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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 12-07-2018
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Default Bitcoin Dropped From 5k to 2.5k gbp

Good time to buy ?
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  #2  
Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Looks like it’s in a bit of a free fall.

I’m holding what I have now until it goes back up in value which will happen sooner or later

Personally not going to invest anymore in BTC at the moment though
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

The investment purpose of BTC - or attempt to invest - is pretty decimated right now. Not the ideal place to hope for fast gains.
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

It's only a good time if you're going to be immediately spending the BTC.
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

if your plan is to hold until 2030 and you don't care if you lose the money, it's worth the bet. BTC was inflated due to market psychology aka the amount of hype people tried to create about it inflated its value.. not just when it was trending but I still see it all the time from crypto people, they talk about it like they're having a wank over it and they still haven't finished jerking it despite how long it's taking. when that type of talk dies down some more is when it will be around its actual value and when you should probably buy if you think it will be worth something in the future.
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

When everyone hates it is when you want it... Do it Warren Buffet Style (Except he hates bitcoin) lol
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Like I said in the chatbox : it's been regulated to death - the original concept has been thoroughly destroyed - it has very little chance of recovery.
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

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Originally Posted by phaz0rz View Post
Like I said in the chatbox : it's been regulated to death - the original concept has been thoroughly destroyed - it has very little chance of recovery.
Bitcoin is impossible to regulate though. Only centralized exchanges...

Although I like your post. I need to see many more of these...
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Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

The idea of BTC being a store of valued is diminishing.

The idea of it being a medium for online transactions is still alive.

I accept BTC and I have not seen any decline in it's usage over the past couple years. It's still being used.

I have hope it will retain some value. What that is nobody knows.
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  #10  
Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

The biggest advantage to BTC was the ability to send payments of any size to whoever you want, without the intervention of or assistance from traditional financial institutions. As soon BTC started getting popular governments started to realize that's a problem and they put an end to it by forcing all the exchanges to comply with AML/KYC laws. LBC traders have to register with the SEC now. At this point BTC isn't much different than Paypal in that all transactions are traceable to someone. Exchanges are forced to freeze your BTC transaction if it's too big and make you go through ID verification. etc, etc. The entire crypto ecosystem is regulated even if BTC itself "can't be regulated."

So what's the point anymore? It's nothing more than a really unstable way to store your dollars on your computer.
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  #11  
Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

That's actually a good point.

However I never used bitcoin without an exchange. I never used local bitcoins so for me it makes no difference.

As the merchant I see no difference but as the customer, I don't know their perspective until you just mentioned it. There is no real benefit to the customer anymore or am I wrong?
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  #12  
Old 12-07-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

@phaz0r that will change with decentralized exchanges as BTC continues to evolve

check out bisq.network, the exchanges volume has been growing pretty significantly. Decentralized exchanges require no verification, you and the other party are the only people in the trade.

I'm a big BTC believer and this correction is just like the previous corrections. We are coming close to 365 days since the all time high, the previous large crash around 85% took about 400~ days to change. I honestly think we are really close to a bottom if we are not there already.

The difference I see between this crash and the previous crashes are, significantly more banks pushing the narrative that BTC is done, crashed, over. But if you look at the tech, and the pretty insane progress Lightning has made in the last few months, its continuously growing and evolving. I follow BTC pretty closely... Banks instilling fear is a positive sign for those holding.

Last edited by Beautiful; 12-07-2018 at 11:31 PM.
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  #13  
Old 12-11-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Nobody can say with certainty when bitcoin has hit its next low, and when it will hit its next high, or when the recovery process will begin etc. ... It's just always been the name of this game.

Here's a nice article to read none the less - https://www.ccn.com/bitcoin-crash-th...bubble-bursts/

It shows bitcoins previous declines, and you'll see it has on numerous occasions lost a significant % of its value, 87% being the record high.

I think because the value spiralled out of control, the % decline THIS time round will be an even higher decline.

IF history repeats itself, then we could see Bitcoin do its round again, i.e. drop to a significant low, and rise from the ashes once again. (I emphasise, IF).

Lets not forget, it is a super simple form of digital cash. So unlike ANY other online money transfer service, you can literally transfer currency to someone else without the need to sign up, give your name, address, email, DOB etc. (if you have a hardware wallet).

In summary - anything could happen.
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  #14  
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

There are still many ways to transfer bitcoin without centralized exchanges. I have seen development of being able to transfer coin to coin via device without a single exchange. Also, try to think not only USA. Many countries have exchanges without government crackdown.
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Old 12-11-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

"Tears fill my eyes as I gaze through the ranks... So many comrades have fallen. The 2018 bear market has taken more than lives, it destroyed hopes and dreams.
Some unfortunate soldiers have given up on the their ideals, forgetting the possibility of a brighter future, one where Bitcoin overcomes the fiat tyranny.
And there are the ones who stand... You... You and You! The braves are still among us.
Whether you are a weathered veteran who already knew the tune, or a first timer, blue and angry, fear not!
It is time to reload, level up, and walk proud, as the story is far from over.

