Bitcoin noob, predictions?

[Anonymous 38]

I’ve just invested a modest amount in bitcoin and ethereum, having become quite interested in the technology and of course, the potential to make a few quid in years to come.

There appear to be as many people saying it’ll be worthless as there are saying it’ll continue to rise, some even saying 100, 500k, 1m. So with this, and with me not being experienced in investment nor in tech, I have no idea which way it’ll go. I read somewhere never to invest more than you can afford to lose, and that’s what I’ve done. I feel it’s worth a long-term punt. I have one bitcoin and a handful of ethereum as well as some litecoin.

Some very high-profile people in the tech and business world seem to think it’s going to become very big. The skeptic in me thinks they have vested interests in saying that, however.

What do you guys think? Some are convinced ethereum is gonna be the new technology of the internet, some say BTC will become ever more valuable as we near an economic or general SHTF scenario. Which for me, seems more certain every day. [Or is this sense a natural occurrence as a man gets older and more pessimistic.. I notice that in myself.]

Also, for any cryptocurrency investors out there, do you highly recommend saving the currency to a USB/hardware wallet, rather than keeping online? I’m up for doing this, of course it’ll be an added worry not wanting to ever lose the wallet.

Cheers fellas.

[Anonymous 6]

It’s not backed up by anything. The best time to get in on it was when it first came out. But it’s in a bubble right now, and i would rather not invest in it and keep my money, than to put money in it, make a quick buck and then the bubble pops and the stock falls.

[CarnageParticipant 22113]

It went up from 900 to 5000 in four months.

Now to 3000 in 3 days.

China deemed it as ilegal not valuable (becouse the investors where getting their money out of China using it)

The EU IS SUPOSED to have a gathering to ban bitcoin. Japan uses it, but if china and Europe stop using it basically half the planet don’t want it.

It’s value can drop to cero, becouse what value does it has if it is money you can’t use in half the planet?

My opinion? They are using BTC to manipulate.

I don’t like bitcoin, because no one is responsible for it, And no one knows what bitcoin really is.

To those following me, be careful, I just farted. Men those beans are killers.

[IRuleMeParticipant]

Carnage wrote:

It went up from 900 to 5000 in four months.

Now to 3000 in 3 days.

China deemed it as ilegal not valuable (becouse the investors where getting their money out of China using it)

The EU IS SUPOSED to have a gathering to ban bitcoin. Japan uses it, but if china and Europe stop using it basically half the planet don’t want it.

It’s value can drop to cero, becouse what value does it has if it is money you can’t use in half the planet?

My opinion? They are using BTC to manipulate.

I don’t like bitcoin, because no one is responsible for it, And no one knows what bitcoin really is.

And it’s value was artificially farmed on computers. It’s not a tangible currency. It’s like placing value on credit cards (which are essentially plastic IOU’s).

[KeymasterKeymaster]

If you like Ethereum and have the stomach for it, it was $205 this morning and is $260 now. Thats’ 30% in hours. It also spiked to near $400 (twice) and sank down to $200-ish (twice) in the last 4 months.

If you buy down the big swings (instead of day trading) you can scoop some serious gains (or more coins)… but in my opinion, it’s going $400+ again. “FOR SURE”. ( Just don’t quote me because I don’t know s~~~ )

So you can also buy and hold with intent to SELL HALF when and if it doubles. Take your original money out, and let the rest ride. That’s like free holdings. If you think it’s going to $1000 or even $5000 in 5 years…. you can just wait for the price to go high enough to “force” you to sell.

Just don’t be greedy, and don’t get scared either.
Fear rules the market.

A few days ago , some dickstain at JP Morgan hammered Bitcoin and received some serious backlash for it. And WHY?? Probably because he wanted it cheaper for himself. Thats’ how market shorts work and a lot of people know it. This is to scare you out of your shares. They did the same when yelling “SELL APPLE AT $100!!!” back in 2009.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[KeymasterKeymaster]

As far as “predictions” are concerned, I won’t make one, but I’m pretty confident Ethereum will double before 2020. And that’s extremely conservative, IMO. It could even touch $500 before Christmas or even Thanksgiving 2017.

So if you agree, what’s wrong with buying some . . . . selling half when it doubles . . . and letting the rest ride? Even if it takes a hit again after that and dips sigificantly, you can use your “original money” to scoop up more on the cheap while it’s down there.

It’s a good strategy.

JUST DON’T LISTEN TO ANYBODY ELSE.
( especially me )

—

Remember –>> less than one million people in the world hold some bitcoin. So based on that alone, I think it could be the best (or worst) investment opportunity of the next decade. The potential upside is astronomical.

