Author Topic: Bitcoin and Altcoins  (Read 1703 times)

Caesar

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Re: Bitcoin and Altcoins
« Reply #15 on: October 31, 2019, 06:44:04 PM »
Chinese authorities have taken action to censor any anti views on Bitcoin and blockchain.
Communications around the criticism, opposing views are now banned by China

The Chinese made the decision to ban anti views towards Bitcoin and blockchain as they look to support the blockchain community and the crypto world, with their recent shift in view.

It has now seen authorities enforcing the criticism, opposition views or casting of aspersions on Bitcoin and blockchain technology.

Chinese President  Xi Jinping recently rocked the crypto industry with a speech exalting blockchain, praising the economic benefits and efficiencies available through the technology.
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Caesar

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Re: Bitcoin and Altcoins
« Reply #16 on: October 31, 2019, 09:17:50 PM »
Not a great birthday for Bitcoin,  but a very decent week!
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Caesar

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Re: Bitcoin and Altcoins
« Reply #17 on: November 01, 2019, 09:18:08 PM »
And on the week it celebrated its 11th birthday,  Bitcoin ends the week well in the green
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Caesar

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Re: Bitcoin and Altcoins
« Reply #18 on: November 04, 2019, 05:11:59 PM »
Just had a bit of a start, googled Bitcoin and first thing I saw was today's price, 7214. Then realised that was in sterling and not dollars.
Think I need a cup of tea to relax.

Anyhow,  according to CNBC, following studies of them 2017 rise in Bitcoins price  2 finance professors in the US have attributed most of the rise to one individual!

https://www.cnbc.com/2019/11/04/study-single-anonymous-market-manipulator-pushed-bitcoin-to-20000.html
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Caesar

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Re: Bitcoin and Altcoins
« Reply #19 on: November 06, 2019, 08:03:34 AM »
Bitcoin continuing its recent climb. 10, 000 might be a hard level to break, but with Crypto's you never really know. 
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Caesar

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Re: Bitcoin and Altcoins
« Reply #20 on: November 09, 2019, 02:10:17 PM »
Supporters of cryptocurrencies, especially Bitcoin,  believe that, as a decentralised currency with millions of owners around the world, the crypto asset has a better long-term outlook because central banks or governments canít manipulate it. Since only a limited amount of Bitcoins can ever be produced they say this implies its value is much less likely to be eroded by inflation over the long term.

However, Bitcoin has a lot of drawbacks as well. Price of the crypto asset is exceptionally volatile, so you canít really use it on a day-to-day basis. Imagine leaving home with £20 only to find that when you get to the shop, itís worth £10.

Transaction costs are quite high, and criminals have targeted owners repeatedly in the past, stealing hundreds of millions of dollars worth of the cryptocurrency.

Bitcoin is only worth as much as other investors are willing to pay for it. That can mean either $20,000 a piece or $1,000.

This year Bitcoin has pulled back some of last years fall, but nowhere near half of it, and it is difficult to put a finger on why it has risen or why it would continue.  My concern ith Bitcoin is that as things currently stand, it is like building a house on a foundation of sand, you just never know when its going to collapse beneath you.



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Caesar

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Re: Bitcoin and Altcoins
« Reply #21 on: November 10, 2019, 12:29:32 PM »
Bitcoin halving

When it was first devised, bitcoin was programmed with a hard limit of 21 million, with new bitcoins entering the system as an incentive for network processors (ďminersĒ) in a gradual and controlled rhythm. The initial reward rate for mining was 50 bitcoins and rate at which they are created is reduced by half every four years, ostensibly to mimic the increased difficulty of gold mining. On Nov. 28, 2012, this was halved to 25, and since July 9, 2016, miners have been receiving 12.5 bitcoins for each block successfully processed.

The next reduction, after which the network incentives will be 6.25 bitcoins per block, is expected in May 2020.

Previous halvings have triggered bull runs,  and followers of Bitcoin are expecting more of the same next time round, with some suggesting it has already begun. Others argue that it has not only begun, it has ended and that anticipated price growth based on the effect of halving is now priced in. If the 2nd group are right, then the only way is down for Bitcoin since there are no fundamentals to support a rising valuation.

Either way, all of this just further demonstrates the difficulty in judging the value of Bitcoin and determining whether to invest in it or cash in and run.





« Last Edit: November 10, 2019, 08:59:08 PM by Caesar »
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Re: Bitcoin and Altcoins
« Reply #22 on: November 13, 2019, 05:50:16 PM »
Mike McGlone, an analyst with Bloomberg Intelligence, says technical signals suggest the biggest cryptocurrency could face further headwinds ahead.

