BITCOIN as an alternative to regular currency

[LinusP]

This is cool:

http://ohmyco.in/charts/#/gemini/BTC-USD

[steven1976]

I will place a LAY on bitcoins, anyone wanna match my bet?

Sure. I'd be willing to buy 10,000 pounds worth of Bitcoins and sit on them for 4-5 years, at the end of which time I think there is a reasonably good chance I will have become a millionaire. The price of Bitcoins is going only one way...up!

"Wall Street is getting ready to dive into Bitcoin, pouring vast amounts of institutional and investor money into the digital currency that has been labeled a "bubble" by former Federal Reserve chairman Alan Greenspan and which not long ago was seen as the sole preserve of crypto-geeks, monetary-theory wonks and anti-government types.

So says Barry Silbert, founder and chief executive of SecondMarket, the online platform that allows its users to trade private company stocks. "We're three to six months away from Wall Street dollars moving into Bitcoin in a big way," he says."

Read more: http://www.entrepreneur.com/article/230 ... z2nPu1y7YP

I wonder if Zenyetta ever did go for it. With the price today over 9000 i guess he would have made his millions.

[LinusP]

I wonder if Zenyetta ever did go for it. With the price today over 9000 i guess he would have made his millions.

Not quite, probably just over $110k

https://twitter.com/elementus_io/status ... 8077667329

[Euler]

It's a classic bubble, as the price rises it will drag in even more people. Goodness knows where it will stop.

[megarain]

This ranks a my 2nd worst trading decision (just behind my decision to short Apple, when it was $80 or so (now double)).

I got out of the mkt before doing irreparable damage, but, will be tempted to re-enter, when the CME launches the contract, where it will be possible to short etc.

Maybe, for the last 2 yrs etc, its just been one-way traffic, as people can buy the cryptos, but, there has been no easy way to sell.

This new contract will change that.

One to add to the watch list.

[Euler]

Lots of spread betting / CFD providers are issuing BitCoin contracts already, so you can short it if you want. But who knows where that point will be. Spreads are huge though.

[steven1976]

I wonder if Zenyetta ever did go for it. With the price today over 9000 i guess he would have made his millions.

Not quite, probably just over $110k

https://twitter.com/elementus_io/status ... 8077667329

I thought i remembered he was on about them when they were pretty low around 200$. Maybe he got in at 1200 and sold then when they dropped back down to below 200$

[Zenyatta]

I wonder if Zenyetta ever did go for it. With the price today over 9000 i guess he would have made his millions.

Sadly no. If you look back, I did indeed correctly pick the low-point, which was indeed around 200, saying then was the time to buy if you thought it was going to go back up. And how did it soar! But I didn't have the balls to do more than take a small amount.

It's probably too late to get in now. Bubble has to pop again, likely to crash right back down. As a long-time av. price does seem to be going up, but the swings are way too extreme!

[marksmeets302]

It's probably too late to get in now. Bubble has to pop again, likely to crash right back down. As a long-time av. price does seem to be going up, but the swings are way too extreme!

From a traders perspective the volatility is a huge plus. It's our own decision how big we want to play this, and therefore the risk we assume in "real" money. I've said it before, this is probably the easiest money in the world right now but there is a significant tail risk that all of a sudden you can't access your funds anymore. The introduction of centrally cleared futures should help a lot.

[Copenhagen trader]

And now we are hitting 11 000, while Jack Bogle (Founder of Vanguard) states it should be avoided like the plaque. https://www.bloomberg.com/news/articles ... the-plague

Here in Denmark stories are beginning to unfold (just like in the dot-com bubble) about people getting extremely wealthy from having bought Bitcoin years ago.

So, how to make money on a bubble. Short answer is too short. But what if this is just the beginning?? Check: http://money.cnn.com/2017/11/29/investi ... plead-intl
Maybe to buy in after a dramatic pullback.

If one wants to go long companies who are likely to benefit from this .....craze..... could be considered eg. NVIDIA or CME Group. But they have already gone way up.

What´s your take??

Cheers
Claus

[Euler]

Such is the fever surrounding it, I could see it hitting 100k easily. But even then I'm not going long as when it pops you will be unable to find anybody willing to take them off you. It could get to the stage where it starts to distort the real economy IMHO. Every mother and their son will be into it before long and you now have BitCoin derivate stuff popping up with systems, ponzi schemes, GRQ websites. The whole hype cycle is really spiralling upwards at the moment.

[marksmeets302]

Nobody is actually spending their bitcoins - they are all acquired just to own them. It least I bought some sushi with them years ago. Would pay for a car nowadays

[Euler]

It has become a collectable, it's not being used as currency. Somewhat ironically. Can you imagine if a 'real' currency that appreciated so rapidly, would be economic chaos.

[Euler]

The Uncertain Future of Bitcoin Futures

https://www.bloomberg.com/view/articles ... in-futures

[Copenhagen trader]

Yes it seems very hyped for an asset with no real underlying rate of return.
Shorting could be interesting but maybe too early.

Cheers