Bitcoin and Cryptocurrency - Has the bubble burst?

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jayniferson
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by jayniferson » Fri Dec 21, 2018 7:19 am

ClaretDiver wrote:I have just read that Bitcoin has dropped to a 2018 low.....has the crypto bubble burst?
New bitcoins are created by a competitive and decentralized process called "mining". Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. The Bitcoin protocol ensures new bitcoins are created at a fixed rate, making the process of bitcoin mining a very competitive business.

Leisure
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Leisure » Fri Dec 21, 2018 7:27 am

jayniferson wrote:New bitcoins are created by a competitive and decentralized process called "mining". Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. The Bitcoin protocol ensures new bitcoins are created at a fixed rate, making the process of bitcoin mining a very competitive business.
But has the bubble burst?
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ClaretDiver
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by ClaretDiver » Fri Dec 21, 2018 7:29 am

Leisure wrote:But has the bubble burst?
This genuinely made me chuckle as I had no idea what the poster was talking about lol!

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by gawthorpe_view » Fri Dec 21, 2018 8:23 am

Has the bubble burst?

South West Claret.
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by South West Claret. » Fri Dec 21, 2018 8:43 am

Yes as it was always going to.

Paul Waine
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Paul Waine » Fri Dec 21, 2018 9:46 am

$20,000 Dec-2017 less than $3,500 Dec-2018 (at a guess, I've not seen a report this week). Yes, the bubble has burst.

Hope anyone who was spec'ing this stuff was only doing it with what they were happy to lose.

Blockchain, btw, is making progress. Cryptocurrencies, no more than a way of wasting money.

Have a great "holiday season" whatever your beliefs.

scouseclaret
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by scouseclaret » Fri Dec 21, 2018 9:49 am

South West Claret. wrote:Yes as it was always going to.
The price has fallen more than 80% from its peak, so I think we can safely say that the bubble has burst.

Whether this marks the beginning of the end for Bitcoin/crypto in its current form is an entirely different debate, but the bubble has most definitely burst.

Danieljwaterhouse
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Danieljwaterhouse » Fri Dec 21, 2018 10:09 am

scouseclaret wrote:The price has fallen more than 80% from its peak, so I think we can safely say that the bubble has burst.

Whether this marks the beginning of the end for Bitcoin/crypto in its current form is an entirely different debate, but the bubble has most definitely burst.

It hasn’t burst, it’s leveled itself out

dsr
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by dsr » Fri Dec 21, 2018 10:23 am

Danieljwaterhouse wrote:It hasn’t burst, it’s leveled itself out
You may argue that the price of bitcoin has levelled out. (Or you can argue that they are inherently worthless and are still overpriced, if you like.) The bitcoin bubble, however, that drove its price well above its value because people were buying purely because the price was rising, has burst.

Hipper
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Hipper » Fri Dec 21, 2018 10:30 am

Wasn't the original idea of Bitcoin to be able to buy stuff, particularly more dodgy stuff - porn, drugs etc., rather then as an investment vehicle? If so, how did these product sellers cope with pricing? Is Bitcoin still used in that way?

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by South West Claret. » Fri Dec 21, 2018 10:59 am

One guide for anyone looking at an investment are some of the terms they use to describe such so called investments for example..."vehicle" which most people would associate with a Motor Vehicle..which it of course it is not.

Lesson: When these type of terms are used my advice is beware because someone or outfit are trying to hide the real meaning of the.. again so called investment. IMHO.

IMHO= In my honest opinion.

CombatClaret
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by CombatClaret » Fri Dec 21, 2018 11:11 am

Hipper wrote:Wasn't the original idea of Bitcoin to be able to buy stuff, particularly more dodgy stuff - porn, drugs etc., rather then as an investment vehicle? If so, how did these product sellers cope with pricing? Is Bitcoin still used in that way?
Yes it is still used as an exchange medium, if using it for sale you change it to your local fiat quickly to avoid any big price movement.
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Hipper
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Hipper » Fri Dec 21, 2018 11:23 am

South West Claret. wrote:One guide for anyone looking at an investment are some of the terms they use to describe such so called investments for example..."vehicle" which most people would associate with a Motor Vehicle..which it of course it is not.

