I believe that BTC has grown too fast and will require a correction, but will recover and grow even more.
BITCOIN Discussion v. 8 Coins on an Old Computer
- Thread starter Thou
- Start date
Xorkoth
Bluelight Crew
Yeah I also believe there will be a correction, we are probably seeing it now, it may even drop back down to the ~10k range but then will grow again and keep growing generally. I'm holding til it hits much larger numbers and I'm confident enough that it will to risk my investment (important to note I could afford to lost the investment even though I'd be pissed off and it would suck, it wouldn't ruin me).
Prescottdave
Bluelighter
- Joined
- Nov 15, 2014
- Messages
- 529
Forgot my Password for one wallet and wish I could log into it. I bet it has raised from 10 USD to about 100 dollars in BTC. I believe BTC will not drop below 11k and next week we will see another large gain past 17. These next few days will be a great time to obtain more in hopes that it will bounce back and likely past the last high. I feel like over the holidays we will see some major gains.
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Having had some discussion about this in PD social last week, I found this article interesting:
Read the full article here
Bitcoin: Does it really use more electricity than Ireland?
Can something which has no physical presence consume as much electricity as an entire country?
The internet has recently been awash with claims that the digital currency Bitcoin could be using more electricity than a number of developed nations. So Reality Check wants to know: how did they work it out, and is it true?
Although it has been around since 2009, the digital currency, or crypto-currency, has been dominating headlines across the globe recently thanks to its soaring value.
Unlike the notes or coins in your pocket, Bitcoin is not printed by governments or traditional banks and largely exists online.
Around 3,600 new bitcoins are created every day through a complex process known as "mining", where computers are rewarded with a bitcoin for processing mathematical equations through specialised software.
Except this isn't only a handful of computers processing these equations, but thousands of machines all over the world running day and night - that's a lot of electricity.
And as bitcoins increase in value, more and more machines are being plugged in and switched on by amateurs and professionals alike to mine them.
Given their digital nature, there's understandably been a growing curiosity about how much electricity is actually being used to produce bitcoins.
[...]
Bitcoin's current annual electricity consumption is estimated to be 32.56 terawatt hours (TWh).
This is how comparisons with entire countries are being made.
For example, data from Eurostat shows that in 2015, Denmark consumed 30.7 TWh of electricity and the Republic of Ireland consumed 25.07 TWh.
So if we are to use this measure, then yes, you could argue that the comparisons on Twitter are broadly correct.
Read the full article here
Here's an alternate way of looking at it.
Xorkoth
Bluelight Crew
Man crypto is still going crazy. Litecoin in particular. I'm wanting to dump maybe half of my bitcoin into an altcoin short-term and then sell off to get back into bitcoin for long-term. Trying to decide which one though. I want to watch them for a bit more first. Ethereum seems like maybe a good bet as it's steadily climbing, and is the #2 currency besides so is much more likely to be stable. 6 months ago I got burned by an altcoin where a pump and dump was going on (big money pumping up the price and then selling when everyone else has invested, tanking the price and screwing everyone over). So I'm trying to be a lot more cautious.
Long-term I want to hang on to bitcoin because I feel reasonably certain that after a likely correction, it will grow even more. But at the moment some of the altcoins and exploding, so it would be great to increase my total holdings more quickly in the short term.
Long-term I want to hang on to bitcoin because I feel reasonably certain that after a likely correction, it will grow even more. But at the moment some of the altcoins and exploding, so it would be great to increase my total holdings more quickly in the short term.
^ My bro has made almost 50% of his recent gains from Litecoin. He's up $10k now!
What I hope people are really learning from is the dot com boom though. Remember to BANK some of your gains along the way (esp you White_Rose, considering all your amazing gains!!!
) Nobody get too GREEDY - it's the undoing of every trader at some point. So many people I know hedged everything in 1999-2000 and got busted when it collapsed.
What I hope people are really learning from is the dot com boom though. Remember to BANK some of your gains along the way (esp you White_Rose, considering all your amazing gains!!!
) Nobody get too GREEDY - it's the undoing of every trader at some point. So many people I know hedged everything in 1999-2000 and got busted when it collapsed.Good video, thanks for posting!
Herbavore made a really astute observation in PD the other day as well. That although bitcoin does use lots of power, how much power does the fiat currency system use? Once you consider all the resources that go into producing it, circulating it, storing it, securing it, etc etc.
Thou
Bluelighter
If only we could have known. Whoops. Hindsight is always a cunt. 7 dollars my friend told me but he gave me a word with it. A word that instilled a the seew t deal of economic sense.
Someone telll me someone made some money? Also I don't like math anyone have the percentage of gains?
Someone telll me someone made some money? Also I don't like math anyone have the percentage of gains?
Xorkoth
Bluelight Crew
Oh some people made some insane money. Any Bluelighters? I don't know. I never held it long enough to gain much value but the last time I bought drugs with it it almost doubled between when I bought it and when it actually deposited into my wallet so I got quite a bit of free drugs.
