The Cryptocurrency Thread (Bitcoin, Ethereum, Ripple etc.)

It is backed by anything tangible like in was in the gold standard era, but it is still backed by governments. The UK and US has never defaulted before so their debt and currency still holds 'backed' value. And as long as the major economies continue to pay their debt their currency will maintain value.

I cant quite get my head around how a virtual currency can be backed by nothing. Effectively it is only worth something as long as people assume it will be accepted and of value in the future, and that feels lile a big 'if'.
But I also concede that I am not nearly smart enough to make sense of the mechanics behind bitcoin!

 

It's cool moved it to a different wallet.

That coin base is a bit of a scam tbh, skimming fees off every transaction.

So £26 has now became £17

 

Bit Coin felt like a whole lot of hassle to me. I wish Silk Road took Pay Pal. When I was first on Silk Road a bit coin was about a tenner each in our money, but first you had to create your Bit Coin wallet and then you had to go mine your Bit Coins. I thought it seemed like a bit of a carry on just for a gram of hash. The gram was about £6 in real money so if I got bumped it wouldn't have been a huge loss. It's a pity that Pay Pal is too easy to trace

 

Cryptos absoloutely tanking right now. Pretty much an entire market crash by the looks of it.

When should we be getting in?

I made a quick fiver yesterday on wluna when it dropped and rebounded. Then reinvested the fiver when it went back down to £1.50 a coin... its currently at 30 odd pence *.

 

I got extremely rekt. But that's life. Thinking about selling and accepting losses now as i expect the market to crash even more.

 

Surely long term though, better to hold?
Unless folk are expecting the crypto bubble to completely collapse and be wiped off the face of the earth, then pretty much all these coins will bounce back in time, and inevitably a lot will hit new ATH?



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Do you urgently need the money?

What crypto are you in invested in?

If it is something with a real world use case and has strong fundamentals i would suggest leaving it and forgetting about it.

I'm way down ony XRP, my average is a dollar, I'll be using this time to DCA in to bring my average down as I strongly believe in it.

 

Didn’t see this big of a dip coming. Playing the long game now. 25-30% of my weekly wage going into projects I believe in and hopefully it all pays off in a year or two.

 

What are you holding? Unless its complete trash Id suggest not selling, you're better off buying more.

 

It will got to 20k (not anytime soon, probably this time next year).. Fib levels usually dont lie.

 

1.618 extension on current dip points to 26k from what I’m looking at. Not ruling out 20k but.

 

I made a good amount gambling on the Wluna crash. Dropped money in at 0.8 last night and sold out when it went up to 0.24 (high .30) this morning its down to... 0.00001 or something that's me out of that. Dumped all profit in bitcoin and its went back up 6% could be the start of a slow recovery but tbh I think this is one of those where people are pumping money in before the drop even more. Still good to wake up and see many coins going up.

My dodge is only down 35% now

 

At a guess, Bitcoin will recover when inflation kicks in. Inflation is happening as we speak but in a years time or two things will look alot different.

 

Im into BSV mate, but have some BTC as well. BSV seems to start to recover today so thats nice. Im invested in the BSV tech so im not super bothered as long as i see a slow recover.

The Bitcoin i thought of selling was BTC as most of these coins are more like a casino enterprise

 

Invested in some cryptocurrency a few months ago after reading about the impressive returns a lot of folk have had.
Worth next to nothing now

 

Invest more

Crypto on sale

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I thought mines was at the bottom when I got in... nope.

 

Coinbase laying off 18% of their staff

https://www.wsj.com/articles/crypto-exchange-coinbase-to-lay-off-18-of-staff-11655211069

 

Oh, younger Capitan. Should have just kept the 0.64 bitcoins.

 

Aye ira a little depressing seeing the portfolio worth less than I bought in, but it happens.

In it for the long haul, knew this wasn't gonna be a quick few months making thousands.

Just be sensible for anyone who's gonna dip their toes in.
Nothing is a sure thing and this is still gambling on things at the end of the day.

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