Bitcoin, Altcoin and Cryptocurrency Thread

Touring Mars
Facebook is to launch a new cryptocurrency called Libra
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This feels like some sort of real life dystopian reality coming true...

What FB has launched isn't a crypto currency IMO, it's a token. Same as Ripple; at least Ripple has the illusion of free market whereas FB is not. It is a token owned by a dodgy corporate.

Touring Mars
(and how can one make a profit from it?!)
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It is a "stablecoin" - designed to be anchored 1:1 to the USD, so it wont be able to fluctuate (much in the same vein as scamcoin / stablecoin Tether). I'm assuming Facebook can use it's virtually infinite balancesheet to back Libra...

This is going to be a wonderful test of regulation - FB have created a non fiat currency outside the monetary system that can be used for cross border transactions. No AML/ KYC requirements, or at best, their own cooked up version. I can't see any national regulatory body being ok with that - an interesting clash on the horizon i think. All rather created by FB being completely unregulated - so nobody can hold them to task in TMT - but I am sure the Fed and SEC can thrown plenty headaches at them if they so choose.

Personally i think it's a good think for legit CC's; it will stoke interest from those who might have heard about Bitcoin etc but have never bothered to enquire....
 
I've been getting a bunch of interesting alerts from Coinbase about Bitcoin this week - "Bitcoin up 5.1% in 24 hrs", "Bitcoin up 2% in the last hour" etc. etc. - and just now... "Bitcoin down 6.5% in the last 4 minutes"... :ill:
 
niky
Anything to do with Libra?
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Hard to tell, but the publicity it created could only have helped.

I reckon this is going to be a short, but powerful FOMO run, shorter in duration and not reaching the same ATHs as last time, before it recedes again*.

I have my bags at the ready to cash in though!

*just my 2 sats worth
 
I think the most common (and dangerous) mistake is believing that crypto 'markets' are just like other markets (like stocks, shares, bonds etc.) when they are most definitely not. The CC 'market' might look and feels like a real market, but it isn't. There's also a swathe of CC websites, with 'news' and 'analysis' that gives the whole thing a veneer of authenticity, but much of it (i.e. the vast majority) is nothing more than clickbait.

The idea that CC markets can undergo 'corrections' is misleading. The word itself implies that there is some kind of 'ground truth' that CCs can be corrected to... an actual value that something can either be under or over at any given time, but that simply isn't the case for many (if not all) cryptos. Corrections in real markets occur as a response to real world events that influence the value of the underlying stock, whereas cryptocurrencies can vary wildly in value even without any root cause, but can also be orchestrated by a few individuals deliberately manipulating the 'market'. That said, CCs do appear to behave like real markets much of the time, but crucially they don't behave like true markets all of the time because they do not share the same laws, regulations and connections to tangible commodities and hence they are really quite different.

As such, I would also say that the word 'invest' does not apply to CCs - a more accurate word would be 'gamble'. That said, investing is not totally different to gambling, but given the lack of regulation and the fickle nature of CCs, it is much more of a gamble to buy CCs than it is to buy stocks and shares. Unlike stocks and shares, there is no such thing as a low risk CC portfolio.

As with everything though, the answer is simple - don't play with money you cannot afford to lose.
 
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mustafur
The idea that Crypto is even worth investing in is a newbie mistake?
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You said trust - quite different to investing/ speculating.

I trust the cryptography of certain CC. I don't trust CC - for the reasons TM described above...
 
niky
Anything to do with Libra?
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The recent surge in value in Bitcoin/CCs did seem to gain impetus just as Libra was formally announced - so it is possible that Libra sparked a new wave of interest in CCs as people felt more confident in buying into CCs on the basis that Libra would bring cryptocurrencies into mainstream use.

But a week is a long time in the fickle world of CCs and since its initial unveiling, copious amounts of cold water have been poured onto the Libra idea, and perhaps this is now being reflected in the value of Bitcoin etc. too.
 
Who knows how the Crypto markets work, money goes in money goes out it's rash.

The Taxes are incredibly unthought through as well, in Australia your basically forced to stay to one coin as you get taxed on each coin to coin profit(yes literally).
 
I felt so dumb the last time I posted in this thread regarding cryptocurrency. Most of you know I am not usually in tune with any modern trends, understanding certain Internet memes, and the like. What I mostly thought was using cryptocurrency then was mostly in these novelty goods that I thought could be converted to cryptocurrency. This post will be a good bit different.

