Cryptocurrencies

[Payyourwaymate]

Anyone know why Bitcoin has suddenly gone up to 30K again? I still have not seen any good news, just the guy that ran the crypto exchange getting jail time and binace getting a fine for money laundering but BTC and ETH is going up 

[Blackpool Rock]

Anyone know why Bitcoin has suddenly gone up to 30K again? I still have not seen any good news, just the guy that ran the crypto exchange getting jail time and binace getting a fine for money laundering but BTC and ETH is going up 

Crypto was supposed to be independent of the normal finance and stock market sectors however the price has broadly tracked the Tech stock prices over the last few years.
Tech stocks performed badly last year however they have started to go back up as their valuations are often linked to interest rates
When interest rates are high it's bad for Tech stocks however they look to have peaked now and the stock prices will be rising on the expectation that rates will start to fall in the next 6-12 months

[Payyourwaymate]

Crypto was supposed to be independent of the normal finance and stock market sectors however the price has broadly tracked the Tech stock prices over the last few years.
Tech stocks performed badly last year however they have started to go back up as their valuations are often linked to interest rates
When interest rates are high it's bad for Tech stocks however they look to have peaked now and the stock prices will be rising on the expectation that rates will start to fall in the next 6-12 months

Ah, that makes sense. Thanks.

[Squire Haggard]

Bitcoin has recently risen because of ETF hopes. It failed to get approval before and Coinbase took the case to the US Supreme Court. There's several articles suggesting that they will get approval. Also there's a halving next spring as far as I remember.

''Bitcoin, the world's first-ever crypto asset, broke through the $38,000 price level Thursday evening as MicroStrategy continued its bullish acquisition of the "king of crypto" amid hopes of multiple spot BTC exchange-traded fund (ETF) approvals.''

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[Payyourwaymate]

Bitcoin has recently risen because of ETF hopes. It failed to get approval before and Coinbase took the case to the US Supreme Court. There's several articles suggesting that they will get approval. Also there's a halving next spring as far as I remember.

''Bitcoin, the world's first-ever crypto asset, broke through the $38,000 price level Thursday evening as MicroStrategy continued its bullish acquisition of the "king of crypto" amid hopes of multiple spot BTC exchange-traded fund (ETF) approvals.''

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Thanks for the info.

[mh]

''Bitcoin, the world's first-ever crypto asset, broke through the $38,000 price level Thursday evening...

No crypto currency is an asset. It has uses for anonymised transactions but buying and 'holding' relies on the "greater fool" theory aka a pyramid scheme. It is stable now with as many fools arriving as there are seeing the scam for what it is and leaving.

[SoapyTW]

It has uses for anonymised transactions

This is something I see said a lot and it couldn't be further from the truth. Yes - there are mixers and (a small minority) of (supposedly) 'untracable' ccurrencies, but for the likes of BTC/ETH/etc there is a PUBLIC ledger that records all transactions... forever. As soon as somebody on / off boards fiat, privacy is wrecked. If it's not linked to you today, I can guarantee it will be in future. Cash in hand transactions are far more anonymous than crypto. You wont find me paying a hooker with crypto for sure. The paper trail will last forever.

Also.... 42.4k overnight... Hold tight

[Blackpool Rock]

I read this article about Bitcoin which makes for very interesting reading, the price is almost £50K/Bitcoin now so about double what it was 4 months ago but why 
Well it appears that big banks have been buying the things, kind of a poke in the eye for the purists who love to think of it as an anti establishment currency 

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[RMwonderer]

I read this article about Bitcoin which makes for very interesting reading, the price is almost £50K/Bitcoin now so about double what it was 4 months ago but why 
Well it appears that big banks have been buying the things, kind of a poke in the eye for the purists who love to think of it as an anti establishment currency 

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Seems like it! I am long term holder (I don’t hold much though) and things are defo moving north. Even my shit coins are doing well.  But being crypto it might go sideways tomorrow

[advent2016]

Anyone know why Bitcoin has suddenly gone up to 30K again?