My friend is an ex-Bluelighter, but he has invested about $8k of his money in in the last 6 months and is up to about $50k now. He day trades it, various cryptocurrencies, and he's caught a couple where it went to 4-5 times what he bought it for. He spends a lot of time on it but he's making a ton of money, which will only vastly increase with time since it's all about percentages.
My friend is an ex-Bluelighter, but he has invested about $8k of his money in in the last 6 months and is up to about $50k now. He day trades it, various cryptocurrencies, and he's caught a couple where it went to 4-5 times what he bought it for. He spends a lot of time on it but he's making a ton of money, which will only vastly increase with time since it's all about percentages.
malakaix
Bluelighter
- Joined
- Apr 12, 2008
- Messages
- 3,054
I got in on IOTA just before it surged a week or so ago.
I made about $1k from that but the market is whack. No one expected Litecoin to explode in value the way it did.. and the more I move coins around the more I lose money. I don't understand the market well enough to trade, the best course of action is to research the coin a lot beforehand and then invest and forget about it. Just ride out the lows and hold.
I made about $1k from that but the market is whack. No one expected Litecoin to explode in value the way it did.. and the more I move coins around the more I lose money. I don't understand the market well enough to trade, the best course of action is to research the coin a lot beforehand and then invest and forget about it. Just ride out the lows and hold.
Xorkoth
Bluelight Crew
I jumped into XRP (Ripple) coincidentally right before it made its current run, or well, in the middle of it, and I also jumped into Verge right before it went up. I'm still ahead of when I jumped in although they've gone down a bit, but my plan is medium-term with ripple. I have reason to believe it'll grow quite a bit in the next few months. I'm hanging onto Verge in case it blows up because it was so cheap when I bought in and I've got a lot of it. I meant to stay around 50% in BTC but I'm down to about 25% because I got too excited, but I'm planning to shift back to at least 50% BTC long-term. Over the past couple of weeks I've learned a lot, I've decided that trying to day trade cryptos isn't my game, too stressful and feels kinda like addiction, so I'm looking at more long-term investment strategies now. My friend has helped me a lot through us talking for hours about it, and I'm starting to learn how to learn for myself.
Bottom line, I'm still up about $300 from my initial investment even though I made some dumb split decisions and lost some of it, but I have a much more solid plan that is more diversified now and involves looking at it long-term rather than short-term. I'm looking at it as a way to make my savings, which I am not trying to spend anyway, grow at a faster rate than I could make it grow in other ways, but I'm trying to disengage from the instant gratification style of crypto hype that feels a little too much like gambling to me.
My plan after I get a little more capital and see some gains from ripple (hopefully) is to get more diversified and have holdings in Monero, Ethereum, BTC, maybe Dash, and we'll see where it goes from there. Might hang onto Ripple long-term too depending on how it goes, or sell in a few months if it looks like those gains could be better invested elsewhere.
Bottom line, I'm still up about $300 from my initial investment even though I made some dumb split decisions and lost some of it, but I have a much more solid plan that is more diversified now and involves looking at it long-term rather than short-term. I'm looking at it as a way to make my savings, which I am not trying to spend anyway, grow at a faster rate than I could make it grow in other ways, but I'm trying to disengage from the instant gratification style of crypto hype that feels a little too much like gambling to me.
My plan after I get a little more capital and see some gains from ripple (hopefully) is to get more diversified and have holdings in Monero, Ethereum, BTC, maybe Dash, and we'll see where it goes from there. Might hang onto Ripple long-term too depending on how it goes, or sell in a few months if it looks like those gains could be better invested elsewhere.
I have to agree with Xorkoth with regards to day trading, I just don't have the temperament for it.
Prices on my BTC are increasing still and I'm pretty much long term on that. I may take a small percentage of profit (3 BTC) when it reaches $20K USD.
I've been mining ETC since mid January and have held on to it as well, but when I have made 10 ETH I think I'm going to switch over to a different ALT Coin as far as mining is concerned. Not sure which one I'll go with yet, I have about 2.5 ETH to mine to reach my goal.
Prices on my BTC are increasing still and I'm pretty much long term on that. I may take a small percentage of profit (3 BTC) when it reaches $20K USD.
I've been mining ETC since mid January and have held on to it as well, but when I have made 10 ETH I think I'm going to switch over to a different ALT Coin as far as mining is concerned. Not sure which one I'll go with yet, I have about 2.5 ETH to mine to reach my goal.
Xorkoth
Bluelight Crew
What sort of setup do you have for mining? Is it at all feasible to do with a single above-average computer without any particular graphics card for all the times I'm not using it? Or do you have to get deeper in with equipment?
I have an open air "box" I built with 6 GPU's. It's not rocket science, bro. I'm pretty sure you can handle it. Let me know if you want me to "link you up" with some good references for technical details.
Xorkoth
Bluelight Crew
Yeah I'd be happy to get some more information.
This guy does a regular series of vids that will cover just about anything you want to know!
Glad to help another potential miner !
Xorkoth
Bluelight Crew
Thanks!
Nice link.
This was my brother's original set-up with 8 GPUs for Etherium. I think he's now doubled it and set it up in a cupboard with fans etc. It was quite expensive:
