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Anyone into $itcoin?

Discussion in 'Fun topics, videos, etc.' started by NorthSky, Dec 6, 2017.

  1. NorthSky

    NorthSky Major Contributor

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    ...Or as an exchange currency, an investment or even mining bitcoins?

    I'm looking for happiness, and I always believed that love is happiness.
    ...Plus good health, good spirit, good friends and family and good wealth.

    I also believe in cleaner air, cleaner leaders, cleaner banks, cleaner humans, cleaner planet, cleaner universe.

    This is not about money, it is about independence, privacy, security, trust, good faith and the pursuit of ultimate freedom and peace. ...Music & Films.

    So, who here is into bitcoin?
     
  2. Jinjuku

    Jinjuku Senior Member

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    Incredibly risky. Bitcoin mining is super electricity intensive. Current estimates put 1 bitcoin = 9 days of a household worth.
     
  3. NorthSky

    NorthSky Major Contributor

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    That's why people like Elon Musk is into cobalt, solar panels, ultra super batteries, new energies cleaner for the humans living on Earth, travelling underground in tunnels, soon living on Mars, etc.

    The audio/video websites of the future will encourage their forum members to buy new products powered by new energies, staying away from electricity and electronics relying on electrical grids. ...With less distortion and better looking pictures...less video banding motions, cleaner sound and images. ...And with less image retention, more bandwidth and greater communication between several audio/video products using the cable of ⚡choice...HDMI in its latest version/implementation...with automatic updates for the next twenty years.

    I think bitcoin is leading us towards that goal, that cleaner world we all dream of. Right now some audio/video websites are thinking of switching to bitcoin in order to sell their advertised products.
    In Japan and in China it is starting to take shape. North America and Russia are soon to follow if they don't want to be left behind in the Sahara dust.
     
  4. NorthSky

    NorthSky Major Contributor

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    I asked Vertical Scope in Toronto, Canada and they said yes; you might be very right. I did not ask Audioholics...yet.
     
  5. dallasjustice

    dallasjustice Addicted to Fun and Learning

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    Invest your entire retirement in it!

    My prediction: it’s going to keep going up. Then it will slowly drift down. Then it will go down very quickly.
    When it’s all over you could quote Hemingway;
    “How did you go bankrupt?”

    “Two ways.” “Gradually and then suddenly.”

    The original selling point for bitcoin was that it wasn’t controlled by governments and its supply was limited to maintain value. It was said to be an improvement over gold because transactions with bitcoin were fast and easy. Therefore, it would be the perfect form of exchange: stable value, low transaction cost and easy/cheap to store/maintain.

    Let’s see if any of those selling points have proven true.
    1. Approximately a third of all bitcoins have been either stolen or are irretrievably lost.
    2. Bitcoin prices have been the most volatile asset in the world.
    3. Huge (and growing) block chain clearing times for bit coin have made it impossible to use to buy simple things. It’s really not accepted as a form of payment anywhere. Even if it were accepted, people are hoarding bitcoin so it would never be used. (See Gresham’s law)
    4. Supply has not been limited. How many more “forks” will there be? How many more competing currencies and ICOs will there be to dilute bitcoins market value? Will the new cryptos prove better than bitcoin?
    5. The IRS is already getting bitcoin ownership data and will start penalizing bitcoin owners for back taxes plus interest owed.

    Bitcoin is tulip mania 2.0. It can go much higher. But you better know when to sell.
     
    Last edited: Dec 7, 2017
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  6. Wombat

    Wombat Active Member

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    What value has it 'earned' vs 'speculation'? Tulip mania is a good analogy.
     
  7. dallasjustice

    dallasjustice Addicted to Fun and Learning

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  8. dallasjustice

    dallasjustice Addicted to Fun and Learning

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    As J.P. Morgan said, “Gold is money. Everything else is credit.”
     
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  9. Wombat

    Wombat Active Member

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    Could $itcoin be a worserer financial investment than continual purchasing of new audio gear, especially 'high-end stuff'?
     
  10. dallasjustice

    dallasjustice Addicted to Fun and Learning

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    What do I know? IMO, LPs are the most useless items one can buy to enjoy high fidelity. Yet LPs just go up in value and everything else keeps going down.
     
  11. Wombat

    Wombat Active Member

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    To the point where Compact Cassettes are gaining some popularity. Oh the joys of track selection. :rolleyes:
     
  12. RayDunzl

    RayDunzl Major Contributor Central Scrutinizer

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    Bitcoin futures on the CME and CBOE will be the next Wild West show.

    http://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html

    http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html

    Contract Unit: 5 bitcoin, as defined by the CME CF Bitcoin Reference Rate (BRR)
    Minimum Price Fluctuation: $5.00 per bitcoin=$25.00 change in contract value

    CME CF Bitcoin Reference Rate (BRR)
    The BRR aggregates the trade flow of major bitcoin spot exchanges during a specific calculation window into a once-a-day reference rate of the U.S. dollar price of bitcoin. Calculation rules are geared toward a maximum of transparency and real-time replicability in underlying spot markets.

    CME Group and Crypto Facilities Ltd. designed the BRR around the IOSCO Principles for Financial Benchmarks.

    CME CF Bitcoin Real Time Index (BRTI)
    The BRTI aggregates global demand to buy and sell bitcoin into a consolidated order book and reflects the fair, instantaneous U.S. dollar price of bitcoin. It is geared toward low latency and timeliness and is based entirely on forward-looking input data.

    The BRTI is suitable for marking portfolios, executing intra-day bitcoin transactions and risk management.

    ---

    Bitcoin Reference Rate (BRR)
    $12825.94
    Last Updated 06 Dec 2017

    Bitcoin Real Time Index (BRTI)
    $13943.69
    Last Updated 06 Dec 2017 21:29 pm CST

    So...

    $13943.69 -$12825.94 = $1 117.75 movement since the BRR was last calculated, 1117/5 = 223.4 increments of $25, = $5,585 change in contract value this evening.

    The contract specifies 35% margin, so probably need 35% of $12825.94 = $4489 margin deposit to play...

    Easy way to say that is for every $1 change in Bitcoin your contract value moves $5, so 5:1 price leverage.

    But you're only depositing $4489 (below) to open a contract, so the "real" leverage is more like 15:1

    The "advantage" is you don't have any Bitcoins to be stolen or lost, and you can make money long (buying then selling for more) or short (selling then buying for less).
     
    Last edited: Dec 7, 2017
  13. tr1ple6

    tr1ple6 Member

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    Crypto investing is how I make my living. Perhaps Amir can make a private investing sub forum where we can discuss strategies and such
     
  14. tr1ple6

    tr1ple6 Member

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  15. Jinjuku

    Jinjuku Senior Member

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  16. tr1ple6

    tr1ple6 Member

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  17. amirm

    amirm Founder/Admin CFO (Chief Fun Officer) Staff Member

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    Do you want to start with a master thread on investing and if attention is high, then I can create a forum for it. Good place for it would be "News, Reviews and Information You Can Use" forum.
     
  18. tr1ple6

    tr1ple6 Member

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    Thanks Amir but reading the above posts shows me that I would probably be wasting my time as well as yours.

    Just an FYI to anyone who is interested. There are well over 1000 different crypto currencies or tokens. Blockchain technology has moved far beyond just Bitcoin. If anyone has any questions you are welcome to PM me
     
  19. amirm

    amirm Founder/Admin CFO (Chief Fun Officer) Staff Member

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    Not mine. I know next to nothing about it so love to learn more. I think for many of us on the sidelines, we are just going by random tidbits we hear/read. So having someone on the inside explain it, would be good. You can do it in this thread too by the way.
     
  20. tr1ple6

    tr1ple6 Member

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