Lesson: When these type of terms are used my advice is beware because someone or outfit are trying to hide the real meaning of the.. again so called investment. IMHO.

IMHO= In my honest opinion.
I suppose I could have left off the word 'vehicle'. It just felt good to write it! Like I was someone knowledgeable!!

devin8767
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by devin8767 » Fri Dec 21, 2018 1:52 pm

Hello there,

yes, In 2018 from starting bitcoin is in bearish state .But G20 Discussed International Cryptocurrency Tax . So it could go in bullish state but its not that much easy because currently it is illegal for a govt to tax a foreign company which does not have a physical presence there. So just wait and watch what happen next :)

Thanks!

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Paul Waine » Fri Dec 21, 2018 2:06 pm

devin8767 wrote:Hello there,

yes, In 2018 from starting bitcoin is in bearish state .But G20 Discussed International Cryptocurrency Tax . So it could go in bullish state but its not that much easy because currently it is illegal for a govt to tax a foreign company which does not have a physical presence there. So just wait and watch what happen next :)

Thanks!
Hi devin, are you a bot? (just a single post)?

As I understand the G20 discussions, they relate to how they will tax cryptocurrency held by their own citizens (and companies in their own countries). I agree, no government taxes foreigners that don't have a permanent establishment (the formal tax phrase) in their country. Of course, that's what many are proposing to do with the global tech companies who, technically, do not have PEs in those countries.

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Billy Balfour » Fri Dec 21, 2018 9:12 pm

Bot or not, however, I think I'd rather avoid an 'investment' that relied on bumping threads on a footie forum.

IndigoLake
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by IndigoLake » Sat Dec 22, 2018 7:03 am

jayniferson wrote:New bitcoins are created by a competitive and decentralized process called "mining". Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. The Bitcoin protocol ensures new bitcoins are created at a fixed rate, making the process of bitcoin mining a very competitive business.
The problem is that bitcoin mining isn't truly decentralised, quite the opposite. Over the years it has become largely unaffordable for the average person who now has to use an ASIC miner in order to have any chance of it being effective. Even then, a person's best bet is joining a mining pool where payout is obviously going to be significantly less. It's extremely expensive to mine bitcoin (due to the sheer energy consumption required) which is why so many of the biggest mining farms are in China where electricity is far cheaper.

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by IndigoLake » Sat Dec 22, 2018 7:19 am

We can phrase it however we want. Whether we say the bubble has burst, the market is down or cryptocurrency as a whole is in a bear market, it is what it is. Personally, I feel cryptocurrencies were overvalued and had overtaken where the technology was/is currently at. However, I feel they have a place and perhaps the correction is needed in order to get rid of the majority of projects which are just vapourware.

There are cryptocurrency projects with genuine use cases that are being used today. The main issue that stands in the way is adoption. A lot of people who were looking to make a quick buck lost money this year so it may take time for the market to earn that trust back. However, I'm quietly confident it will happen. I believe there will be a bull run that far exceeds what was seen in 2017 and early 2018. I'm not in a rush and happy to wait (time in the market, not timing the market and all that jazz).

Cryptocurrencies as a whole are still very much attached to bitcoin. Perhaps this bear market was needed in order for them to potentially decouple from bitcoin and for a different cryptocurrency to lead the way. I'm making no predictions but the cryptocurrency I would most like to use for everyday transactions is Nano. Unlike Bitcoin, transactions are instant, free and it's environmentally friendly, requiring little to no energy. Just to give you an idea, the electricity needed per Bitcoin transaction is 950kWh. Nano uses only 0.112 Wh.

At some point I may give some Nano to anyone who is interested in order to demonstrate this. Not sure how we'd do it but perhaps we could agree to be online at a certain time. You'd need a Nano wallet and I'd basically send it and you'd see it arrive in real time. Who wouldn't want to be able to use an online currency that was fast and free? I'm sick of PayPal's lofty fees and being charged by my bank for having a bank account (happens in Spain) etc.

