Bitcoin - do you understand it

Out of interest, how many people here have actually sold any bitcoins?
 
MrDrizz said:
It it really lose value. Is it worth worth less then the prices you bought it at?
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yes 50% as i posted.. creeping back up now though
 
KIPAX said:
yes 50% as i posted.. creeping back up now though
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and back down again haha

I ahvent lost any money.. its the value of the coins . I own over 20 thousand coins (NOT bitcoins) and the value of them has dropped... i still own the same amount and I only lose money if i sell them now.. but i wont .. as Mark says above HODL :)
 
Rapscallion said:
Out of interest, how many people here have actually sold any bitcoins?
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Yep. Bought LTC back when it was $70, converted them to BTC and sold on LocalBitcoin. Which was painless and the buyer sent the money via bank transfer. Don't get me wrong I'm not talking mega bucks but I did triple my initial investment. Because LTC went from $70 to over $300, when I cashed out.
 
On the bright side..Gold is up and stable so thats good..... for me anyways? :)
 
bored out my head this week... today saw my TRON coins on the rise... So.. for the first time ever.... I decided to trade... Its quite a leap of faith.. was ooing and aaaing for ages..

Eventually sold half my coin stake while the price is the best its been fo about 6 weeks,, now hoping the price drops over next day or two or hr or two.. I will then use all the funds from the sale to re buy more coins and thus increase how many coins I ahve rather than withdraw money...if the price keeps going up then its backfired but the other half of my stake will benefit.. so we will see :)

I have never been a gambler as such.. dont even do the lottery.. but was bored so thought i would have a play...........however its stressy :)
 
So did anyone HODL ?

Bitcoin at an all time high .. Feb 2020 it was worth £3,300 a coin.. 10 mths later they are worth £14,200 a coin today...

If you didn't buy low you should be feeling sick about now... just like me :(

I trade with alt coins and currently own tezos XTC as its quite volatile and I like the buy sell short term.. you dont make money as sucn but you increase your stake.. .. No matter how low/high coins go you dont lose or make money until you cash out :)
 
KIPAX said:
So did anyone HODL ?

Bitcoin at an all time high .. Feb 2020 it was worth £3,300 a coin.. 10 mths later they are worth £14,200 a coin today...
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Still got mine, haven't touched it.
 
HODL-ing

I've put in £100 at end of 2017......... then since then been mining (just using NiceHash) on my old GTX 970 when there is excess solar. Now looks like I have around £200 in my wallets. The £100 is back to original value, the mining made about £100 over 2.5 summers. The card was purchased for £230, and sold for £75 after 5+ years of ownership. If that isn't excellent value, I don't know what is.

I also dabble altcoins in Binance with the original £100, the usual suspects ETH, Ripple, XLM, TRON, etc. Haven't touched them for ages.
 
KIPAX said:
So did anyone HODL ?

Bitcoin at an all time high .. Feb 2020 it was worth £3,300 a coin.. 10 mths later they are worth £14,200 a coin today...
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3 weeks later add another £3.5 thousand... currently over £17.5k per coin.. was over 18k a day or so ago.. your looking at nearly £15 thousand pound in 10 months added to its value... Makes you sick :( haha
 
KIPAX said:
3 weeks later add another £3.5 thousand... currently over £17.5k per coin.. was over 18k a day or so ago.. your looking at nearly £15 thousand pound in 10 months added to its value... Makes you sick :( haha
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I don't understand it at all but an acquaintance does, and he's made rather a lot of money in the last year ...
You only have to look at some of his ( outrageous) cars, and he's a pestie like me.
You never get rich on a pesties salary :D
 
TBH I didnt think it would happen. but today its topped 20 thousand uk pounds per coin ...
 
KIPAX said:
TBH I didnt think it would happen. but today its topped 20 thousand uk pounds per coin ...
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Nor did I. Still got mine. At the moment it's worth more than 60x what it cost me to mine in 2014.
 
$52,000 / £37,500 right now. Still got mine. I thought there'd be a reset after the new year and it would go back down for a while, seems I was completely wrong!
 
