Bitcoin and Cryptocurrency - Has the bubble burst?

ClaretDiver · Post by **ClaretDiver** » Wed Jun 13, 2018 1:06 pm

I have just read that Bitcoin has dropped to a 2018 low.....has the crypto bubble burst?

South West Claret. · Post by **South West Claret.** » Wed Jun 13, 2018 1:07 pm

ClaretDiver wrote:I have just read that Bitcoin has dropped to a 2018 low.....has the crypto bubble burst?

I wouldn’t be at all surprised.

RVclaret · Post by **RVclaret** » Wed Jun 13, 2018 1:15 pm

JohnMac · Post by **JohnMac** » Wed Jun 13, 2018 1:17 pm

Apparently the South Korean exchange 'Conrail' was hacked over the weekend with an estimated £27.8 billion worth of virtual coins stolen. This has triggered a sharp drop in prices.

No wonder Donald and Kim were beaming from ear to ear having just pulled off the 'deal of the century'

https://www.theguardian.com/technology/ ... -coincheck" onclick="window.open(this.href);return false;

NRC · Post by **NRC** » Wed Jun 13, 2018 6:50 pm

the bag I'm carrying is deep

TheFamilyCat · Post by **TheFamilyCat** » Wed Jun 13, 2018 7:20 pm

JohnMac wrote:Apparently the South Korean exchange 'Conrail' was hacked over the weekend with an estimated £27.8 billion worth of virtual coins stolen. This has triggered a sharp drop in prices.

No wonder Donald and Kim were beaming from ear to ear having just pulled off the 'deal of the century'

https://www.theguardian.com/technology/ ... -coincheck" onclick="window.open(this.href);return false;

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.

JohnMac · Post by **JohnMac** » Wed Jun 13, 2018 7:38 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.

I virtually have no idea!

Billy Balfour · Post by **Billy Balfour** » Wed Jun 13, 2018 10:01 pm

Me neither, but I'm in bits over this.

Steddyman · Post by **Steddyman** » Wed Jun 13, 2018 10:03 pm

No. I'm carrying bags but the future is bright.

IndigoLake · Post by **IndigoLake** » Wed Jun 13, 2018 10:08 pm

No, the bubble hasn't burst. We're in a bear market now but I'm pretty positive for the future. I actually prefer the bear market. Gives me a chance to stock up and I don't check my portfolio anywhere near as often

Steddyman · Post by **Steddyman** » Wed Jun 13, 2018 10:40 pm

I'm chipping away at my bags by day trading 3-5% swings. Working pretty well so far.

Paul Waine · Post by **Paul Waine** » Wed Jun 13, 2018 10:59 pm

Reference the "internet anonymity" thread: what's to stop "indigo" and "steddy" to be the same poster and aiming to "talk up" the "virtual" bitcoin price with their "it's working for me..." etc comments. Meanwhile, in the "real world" "indigo" and "steddy" are selling every time they can find a buyer and cutting their losses as quickly as they possibly can?

Or they are quite rightly two different individuals acting in a "concert party" to do as described above?

These things have happened many times in the "real world" - so why not in the virtual crypto world?

Take care everyone.

Steddyman · Post by **Steddyman** » Wed Jun 13, 2018 11:23 pm

If you think a couple of people posting on a football forum that might attract one or two people would impact the price of crypto, then you have absolutely no understanding of the size of this market.

IndigoLake · Post by **IndigoLake** » Thu Jun 14, 2018 6:20 am

Paul Waine wrote:Reference the "internet anonymity" thread: what's to stop "indigo" and "steddy" to be the same poster and aiming to "talk up" the "virtual" bitcoin price with their "it's working for me..." etc comments. Meanwhile, in the "real world" "indigo" and "steddy" are selling every time they can find a buyer and cutting their losses as quickly as they possibly can?

Or they are quite rightly two different individuals acting in a "concert party" to do as described above?

These things have happened many times in the "real world" - so why not in the virtual crypto world?

Take care everyone.

Honestly, there could be thousands of us and we wouldn't be able to talk up the price. Maybe we could pump and dump on a smaller market cap coin (with hundreds or thousands of people, not just two) but Bitcoin is far too big for that. Only whales are capable of doing so and unfortunately I'm a mere seahorse or something equivalent, heh.

aggi · Post by **aggi** » Thu Jun 14, 2018 12:05 pm

As Indigolake says, the volume is way too big for a few people to be able to manipulate the price. The daily trade volume is in the region of $5,000,000,000 per day. If you were talking about the smaller coins it could (and certainly does) happen with them.

In terms of price, a lot of people were expecting a hefty price correction after the highs around Christmas, personally I was expecting about 50% to come off. I was expecting a slow climb to start again by this time though so who knows.

Those I know who have been more heavily involved have always had the view that it was a long-term investment to be held for years rather than a get rich quick scheme.

JohnMac · Post by **JohnMac** » Thu Jun 14, 2018 12:29 pm

Has anyone on here ever recouped any physical money from dealing in BitCoin?

Just interested as you only ever hear about people buying/investing.

aggi · Post by **aggi** » Thu Jun 14, 2018 5:03 pm

JohnMac wrote:Has anyone on here ever recouped any physical money from dealing in BitCoin?

Just interested as you only ever hear about people buying/investing.

It's easy enough to withdraw if you know what you're doing (or can follow a set of instructions). I've withdrawn cash in the past. The main issues tend to be that people haven't completed the KYC info that the exchanges require so can't withdraw or that they don't realise that the headline price is a mid-market price and doesn't represent what they'll get.

I know someone who is paid in bitcoin so they obviously do it all the time.

starting_11 · Post by **starting_11** » Thu Jun 14, 2018 5:07 pm

JohnMac wrote:Has anyone on here ever recouped any physical money from dealing in BitCoin?

Just interested as you only ever hear about people buying/investing.

Someone at my brothers workplace made a few grand on Bit, Lite and Ethereum. He got in just before that stupid spike last year but he couldn't actually sell when it was the top of the market due to lack of demand, they were worth a fair bit less by the time he could actually get rid of them.

No matter what anyone says, they're a ponzi scheme at worst, a digital commodity at best. You'd be just as well buying and selling CSGO gun skins, or PLEX on Eve Online.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 5:14 pm

JohnMac wrote:Has anyone on here ever recouped any physical money from dealing in BitCoin?

Just interested as you only ever hear about people buying/investing.

I did. In 2012 I bought 2 Bitcoins for a total cost of $20. I then paid 1.5 of them to oznzb.com which was a usenet binaries indexing site and forgot about the rest (they only accepted BTC because it was untraceable). Then in 2017 I saw the headlines of Bitcoin blowing through $2000 so checked my wallet. I had over £1000 worths of Bitcoin which I promptly sold.

I wish I had kept onto it now though.

keith1879 · Post by **keith1879** » Thu Jun 14, 2018 5:58 pm

starting_11 wrote:Someone at my brothers workplace made a few grand on Bit, Lite and Ethereum. He got in just before that stupid spike last year but he couldn't actually sell when it was the top of the market due to lack of demand, they were worth a fair bit less by the time he could actually get rid of them.

No matter what anyone says, they're a ponzi scheme at worst, a digital commodity at best. You'd be just as well buying and selling CSGO gun skins, or PLEX on Eve Online.

Interesting post. "At the top of the market" is presumably when the price was highest. And yet there was no demand? I have to agree with your judgment in the final paragraph.

aggi · Post by **aggi** » Thu Jun 14, 2018 6:07 pm

starting_11 wrote:Someone at my brothers workplace made a few grand on Bit, Lite and Ethereum. He got in just before that stupid spike last year but he couldn't actually sell when it was the top of the market due to lack of demand, they were worth a fair bit less by the time he could actually get rid of them.

No matter what anyone says, they're a ponzi scheme at worst, a digital commodity at best. You'd be just as well buying and selling CSGO gun skins, or PLEX on Eve Online.

