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tbone

aaaaand...its gone! (Bitcoin to gold?)

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Bitcoin seems to be crashing, everyone trying to run for the exits.  Not sure how low it will go, but my guess is that money will first flow into dollars (or whatever local currency), then soon to gold.  Thoughts?
image.thumb.png.c6529ef72a214d4f8015dd2512c1ba69.png
 
As Bitcoin falls keep an eye on Gold. My belief is that Gold, as a tangible asset will, eventually, come into its own.
Dollars may do well short term with the new tax package approved in the US.

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Just another pull back, it's had 3x 70% ones before and 5x 30% in this year alone, it is odd how everything is getting slaughtered apart from the bankster coin usually when Bitcoin goes down the alts go up.   I thought that massive rise in Bitcoin price was the bankster money getting in before the futures markets opened but it is possible that money bought into everything?  I'm hoping this is just a shake out of the weak hands before flipping the switch and taking everything back in the other direction again.

Edited by Scuzzle

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For perspective when I first dabbled with Crypto 5 months ago BTC was $3k, then it rose to $6k and back to $3.8k. I've no doubt it will rise again but its too volatile to me as a store of wealth. It is however excellent if you like trading the volatility.

I just wonder how silvergoldbull and sharpspixley who accept BTC for gold work this? Do they immediately convert BTC to £/$?

 

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7 minutes ago, Scuzzle said:

I'm hoping this is just a shake out of the weak hands before flipping the switch and taking everything back in the other direction again.

Maybe, but I've heard the same weak hands arguments for years during silver's decline from $50.  But I'm no trader, so we'll see what happens

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7 minutes ago, tbone said:

Maybe, but I've heard the same weak hands arguments for years during silver's decline from $50.  But I'm no trader, so we'll see what happens

True but silver is firmly under control, if you look at the natural gas market when JP Morgan got control of that they did the exact same thing as they did to silver.  I'm expecting Bitcoin to go no lower than it's 100 day moving average which is £7,500, which is still more than double what it was 6 months ago.

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I think the gold moon dream will be here forever. This is just human nature here the people who didnt know what they were buying have just cashed out the bottom. I seen on twitter a few days ago people buying any alt coin just cos they new itd go up. These people deserve to lose all of their money. If you thought it was a good deal before now youve just got a sale. 

I used to think gold was better than crypto but i just keep reminding myself if i want to make a purchase in china right now. Whats my best option?

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Crazy thing is my friend has saved for 5 years working 2 jobs only having one day off a week and he was stupid enough to 'invest' all his savings (£18000) into crypto/bitcoin, he's lost £6000 literally a day after, not sure why someone would invest at a time when it's hit it's high point, hopefully it goes back up so he can get some money back.... looks like he wont be buying a house any time soon.

Edited by austack

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1 hour ago, Paul said:

Blame me everyone !  I invested my first cash into Cryptos last week and look what it has caused now !

Same happens every time i buy gold and silver to {sigh!}

#jinx

My friend invested £18000, next day he lost £6000 on it, his stupid decision, working 2 minimum wage jobs for 5 years for that money too, literally all his money, he lives in shared accommodation and was going to buy a house.....

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ooohhh that must hurt, £18k 

My investment was only around £250 to find how things work and whats what and get my wallets set up 

Still not to worry, such is the risk 

Saying that, I have blown more in Prague after hours in a matter of minutes than i have lost to Crytpos this past week - hay ho on we go  :)

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I was actually thinking about cashing out last week. I was kind of expecting this after reading alot about crypto in general lately. No way are the real powers in the world like the bankers letting these cryptos take over its there monopoly for ever at least thats the way i see it.

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2 minutes ago, Paul said:

has anyone noticed you cant buy ANYTHING on Coinbase currently.  Worrying 

Right, I thought it was supposed to be a worldwide, distributed network, the next generation of tech.  But the single point of failure is the exchange?  I also spoke with my company's 22 year old desktop support guy yesterday, who had planned to sell the $50k in Ada (another alt coin) he held in some exchange, but it was tied to Bitcoin (because thats how he bought it?), and he was waiting until Bitcoin "jumped back up" before selling.   That might be a bad move looking at today's drop.

So much for Bitcoin being store of value or "Gold 2.0".  At least my real gold is still there, doing what it does best (holding its value).

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8 minutes ago, tbone said:

Right, I thought it was supposed to be a worldwide, distributed network, the next generation of tech.  But the single point of failure is the exchange?  I also spoke with my company's 22 year old desktop support guy yesterday, who had planned to sell the $50k in Ada (another alt coin) he held in some exchange, but it was tied to Bitcoin (because thats how he bought it?), and he was waiting until Bitcoin "jumped back up" before selling.   That might be a bad move looking at today's drop.

