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Breaky Bitcoin Blues

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I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.

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Aongus Von Bismarck

The Tetrarch wrote: »

Before the great Wall Street crash on 1929 one investor realised it was time to sell up when the shoe-shine boy on the way to work gave him share tips while shining his shoes.

Funny you should mention this. It was a very similar situation which led me to offload the crypto I had in November.

A particularly grungy looking IT worker in our place was in my office installing a new dual monitor for me. A very unkempt member of staff who wouldn't be known for his great wit or mental prowess. You know the type, in to metal music, greasy goatee, hobbies include flying drones and uploading the footage to YouTube. Anyway, I saw he was checking the price of bitcoin. I was quite taken aback as I reckoned the last time this chap had been involved in finance was when he was collecting the German equivalent of Sammy squirrel saving stamps.

He told me how he was going to get out of this "rat race", how he was now a crypto day trader, how his coins were going to moon and he was going to be driving a lambo. The idiot actually tried to mock Herr Bismarcks beamer as being below him.

It was at that moment I decided to immediately sell me bitcoin. I've outlined in my last post what I spent my modest profit on.

Needless to say, Torben, the slouched shouldered IT grunt still scrambles under my desk to fix the cables or whatever it is those IT gargoyles do for a living.

dotsman

Aongus Von Bismarck wrote: »

It was at that moment I decided to immediately sell me bitcoin.

Oh no, Aongus!

Please tell me you haven't accidentally revealed your true self to be an uncouth, uneducated, lower class bogger!!!:eek::eek::eek:

who what when

dotsman wrote: »

Oh no, Aongus!

Please tell me you haven't accidentally revealed your true self to be an uncouth, uneducated, lower class bogger!!!:eek::eek::eek:

Complete with bootcut jeans and red face!

Irish Kings

Aongus Von Bismarck wrote: »

The idiot actually tried to mock Herr Bismarcks beamer as being below him.

I'm not surprised they are as common as a Dacia in Germany.

JJJJNR

Aongus Von Bismarck wrote: »

The idiot actually tried to mock Herr Bismarcks beamer as being below him.

.

how many depreciating assets are you sitting on now, paintings, holiday homes, beemers,

Nice guy

xi5yvm0owc1s2b

seamus wrote: »

Inflation-adjusted, it's 5-10% down on September 2013 and hasn't been recovering in any way in that time, just slowly trickling downward.

I don't think you know what you're talking about when you claim that the value of gold "hasn't been recovering in any way" in the past five years. Between December 2015 and July 2016, the price of gold rose from $1,069 to $1,360, which is a 27% increase. Something that goes up 27% in seven months isn't "slowly trickling downward."

The price of gold was also higher in April 2018 than it was in September 2013.

This is just a correction on the major gold bubble that existed in the wake of the financial crisis.

The major correction in gold prices happened between September 2012 and July 2013. Not over the past five years.

JohnnyFlash

http://pngicentral.org/reports/govt-to-cede-sovereignty-in-cryptocurrency-gamble

Yet more news from the bizarre world of cryptocurrencies. The desperate Government of Papua New Guinea have decided to create a Special Economic Zone in the country/ This will be governed, managed and operated by a US crypto start-up. They will have the authority to issue passports, try people before courts, and basically operate as a semi-autonomous country.

The company is called Ledger Atlas, with the atlas being a nod to one of the unreadable works of libertarian oddball, Ayn Rand. The links between crypto and libertarian extremism are well documented.

https://www.amazon.co.uk/Politics-Bitcoin-Right-Wing-Extremism-Forerunners/dp/1517901804

I’m conflicted here. We should be appalled, if not surprised , that this is taking place. These repugnant and morally vacuous crypto vultures swooped in on Puerto Rico following the hurricane, and attempted to establish some sort of crypto haven for the criminals and chancers who made money during the bubble. Thankfully the people of PR have started to recognise that nothing good can come from having these creeps on their island. Venezuela is also overran with them. But it would be good for humanity if all these libertarians decided to move to PNG and operate their own little individualist John Galt style ‘paradise’.

The J Stands for Jay

RIGOLO wrote: »

And if you believe all of that , then you probably havent been paying attention to the financial markets for the short but brief history of this millenium ....

