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June 24 2021 7.54pm

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View davenotamonkey's Profile davenotamonkey Flag 22 Feb 21 12.13am Send a Private Message to davenotamonkey Add davenotamonkey as a friend

Originally posted by Stirlingsays

Always interested in views about crypto.

Currently stacked up in Eth.

I envy you - I cashed out my ETH last month, with the intention of re-entering once it dipped. It clearly hasn't....

ETH has so much more potential than BTC, as we see with ERC20 and smart contracts. BTC is basically just a dumb blockchain. When ETH moves to proof-of-stake (ie, no mining), then things will get interesting.

I'd say Decentralised Finance (DeFi) is where the game's at right now. Some great returns (yes, with risk) right now, and probably better than obsessively watching charts to buy/sell at the right time.

 

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View davenotamonkey's Profile davenotamonkey Flag 22 Feb 21 12.27am Send a Private Message to davenotamonkey Add davenotamonkey as a friend

Originally posted by cryrst

Its rising like billyo but could fall as quickly.
Companies accepting it as payment will then cash it in to balance their books. Maybe the reason it is so high generally is because not many are actually using it. Once they do it could drop drastically.

Err. I'll preface this by stating I'm not an economist.... but that makes no sense to me.

There are a finite number of BTC - 21m in total (including those yet to be mined). About 18.6m are in circulation at the moment.

If the value remains at £40,000 for 1BTC once all 21m are in circulation, you have the total market cap. If someone wants to buy a bitcoin, they must do so from a finite supply. If you have fresh money entering the system (ie, new investors wanting some BTC, and exchanging fiat ££ for it), do you think that £40,000 price goes up or down? "Sorry, I've got a chap here that wants £41,000 for that BTC I'm holding... how much are you going to pay me for it?"

I think it goes up. There is demand for a finite supply.

This reasoning makes no statement on the use / utility of bitcoin, it's just the rationale why I think (once the full suplly is realised) the price will be driven by inwards investment, and that will only go up. The only time it would go down is by people "not using it" as you say: ie, they lose faith in it as a system, and think it's not worth holding.

 

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View Stirlingsays's Profile Stirlingsays Flag 22 Feb 21 12.35am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by davenotamonkey

I envy you - I cashed out my ETH last month, with the intention of re-entering once it dipped. It clearly hasn't....

ETH has so much more potential than BTC, as we see with ERC20 and smart contracts. BTC is basically just a dumb blockchain. When ETH moves to proof-of-stake (ie, no mining), then things will get interesting.

I'd say Decentralised Finance (DeFi) is where the game's at right now. Some great returns (yes, with risk) right now, and probably better than obsessively watching charts to buy/sell at the right time.

You clearly know more about what's behind the actual digital coins than I do. I just chucked a grand in a couple of months back and decided to ride the upward wave.

Since I started trading it soon become obvious that BTC and ETH are linked, to some extent, in terms of price movement. For those with no clue that means as Bitcoin goes up or down so does Ethereum....if not always in proportion.

As Bitcoin is clearly the 'chosen one' in terms of size and corporate take up. The big boys are clearly buying all all the dips and that appears to be behind its momentum.

I've heard it's all the way to around eighty thousand dollars before it hits major resistence....we will see.

I expect ETH to chug along but I have to say I think it's under performing at the moment....but I suppose I would say that wouldn't I.

Edited by Stirlingsays (22 Feb 2021 12.40am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View cryrst's Profile cryrst Flag Chatham 22 Feb 21 6.07am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Stirlingsays

You clearly know more about what's behind the actual digital coins than I do. I just chucked a grand in a couple of months back and decided to ride the upward wave.

Since I started trading it soon become obvious that BTC and ETH are linked, to some extent, in terms of price movement. For those with no clue that means as Bitcoin goes up or down so does Ethereum....if not always in proportion.

As Bitcoin is clearly the 'chosen one' in terms of size and corporate take up. The big boys are clearly buying all all the dips and that appears to be behind its momentum.

I've heard it's all the way to around eighty thousand dollars before it hits major resistence....we will see.

I expect ETH to chug along but I have to say I think it's under performing at the moment....but I suppose I would say that wouldn't I.

Edited by Stirlingsays (22 Feb 2021 12.40am)

Is it safe to hold your 'wallet' on a device or do you need it on a dongle. If there is no legal protection could you be hacked and have it taken from a device.

 

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View cryrst's Profile cryrst Flag Chatham 22 Feb 21 6.08am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by davenotamonkey

Err. I'll preface this by stating I'm not an economist.... but that makes no sense to me.

There are a finite number of BTC - 21m in total (including those yet to be mined). About 18.6m are in circulation at the moment.

If the value remains at £40,000 for 1BTC once all 21m are in circulation, you have the total market cap. If someone wants to buy a bitcoin, they must do so from a finite supply. If you have fresh money entering the system (ie, new investors wanting some BTC, and exchanging fiat ££ for it), do you think that £40,000 price goes up or down? "Sorry, I've got a chap here that wants £41,000 for that BTC I'm holding... how much are you going to pay me for it?"

I think it goes up. There is demand for a finite supply.