So much for Bitcoin being store of value or "Gold 2.0".  At least my real gold is still there, doing what it does best (holding its value).

If you bought your gold this year its went down. Also you paid a premium on your gold. So your starting at a loss. 

This happens everytime we have a set back someone comes out with something like this but said nothing when it was on a bull run. 

When the next bull run happens youll be waiting again for it to end to write something. 

And if desktop support could make that kinda money think how much you could have made if you werent on the sidelines hoping for the failure. 

There are also exchanges working fine.

if weak hands sell today its good for the long run because they didnt know what they were doing

Edited by JCRJM

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If I lost everything tomorrow I would still be up, i decided to start small and dabble so I went in with £200 then bought silver when it hit £500, then I went in with £500 and bought silver when it hit £900 - £1000.  I managed to do this about 6 times since I first invested about 9 months ago.   I still think this is not the end and I'm going to be able to do the same all throughout 2018.  Fair enough I'm not going to be a Bitcoin millionaire or pay off a mortgage but it's still profit and it's relatively safe in that I'm not risking everything.

Edited by Scuzzle

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50 minutes ago, austack said:

My friend invested £18000, next day he lost £6000 on it, his stupid decision, working 2 minimum wage jobs for 5 years for that money too, literally all his money, he lives in shared accommodation and was going to buy a house.....

He hasn't lost anything unless he has sold it.  Please tell me he's not stupid enough to have sold it?!  All he needs to do is wait, it will come back.

Its the panic sellers who are thinking they have lost that are fuelling the drop.

Edited by Goldhooked

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It was always getting frothy. I was reading about people actually taking out loans and other ways of "borrowing" money just to buy Bitcoin.

It's been getting to the "shoeshine/sandwich boy" advice to buy cryptos recently so it was always going to have a big fall soon after.

BTW did you hear about the IT guy who accidently threw away his old laptop in about 2012 which had around 2 hundred k's worth of BTC on then? It would have been worth £75 million a week or two ago. He's currently trying to persuade his local council to help him dig up the tip and look for it, with an incentive of 10% for them. They are resisting his offer:P

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I have always said bitcoin will be killed off by the powers above when the tech has been perfected and proven and they are ready to release bank issued versions.

There is money to be made short term but mid to long term its hard assets for me and I have always converted BTC profits into gold.

 

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35 minutes ago, JCRJM said:

If you bought your gold this year its went down. Also you paid a premium on your gold. So your starting at a loss. 

This happens everytime we have a set back someone comes out with something like this but said nothing when it was on a bull run. 

When the next bull run happens youll be waiting again for it to end to write something. 

And if desktop support could make that kinda money think how much you could have made if you werent on the sidelines hoping for the failure. 

There are also exchanges working fine.

if weak hands sell today its good for the long run because they didnt know what they were doing

I'll be the first to admit I'm not some financial wizard or someone who should give financial advice.  Far from it.  You seem very emotional about it, which is understandable, but I'm not just waiting around for bitcoin to drop so I can write about it.  I guess if anyone questions bitcoin or cryptos, they are seen as a "troll" or "hater" by some.

I applaud anyone (esp a young guy who doesn't make much in salary) to make TEN times their money in a year or so.  Bravo!  But until he sells into $ or something of tangible value, I'd argue he hasn't really made that yet.  For me, I just got in way too late (I own very little cryptos, but I wanted to learn what the hype was really about, so I dipped my toe in the waters about a month ago).

Anyway, my personal opinion is that the power that be want to move the herd to 100% digital currency (and digitize everything eventually).  So I don't think this is the end for digital currencies at all.  But Bitcoin might not be the winner moving forward.

Edited by tbone

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12 minutes ago, sovereignsteve said:

It was always getting frothy. I was reading about people actually taking out loans and other ways of "borrowing" money just to buy Bitcoin.

It's been getting to the "shoeshine/sandwich boy" advice to buy cryptos recently so it was always going to have a big fall soon after.

BTW did you hear about the IT guy who accidently threw away his old laptop in about 2012 which had around 2 hundred k's worth of BTC on then? It would have been worth £75 million a week or two ago. He's currently trying to persuade his local council to help him dig up the tip and look for it, with an incentive of 10% for them. They are resisting his offer:P

I listened to a labour counsellor in England being interviewed by Jeremy Vine regarding different ways to invest taxpayers money. Jeremy said to him why don't you invest in bitcoin he replied whats bitcoin, seriously, this guy is responsible for tens of millions of taxpayers money. The local council is not the right people to be trusting anything to do with money.Its true what they say about political jokes...they get elected.

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