They had a small enough amount that they only made a few grand but couldn't sell them at the point when demand was through the roof? I suspect it was more likely he didn't know how to sell them (which is an issue, it's not yet the most user-friendly of markets) or was struggling to find an exchange as a number stopped taking on new users (or verifying their documents) due to the unprecedented demand.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 6:16 pm

aggi wrote:They had a small enough amount that they only made a few grand but couldn't sell them at the point when demand was through the roof? I suspect it was more likely he didn't know how to sell them (which is an issue, it's not yet the most user-friendly of markets) or was struggling to find an exchange as a number stopped taking on new users (or verifying their documents) due to the unprecedented demand.

It's very very easy to sell them, there are load of channels.

You can either sell them on an exchange and withdraw the money or use an online hosted wallet like coinbase or blockchain.info. You can also use a site like localbitcoins.com or even a special ATM (there is one in Hebden Bridge). I can get money in and out of bitcoin in under 30 minutes.

South West Claret. · Post by **South West Claret.** » Thu Jun 14, 2018 7:53 pm

ClaretDiver wrote:I have just read that Bitcoin has dropped to a 2018 low.....has the crypto bubble burst?

One cast iron way not to lose money is to avoid this stuff.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 7:58 pm

South West Claret. wrote:One cast iron way not to lose money is to avoid this stuff.

My goal is not to not lose money, it is to gain money.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 8:03 pm

However, I wouldn't advise anyone invest in crypto without fully understanding Fundamental Analysis, Technical Analysis and Blockchain. Bitcoin is just the base currency used to trade one of thousands of other currencies. It is like the £ is to the UK stock exchange.

It is a very complicated subject that takes months of study and you have to lose money and make mistakes in order to learn.

scouseclaret · Post by **scouseclaret** » Thu Jun 14, 2018 8:31 pm

Steddyman wrote:However, I wouldn't advise anyone invest in crypto without fully understanding Fundamental Analysis, Technical Analysis and Blockchain. Bitcoin is just the base currency used to trade one of thousands of other currencies. It is like the £ is to the UK stock exchange.

It is a very complicated subject that takes months of study and you have to lose money and make mistakes in order to learn.

Technical analysis certainly, but you can’t fundamentally analyse something that has no fundamental value.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 8:37 pm

scouseclaret wrote:Technical analysis certainly, but you can’t fundamentally analyse something that has no fundamental value.

That's not true, some blockchain technologies have an incredible future ahead of them. If all you see is a cryptocurrency then you are missing the point.

See my article here on the factors I use to value cryptocurrencies:

https://steemit.com/cryptocurrency/@ste ... currencies" onclick="window.open(this.href);return false;

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 8:45 pm

Another good article on steemit which describes the categories of the different cryptocurrencies is here. If you only see them as tradable digital assets then this will open your eyes:

https://steemit.com/cryptocurrency/@sad ... ies-part-1" onclick="window.open(this.href);return false;
https://steemit.com/cryptocurrency/@sad ... ies-part-2" onclick="window.open(this.href);return false;
https://steemit.com/cryptocurrencies/@s ... ies-part-3" onclick="window.open(this.href);return false;

Blockchain is a technology that will have a massive impact on the world.

South West Claret. · Post by **South West Claret.** » Thu Jun 14, 2018 8:48 pm

Steddyman wrote:My goal is not to not lose money, it is to gain money.

It was not aimed at you personally but In general.

dsr · Post by **dsr** » Thu Jun 14, 2018 9:04 pm

Steddyman wrote:That's not true, some blockchain technologies have an incredible future ahead of them. If all you see is a cryptocurrency then you are missing the point.

See my article here on the factors I use to value cryptocurrencies:

https://steemit.com/cryptocurrency/@ste ... currencies" onclick="window.open(this.href);return false;

The technology may be fabulous, but the principles behind the technology can surely be used by anyone? The specific currency can own its own software, but I wouldn't have thought they can stop anyone else developing something similar.

Steddyman · Post by **Steddyman** » Thu Jun 14, 2018 9:08 pm

dsr wrote:The technology may be fabulous, but the principles behind the technology can surely be used by anyone? The specific currency can own its own software, but I wouldn't have thought they can stop anyone else developing something similar.

