

If I started a virtual diamond mine would anyone buy my virtual diamond. I could grade them all. Clarity carat weight and so on. And could offer different colours. Pink diamonds (I'd love one) would be the most expensive. I could start selling them cheap when they were freshly mined. They they'd get dearer as more people wanted them. It would be a scam of course. Just like Bitcoin.

.

Gets out crystal bowl and dusts. It's gonna drop like a stone tonight. You heard it here first.

Um I think that should be crystal ball. Oh well can't get everything right!