BITCOIN Discussion v. 8 Coins on an Old Computer

[malakaix]

Insane. I'm just at a complete loss for words.

I'm glad I never owned any bitcoin and lost/spent all of it because that would torment me for the rest of my life. I have holdings in alt-coins (which have been bled dry from BTC's recent surge) but I've avoided Bitcoin and I think i'll continue to sit this out and watch on in awe.

Exciting times!

 

[Xorkoth]

Yes CFC, I do believe exactly what you said. Big money is already rubbing their hands together in anticipation.

I have roughly 23 BTC left over from when I wanted to buy some LSD from the dark net from around 2013. That was the change left over mind you.
When I think of how much I paid at the time in BTC I'm guessing that it must be some of the world's most expensive acid, LOL.

Oh the irony !

Dude you have so much money right now. 23btc? I fucking wish. Right now that's about $368,000 USD. Of course 24 hours ago it was about $299,000 USD. Who knows tomorrow?

$17,000!!!! OMG! People's better be checking this every second because it's surely going to crash any minute

It went down about 1.5k, but is already going back up. One of the biggest exchanges had a server crash but it seems to be starting to come back up, slowly. I don't think it's gonna crash to be honest. Maybe some day but not now.

I'm hoping there's a big dip, if there is I'm gonna buy as much as I can because it's for sure going to go back up again.

 

[Xorkoth]

Why is something that ain't real money worth so much? How's it ended up like that? Does thAt mean I could buy a new car with my 8coins? Is it all a joke or for real this crypto lark?

It's because the price is simply determined by the total amount invested (which is around 266 billion USD right now) divided by the number of coins. People invested fiat currency into the system, so that's how much value there is in the system.

 

[malakaix]

One of the biggest exchanges had a server crash but it seems to be starting to come back up, slowly.

Would that happen to be Bitstamp?

I just spoke to a guy here about 30 mins ago who went to purchase 400EUR worth of Bitcoin when bitstamp crashed, and somehow got the equivalent of 10,000EUR worth. Something shit itself big time there.

 

[CFC]

Maybe you should bank half of your gains White_Rose, just in case? Then ride out the rest?

 

[CFC]

I just spoke to a guy here about 30 mins ago who went to purchase 400EUR worth of Bitcoin when bitstamp crashed, and somehow got the equivalent of 10,000EUR worth. Something shit itself big time there.

I could really do with the odd error or two working in my favour atm. I usually lose out when shit like this happens though

 

[Xorkoth]

I remember some months back, someone made Ethereum absolutely collapse down to cents from around $300 IIRC, within seconds trading was halted and it was corrected, but some guy invested like $300 right at that moment and came out a millionaire because it went right back.

 

[Xorkoth]

BTC is extremely volatile right now.. it was 1BTC = ~$7USD a week ago.. now it's over $20.. There's no point in "investing" in these right now... or ever for that matter

LOL! (this is from 2011 to be fair, who could have foreseen?)

Unfortunately I traded about $1000 worth of BTC 6 months ago for a startup crypto that tanked and I lost half the money... could have just kept the BTC and I'd have tens of thousands now.

Woulda, coulda, shoulda. Can't think about that too much with this type of thing. If we could see the future everyone would be staggeringly wealthy and it would lose its meaning.

 

[CFC]

Imagine having invested $7000 then (1000 bitcoins). You'd now be on $17,000,000 8(

 

[malakaix]

Woulda, coulda, shoulda. Can't think about that too much with this type of thing. If we could see the future everyone would be staggeringly wealthy and it would lose its meaning.

Yeah.

It's so important to keep this in perspective. I keep running through pointless scenarios in my head "If I just did xyz back then". I hesitated on a coin last week and it's value skyrocketed.. would of made $50k. It's actually this Fear Of Missing Out that's driving Bitcoin to insane levels.. everyone is thinking 'I wish I got in earlier.. I'm going to jump in now".

There's a guy here in Australia who was mining the currency back in 2009 and accumulated some 7500 coins. His girlfriend complained about all the equipment he was using.. he ended up selling the equipment for scrap, and holding onto the HDD with the private key for a couple of years before binning it. I think he now wants to dig up a landfill to find the old HDD.. poor guy.