Absolutely. In fact most of the software is open source. That's why fundamentals like the experience of the team, the amount of investment they have received and the partnerships they have are so important. Otherwise you are just creating what is known as a shitcoin.

alwaysaclaret · Post by **alwaysaclaret** » Fri Jun 15, 2018 9:54 am

I know absolutely nothing about this thing but my neighbour was telling me he has 700 quid tied up in this and can't get it back.

aggi · Post by **aggi** » Fri Jun 15, 2018 10:33 am

Steddyman wrote:It's very very easy to sell them, there are load of channels.

You can either sell them on an exchange and withdraw the money or use an online hosted wallet like coinbase or blockchain.info. You can also use a site like localbitcoins.com or even a special ATM (there is one in Hebden Bridge). I can get money in and out of bitcoin in under 30 minutes.

I'd say it's easy to sell if you know what you're doing, you've registered in advance with an exchange (a lot of them have different restrictions on buying and withdrawing), you understand that various commission will be lost, etc.

If you just bought some coins a few years ago and want to get rid of them now because the market's hit a high, and expect to get the price that the newspapers are showing, then that's not going to happen without a bit of research.

quoonbeatz · Post by **quoonbeatz** » Fri Jun 15, 2018 10:49 am

anyone know wayne lineker's thoughts on this?

South West Claret. · Post by **South West Claret.** » Fri Jun 15, 2018 11:14 am

alwaysaclaret wrote:I know absolutely nothing about this thing but my neighbour was telling me he has 700 quid tied up in this and can't get it back.

Demonstrates just one reason for it not being for the faint hearted or inexperienced investor.

tim_noone · Post by **tim_noone** » Fri Jun 15, 2018 1:28 pm

alwaysaclaret wrote:I know absolutely nothing about this thing but my neighbour was telling me he has 700 quid tied up in this and can't get it back.

Caught back end of rip off Britain this morning. Don't touch with a barge pole was the gist.

Steddyman · Post by **Steddyman** » Fri Jun 15, 2018 3:08 pm

South West Claret. wrote:Demonstrates just one reason for it not being for the faint hearted or inexperienced investor.

Agreed. But should you invest your money in anything you don't understand? If you do, you are going to lose it.

Bitcoins biggest problem is its success. Because it increased so quickly in value over the last 12 months it got lots of news coverage and lots of people invested in it at the start of 2018 on the back of those articles with having no understanding of what it even is. If you did that you will have lost at least half your money.

However, everyone in who knows the market could see from the fundamentals it was on an unsustainable parabolic rise and would go through a major correction (as it has done every year). This is that correction.

My advice, for what it's worth:
1. We probably haven't hit the bottom of the correction yet (the volume is low)
2. This correction could last another 6 months
3. When it completes consolidation it will start to rise again and will go 10x again.
4. John McAfee will not lose his todger (lookup his bet).

aggi · Post by **aggi** » Fri Jun 15, 2018 3:16 pm

alwaysaclaret wrote:I know absolutely nothing about this thing but my neighbour was telling me he has 700 quid tied up in this and can't get it back.

A lot of the time in this kind of situation it turns out that the money isn't actually in a recognised cryptocurrency itself but in some too good to be true scheme related to cryptocurrency. Either some hugely risky alternative coin or some dubious pyramid scheme where you don't actually own the currency like Bitconnect.

IndigoLake · Post by **IndigoLake** » Thu Nov 22, 2018 11:20 am

Anyone else enjoying the bear market? I'm slowly but surely accumulating...

cockneyclaret · Post by **cockneyclaret** » Fri Nov 23, 2018 4:30 am

Well it's one of the situations they'll talk about 6months down the line.. what did you buy etc..
Stocked up on gvt.. vet and ela..
This time next year I'll be a millionaire

cockneyclaret · Post by **cockneyclaret** » Fri Nov 23, 2018 4:37 am

JohnMac wrote:Has anyone on here ever recouped any physical money from dealing in BitCoin?

Just interested as you only ever hear about people buying/investing.

Yeah I used bitpanda..
Ok you get knocked transfer fees.. BTC to euro to GBP but I'm very very happy for my returns to what I invested.