Anyway, there are many more interesting cryptocurrencies and I'm happy to go into these in further detail if anyone's interested.
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by South West Claret. » Sat Dec 22, 2018 8:20 am

Another tip for anyone not very experienced at investing if not already posted on here.

Don't invest your money in things you don't fully understand!

Hipper
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Hipper » Sat Dec 22, 2018 10:24 am

Investing in anything is a gamble and therefore never fully understood! Just being pedantic.

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Danieljwaterhouse » Sat Dec 22, 2018 11:13 am

IndigoLake wrote:We can phrase it however we want. Whether we say the bubble has burst, the market is down or cryptocurrency as a whole is in a bear market, it is what it is. Personally, I feel cryptocurrencies were overvalued and had overtaken where the technology was/is currently at. However, I feel they have a place and perhaps the correction is needed in order to get rid of the majority of projects which are just vapourware.

There are cryptocurrency projects with genuine use cases that are being used today. The main issue that stands in the way is adoption. A lot of people who were looking to make a quick buck lost money this year so it may take time for the market to earn that trust back. However, I'm quietly confident it will happen. I believe there will be a bull run that far exceeds what was seen in 2017 and early 2018. I'm not in a rush and happy to wait (time in the market, not timing the market and all that jazz).

Cryptocurrencies as a whole are still very much attached to bitcoin. Perhaps this bear market was needed in order for them to potentially decouple from bitcoin and for a different cryptocurrency to lead the way. I'm making no predictions but the cryptocurrency I would most like to use for everyday transactions is Nano. Unlike Bitcoin, transactions are instant, free and it's environmentally friendly, requiring little to no energy. Just to give you an idea, the electricity needed per Bitcoin transaction is 950kWh. Nano uses only 0.112 Wh.

At some point I may give some Nano to anyone who is interested in order to demonstrate this. Not sure how we'd do it but perhaps we could agree to be online at a certain time. You'd need a Nano wallet and I'd basically send it and you'd see it arrive in real time. Who wouldn't want to be able to use an online currency that was fast and free? I'm sick of PayPal's lofty fees and being charged by my bank for having a bank account (happens in Spain) etc.

Anyway, there are many more interesting cryptocurrencies and I'm happy to go into these in further detail if anyone's interested.

What are you using to front run Nano over other crypto’s?

I made on lite coin and sold at the right time, I’m waiting for the next run which for my two bitcoins will come post brexit, early April 2019

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by cockneyclaret » Sat Dec 22, 2018 11:33 am

Leisure wrote:But has the bubble burst?
No..

Huge fud from Banks, sec, Warren buffet and the powers that be, dodgy ICO's etc have all played a part and that's scaring new money from entering.
I expect we are in a bull trap atm and expect to see an all time low on BTC by mid/end Jan and that will be the bottom

cockneyclaret
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by cockneyclaret » Sat Dec 22, 2018 11:35 am

Good post indigo!!
I expect by 2020 90% of coins to disappear as like you mentioned they are just vapour wear

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Hipper » Tue Mar 05, 2019 2:19 pm

TheFamilyCat wrote:How does one steal virtual coins?

Did the virtual thieves run off with a virtual swag bag whilst wearing virtual hooped jumpers and masks? I hope the virtual police arrest them and they are tried in virtual court before being put in prison for the rest of their virtual lives.
https://www.bbc.co.uk/news/technology-47454528" onclick="window.open(this.href);return false;

aggi
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by aggi » Tue Mar 05, 2019 4:42 pm

There were a lot of suspicions that this would be the case, I'd seen a number of people commenting that the wallets appeared to be empty when you looked at them.

This is the reason why you don't keep bitcoins on exchanges but use your own wallet.

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by IanMcL » Tue Mar 05, 2019 6:21 pm

My only regret, which turned into a blessing, was that I could not renew my Sportsmania subscription, as I could not grasp Bitcoin (I have an empty wallet!). I now have SSNI and paid in real money. The service is excellent, so all's well that ends well.

