BITCOIN as an alternative to regular currency

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Orixian
Posts: 49
Joined: Sun Sep 06, 2015 12:36 am

Sat Aug 05, 2017 11:39 am

megarain wrote:
Tue Aug 01, 2017 9:43 am
This was a pretty interesting podcast.

http://po.st/IPdn2N via @po_st

I am intrigued etc, and tried to open some Bitcoin betting sites, but, it mainly says its forbidden in this jurisdiction (Uk).

Does anyone here, have a bitcoin betting account, they use, actively ?
That was an excellent podcast thanks for that.

I don't have a bitcoin betting account but I have been looking into crytocurrencies for betting and trying to imagine what the future could hold. Ill make a separate post on it when I get the time.
Last edited by Orixian on Sat Aug 05, 2017 12:19 pm, edited 1 time in total.

Orixian
Posts: 49
Joined: Sun Sep 06, 2015 12:36 am

Sat Aug 05, 2017 12:08 pm

Euler wrote:
Tue Aug 01, 2017 8:28 am
Bitcoin rebels risk 'currency trading chaos'

A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency on Tuesday.

http://www.bbc.co.uk/news/technology-40779767
Well this just goes to show the incredibly unpredictable nature of the cryptocurrency market at the moment. The specific fork that just occurred between bitcoin and the new bitcoin cash wasn't even on the cards a week ago when were talking about potential forks. Apparently a section of miners decided to increase the block size from 2mb to 8mb. This means the transactions would speed up but apparently would cause security issues and mean that the cryptocurrency would become more centralised as storing 8mb blocks requires more equipment than 2mb blocks so smaller players are frozen out of the network as costs for maintaining it increase. This isn't good for security reasons, more decentralisation is always best.

The split is essentially the same as a spin off in the world of stocks and shares. Each BTC holder received Bit coin cash at a ratio of 1:1 and theoretically the price of both added together equalled the price of the BTC prior to the split. The pump that occurred in the Bit coin cash to circa 700$ was apparently due to people storing their bitcoin in wallets and exchanges that didn't acknowledge the split and didn't give BTC holders their bit coin cash. Coinbase (one of the largest exchanges)didn't acknowledge the split. As such the supply was limited and demand went through the roof. The price spike isn't thought to be a reflection on utility of the coin from what I'm reading.

I would have thought this would have been a disaster but it appears the segwit2 proposal is still due to take place for bitcoin on august the 8th and as such transaction times will come down to the point where it can finally be a currency. The price has rallied strongly to a new all time high today as a result. I wouldn't say its worth buying bitcoin at the moment given your a 5k price tag over the next year or two is what people are talking about. Even at 10k price tag your not getting enough of a payout given the probability of it getting there.

I would consider buying some of the alt currencies though. As I have said if BTC does boom the mania phase of people looking for "the next bitcoin" will send all coins even further upwards even though the majority are overvalued as it is. I think that trying to identify coins with utility that arguably represent value is a good idea but as everything has gone up ,regardless of utility, over the last few months its clear that you may as well put names of coins on a dart board and select the ones your darts hit.

sora
Posts: 6
Joined: Tue Dec 08, 2015 3:57 pm

Tue Aug 08, 2017 6:08 pm

I trade crypto so was excited to discover this thread!

The Bitcoin Cash split was probably good for the long-term health of bitcoin. It could have fragmented into multiple smaller coins (Bitcoin, BIP148, Bitcoin Cash and new POW) but most of the hash power and support is still in one coin. There is however still a risk of another chain split when the "2X" part of Segwit2X takes place in November.

Orixian
Posts: 49
Joined: Sun Sep 06, 2015 12:36 am

Wed Aug 09, 2017 12:04 pm

sora wrote:
Tue Aug 08, 2017 6:08 pm
I trade crypto so was excited to discover this thread!

The Bitcoin Cash split was probably good for the long-term health of bitcoin. It could have fragmented into multiple smaller coins (Bitcoin, BIP148, Bitcoin Cash and new POW) but most of the hash power and support is still in one coin. There is however still a risk of another chain split when the "2X" part of Segwit2X takes place in November.
Yea I read about the other chain split risk today. From Bitcoin Core apparently. I don't think the market cares any more. If we get a crypto with bitcoin in its name that actually serves as a currency then that will be the main player.

mcfc1981
Posts: 310
Joined: Tue Oct 27, 2009 11:54 pm

Wed Aug 09, 2017 5:53 pm

where is the best place to buy bitcoins?
found coinbase a waste of time

sora
Posts: 6
Joined: Tue Dec 08, 2015 3:57 pm

Wed Aug 09, 2017 8:00 pm

mcfc1981 wrote:
Wed Aug 09, 2017 5:53 pm
where is the best place to buy bitcoins?
found coinbase a waste of time
Exchanges tend to be the cheapest places to buy bitcoin. Coinfloor is the the most liquid GBP exchange. If you have an EUR bank account then there are more options like Bitstamp, Kraken, GDAX.

There are also other options like bittylicious (high fees) and localbitcoins (p2p), but I haven't tried those.

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megarain
Posts: 513
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Location: megarainuk.blogspot.com

Mon Aug 14, 2017 12:28 pm

I cant take it anymore .. $600 a yr ago, to $4200.

Have opened a spread bet, to the sell side.

($10 bid/ask spread on Igindex)

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ruthlessimon
Posts: 500
Joined: Wed Mar 23, 2016 3:54 pm

Mon Aug 14, 2017 4:50 pm

megarain wrote:
Mon Aug 14, 2017 12:28 pm
I cant take it anymore .. $600 a yr ago, to $4200.

Have opened a spread bet, to the sell side.
Hope you know what you're doing :?
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megarain
Posts: 513
Joined: Thu May 16, 2013 1:26 pm
Location: megarainuk.blogspot.com

Tue Aug 22, 2017 12:08 am

Ok, Will do the 'sensible' thing, and take the 170 points profit.

Out .. for now .. but, see u can now trade Ether and Bitcoin cash on IG .. if only the spreads didnt rape u ....

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megarain
Posts: 513
Joined: Thu May 16, 2013 1:26 pm
Location: megarainuk.blogspot.com

Tue Aug 22, 2017 6:05 am

Bollox !!!

A day later, it drops another 400 points. POS.

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