If a mere 100 million people in the world wanted to f~~~ JP Morgan dickstain . . . they could take $10K out of their Chase bank accounts and each buy almost 3 bitcoins with it today.

No wait!! That’s not possible…. because there will only ever be 21 million bitcoins worldwide.

( are you following here???? )

How much do you think Mr, JP Morgan would pay for your bitcoin then?
On that day, he’ll know it’s not a “fraud”.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[KevinStylesParticipant 2580]

It’s a little used/known about currency so it’s very high risk. Bitcoin is starting to gain some public awareness though, there are point of sale terminals now accepting BTC as a payment option so you see it in some stores and slowly coming out of the shadows into the public eye.

And lately with a few big public busts of illegal websites , it’s gaining more government awareness which means it’ll get regulated or banned on a country by country basis.

So it’s really high risk with wild swings up and down. If i were to invest in it, it would only be on a short term basis, make some money and get out.

I”m actually more interested in the technology to build a BTC mining operation than I am just putting in a cash investment.

[KeymasterKeymaster]

KevinStyles wrote:

I”m actually more interested in the technology to build a BTC mining operation than I am just putting in a cash investment.

I would be interested to know more about that. I have just started reading on it but I haven’t found a good “noobs” explanation of bitcoin mining in simple f~~~ing English. What bitcoin is is clear. The part about mining it yourself is unclear. Mind you, I haven’t really put the time in to understand it.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[MarketWatcherParticipant]

Keymaster wrote:

No wait!! That’s not possible…. because there will only ever be 21 million bitcoins worldwide.
( are you following here???? )

Yes, I see what you are saying, but there is no liquidity there. A limited supply is good and drives up the ask, but it also limits the number of bidders making it hard to price.

[KeymasterKeymaster]

MarketWatcher wrote:

Yes, I see what you are saying, but there is no liquidity there. A limited supply is good and drives up price, but it also limits the number of bidders making it hard to price.

Glad you chimed in because I was going to ask you about your take on this eventually.

$10K per for each 100M people – out of 7 billion and all the wealth in the world – and what’s the price per coin now?

If you keep doing what you've always done... you're gonna keep getting what you always got.

[DarkRyuParticipant 2354]

I’m a computer repair technician and own a computer store. I’ve built quite a few mining rigs. Ethereum has been really big lately. Just built a $5,700 rig with 7x GTX1080 graphics cards. The guy should break even in about 8 months at current price levels. It’s not something I want to personally get into, but if I had to get into it, I would definitely build my own rigs because if one type of crypto sinks you can always mine something else. Or if the entire thing goes t~~~ up, you can at least sell the hardware to help cover your losses. If you just buy the coins and it all goes south, you might as well have flushed it down the toilet.

I have one client that had me build 47 rigs at nearly $5,000 apiece. Nearly a quarter of a f~~~ing million dollars invested in that s~~~. But he’s making over $35,000/month in profit now that he’s broken even. I wish I would have built a bunch of my own rigs when he built his. But it’s a risk any time you do it. I could be kicking myself by this time next year that I didn’t build 50 of my own rigs and start mining the s~~~ out of that stuff. Or I could be very thankful because the entire cryptocurrency market might collapse. It’s a gamble, and I’m not a gambler. I’d much rather have other people pay me to build the rigs.

[MarketWatcherParticipant]

Keymaster wrote:

$10K per for each 100M people – out of 7 billion and all the wealth in the world – and what’s the price per coin now?

Correct. Because we will have so many bidders and much more liquidity. It can also be traded in very small increments. However, right now the “spread” is too high and liquidity /ability to get out fast/ is far too low.

http://bitcointicker.co/

Look at the volume and the difference between the bid and ask. /on the right side of the site/

[mystoryParticipant 370]

I can’t see it collapsing. Hasn’t happened yet. It’s barely begun receiving its inevitable critical acclaim, and people have anticipated “collapse” since day one. The only way it can go down is with the power grid or if somebody stole the master key.
Whilst safer to mine, the beauty of investing is the risk. Can you call it a gamble when the outcome rather predictable? I think not. Check out tenX (ticker name: PAY) & Monaco as examples of ways that crypto is going mainstream, organically. Soon I will know how it feels to buy a pizza with BTC. There’s my prediction

I don't need a legacy.. I don't need a monument.

[KevinStylesParticipant 2580]

Keymaster wrote:

KevinStyles wrote:

I”m actually more interested in the technology to build a BTC mining operation than I am just putting in a cash investment.

