The Bitcoin Thread

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I'm flying to SA in a few hrs. Thinking I shouldn't check the BTC price until I come back in Jan just for the lulz...wonder what it'll be on then.

With yesterday's rise I finally made back 100% ROI. Now those dumbass panic moves I pulled don't seem so bad anymore.

I see ETH also climbed out of its R6k/ ETH lull and is on almost R7k again.
 
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bigboy529 said:
Noob comment sorry if it's stupid.
With the price going like it's going, I wonder how many people actually use BTC as a currency to buy and sell vs just speculating with it at this point.
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Very, very few are actually using it commercially....
https://seekingalpha.com/article/4122695-bitcoin-series-2-usage

Everyone has their own opinions, but I think people who assume at this moment that Bitcoin is an investment is getting it wrong....
Looking at that article and some of the issues around the network etc. etc. it's very clear that Bitcoin is not an investment based on properly quantified future value but it is a gamble at this point.

Every serious/good short-term investor will know that currently the best way of "predicting" BTC bulls and bears is to use basic human psychology (floors, round number roofs, FOMO, market panic, media hype, good news etc.) and that is because it's mostly greed, FOMO and hype that's currently driving the price, not the fundamentals of the technology.
 
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RaptorSA said:
Very, very few are actually using it commercially....
https://seekingalpha.com/article/4122695-bitcoin-series-2-usage

Everyone has their own opinions, but I think people who assume at this moment that Bitcoin is an investment is getting it wrong....
Looking at that article and some of the issues around the network etc. etc. it's very clear that Bitcoin isn't an investment based on properly quantified future value but it is a gamble at this point.
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I think it's only a gamble if you only hold. I'm going a slightly safer route by just jumping in when it looks good to buy, letting the price increase and then getting out asap, usually within 30 minutes or so. So I'm rarely ever exposed to a massive drop.

So I make less gains than the holders when the price just goes one way. However I caught a few big dips yesterday so I'm better off with trading than if I just bought and held from two weeks ago. With much less risk too.
 
SaiyanZ said:
I think it's only a gamble if you only hold. I'm going a slightly safer route by just jumping in when it looks good to buy, letting the price increase and then getting out asap, usually within 30 minutes or so. So I'm rarely ever exposed to a massive drop.

So I make less gains than the holders when the price just goes one way. However I caught a few big dips yesterday so I'm better off with trading than if I just bought and held from two weeks ago. With much less risk too.
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Yeah so that's probably a better way of doing it. I just don't have the time to spend on it so I'm one of the long term holders.
However, I'm starting to think it's time for me to pull out my initial investment and a then some (to cover a few purchases I made recently)... then I can happily see the the rest of my BTC ride the crazy wave and smile while knowing I'm not exposed to any risk at all.

P.S. And don't get me wrong, I'm definitely a massive fan of BTC, but these past few weeks while watching the feeding frenzy I've started to realize it's becoming more and more important of the BTC holder community to warm new investors/buyers using the most basic investment rule of all: Don't put in what you're not willing to lose.
 
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RaptorSA said:
Yeah so that's probably a better way of doing it. I just don't have the time to spend on it so I'm one of the long term holders.
However, I'm starting to think it's time for me to pull out my initial investment and a then some (to cover a few purchases I made recently)... then I can happily see the the rest of my BTC ride the crazy wave and smile while knowing I'm not exposed to any risk at all.

P.S. And don't get me wrong, I'm definitely a massive fan of BTC, but these past few weeks while watching the feeding frenzy I've started to realize it's becoming more and more important of the BTC holder community to warm new investors using the most basic investment rule of all: Don't put in what you're not willing to lose.
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So true. If it tanks tomorrow, you should be able to go drown your sorrows in a beer, and go on with your life.
In fact, I actually suggested on Reddit that you take part of what you want to spend, and put it in a beer jar, just for that eventuality.
 
Compton_effect said:
So true. If it tanks tomorrow, you should be able to go drown your sorrows in a beer, and go on with your life.
In fact, I actually suggested on Reddit that you take part of what you want to spend, and put it in a beer jar, just for that eventuality.
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With that exact philosophy, right in the beginning I decided that I'm only spending R1000 on BTC and I've stuck to my guns so if it tanks to $1 tomorrow I won't be crying, I'll probably still drink a beer or 6 on it though.

In the last couple of months I've made some stupid mistakes, buying and selling at the wrong times, but the R1000 was transferred back to my bank account a long time ago so ROI right there already.
 
How many people ran to the toilet there :D

I think bitcoin is made of Flubber
 
SaiyanZ said:
Over now.

BTC is showing huge USD volatility with a steady descent since reaching $17k last night. I feel like it can go either way fast so I pulled all my orders and will just watch till things calm down.
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Soooo volatile right now up and down a feww $100 in seconds.

Im at a loss already so I'm going to risk holding on on the BTC.

Eth has been treating me good today thankfully so overall im fine
 
Interestingly Luno is at the lowest I've seen it in comparison to other markets... Normally we're like 5th on the list but right now we're 25th!
 
contemplating .....
if you have a low income worker eg gardener near retirement without provision .....state pension.....depreciating ZAR....
I cannot provide with a pension in perpuity....
So waiting for a dip , buy about a years salarys worth of btc , or half a year for that matter(his salary)
In my name but attach my consciences ID to it that it is his btc
Leave it alone till his retirement then cash it in or give him a monthly pension
iow take a gamble on his part without his knowledge that btc will keep rising (or otherwise in a Zim scenario)
If it does not.....so be it
 
JaseZA said:
Interestingly Luno is at the lowest I've seen it in comparison to other markets... Normally we're like 5th on the list but right now we're 25th!
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I think mainly because most people were in bed last night when the USD price rose to hit the ATH of $17k. So we missed that rise and people woke up today to a decreasing USD price so they started selling.
 
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