In 2003, I started investing. In 2008, I needed somewhere to live, so I cashed in and my profits helped towards a deposit on an apartment. I suffered a bit with the fall in value of the apartment, but that was ok, I was living in it.

I started investing again on 2009. I needed a bigger place, and in 2016 cashed in and again the investing profits helped out with a deposit on a house.

Not sure how my experience of this millenium's markets ties in with your statement.

RIGOLO

McGaggs wrote: »

RIGOLO wrote: »

And if you believe all of that , then you probably havent been paying attention to the financial markets for the short but brief history of this millenium ....

In 2003, I started investing. In 2008, I needed somewhere to live, so I cashed in and my profits helped towards a deposit on an apartment. I suffered a bit with the fall in value of the apartment, but that was ok, I was living in it.

I started investing again on 2009. I needed a bigger place, and in 2016 cashed in and again the investing profits helped out with a deposit on a house.

Not sure how my experience of this millenium's markets ties in with your statement.

Im not sure how your post , ties into my statement...

[Deleted User]

Its gonna worth loads. I know which yacht I'm gonna be buying.

https://www.ccn.com/crypto-market-cap-to-hit-80-trillion-in-15-years-bitcoin-bull-tim-draper/?utm_source=hodler

JohnnyFlash

Bad news emerging in the world of crypto today. Proof of work just isn’t working. Morally repugnant as well.

Woke Hogan

JohnnyFlash wrote: »

Bad news emerging in the world of crypto today. Proof of work just isn’t working. Morally repugnant as well.

What are you referring to?

seamus

Bitcoin (in fact all coins) on a sharp downward slide since last week, heaviest losses started over the weekend and are still dropping.

If you bought into Bitcoin in the last 12 months, you are now running at a loss.

What's worse is that nobody really knows why.

Sell now, get out while you can.

kerplun k

seamus wrote: »

Bitcoin (in fact all coins) on a sharp downward slide since last week, heaviest losses started over the weekend and are still dropping.

If you bought into Bitcoin in the last 12 months, you are now running at a loss.

What's worse is that nobody really knows why.

Sell now, get out while you can.

Eh, yeah they do. Hash Wars

Bob Harris

seamus wrote: »

Bitcoin (in fact all coins) on a sharp downward slide since last week, heaviest losses started over the weekend and are still dropping.

If you bought into Bitcoin in the last 12 months, you are now running at a loss.

What's worse is that nobody really knows why.

Sell now, get out while you can.

Crazy talk...buy the dip!

Feisar

Trasna1 wrote: »

For most of history gold had SFA utility, it became a store of value because it was rare, non degrading and impossible to counterfeit. It's only relatively recently that gold had gotten some industrial uses, and it's not industrial uses that drive gold prices.

The value of something is down entirely to the value people place on it, whether that be a stock, crypto coin, gold or painting.

Nothing is intrinsically valuable

Water, food and shelter are valuable, beyond that you are right, it's all in our heads.

Moonjet

seamus wrote: »

Sell now, get out while you can.

People were saying the same thing when the price crashed 80% from $1,000 in 2013 to lows of $200 in 2015. Locking in losses is one sure fire way to go broke.

JohnnyFlash

Capitulation over the past few days. Lots of desperate bag holders trying to sell their coins but no one willing to buy them. Mining is profitable for no one at these prices.

The price of bitcoin and other currencies will continue to collapse toward their true value - 0.

It’s a complete shîtshow. Using more electricity than the island of Ireland just so lads can gamble on the price of records in a really slow database. Movies will be made about this madness

Moonjet

JohnnyFlash wrote: »

Capitulation over the past few days. Lots of desperate bag holders trying to sell their coins but no one willing to buy them. Mining is profitable for no one at these prices.

The price of bitcoin and other currencies will continue to collapse toward their true value - 0.

It’s a complete shîtshow. Using more electricity than the island of Ireland just so lads can gamble on the price of records in a really slow database. Movies will be made about this madness

I agree that the price of cryptocurrencies is heavily driven by speculation and people trying to get rich quick, but to see absolutely no value or future in the blockchain/proof of work technology (and even a deflationary currency model) is plain ignorance on the subject. If you want to see a real '****show', research what's going on with Venezuela's currency at the moment.

seamus

Moonjet wrote: »

People were saying the same thing when the price crashed 80% from $1,000 in 2013 to lows of $200 in 2015. Locking in losses is one sure fire way to go broke.