I would be interested to know more about that. I have just started reading on it but I haven’t found a good “noobs” explanation of bitcoin mining in simple f~~~ing English. What bitcoin is is clear. The part about mining it yourself is unclear. Mind you, I haven’t really put the time in to understand it.

At a very basic level Mining a bit coin is using a PC to solve a complex algorithm. So speed is the secret sauce here to making money. PC CPUs are inferior for doing the solutions at this point. So people started using GPUs but those too are relatively inefficient as well at this point and need a ton of power and generate a ton of heat. These days ASIC chips are used and they’re specifically designed to mine bitcoins, they are by far the fastest chips for doing this kind of math grinding and don’t require a lot of power to do it making it cheaper to mine. But these ASIC boxes are only good for one thing and that’s mining BTC where as if you built a monster GPU rig you could at least re-use that tech for something else.

Here’s a good website if you’re interested in knowing more
https://www.bitcoinmining.com/

[DarkRyuParticipant 2354]

mystory wrote:

I can’t see it collapsing. Hasn’t happened yet. It’s barely begun receiving its inevitable critical acclaim, and people have anticipated “collapse” since day one.

It won’t collapse organically. Governments will simply make it illegal because it takes power away from banks and the governments themselves. China just did this, and Bitcoin absolutely TANKED. Getting in on this crypo bulls~~~ is betting against the government and I’m sorry – the government ALWAYS wins eventually. Now that cryptos are really in the spotlight, it’s only a matter of time before the great crackdown happens. Governments will use the excuse of terrorism or other BS to justify making it illegal and the only ones left still using it WILL be criminals and terrorists and if you’re caught buying/selling cryptos you’ll be arrested. No thanks.

[mystoryParticipant 370]

Like KM Says, they’ll just want a piece of the pie. The government is inorganic, yet comprised of humans (for the most part), and humans like money/freedom from regs. Making cryptos illegal would result in the greatest robbery humanity has ever witnessed. I can see the price dropping in such a case. I can also see lots of vindictive rich people

I don't need a legacy.. I don't need a monument.

[NerdTunnelerParticipant]

So…when AI crashes everything?

I remember the film Company men where people are more interested in stock market prices and virtual gains instead of building good physical products..Its why Germany has a strong economy despite being a small country…

Something I saw on youtube…Mind the music, it gets loud compared to the narration…

I stand with feet apart and let my balls hang free...Manginas dont have balls...See how they stand and sit at the whim of their masters...

[shaunozParticipant 512]

I have worked with bitcoin since 2013.

Before 2017 I used to say that it would keep going up — $20k, 40k maybe even to $100k per bitcoin… My reasons were: (1) look at the usage graph ( i.e transactions per day ) it is just a steady upward slope. Combine that with (2) “scarcity” – only 21 million can ever exist , and (3) it actually has some useful purpose (unlike a tulip) e.g. transmitting and storing money peer-to-peer without banks, governments or fees…

I sold out all mine at $A6000 ($US4800).

I now think – it probably will crash back to under $1000, and stay there indefintely. My reasoning is – ALL THE OTHER ALT COINS HAVE CHANGED THE ENVIRONMENT. More alt-coins (eth, dash, ripple, zcash, lite, monero, ..) are being created each day, and many of them can have an infinte number. Any of these coins can be used to transmit money (point 3 above), so don’t need Bitcoin for that. It means that while there is “bitcoin scarcity” it doesn’t really count, can just use a different coin, so there is no actual “scarcity” (point 2)….

Summary – given the existence of all these other ALT-COINS, the value of Bitcoin seems like a bubble waiting to deflate.

[KeymasterKeymaster]

…. aaaaaaand here it is.

Exactly as I mentioned above, JP Morgan bashes bitcoin to try and buy it cheaper – and does.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[Anonymous 38]

Keymaster wrote:

So you can also buy and hold with intent to SELL HALF when and if it doubles. Take your original money out, and let the rest ride. That’s like free holdings. If you think it’s going to $1000 or even $5000 in 5 years…. you can just wait for the price to go high enough to “force” you to sell.

I like this idea a lot.

I notice some countries are pushing for crypto to become official currency (Japan, Australia). These are advanced countries (at least in some sense, lol).

The bottom line is I’m willing to lose five grand for the chance of gaining more, possibly much more. People spend five grand on holidays and car deposits.. f~~~ that I holiday cheap and don’t own a car. I came from nothing and if I end up with nothing I still broke even.

[Author]

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