Hi All,
Just wondering what is your thought of BITCOIN which is well over $15000 USD.
I was monitoring that since it was $1100. Now its 14x and i was thinking $#/+ that is expensive a year ago and now i am thinking the same.
Any thought what do you think of it.
[edit]
Its hit today $19230+ USD.
Can you please tell where I can buy bitcoins?
btcmarkets.net
Use this for AUD to BC purchase. Then can store/transfer money to ur other wallet.
Based on the voting it looks like a lot of Ozbargain is risk averse.
We value money.. that's why we only by at rock bottom prices.
You sure offer a lot of market advice for someone inexperienced with the word 'buy'. It was a pretty big deal in the eighties.
Spelling and grammar on the Internets..bah, so long I bi lot of tigs here 4 cheap then i'm :)
I thought the same when an off the plan 1 bedroom unit in North Sydney was $500k…would be worth almost 1 million now. Bitcoin is even worse!
Buy: 1 bit coin = $26,125.98 AU Dollars as of today 08/12/2017 1:30PM
I remember it used to cost $0.1c AU for 1 bit coin i think i should have purchased $1000 worth back in 2009
I would be worth around $1000,000,000,000 AU Billion dollars right now and i would be the richest man in the world. I'm not joking.. that would be my net worth
Bitcoin is 100% a scam that is going down in flames. :) because if someone can turn $1000 into that amount in such a small amount of time then someone is going to get hurt real bad because of it.
for those that profit out of it, someone has to lose
If you believe this to be true, you don't understand the cryptocurrency market. It is not a zero sum game.
Out of the people who buy/sell bitcoin only for investment purposes, there will be a lot more money lost than money gained as profit.
lol
$1000,000,000,000 AU Billion dollar = $1000,000,000,000,000,000,000
I think its easy to get the point across that whatever the amount is… the money made with only a $1000 dollar investment in 8 years is just stupid…
Still funny that in 2009 someone managed to buy a $10 pizza with $10,000 bit coins :)
All this talk of Bitcoin having no value. Same goes for the fiat money in your wallet. Long gone are the gold backed notes in the past that maintained its value. Nowadays corrupt Governments simply create digi-money (mostly cashless and appears as digits in your bank account). What do you have to say about that?
At least Bitcoin has a finite supply, cannot be corrupted and has no inflation. This value is in itself worth something. BTC will not go to zero, but is going higher because fiat is dead.
This will destroy the financial middlemen who cause nothing but inefficiencies for a more prosperous future for the world.
The money in your wallet is secured by all the military might of all the governments around the world and has been the case since the beginning of time. ( The tribe with the best weapons and warriors take the other tribes belongings ) The people with the power to win wars has the power to make people rich or poor.
The government can at any time walk into your house and take everything you own. They just need to make a new law and then enforce it.
and thats ALL a "note" was,.. a peice of paper with a message on it, that any major bank would honor it and pay you your money, and was attached to something,.. ie gold….. now its tied to nothing……
Its tied to Air craft carries, Special forces, attack jets… police… .. they enforce currency and its value.. bit coin is not backed by anyone with power do control the masses in any way.
not quite,… i mean in the medi evil days,.. you would deposite you gold or silver or what ever, and you would get a "note" that you could get your deposit back again,… and not just at that bank, but any bank in the chain,… so it was tied to something, physical there that you can get back,.. bit coins arnt tied to anything at all, excep the original purchase price, and the devaluation of mining more coins,.. kind of very silly concept, and will ultimately go the way of tulip mainia.
The middle man is what creates value for fiat currency.
As nice as it sounds, a currency without the middleman is worthless.
Finite supply and no inflation are also bad things.
You want moderate inflation.
Not hyper inflation, but never stagnation or deflation.
You just have to look at Japan 1980 - 2010 30 year depression to see what stagflation can do to an economy.
Bitcoin is a scam.
The middle man extracts value. There's no need for it.
You're telling me you enjoy your fiat dollars being eroded through inflation? Your wages won't even keep up to meet rising costs.