If "Anyone" could predict it they could also spot the winners in horse races. It's betting plain an simple these days. I got in when it was very cheap a few pounds a coin and sold at £10K a coin and there were fewer scams about. I made more money than I've ever done in a short space of time. I've put in small fractions recently and seen them gone up, but won't be putting in anything large.

[Chris1990mcr]

I put £25k into ETH about 18 months back. Not long after my £25k had dropped in value.

Its looking pretty healthy today though. Doubled up. With hindsight wish I had put more in.

[Blackpool Rock]

I put £25k into ETH about 18 months back. Not long after my £25k had dropped in value.

Its looking pretty healthy today though. Doubled up. With hindsight wish I had put more in.

Crypto is a very volatile and risky investment though so the gains can be big but the losses can too, the swings can also happen quickly

I posted on the Finance & Investment thread that I had been assessed as having almost no aversion to risk however i've never touched Crypto and i'm surprised that so many non investors do

My sensible head says if you have doubled your money then it may be worth cashing out your original investment and investing it elsewhere then if the Crypto crashes you aren't out of pocket

[Darren101]

I once lost £4000-5000 over night. 99% loss for 2 particular cryptos I had.  I knew the general risks with crypto.  Didn’t quite expect that coin to go that way but hey ho.  I had a diverse portfolio of crypto and that was under 10% of the portfolio.

I don’t expect BTC or ETH to ever go that way but you can lose a lot also when it decides to go diving.   Meme coina can be lucrative but also risky if not created as part of a scam. Risky AF

[Chris1990mcr]

I once lost £4000-5000 over night. 99% loss for 2 particular cryptos I had.  I knew the general risks with crypto.  Didn’t quite expect that coin to go that way but hey ho.  I had a diverse portfolio of crypto and that was under 10% of the portfolio.

I don’t expect BTC or ETH to ever go that way but you can lose a lot also when it decides to go diving.   Meme coina can be lucrative but also risky if not created as part of a scam. Risky AF

Its only ever a loss if you sell at that time isn't it.  To me ETH will go something of the way BTC has and I really feel I missed out so early on.

In it for the longhaul with this rather than short term and don't need to access the funds quickly. Will most likely buy in again of similar value at the next dip.

[Darren101]

Its only ever a loss if you sell at that time isn't it.  To me ETH will go something of the way BTC has and I really feel I missed out so early on.

In it for the longhaul with this rather than short term and don't need to access the funds quickly. Will most likely buy in again of similar value at the next dip.

If it’s gone down 99%, I doubt it will fly back up.  I could hold it 100 years and it won’t recover so might as well move on. If I sell the pennies leftover, not gonna make a difference. The creator of the suposedly legit coin was arrested for cauaing $40 billion losses.  There are also certain coins designed solely for the creators to pull a rug at the end.  I heard there was a squid game coin where that happened.

ETH

[Chris1990mcr]

Only had interest in bitcoin and eth unsure of all the other stuff.

Worst case, its only money can always make more.

[Squire Haggard]

I saw this on the link below and thought that it was quite funny. Will it go higher? Maybe/probably.

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[radioman33]

He’s been sentenced to 25 years the crypto geek Sam bankman fried,didn’t expect that

[Blackpool Rock]

He’s been sentenced to 25 years the crypto geek Sam bankman fried,didn’t expect that

I don't know in depth what he's done or accused of doing but can't help wondering if the geeky guy has been made a bit of a scapegoat here 
I mean plenty of corporate suit people must have done all manner of scams / corruption etc but seem to get off light, can't bring specific politics into it but they are probably amongst the biggest offenders 

[SoapyTW]

I don't know in depth what he's done or accused of doing but can't help wondering if the geeky guy has been made a bit of a scapegoat here 
I mean plenty of corporate suit people must have done all manner of scams / corruption etc but seem to get off light, can't bring specific politics into it but they are probably amongst the biggest offenders 

To be honest, i think he got off light. Madoff was convicted for 150 years (died after 12) for a 65bn crime. SBF got 25 (I'm sure he'll be out in 7) for a 70bn crime, but the difference here is that SBF has ruined the lives of many many more people than Madoff. There is a very good chance you'll know somebody affected.

Google 'SBF donations' for more info on how a $50m bribe might have led to this small punishment