BITCOIN as an alternative to regular currency

[marksmeets302]

My issues with Bitcoin:

1 seems difficult to hold - where to obtain? is it safe from hacking? All of the middle service providers seem dodgy or like cfd providers?
2 seems difficult to use as a medium of exchange
3 still restricted to a very small community

.....

I’ve been gradually buying gold (via pmgold on asx which gives right to hold physical)

In comparison to bitcoin

1 easy to purchase on asx. Well regulated. Perth Mint is guaranteed by the western Australian government.
2 difficult as medium of exchange (have to sell on asx and convert back to fiat currency) cannot buy a coffee.
3 gold has a broader community than Bitcoin (that could of course change) and thousands of years of human history as a store of value.

......

So for me I’ll just keep buying gold for the foreseeable future, try to get up to 10% in gold. At moment got 4% in gold.

From the abstract of a paper called "Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance" (https://www.sciencedirect.com/science/a ... 191830187X): "Gold plays an important role in financial markets with flight-to-quality in times of market distress. Our results show that Bitcoin behaves as the exact opposite and it positively correlates with downward market".

[jimibt]

have just been reviewing the binance api for my son. found that it's actually pretty decent and a lot could be done to automate this bitcoin stuff...

interesting read for those with a programming bent: https://github.com/binance/binance-spot ... est-api.md

[jimibt]

When I was on my travels recently I learnt a friend of mine was accepting payment in BitCoin's as a gimmick. Remarkably he collected over 1000 so he is now a BitCoin millionaire. I've told him to sell them, but as we all know emotion often overrules common sense so it's not entirely impossible that he will hold them until such time as he losses it all again!

sorry for the necro-post -but how did your friend fare on his/her collection/retention gambit??

[alexmr2]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

[Derek27]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

Better cash out quickly before Bill Gates nicks it.

By the way, if people don't share or understand your sense of humour, just use the emoji.

[jimibt]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

Better cash out quickly before Bill Gates nicks it.

By the way, if people don't share or understand your sense of humour, just use the emoji.

derek -in seriousness, can you help out a bit and not stalk alex. it's stuff like this that gets annoying (emoji). just let the thread live.

[jimibt]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

there seems to be a lot of decent activity on the coin markets at present. I reckon it's being fuelled by social media type hype. as mentioned in a previuos message, my son has been using binance to trade in/out of a number of coins, literally highlighted by trends on twitter. he then looks at the daily momentum and just takes a short term position and withdraws his stake when it hits a certain profit %age. he then withdraws the profit in chunks as the price fluctuates. it was for this reason that he asked me to look into the binance api...

i reckon there's some good mileage to be had here.

[Kai]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

Better cash out quickly before Bill Gates nicks it.

By the way, if people don't share or understand your sense of humour, just use the emoji.

derek -in seriousness, can you help out a bit and not stalk alex. it's stuff like this that gets annoying (emoji). just let the thread live.

Not going to comment on their father-son relationship

But would have loved if I remembered to pick up some Dogecoin earlier, it's been my favorite meme for ages, both the doge and the coin, and been hearing for a while that this could happen.

[Kai]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

Elon Musk could have some more fun with it, he seems to love it. A couple more tweets from him couldn't hurt

Let me be the first one to say congrats

[alexmr2]

Anyone on Dogecoin? I put £260 in 6 weeks ago and it's up to £600ish. Today has gone insane with 60% increase in the last 24 hours. I sense some volatile drawdowns coming but I bought it for the long term as something to leave in the background

Screenshot_20210414-021545_Binance.jpg

there seems to be a lot of decent activity on the coin markets at present. I reckon it's being fuelled by social media type hype. as mentioned in a previuos message, my son has been using binance to trade in/out of a number of coins, literally highlighted by trends on twitter. he then looks at the daily momentum and just takes a short term position and withdraws his stake when it hits a certain profit %age. he then withdraws the profit in chunks as the price fluctuates. it was for this reason that he asked me to look into the binance api...

i reckon there's some good mileage to be had here.

A lot of assets seem to be more inflated than ever because of money printing and a combination of other factors such as social media hype like you said. Surely there's going to be some sort of crash eventually, although I liked the appeal of the dogecoin on top of it being only $0.05 for the risk:reward.

I never expected to be able to make any short term profits with stocks/crypto and I've never been a fan of the latter until learning more about it recently. Long term almost always wins but when it's already moved +150% in 6 weeks it makes you wonder if going short on some or all of it makes more sense. I always said I wouldn't be comfortable risking over 1% of my capital on crypto so really it's just another fun way to diversify.

I was interested in investing in the platforms for NFTs which seem to be the next big thing but haven't been able to find any way to yet. They are basically digital artwork/crypto-style collectibles and people are paying thousands or more to own them when celebrities or influencers release a new one

[Euler]

I've not kept up with Dogecoin, but wasn't it launched as a joke?

[Kai]

I've not kept up with Dogecoin, but wasn't it launched as a joke?

I believe this is exactly why it can (and has been) so popular. Don't see why it can't be both real and a joke.

Memes in a nutshell are just inside jokes between millions of people, between the internet. Hype and momentum can play a big role, stranger things have happened.

[Euler]

But wasn't the intention was to create something that was worthless and had an unlimited capacity to issue new currency, so thereby rendering it effectively worthless?

[Euler]

This is the thing I'm not getting with NFT's.

You own something that gives you the right to ownership of something that can't yield anything. But it's completely freely available for others to view and share, so you don't really own it.

Art is like an NFT it's only worth it for its collectable value. But like art it's subjective and 99.9999% of it will never be worth anything.

[Kai]

I'm not fully sold on the idea either, but don't have much of an opinion.

But wasn't the intention was to create something that was worthless and had an unlimited capacity to issue new currency, so thereby rendering it effectively worthless?

Not been following closely but I think so, Elon Musk was joking around those lines about Dogecoin being "the people's crypto currency" etc, and by doing that he created a bit of a trend and gave it more value.

Apparently the guy who made Dogecoin has bailed years ago and has made zero money from it, regular working class guy that probably didn't like what it had become.