| Topic: A dip into the cryptocurrency market |
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| 21. Author: The One Who Knocks Date: Sun 18th Apr 2021. 16:52 I note that Turkey banned cryptos as a form of payment for goods services over the weekend. And although my eyes were open They just might as well be closed Reply |
| 22. Author: OzPar Date: Tue 11th May 2021. 06:39 Well, it’s three months to the day since I started this experiment with cryptocurrency, so it’s time to update you with where my A$1,400 has gone. I split the investment into $600 with Bitcoin, $600 with Doge, $100 in a basket of the top 10 capitalised coins, and $50 each on a couple of “randoms” that were climbing fast on the day (11 February) – IOTA and Crypto.com. When I last reported three weeks ago, my original investment had suddenly risen quite dramatically to $3,468. Little did I realise quite what was to come. One of the parcels of coins that I bought, Doge, went utterly mental, pushing my portfolio value at one point to $7,100. In other words, my investment had grown 500% in less than 3 months! It was tempting to cash out then, but that would defeat the purpose of this experiment. I will stay the full 12 months to properly gauge the currency, perhaps beyond. The value of the portfolio has since slipped back and today is sitting at $5,597. That’s still a healthy ($2,129) improvement from where it was three weeks ago. And overall, I am sitting at $4,197 in profit. Reply |
| 23. Author: OzPar Date: Tue 11th May 2021. 06:54 So, you might ask, is cryptocurrency an elaborate scam? A modern-day Tulipmania? The more I become familiar with it, the more convinced I am that this is not a short-term speculative bubble, but instead, a sign that the world is changing. My own working experience with seeing how Blockchain technology had utterly revolutionised the international trade markets in the past two or three years has had a huge influence on my thinking. The surge in Bitcoin’s price and legitimacy has come at the same time as a colossal burst in money printing by the world’s central banks to service debt. This has produced a rise in the value of all assets, especially shares, because the money has to go somewhere, and it can’t be spent. One senses that we are at the start of a global financial revolution sparked in part by all the money printing, and arguably the debasement of the existing monetary system in order to maintain economic growth. The Blockchain introduced trust to the internet. Up until it arrived, trust was in very short supply. Put simply, Blockchain is a single, global, unalterable record of something. It is transparent. And that is the engine under the bonnet of Bitcoin and all the other cryptocurrencies. When you wash away all the froth and bubble (pardon the obvious pun), everything I see, hear and read about it points to cryptocurrency being the future direction of the global financial system. And it will be a simplified system – no separate currencies, no dodgy exchange rates, maybe even no banks, or at least banks as we know them today. You can understand why financial institutions are uncomfortable with it. But that’s not stopping them from getting in on the act too. My own bank, Westpac, is an active player in the market, having a major share in one of the big crypto brokerages in Australia. And certainly, we are seeing more and more large corporations hedging their bets and taking a stake in crypto too. There`s momentum there. Of course, there is an environmental concern about the mining of coins, and it is absolutely valid. But the mining can stop at a certain point, once critical mass is achieved. That point may already be reached; I certainly don’t know that, but there must be a figure for it. Then, with a global agreement on a limit set on the number of coins that are produced, the value of the coins inevitably will rise, and your share of those coins (your wealth) becomes a mathematical equation. It might sound complex, but when you break it down to its constituent parts, it doesn’t seem that complicated to me. At the end of the day, I think crypto is here to stay. Reply |