This reasoning makes no statement on the use / utility of bitcoin, it's just the rationale why I think (once the full suplly is realised) the price will be driven by inwards investment, and that will only go up. The only time it would go down is by people "not using it" as you say: ie, they lose faith in it as a system, and think it's not worth holding.

They were only questions tbh. Not in any way qualified so I am now corrected.

 

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View Stirlingsays's Profile Stirlingsays Flag 22 Feb 21 7.44am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by cryrst

Is it safe to hold your 'wallet' on a device or do you need it on a dongle. If there is no legal protection could you be hacked and have it taken from a device.

There is a software wallet, which means your funds are held by your broker online. Here you are reliant upon their security systems. Some have a better level of security than others.

For proper security I'd recommend you get a hardware wallet, which is a device you connect to your PC and store your crypto. It's a must if you have large funds invested.

[Link]

Edited by Stirlingsays (22 Feb 2021 7.45am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View cryrst's Profile cryrst Flag Chatham 22 Feb 21 8.26am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Stirlingsays

There is a software wallet, which means your funds are held by your broker online. Here you are reliant upon their security systems. Some have a better level of security than others.

For proper security I'd recommend you get a hardware wallet, which is a device you connect to your PC and store your crypto. It's a must if you have large funds invested.

[Link]

Edited by Stirlingsays (22 Feb 2021 7.45am)

What about on a phone. Can this be plugged into a smart phone the same as a pc?
Have you got one of these gadgets then?

 

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View Stirlingsays's Profile Stirlingsays Flag 22 Feb 21 9.15am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by cryrst

What about on a phone. Can this be plugged into a smart phone the same as a pc?
Have you got one of these gadgets then?

No, I've only been trading crypto a couple of months. However, it's the recommendation rather than relying upon a software wallet stored by your broker.

I wouldn't know about using the phone, but as that's just another form of computer I'd imagine that's done.

If you are thinking about investing don't do it with money you aren't prepared to lose, as unless you're very experienced that's what is probably going to happen eventually. It's just another form of gambling.

Crypto is in a bull run at the moment (though it's had pullbacks over the last couple of days), however predictions aren't certainties and all of our hard earned cash is at risk when we place it into the market.

What I've learnt so far is that the market is designed to take money from the small trader and give it to the large trader. It's important that people know that going into it because....I've been in it a few months and frankly I've never seen so many sharks and tricksters openly operating in a professional space.

All the noobs are desperate for a way in and there are plenty of sharks waiting for them.

Edited by Stirlingsays (22 Feb 2021 9.16am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 22 Feb 21 9.54am Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by Stirlingsays

No, I've only been trading crypto a couple of months. However, it's the recommendation rather than relying upon a software wallet stored by your broker.

I wouldn't know about using the phone, but as that's just another form of computer I'd imagine that's done.

If you are thinking about investing don't do it with money you aren't prepared to lose, as unless you're very experienced that's what is probably going to happen eventually. It's just another form of gambling.

Crypto is in a bull run at the moment (though it's had pullbacks over the last couple of days), however predictions aren't certainties and all of our hard earned cash is at risk when we place it into the market.

What I've learnt so far is that the market is designed to take money from the small trader and give it to the large trader. It's important that people know that going into it because....I've been in it a few months and frankly I've never seen so many sharks and tricksters openly operating in a professional space.

All the noobs are desperate for a way in and there are plenty of sharks waiting for them.

Edited by Stirlingsays (22 Feb 2021 9.16am)

Spot on. It's primarily not a currency, it's a high risk, speculative investment.

 


said the rabid giraffe whilst brandishing his throbbing member of reason, and twas ever thus.

Did you know? 95% of people are morons.

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View Stirlingsays's Profile Stirlingsays Flag 22 Feb 21 10.09am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by SW19 CPFC

Spot on. It's primarily not a currency, it's a high risk, speculative investment.

It'll eventually get regulated.....though unlike yourself I think it'll be light due to the corporate uptake.

However privacy coins like Monero are impossible to track and will probably benefit when that happens.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Stirlingsays's Profile Stirlingsays Flag 08 Mar 21 7.33pm Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Biden's appointees seem quite positive about Crypto, I only see light regulation during this administration.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 08 Mar 21 8.24pm Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by Stirlingsays

Biden's appointees seem quite positive about Crypto, I only see light regulation during this administration.

Probably. Especially if it stays as it is now - investment first, currency.. well, a long way last

Yellen is not a fan. At all. Sheíd be Adam of a government regulated, blockchain based Fiat though.

As soon as people actually start spending it en masse and it therefore starts threatening Fiat, itís game over. And even that is debatable regarding whether it will ever move away from mass FOMO investment. I can see a coin doing that but I donít think it will be Bitcoin. And even if it does it is highly unlikely to make mainstream without, and as you love to say, becoming a cuck to the existing financial setup.

As someone has said there are plenty of other coins that came post BTC that are far better positioned to be adopted as actual currency. ETH being one.

As Iíve said before it could easily get to 100k or more, sure. But has it got legs? Nope.

 


said the rabid giraffe whilst brandishing his throbbing member of reason, and twas ever thus.

Did you know? 95% of people are morons.

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