The trading range between Bitcoinís 50- and 200-day moving averages has diminished to its narrowest since June, potentially indicating that an inflection point may be on the horizon. Though Bitcoinís already fallen below its 50-day moving average, a drop below the 200-day could trigger a sell signal.

The most widely-owned-digital asset has erased much of the gains it posted after Chinaís President Xi Jinping said the country was inclined toward increasing investments of blockchain technology as it searches for industrial advantages. While crypto enthusiasts took that as a positive for Bitcoin, the token has subsequently traded lower, dropping near 5% this month. The Bloomberg Galaxy Crypto Index has lost more than 2% in the same period.

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Re: Bitcoin and Altcoins
« Reply #23 on: November 14, 2019, 05:51:43 PM »
Cryptoqueen brother admits he played a role
https://www.bbc.co.uk/news/technology-50417908
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Re: Bitcoin and Altcoins
« Reply #24 on: November 21, 2019, 10:06:55 AM »
Bitcoin has crashed below $8000 for the first time in a month and shows no sign of stopping any time soon.
It slipped below its 200-day moving average line, an event considered a sell signal by many analysts and chartists.
Part of the blame for this has been levied at China,  who announced a few weeks ago that it may start to embrace the blockchain technology that supports cryptocurrencies, and has since taken steps to curb crypto trading.
Watchdogs in Shanghai, for instance, issued notices calling for a cleanup of companies involved in trading of digital assets, while one in Beijing warned against illegal exchange operations.

Bitcoin was down 1.9% as of 9:03 a.m. on Thursday to trade at $7,938 and has dropped about 14% this month, data compiled by Bloomberg show. The Bloomberg Galaxy Crypto Index, which tracks major cryptocurrencies including Bitcoin and Litecoin, has lost 12% in November.
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eddieb

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Re: Bitcoin and Altcoins
« Reply #25 on: November 23, 2019, 08:36:15 AM »
Bitcoins woes continued yesterday.
After dropping below $8000 earlier this week,  it dipped under $7000 yesterday.
It seems the Shanghai offices of Peoples Bank of China said it would tackle growing cases of illegality involving virtual currencies, following similar comments from their colleagues in Shenzhen
Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technologies,  and it seems that China will develop its own Crypto for this purpose.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

eddieb

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Re: Bitcoin and Altcoins
« Reply #26 on: January 26, 2020, 08:38:34 AM »
Re-reading an article from November,  so this may not be news to everyone.
The New Zealand gov issued a tax bulletin giving companies permission to legally pay employees using cryptocurrencies 
The only proviso being that the cryptocurrencies used must be convertible to flat currency,  which is typically the case with the major cryptos
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

Caesar

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Re: Bitcoin and Altcoins
« Reply #27 on: March 12, 2020, 09:05:30 PM »
After a decent last few months,  Bitcoin has been hammered today and now sits just under $6000, from a high yesterday of $8000
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eddieb

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Re: Bitcoin and Altcoins
« Reply #28 on: March 20, 2020, 11:08:52 AM »
After dropping down to the 4000's earlier this week, Bitcoin have had a resurgence, and is closing in on $7,000. And its not alone, Bitcoin is up around 20% over the last 24-hour trading period, while other major tokens, including ethereum, Ripple's XRP, litecoin and bitcoin cash, are up between 15% and 22%.

From what I read, this seems to be being driven by Stablecoin tether, which are tied to the currency they are designed to 'mirror'. Over the last 48-hours some $120 million worth of tether has been minted, though the company behind tether said this was just an "inventory replenish" that had not yet been issued , but Simon Peters of etoro thinks that if the entire $120 million of new tether went into the crypto markets, it "could move prices significantly."

Personally, there is too much here that is out of the hands of the ordinary guy in the street for me to even consider buying into crypto's. If a single, or small number of, people/companies can move the market to the degree we have seen over the past couple of days we should remember that they could just as easily get out and leave us holding huge losses.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

Kaitsu

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Re: Bitcoin and Altcoins
« Reply #29 on: March 20, 2020, 02:53:54 PM »
I wonder where it will be in another 11 years?
Now that is a good question!  ;D I also wonder where we will be then, too! Will retail trading exist at all any more!

How actively are you trading bitcoin? I have never touched it yet, but I have occasionally looked at the charts provided by my broker for BTCUSD for example, but it hasn't lit the fuse for me yet for some reason - maybe just over-cautious and unfamiliar!
Ships are safe in harbour - but that is not what ships are for......