Yeah, that was a different environment though. Cryptocurrency was quite unknown outside the dark web and cutting edge tech communities. Its value was driven by criminal use rather than speculation, and the FBI gaining the upper hand on the dark web played a significant part in its utility being undermined. Hence the drop in price.

BTC still had potential as a currency at that point.

Nvidia have seen a large correction in their share price because the value of mining BTC is outstripping the cost of the hardware and the electricity to do it. Mining BTC will never get cheaper.

BTC is dead. It has no future.

Other cryptocurrencies have taken a hit because speculators are mostly idiots who don't understand what they're buying, so in their minds, if BTC is dying, then all crypto must be bust.

This is not ture, but the ability of currencies to hard fork and effectively double supply at the drop of a hat, is not a good thing for crypto's long-term viability.

The concept is still in such flux and infancy at the moment that pouring any serious amount of investment into it will get you burned in the long run.

valoren

JohnnyFlash wrote: »

Capitulation over the past few days. Lots of desperate bag holders trying to sell their coins but no one willing to buy them. Mining is profitable for no one at these prices.

The price of bitcoin and other currencies will continue to collapse toward their true value - 0.

It’s a complete shîtshow. Using more electricity than the island of Ireland just so lads can gamble on the price of records in a really slow database. Movies will be made about this madness

Now that's what you call investing!

BeerWolf

I used to have a fair amount of bitcoins way back when they were worthless...

Had I kept them it'd have been worth €3+million...

Such is life.

*Cries in a corner*

two wheels good

If the pointless and excessive energy consumption of mining is reduced that will be a welcome benefit.

grindle

kerplun k wrote: »

Eh, yeah they do. Hash Wars

CorREKT.

This is what happens when hundreds of millions of dollars are needed to keep forked chains afloat. This is the most fun I've had all year, the despair is hilarious!

Standman

Need advice guys - if I spent €40k on bitcoin last week, how much would it be worth now? The wife is concerned.

[Deleted User]

seamus wrote: »

Bitcoin (in fact all coins) on a sharp downward slide since last week, heaviest losses started over the weekend and are still dropping.

If you bought into Bitcoin in the last 12 months, you are now running at a loss.

What's worse is that nobody really knows why.

Sell now, get out while you can.

Sell and realise a load of losses? No thanks. Much rather ride it out and wait for the recovery no matter how long it takes.

grindle

Standman wrote: »

Need advice guys - if I spent €40k on bitcoin last week, how much would it be worth now? The wife is concerned.

That depends on day, hour, minute, second...
Presuming you bought while it was ~$6300 that'd give you about 7.25BTC. Must've been a fair price to you at the time to spend €40k on it!
You're in luck! This week that 7.25BTC is still worth 7.25BTC.

grindle

Donovan Shapely Adventurer wrote: »

Sell and realise a load of losses? No thanks. Much rather ride it out and wait for the recovery no matter how long it takes.

If the spread is good you can solidify a hefty fiat loss to use against any possible gains. Would recommend doing this.

kerplun k

Em, your wife is probably right to be bit worried.
I'm not qualified to give advice, but here is what I would do.

You bought at around €5.5k, and it’s now worth about €3.8k, so you've just lost about 30% of your investment, which is about 12k. Welcome to the world of crypto.

One thing I am sure off, if you wait long enough, the value will bounce back to the same point you entered. The big question is when...
Estimates are putting the current drama to run as late as Q2 2019. If you’re in no big rush, I'd wait it out, and take your money back immediately when you reach your point of entry, and never invest in any crypto again.

If you need the money back now, I'd give it another couple of days and buy back either now, or at something a bit nearer to 5k (this may not even happen, and might go even lower), accept the hit, and same as advice as above, never invest in crypo again. Take your money, and go speak to a financial adviser, let a professional handle your investment.

I hope you’re okay, because that is a lot of money to invest.

EDIT
Sorry, I messed up some calculations in my earlier post.

seamus

Donovan Shapely Adventurer wrote: »

Sell and realise a load of losses? No thanks. Much rather ride it out and wait for the recovery no matter how long it takes.

BTC is not going to recover. It will revert to its historical normal value, i.e. zero.