Having tried out the Brave browser, I feel this may be my first TRUE experience with some sort of cryptocurrency. Brave has what is called the Basic Attention Token (BAT) based on your activity supporting various websites. I am fairly new to Brave and this BAT deal. Brave somehow lets you add funds from other such services such as Bitcoin, Ethereum, and Litecoin to be converted into BAT currency for Brave. The way all of this is structured, I feel this could be a sketchy way of losing money I don't realize is actually being tampered with. So I am kind of careful in taking part in Brave's cryptocurrency model, though I am intrigued nicely about it. I am not right now into doing anything like farming or mining or grinding (or whatever terminology people use) in regards to crypto investment.

I have my doubts, but I am willing to try something new and ambitious with this model offered by the Brave browser. So we'll see what happens.
 
I been reading a lot more about the Basic Attention Token (BAT) cryptocurrency used by Brave Browser. I am not really sure what to make of what the BAT team is trying to accomplish. I know and understand what BAT is trying to accomplish. However, I am not sure if I should believe in this currency or focus more on more proper cryptocurrency like BitCoin (which I am strongly considering).

A lot of sites are saying not to get serious about crytocurrency because there are stil a number of gray areas in the stability and such of cryptocurrency. That's why I am not as crazy about getting into something like this. It seems like an opportunity that could end up getting you into some trouble if you aren't careful. Then too... aren't a lot of things in life this way? So I'll tread carefully with the whole crytocurrency thing.
 
I think as a long term investment Crypto can be a safe investment but that only applies to Bitcoin as far as I can see atm, if a Recession or economic crash where to happen in the next year or two I could see it taking off, all other movements seem to be rash and not based on anything atleast now, if or when bulk money gets added the market movements will slow as it would require much more money to move the market.

It makes alot of sense using it as like a Metal investment if a Recession happens as your effectively exiting the main economic system for anything else it doesn't look the best right now.
 
I earned my first cryptocurrency of any kind today! Looking up the here-and-there ads on Brave earned me some of their BAT (Basic Attention Token) credits. I think the BAT credit was actually distributed yesterday, but it is just today I redeemed my BAT currency. There aren't as many people buying into the BAT cryptocurrency as of now. However, it has some promise based on what I've read. I am not crazy about this cryptocurrency thing, but I am willing to play along. Part of me still wants to consider BitCoin if I were to invest more into the cryptocurrency thing.
 
The next thing I started reading up on is how to protect cryptocurrency. With some of the private ads I was given through browsing Brave, I saw something about some metallic wallet you can use to store and protect your cryptocurrency. This adds even more uncertainty to seriously caring about and relying on cryptocurrency. Also, I am really uncertain as to how mainstream cryptocurrency is trying to be. The only real cryptocurrency I could somewhat stand behind most would be BitCoin. Other than that, I still have my qualms over this whole deal.
 
My 'investment' is now back to where it started after first rising rapidly by over 25% in the space of a few days, to then plummeting to about 10% of its original value. But it has risen back to just over 100% of its value in the last few weeks.

Part of me regrets not loading up when the price was down, but then again, I had already 'lost' 90% of my investment and there was nothing to say it couldn't still drop again. But now I have the dilemma of how long to hold out until I sell/trade into GBP - I'm hoping that it might hit about 200%, at which point I would sell everything and then wait for the market(s) to crash again, before using some of the profit to reinvest and wait for the cycle to repeat.

I only know one person who invested in BTC and I reckon he's invested a lot more than I did (I'm talking about a few hundred pounds profit/loss, I'm guessing he's at least one or two orders of magnitude more invested than I am), but he is/was a problem gambler and as such he is always quick to point out how much money he is making, but goes silent when things are going south. Still, I hope he has made a good amount of money and, hopefully, has the sense to cash out when the going is good.
 
I'm lucky for getting in at the summer of 2017 and not putting in a lot of money during the top back then. I rode it out with most of what I had through 2018, 2019 and early 2020. Mostly been break even till march 2020 because of my Bitcoin investment. Then Covid came and everything went down. I had a lot saved up for a paint job for my car and some engine work. I dumped all that money in BTC, Link and Nio (stock) and that has been the best financial decision of my life.

Not that I'm richt now or anything:lol: Just made a little extra to speed up doing upgrades to the house and having work done to my car:D
 

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