The value of Bitcoin and blockchain in general is the objective, mathematically defined trust in the form of a crypto ledger i.e. blockchain.
Fiat won't die, but it will co-exists with cryptocurrencies. We're at a stage in humanity where we need this. For too long we've been controlled and subjugated by the elites. Sorry, but a system build on a pyramid scheme where the odds are stacked against the population is not conducive to innovation or freedom of expression.
The middle man creates the value in the first place. Without the middle man, there's no value in the fiat currency.
Governments have a monopoly on violence, and with that violence, it promises stability, safety, etc.
The moment they violate their promise, their fiat plummets.
Why do you think that is?
Inflation is a necessary evil. Moderate inflation is mandatory for a stable economy.
Did you look at Japan 1980-2010?
No?
Do it, and you'll be thankful that we have moderate inflation.
We don't want hyperinflation, but we certainly don't want stagflation.
The value of bitcoin and the value of a distributed public ledger are 2 separate things.
Bitcoin is worthless.
Distributed public ledgers can have use.
Bitcoins will die, as will all other "crypto-currencies" that we see today.
What will survive are derivative products that:
- do not try to be currency. (i.e. Ripple - transactions take place in fiat, and transaction fees are charged in XTC)
- do try to be currency but are issued solely by the "middleman" (i.e. large conglomerates such as Samsung, no "mining" of the currency, etc).
To the moon we go. I've ordered my lambo!
What good will that be on the moon?
I sold at $600 because I thought it was going to crash hahahahaa
I was going to buy in about $500 worth at $250 lol and knowing me I would still have holded it forever until it crashes lol because I like to see things burn Hashanah muahahaha so yeah I would still be the same lol
moon moon moon lambo lambo lambo HODL HODL HODL
"buy the rumour sell the news", "+1000% by the end of the year", "lambos for all"
That's FUD… no point on having a lambo if everyone has one too
Think I need to invest in some.
Have the money there but probably won't want to take the risk.
Ah. You're looking at it in the wrong way. You don't invest in bitcoin any more than you invest in tattslotto or horse racing. That's probably a harsh comparison - probably better thinking about it like giving money to a startup in return for some shares.
You buy some because you think it's a cool idea and maybe you might make some money, or on the flipside you might lose everything. If you can't afford to lose the money, then definitely do not buy bitcoin.
He literally just said he has the money
You're better off buying into a few different cryptos and hope they take off imo.
At this stage Bitcoin has blown out to a price that far exceeds its real world worth since it can barely be used outside of black market and marketing gimmicks.
I see people doing this and their account gets destroyed. They will focus on buying the weaker shitcoins relative to the overall market, justifying it by saying it is trading at a discount and is cheap.
Well obviously you don't blindly buy from the hundreds of shitcoins but instead look for the upwards trends in the more reputable altcoins, e.g. Litecoin rose from $140 to over $200 this weekend alone thanks to the transferring bottleneck that bitcoin has run into.
ITT; people who have no idea about blockchain, crypto, the power of a network, and just how small the crypto market is relative to other markets. This is early days still, this thread is proof. Do a little research, be an early adapter, or I'll see you in the $150,000 bitcoin thread in a year or two where it will be more 'I should've' comments.
100% true. Finally someone who gets it. Though the 150k bitcoin thread may not even be a year or two away.
John McAfee Bullish on Bitcoin Price Reaching $1 Million by 2020 ( you maybe under valuing ) He will eat his own doodle if he is wrong apparently lol haha
https://www.cryptocoinsnews.com/john-mcafees-1-million-bitco…
I still wouldn't risk a single dollar on bitcoin. But i hope everyone who does makes allot of money and no one gets hurt.
Ooo that would be nice
One of the many hurdles if in fact it did go to $150K would be psychological. Who has the balls to hold all the way to $150K. How many that are holding now - were holding 2 years ago - i wager not many - most would have sold at 1K, 2K, 5K etc….
Indeed. people who bought at $500-$1000 may have sold at $10k.
I bought at 3k and still have my 2 btc. I’m here for the long run.