Loyalclaret · Post by **Loyalclaret** » Fri Nov 23, 2018 7:13 am

IndigoLake wrote:Anyone else enjoying the bear market? I'm slowly but surely accumulating...

Initiative Q - what you blogging IndigoLake?!

scouseclaret · Post by **scouseclaret** » Fri Nov 23, 2018 8:59 am

Bitcoin is down nearly 80% from its peak early this year - I’d call that a burst bubble!

Whether or not Bitcoin has a long-term future is debatable, but my money would be on a central bank-backed digital currency taking over in the long term.

IndigoLake · Post by **IndigoLake** » Fri Nov 23, 2018 10:41 am

cockneyclaret wrote:Well it's one of the situations they'll talk about 6months down the line.. what did you buy etc..
Stocked up on gvt.. vet and ela..
This time next year I'll be a millionaire

I also have VET. Have been trying to diversify my portfolio by finding coins with real world uses. Hopefully this crash will shake off the many scam projects.

IndigoLake · Post by **IndigoLake** » Fri Nov 23, 2018 10:43 am

Loyalclaret wrote:Initiative Q - what you blogging IndigoLake?!

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).

IndigoLake · Post by **IndigoLake** » Fri Nov 23, 2018 10:45 am

scouseclaret wrote:Bitcoin is down nearly 80% from its peak early this year - I’d call that a burst bubble!

Whether or not Bitcoin has a long-term future is debatable, but my money would be on a central bank-backed digital currency taking over in the long term.

It has suffered similar crashes in the past. It'll likely take years for the cryptocurrency market to recover though 99.9% of people in cryptocurrency can't say for sure. I agree that a bank-backed cryptocurrency such as Ripple may take over which would be a bit sad. I'd really like it to be a decentralised currency (just not Bitcoin).

Falcon · Post by **Falcon** » Fri Nov 23, 2018 11:51 am

So when will it be a good time to invest in Bitcoin or similar.

I've never been tempted to in the past but the talk of the market bottoming out and starting to recover is tempting...

IndigoLake · Post by **IndigoLake** » Fri Nov 23, 2018 12:18 pm

Falcon wrote:So when will it be a good time to invest in Bitcoin or similar.

I've never been tempted to in the past but the talk of the market bottoming out and starting to recover is tempting...

Anyone claiming to know when is the right time to buy or what will happen with the market is almost certainly talking rubbish. The cryptocurrency market is incredible volatile and difficult to predict. Personally, I'm investing a small amount each month - nothing that I'll miss if it completely dies. While prices have gone down a great deal this year (particularly in the past few days), I think they'll continue to drop for the coming weeks and maybe months albeit not necessarily at such a rapid rate. This is just my feeling and I may be completely wrong. I do think the bear market will continue until mid 2019 or maybe even into 2020 - I'm not expecting a quick turnaround.

If you're interested in cryptocurrency and blockchain technology, I'd recommend you read about some of the projects with real use cases. The technology is still in its infancy but there are some interesting projects (and far more that are just complete rubbish). Investing a small amount every little while in a handful of cryptocurrencies you like the sound of might be the way to go.

Should you buy any cryptocurrencies, be sure to send them to a secure wallet. Leaving them on exchanges is something of a risk even with two-factor authentication enabled.

Loyalclaret · Post by **Loyalclaret** » Fri Nov 23, 2018 4:54 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).

Sorry IndigoLake I was sent an invitation to join a new payment system called Initative Q. Thought you may have seen it
https://www.moneysavingexpert.com/news/ ... tiative-q/" onclick="window.open(this.href);return false;

IndigoLake · Post by **IndigoLake** » Fri Nov 23, 2018 5:14 pm

Loyalclaret wrote:Sorry IndigoLake I was sent an invitation to join a new payment system called Initative Q. Thought you may have seen it
https://www.moneysavingexpert.com/news/ ... tiative-q/" onclick="window.open(this.href);return false;

I don't know anything about it - first time I've heard of it. Might be worth accepting the invite if there's a chance you can make some money from being part of it (unlikely but you never know!). Particularly as the earlier you join, the higher the reward (think you only need to give your name and email address). However, that's all just from a brief glance. Good luck if you do accept!