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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Shappie » Wed Jun 26, 2019 9:14 pm

Surging this week up almost 50%

aggi
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by aggi » Wed Jun 26, 2019 9:35 pm

My sportsmania subscrition expired a few weeks ago. I hope they've updated the prices or it will be a lot more expensive.

aggi
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by aggi » Wed Jun 26, 2019 9:37 pm

IndigoLake wrote:I guess you meant to ask what I'm buying? If so, I already had ETH, NANO NEO, OMG and REQ. Have picked up some discount IOTA, VET, POWR and WABI. I like all of these projects as I feel they have real use cases. However, I'm fully aware it's high risk, high reward and that the bear market may last for years. In fact, it may never recover (but I think it will).
How are your altcoins doing?

I bought some small amounts of a variety of smaller coins in the expectation that most would bomb but a few may take off. At the moment they've all been massively outperformed by bitcoin.

Steddyman
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Steddyman » Wed Jun 26, 2019 9:43 pm

My entire portfolio is positive for the first time in a year. Now up over 25%.

Steddyman
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Steddyman » Wed Jun 26, 2019 9:44 pm

aggi wrote:How are your altcoins doing?

I bought some small amounts of a variety of smaller coins in the expectation that most would bomb but a few may take off. At the moment they've all been massively outperformed by bitcoin.
Not as well, but I measure the value of my portfolio in BTC. If BTC surges, ALTs have to drop in relation to it because they are traded using BTC.

Hipper
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Hipper » Mon Dec 30, 2019 11:28 am

Thought this might be of interest:

https://www.bbc.co.uk/news/world-europe-50821547

No Ney Never
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by No Ney Never » Mon Dec 30, 2019 1:13 pm

Not sure if anyone on here has heard of Pi, but you can mine it on your mobile phone. There is a white paper setting out the project, will give you an understanding of the project and timeframe.

Pi is a new digital currency being developed by a group of Stanford PhD's. For a limited time, you can join the beta to earn Pi and help grow the network.
To join Pi, follow this link https://minepi.com/Mainlip4078 and use my username (Mainlip4078) as your invitation code.

Paul Waine
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by Paul Waine » Mon Dec 30, 2019 11:14 pm

No Ney Never wrote:
Mon Dec 30, 2019 1:13 pm
Not sure if anyone on here has heard of Pi, but you can mine it on your mobile phone. There is a white paper setting out the project, will give you an understanding of the project and timeframe.

Pi is a new digital currency being developed by a group of Stanford PhD's. For a limited time, you can join the beta to earn Pi and help grow the network.
To join Pi, follow this link https://minepi.com/Mainlip4078 and use my username (Mainlip4078) as your invitation code.
Hi NNN, what commission do you get for introducing new "punters?"

Crypto isn't for me, so "I'm out" as they say.

cockneyclaret
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by cockneyclaret » Tue Dec 31, 2019 12:10 am

Mine on your phone :lol: :lol: electronuem done that and you'll earn around 3p pm
Staking is the best option.. tomochain leading the way

No Ney Never
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by No Ney Never » Tue Dec 31, 2019 1:04 pm

Paul Waine wrote:
Mon Dec 30, 2019 11:14 pm
Hi NNN, what commission do you get for introducing new "punters?"

Crypto isn't for me, so "I'm out" as they say.
I don't get any commission, just a slight increase in my rate of mining. At the moment Pi is in the early stages of development and doesn't require anyone to invest any money. All you need to do is set your phone or computer to mine in the background.
Financially you cannot lose. If it develops, then its like getting free bitcoin in the early days before it took off. If it doesn't, then it's cost you nothing.
If you follow the link in my previous post, there's a white paper setting out the project and the people involved.

No Ney Never
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Re: Bitcoin and Cryptocurrency - Has the bubble burst?

Post by No Ney Never » Tue Dec 31, 2019 1:34 pm

cockneyclaret wrote:
Tue Dec 31, 2019 12:10 am
Mine on your phone :lol: :lol: electronuem done that and you'll earn around 3p pm
Staking is the best option.. tomochain leading the way
Tomochain requires you to part with real money to buy tokens if you wish to take part, OK if you like to speculate.
Pi is early stage and no money is required to get involved.

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