The honey badger may be beaten up and weary, but hes still standing.
Speaking of Badger, lets see what future lies for our broken hero.
Bit followed the long path at the feet of Mt King, too tired to climb, and still determined enough not to give in the sands of the desert of despair. He walked straight for as long as he could. Unfortunately, the road came to an abrupt end. A wall of rocky mountains stood firm ahead, forcing Badger to change directions. His only option was to head south, getting dangerously closer to the dreaded Reklands. home of the infamous Lord Rekt.

Here is the lay of the land:

I - Above 10,000 - Forbidden Eden
Beyond the green fields and pastures of the open plains lays one of the most enchanting region of Bulltardia. The Forbidden Eden is its name. Every crop harvested from its soil yields more than any other soil, and the fruits that grow from its trees have a incomparable sweetness. Would Bit reach the Forbidden Eden, he'd be able to rejuvenate and regain the strength that was drained by his bearish journey.

II - 10,000 - Wall of Ten
Erected by ten thousand men, the wall of ten protects the Forbidden Eden from Lord Rekts army and other unwanted intruders. Bit will have to find a way through the weall if he wants to reach the Forbidden Eden, either via the gates or over the wall.

III - 6000 - VanEck Pass
The VanEck Pass is the safest and easiest way to cross the 6K rockies. Unfortunately, the pass is easy to miss and most of the roads that lead to it are in fact straying deeper into the valley, delaying voyagers with twists and turns.

IV - 2900~6000 - Valley of Confusion
Any adventurer who sets foot in the valley is immediately covered by a mantle of thick fog. Soon after, they will abandon their sense of logic and perception. It is said that the fog is nothing else but dangerous fumes of Hopium, released by the many geysers peppering the ground. Would Badger stay too long in the area, he might have trouble remembering which way to the moon, or even worse, why he came here at the first place.

V - 2800~2900 - Blood River
Legend goes that the river was dug by the hands of Lord Rekt himself, who then poured in its bed the blood of its victims. The river cascades into the great abyss to feed who-knows-what-lies-down-there.
A crossing boat (and toll taker) awaits at 2880. Lets hope the price to be too high for Badger to accept the ride.

VI - 900~2800 - Rektlands
There is nothing friendly about the doomed lands of Rektlands. If you ever pictured hell, thats most likely how it looks like, but worse. Its sovereign, Lord Rekt, feeds on the flesh and bones of the way too many poor souls that venture into those forsaken plains.

VII - 1250~1500 - The Altar of Ultimate Sacrifice
Everyone captured by Lord Rekt will be sacrificed to honor the beast. According to the lore, One will be saved by the light of the Moon at the altar of blood. The so-called prophecy remains a myth, has no one has ever been rescued from the sacrificial knife. Once killed, the victims body are consumed by Lord Rekt, and their blood poured into the sinister river.

VIII - 900 - The Last Hodler
The last living soul below known to live below 1K is called the last hodler. Even though he dwells in the land of Lord Rekt, he somehow escaped Rekts torment by denying his existence. Years of hopium abuse have altered the Last Hodlers reality. Semi-conscious, he spends his day staring at the void of the abyss, physically lost but his mind dreaming the life of a bygone era.

IX - sub 900 - The Abyss
Nothing comes out alive from it... Nothing. And I dont want to talk about it.

Will Bit give another shot at the rockies or will he just take the path of least resistance? And for how long? "
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Old 12-11-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Emmm so what generates the coins? Someone who just decides how many there are?
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

afaik whoever they can get to invest in the project in exchange for large shares
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Old 12-11-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Quote:
Originally Posted by newjerseymax View Post
When everyone hates it is when you want it... Do it Warren Buffet Style (Except he hates bitcoin) lol
Warren Buffett also said "Price is what you pay. Value is what you get"
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Old 12-12-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

Quote:
Originally Posted by subscribe View Post
The best crypto will be the one that doesn't rely on mining or has any fees and FAST.

These the characteristics of winners...

Quote:
Emmm(pirestate) so what generates the coins? Someone who just decides how many there are?
To the moon.....
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

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To the moon.....
Hah :( @Empirestate
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Old 12-12-2018
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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

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Hah :( @Empirestate
empire v2 is probably already here

He's super stealth you know..

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Default Re: Bitcoin Dropped From 5k to 2.5k gbp

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Warren Buffett also said "Price is what you pay. Value is what you get"
He said Bitcoin is utter sh ite aswell lol.
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