| 24. Author: DBP Date: Tue 11th May 2021. 10:18 One of the guys at work (who’s been an advocate of it for the 5 years since he joined us) bought about £50k’s worth when it was about £2k per bit coin and he still has all of it. It was inheritance money and his wife went ape at the time - think she’d come round to the idea now! He says there’s no way he’s selling as he believes the trend is only going one direction Post Edited (Tue 11 May 10:19) Reply |
| 25. Author: parsmad68 Date: Tue 11th May 2021. 20:29 Really enjoying reading this OzPar Reply |
| 26. Author: Malcolm Canmore Date: Tue 11th May 2021. 22:02 OzPar, Tue 11 May 06:54 It’ll end in tears. My dog eats meat Reply |
| 27. Author: jake89 Date: Tue 11th May 2021. 23:12 I always find it odd how people disregard crypto currency as "not real" but are fine using plastic IOUs and moving numbers around on digital banking. Currency is just a construct. That tenner in your wallet (if you still use cash) isn't backed by gold anymore. In theory, it could become worthless overnight. Each day it sits in your wallet it's perceived value typically DECREASES. Reply |
| 28. Author: Berkey Date: Wed 12th May 2021. 08:51 Enjoying these updates! I’ve started to dabble in it myself, have a small amount of Safemoon, doge and now shib. Seems theres a good amount of money to be made but you need to be early in....seems like there’s a new ‘doge killer’ currently created every 5 minutes tho! The post below replying to me is by one of .nets finest champions of mediocrity! Reply |
| 29. Author: LochgellyAlbert Date: Wed 12th May 2021. 10:51 Don't think Doge did too well after Ellon Musk's comments at the weekend, Ethereum doing well though! Reply |
| 30. Author: red-star-par Date: Wed 12th May 2021. 17:23 LochgellyAlbert, Wed 12 May 10:51 Ooh, never noticed that. I got involved in an Ether Tracker a couple of years ago, it never really did much, but since you mentioned it, I just checked and its gone up 470%, which is nice Reply |
| 31. Author: The One Who Knocks Date: Thu 13th May 2021. 10:17 Tesla no longer accepting bitcoin as payment. And although my eyes were open They just might as well be closed Reply |
| 32. Author: londonparsfan Date: Thu 13th May 2021. 15:37 I'd love to know how much Musk is making playing the swings he knows his comments will make. Great thread by the way guys. Really interesting and long may the upside continue. Post Edited (Thu 13 May 15:37) Reply |
| 33. Author: neilholland999 Date: Thu 13th May 2021. 17:28 If anyone needs an invite to create an "Initiative Q" account, let me know as I am an existing user and can invite people in. All I will need is your email address (must be genuine to qualify for any benefits further downstream). Reply |
| 34. Author: OzPar Date: Tue 18th May 2021. 04:08 A very interesting article here. Well worth reading through to the end to get the full picture. https://www.abc.net.au/news/2021-05-18/bitcoin-elon-musks-uturn-on-tesla-payments-mean-cryptocurrency/100145838 Reply |
| 35. Author: Rastapari Date: Tue 18th May 2021. 07:52 Wotsit, Tue 9 Mar 12:22 Tiny in comparison to the impact of manufacturing Tesla style cars... Carole Baskin fed Rasta to a tiger. Reply |
| 36. Author: Rastapari Date: Tue 18th May 2021. 07:53 The One Who Knocks, Thu 13 May 10:17 However still happy to exploit kids for mining components... Carole Baskin fed Rasta to a tiger. Reply |
| 37. Author: LochgellyAlbert Date: Tue 18th May 2021. 09:35 ADA was certainly stellar in the last week, saw some screen shots of a 12 month investment and it was impressive! Big drop this week though. Reply |
| 38. Author: The One Who Knocks Date: Wed 19th May 2021. 19:51 Cryptos take a dive as China ramps up its curbs against the asset and the speculators. And although my eyes were open They just might as well be closed Reply |
| 39. Author: Buspasspar Date: Thu 20th May 2021. 18:05 Oz shakes his head as he go`s back to his man cave ... fires up his Pars (the glory years) 8 track and opens a few tinny`s :-)) We are forever shaped by the Children we once were Reply |
| 40. Author: DBP Date: Thu 20th May 2021. 18:45 Don’t think China position changed at all... either way it’s dips are still about 6 times the price of where it was this time last year Reply |