Allot of people sold when it hit the magic $600 mark before it crashed back to $250 in 2011 :)
I think that's why there isnt may people around anymore with 10,000+ bit coins because they sold up and got rich early on or sold at $250 fearing it would crash even further… The coinage has been either distributed or some Chinese miners have them horded
Psychological barrier was at 5k USD, then 10k USD, its now aiming 20k, and going up and down several thousand between 20k.
Well said. Just to give an idea to public, blockchains are slowly adopted by government, utilitiy companies etc. Blockchain transcation are secure, safe, fast and reliable and will also cutout middleman. That day won't be far when all the banking transactions happens over blockchain….
Care to explain why blockchain is secure, safe, fast and reliable?
The explanation for that wouldn't fit in this forum. Plenty of explainers elsewhere. If you're asking for verification it's true, it is.
Secure, no. See how many hacks have occurred and people lost millions? If someone know ur account private key the you're (profanity). Just a single thing to gain full access ur account is absolutely not secured.
Fast, definitely a big fat NO! Why? I use one of the biggest blockchain network to develop "stuff". And every time a big ICO happens the network sh*t itself. Few days ago I couldnt even submit a txn to the freaking network despite I was willing to pay massive fee just for the txn to go through. One went through but then lost in nowhere, luckily the transacted amount is not the major factor.
Reliable, no! Ur tiny account is not protected by any party! Someone frauded you, too bad! Lost ur private key, too bad! With financial institution at least you can get help and recoup a certain amount of ur asset.
In a nutshell Blockchain is just another type of database. Blockchain network is a distributed system of more than 3 nodes storing the same data and constantly running. And it is designed to store immutable data. Dont let the hype and all the buzz words fool you.
Gee, with all that 'expertise' it's a pity you're not an advisor to the Australian Securities Exchange, who are just switching their clearing-house platform onto blockchain.
But no, I'm sure you know far more on the topic than all their experts and the countless other industries under the same delusion that blockchain is secure, safe, fast and reliable…
Fools!
For sure. They'll all want to employ the one guy who found the flaw in Blockchain.
Wouldn't banks develop their own protocol?
Yeah but still they are going to use existing technology but they can have their own add-ons or private blockchain. There is a proof of concept that we are trying to work upon where blockchain can be used for utilities or finanncial institutions but its really at very premature level. But blockchain technology is going to be here longer than people are expecting..There are $$$$s being invested by top financial and IT companies to bring best use of blockchain..
There's currently over 217k unconfirmed transactions on the network, not looking good.
meaning?
Meaning there's a lot of people trying to move Bitcoin right now but can't because they didn't pay ridiculously high fees.
There's a good chance the price on Australian markets are due to the inability to actually move Bitcoin to the exchanges, and thus the people with bitcoin on the exchanges are charging a premium.
I moved Bitcoin for roughly $5 AUD a couple days ago. It took 10 minutes for one confirmation. That's over double the fee I paid in June, but it's not that bad.
EDIT: Ironically, I moved it to do a quick bit of arbitrage between the US and AU market. ;)
yea rather wait 3-5 days for banks :-)
PRobably, exchanges are unable to complete transactions and currently sitting on unconfirmed…
There have been hundreds of thousands of unconfirmed transactions for months.
It's not good, but it's not new.
This is what lightning will solve.
Here's hoping.
That's the problem with cryptos. For the most part they still rely on 3rd parties to facilitate transactions, much like any other currency.
Bought a bit at $10k.50/50 I win/lose
I mined some years back with my old 5770. I gave up pretty quick as it wasn't economic even with my subsidised power. I also thought it was a gimmick that would quickly be regulated due to carbon emissions and white collar crime. I never thought the problems would get this bad though. Sold some but I'm hanging on to the rest for now.