The market took a 20% nose dive yesterday, gained back 10% of it roughly...this is from a tweet and comment from the Treasury of the US and Elon saying Bitcoin is overpriced.

Scary stuff....but an opportunity to make money!
 
All money is, in effect, a confidence trick: "I'll exchange this piece of paper for that horse".

I was programming systems for trading financial derivatives at the beginning of the 1990s and one of the traders told me, over a pint of beer, that the whole thing was a scam; so I should grab my pay and get out before the bubble burst.

I was shocked. I thought traders only drank Whisky or Vodka! :naughty: :coat:
 
Not that long ago (few months) I decided to put all my eggs in one basket.. traded my bits and bats coins and bought Ethereum ... So glad I did... It just keeps rising and its said will match or pass bitcoin in 5-10 yrs...I am jt waiting to buy a decent ford transit connect as a day van ...then I am out :)
 
No, it's about 12.7mm in new...
 
" If you haven't got a penny, a ha'penny will do,
If you haven't got a ha'penny..."

...you don't collect obsolete coins. :coat:
 
KIPAX said:
Not that long ago (few months) I decided to put all my eggs in one basket.. traded my bits and bats coins and bought Ethereum ... So glad I did... It just keeps rising and its said will match or pass bitcoin in 5-10 yrs...I am jt waiting to buy a decent ford transit connect as a day van ...then I am out :)
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Good move that, ethereum seems to be gaining momentum. I also hold LINK, was buying at £5 a coin now they're £25+ each. It's good fun but I don't have too much money tied up.
 
T_J_G said:
Good move that, ethereum seems to be gaining momentum. I also hold LINK, was buying at £5 a coin now they're £25+ each. It's good fun but I don't have too much money tied up.
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All getting a bit scarey.. have doubled my money recently.. BUT its not money unless I sell... Do i risk losing what I ahve by holding on... or be greedy and see if I can get more..

hmm
#
well the answer is.. keep.. because I did what your supposed to do and only put in as much as i was prepared to lose ... eth has to halve itself just to gte back to my stake... so I should be OK not losing out... maybe double again :)
 
KIPAX said:
All getting a bit scarey.. have doubled my money recently.. BUT its not money unless I sell... Do i risk losing what I ahve by holding on... or be greedy and see if I can get more..

hmm
#
well the answer is.. keep.. because I did what your supposed to do and only put in as much as i was prepared to lose ... eth has to halve itself just to gte back to my stake... so I should be OK not losing out... maybe double again :)
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I think I’ve made 4x what I put in. I’ve got a figure in my head that is my withdrawal. Like you, I’ve not put in anything I can’t afford to lose.
 
If you like bit coins you should get into the next big thing before the market goes pop. I have a friend who does a very good line in tulip bulbs... :naughty:
 
Just HODL.

The £100 I put in at beginning of 2018, the last high point, plus mining by my old gtx 970 graphics card is worth over £800 right now. I'm holding with that just to see where it all goes.

So far, I've cashed out £150 worth of mining profit done on my 2080 Ti, with another £50 in the wallet. All solar powered mining, so no electricity cost. The card itself costed £500 in September on a 12 month 0% payment plan. It will probably pay for itself by late summer. After paying for the card, I plan to HODL on rest of the mining profit.
 
wyx087 said:
Just HODL.

The £100 I put in at beginning of 2018, the last high point, plus mining by my old gtx 970 graphics card is worth over £800 right now. I'm holding with that just to see where it all goes.

So far, I've cashed out £150 worth of mining profit done on my 2080 Ti, with another £50 in the wallet. All solar powered mining, so no electricity cost. The card itself costed £500 in September on a 12 month 0% payment plan. It will probably pay for itself by late summer. After paying for the card, I plan to HODL on rest of the mining profit.
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Could you have used the solar electricity to reduce your home electric costs?
What is the amount of energy that these mining computers use?
 