 

[Xorkoth]

My friend's brother did mining for years with his friends back in like 2010 or 2011, and they had a bunch of bitcoins but they can't remember their wallet ID or password.

 

[Chaos23]

I just checked my wallet and I've made a few hundred bucks in a few weeks. I almost forgot I had that money in there. I'll wait and see what it does.

Exciting.

I wish I had bought some years ago, but I didn't have the need.

 

[Tranced]

LOL! (this is from 2011 to be fair, who could have foreseen?)

Unfortunately I traded about $1000 worth of BTC 6 months ago for a startup crypto that tanked and I lost half the money... could have just kept the BTC and I'd have tens of thousands now.

Woulda, coulda, shoulda. Can't think about that too much with this type of thing. If we could see the future everyone would be staggeringly wealthy and it would lose its meaning.

Exactly. I've been feeling the same way, but, you know, if only I'd chosen the right lottery numbers, or done anything else that has made people rich.

To be fair though, the sentiments in this thread back when it started totally put me off investing. I figured people here knew more than me. If there'd been a more positive vibe I totally would have invested. So cheers bluelight, youve ruined my life.

I had i think about £30-40 in a wallet back in the early summer, two days ago it was at £193. Just bought about £500 for two friends and they gave me £40 for my troubles, so I've got a tidy little amount that I'm *trying* not to spend.

Do you think these price movements are the factoring in of the CBE and CME moves by the market? That's what I was suspecting...

What does this mean? Tell me more please!

 

[Cheshire_Kat]

Someone stated that the price equals market cap of BTC divided by the number of coins mined so far. That would actually be nice if it were true. The actual price is the agreed buy/sell agreements at any given moment. Please let me explain:

When you decide to buy bitcoin you place an order to buy on the exchange at their published "buy price". Another individual places an order to sell some BTC at their established sale price. The exchange then maintains an order book and matches up sales according to the two buyers buy/sell price (amongst thousands of others) and the deal is done. The exchange tracks the mean difference between the sale and buy prices and establishes a new sale and buy price at given intervals (varies between different exchanges). The price of BTC also is different at any given moment between individual exchanges. When someone quotes a BTC price it usually is the price at that particular exchange.

Clear as mud, no?

 

[Cheshire_Kat]

Originally Posted by CFC

Do you think these price movements are the factoring in of the CBE and CME moves by the market? That's what I was suspecting...

What does this mean? Tell me more please!

The CBE is the Chicago Board of Exchange and the CME is the owner of the Chicago, New York and London exchanges for Dow Jones and futures derivatives. This means that investors from the stock market and futures trading can now legally buy and sell BTC and BTC futures in the US. This is a huge step in making BTC legitimate and accepted as real currency by financial institutions and world governments. It also opens the way for much larger investments by institutions and other commercial investors.

Edit: CBE trading starts this Sunday afternoon and CME trading starts on 18/12/17.

 

[Xorkoth]

Nice, seems likely we'll see a big price jump, as far as I can reason out. I've put 700 in there, it's worth about 900 now but it should go up. I wish I could get my tax return early because my goal is to grow it through crypto and this is likely a great chance. But oh well. Gains are gains.

 

[Cheshire_Kat]

Some say a big jump, personally I hope it's true, but who knows. Others say less fluctuation, that can't be a bad thing either.

Heck, who knows what's going to happen? Arrrg, exciting times !

 

[Tranced]

So two days ago I had £193. Logged into my account today and had £229. I bought something for £10 worth of bitcoin and went down to £119, went and made a coffee (literally took about five minutes max), came back, and my bitcoins had went back up to £128. I must have bought just before a spike.

 

[Xorkoth]

It can be pretty wacky for sure. Especially today, it's been all over the place. My friend and I are hanging on and hoping for some really serious long-term pumping from the impending above-board trading that's about to be possible. And then jump off when it gets about as high as we dare. I have about 900 in there now and if it's prudent to do so I'm going to put the majority of my tax return in, and ride it a while.

 

[malakaix]

I hope it all goes well with the futures trading, considering I have holdings in alts which are going to bleed either way.

The skeptic in me however thinks that the recent explosive surge in value is institutional funds pumping the price up before a huge sell-off as the coin becomes shorted once futures trading opens and then re-bought at the bottom. I could be wrong, I hope I am.. otherwise, hold on tight and don't panic sell.