How many bit coins would a HD5770 mine in a day back then :) if you dont mind me asking.. i remember people were going crazy over HD5970's HD5950's and even HD6970's while it was still popular
I bought my card second hand but apparently the 5770 was being used as a bang for buck miner but then they were quickly outdated which is how they ended up so cheap second hand. I never got heavily into it, even if I worked out that I was paying 1/5th of my NZ electricity bill (sorry flatmates) and treated it like a space heater for my room, it wasn't economic. I didn't factor in the growth of bitcoin though which now seems rather foolish.
no body knew .. that's why everyone is rushing to grab what they can now.. its a hype
Price is going down… In a matter of 1 hour, the price dropped 8K.. what the hell… Its around 17.5K per BTC. People are selling it off.
Welcome to crypto-currencies :)
They can go down as fast as they go up.
The price dropped 8K? Why lie?
He did not lie, there was a flash crash on some Australian exchanges earlier today. It lasted all of 10 minutes.
BTW, BTC is crashing now as of I keep reading the comments. Went down to 17K from 25K hight today… any idea what is happening?
bitcoin being bitcoin. Large swings are not uncommon either way. its had 2 days of huge gains, its due for a correction.
institutional whales testing the market
back at 23.5k
Because the recent parabolic increases are unsustainable and mostly fuelled by novice investors/traders who are seeking quick gains and are pumped by emotion (greed and FOMO).
Eventually the market will run out of buyers, and when this happens the price will start to come back down. Markets move in waves, just like human emotion (markets are pretty much a representation of human emotion).
The same people who bought near the top will also panic sell after it drops.
Experienced traders/investors will wait for the consolidation and price drops before entering the market to increase odds in their favour.
This happens in all markets (stocks, futures, forex, etc).
The only difference here is that the crypto markets are many times more volatile due to the relatively small market capitalisation and higher percentage of retail investors (that trade on emotion), and for the same reason the markets move at a much faster pace (less money is required to move the price up or down).
The bitcoin world isn't ending, the sky isn't falling, it's all normal.
People who have it will say it's the best thing ever.
People who don't will say it's the stupidest thing ever.
Talking abt buying BTC, should have could have would have but didnt, just like saying you could have bought the jackpot lotto numbers after seeing the draw results…
True stories:
I got a friend bought $50,000 worth of LTC at $66, he sold them all to stop loss when it was going down to $58, then it went back up to $80 3 weeks later, the. It went back down to $60, and now it is $140. Did my friend regret it? No, not a bit!
Me bought a good sum of BCH at $300, sold at $600, 3 weeks later it jumped to $2000! Did I regret it? No, not one bit!
Buying crypto is gambling. Play with what u can afford, prepare to lose it all, know when to stop, and never regret.
i had btc gold at 90 sold at 300 just in 3 hrs.
How much did you get in the end?
I still have this, but I fear it's going further down now.
The value is currently at $378 AUD
Alright so guys what is the next best thing to buy loads of now?
When you have a stripper claiming to be a investor and a moron selling his house to buy bitcoins
You know it’s legit
and here I am sitting watching people getting rich. I still don't have guts to risk my hard earned $.
Put 50 bucks in.
Roger that.
If it goes to $0, you had some fun.
If it goes to a million bucks, you'll have $2500.
That guy who sold "everything" to invest in bitcoin was quoted as saying
"Education is the best for the kids. If you raise your kids to be too materialistic, it is not good. And that was what we were doing, to be honest."
Yeah selling everything to gamble on a market is a great lesson for your kids.
LoL
Some people should not be parents
I don’t care about equality
Fact is there are dumb people in this world
LISK. LISK. LISK. $1000 coin in 2019. At the moment $8.00. Don't look back in 18 months time and ponder this miss too.
shitcoin peddling?
Bookmark this page or take a screenshot. You will regret this day for the rest of your life if you don't jump in. This is not a buy and pump coin. Long term, buy and forget coin. Reap the rewards after SDK adoption.
username checks out
Selling FUD, too.
I sold a $50 gift card for BTC a few years back and now my BTC is worth $3k+
However, Bitcoin has lots of problems (e.g. 5 transactions per second) and I don't see any long term growth unless these issues are addressed which they are albeit very slowly.
Bitcoins sort of like gambling right now, no one knows when the bubble will burst.
That is being addressed slowly by….the lightning network is it?
You never know with the alts, ripple looks quite interesting considering the financial backing etc that they have.