I neither understand nor trust it.
However as a risky gamble it seems to make good returns..
like all gambles, neve put in more than you can afford to lose.
and regularly cream off profits. and only leave in the original stake plus no more than 50% of the profit.
That way the risk remains proportionate.
At some point in the future its value must become stable, when there are no more to be mined. however it will still increase in value through rarity and inflation.

what I understand even less is that there are numerous flavours of Bitcoin. all doing the same thing but with different "Owners"
 
Rapscallion said:
Could you have used the solar electricity to reduce your home electric costs?
What is the amount of energy that these mining computers use?
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It already greatly reduces home electric cost.. But most of the time, home use around 300w (with WFH) whereas solar produce 400-1800w, depend on amount of cloud cover. It's not quite enough to cover 3kW big appliances :( I really need home battery to minimise exporting and allow big appliances to be solar powered.

My gaming computer uses around 210w when mining at optimum power setting of 150w GPU power. I have wrote a simple C program to dynamically adjust the GPU power usage based on excess solar production, I have set a range of 100w to 180w, if import increases to above 20w at minimum power setting, it will automatically stop mining and then turn off if importing continues. Also it won't power on after 4pm because grid carbon intensity increases during the evening peak period.

Essentially reduces my export. For which I'm not getting paid. So it gives a LOT better return-on-investment for my solar panels and GPU.
 
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wyx087 said:
It already greatly reduces home electric cost.. But most of the time, home use around 300w (with WFH) whereas solar produce 400-1800w, depend on amount of cloud cover. It's not quite enough to cover 3kW big appliances :( I really need home battery to minimise exporting and allow big appliances to be solar powered.

My gaming computer uses around 210w when mining at optimum power setting of 150w GPU power. I have wrote a simple C program to dynamically adjust the GPU power usage based on excess solar production, I have set a range of 100w to 180w, if import increases to above 20w at minimum power setting, it will automatically stop mining and then turn off if importing continues. Also it won't power on after 4pm because grid carbon intensity increases during the evening peak period.

Essentially reduces my export. For which I'm not getting paid. So it gives a LOT better return-on-investment for my solar panels and GPU.
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Thats a lot of electricity that is being used around the world for mining!
How much mining is needed to ensure the ledger is accurate?
 
Rapscallion said:
Thats a lot of electricity that is being used around the world for mining!
How much mining is needed to ensure the ledger is accurate?
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Indeed.
My understanding is that for Bitcoin and similar, as difficulty increases, more computing power is needed. Though I may be confusing mining payout with ledger updates.

More importantly, during this crypto-boom, a lot of dedicated mining operations were setup. To feed this new load, fossil fuel were used in many instances, especially in the far east.
But on the other hand, pro-crypto people say that to facilitate existing Visa/Master/Amex/etc transactions, more energy is used.
However, inefficient crypto like Bitcoin would use MORE energy to facilitate similar level of transaction volume.
Personally, I think mining is great as long as it's done during excess period of renewable production. This lessens the requirement for storage while increases renewable installations.

In my view, we are still very early days with cryptocurrency. Decentralised transactions is the future of transactions crossing gov boundaries, but just not using the current top cryptocurrencies that are typically build as digital gold (BTC) or hobby mining (ETH).
 
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Terrywoodenpic said:
I neither understand nor trust it.
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I'm pretty sure I understand and I definitely don't trust it. I wouldn't mind people playing their games with it but when the bubble bursts, the people who will be harmed will not be the people who bought into this scam. :banghead:
 
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People have been saying the bubble will burst for years.. yet still the prices rise... I guess one day in the future they will be right and then they can say they told us so... until then..enjoying the ride and making money while the doomsayers wait to be right :)
 
Terrywoodenpic said:
Gold is not an investment, at best it keeps up with inflation. so it is more a safe haven than an investment..
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Well it can be... Gold prices change dramatically depending on what happens in the world.. I made quite a profit through brexit as gold rocketed... i could have made an even bigger profit had i hung on for covid :~(
 
KIPAX said:
Well it can be... Gold prices change dramatically depending on what happens in the world.. I made quite a profit through brexit as gold rocketed... i could have made an even bigger profit had i hung on for covid :~(
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That is just playing the market. In the long term it keeps pace with world inflation.
 
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