Bitcoin Price

About 12 months ago I remember a few people on her saying this is a great way to make money

I have no idea what it is or how it works but I just noticed it’s down 70% in the last year, so obviously it wasn’t such a great investment

Anybody know what happened to cause the slump?? Anyone lost any money??

Same old ruse probably. The price gets ramped by the City boys and Chinese etc, everyone piles in, then the stock gets dumped.

The stock has got dumped but the real issue as far as I am concerned is the thing has not been regulated. That discision has been delayed now until end of February. Don't be surprised if it gets delayed again.

There is a lot of advice out there to buy while price is low. Most think it will return to its highest level again next year. If you do buy don't expect a quick return.

The stock has got dumped but the real issue as far as I am concerned is the thing has not been regulated. That discision has been delayed now until end of February. Don't be surprised if it gets delayed again.

There is a lot of advice out there to buy while price is low. Most think it will return to its highest level again next year. If you do buy don't expect a quick return.

I have no idea how it works or how to buy it so it’s not for me

All I do remember was a few people trying to big it up and say what a great investment it would be without being able to explain exactly what it was or how it worked.

Always seemed a bit iffy to me and it appears a few people might have got their fingers burnt

The stock has got dumped but the real issue as far as I am concerned is the thing has not been regulated. That discision has been delayed now until end of February. Don't be surprised if it gets delayed again.

There is a lot of advice out there to buy while price is low. Most think it will return to its highest level again next year. If you do buy don't expect a quick return.

I have no idea how it works or how to buy it so it’s not for me

All I do remember was a few people trying to big it up and say what a great investment it would be without being able to explain exactly what it was or how it worked.

Always seemed a bit iffy to me and it appears a few people might have got their fingers burnt

Its a volatile subject. Only a month ago I was talking to somesome who had 2BTC at £5k each at the time. Since then BTC has dropped to £2.5k. The other day it bounced back up by a £200. Very volatile.

There is a lot of talk by end of 2019 it will be £50K. Hence why you will be hearing its a good time to buy. even if the regulation thing comes in I mentioned above I doubt very much it will rise that much.

Although I spent all my working life in finance, including several years as a financial adviser, I know nowhere near enough about these cryptocurrency things to gamble with them myself. To be honest, I have neither the money or the inclination to chance my arm in this market. My advice has always been to only gamble with money you are prepared to, and can afford to lose. Look into it closely before you go for the kill. Good luck if you chose to invest, from what I have read some people have made a lot of money. Just need to remember, where there are winners there are usually losers as well.

Although I spent all my working life in finance, including several years as a financial adviser, I know nowhere near enough about these cryptocurrency things to gamble with them myself. To be honest, I have neither the money or the inclination to chance my arm in this market. My advice has always been to only gamble with money you are prepared to, and can afford to lose. Look into it closely before you go for the kill. Good luck if you chose to invest, from what I have read some people have made a lot of money. Just need to remember, where there are winners there are usually losers as well.

TBh Steve i don't think your finance experience would help you here.

Its a whole different ball game that is challenging your past career. Its a ledger that intends replacing the present system by decentralising where you sold your pensions and investments under a controlled emvironment, BTC and its associated are far from controlled. If you were still an advisor your code of conduct will tell you not to touch it.

Although I spent all my working life in finance, including several years as a financial adviser, I know nowhere near enough about these cryptocurrency things to gamble with them myself. To be honest, I have neither the money or the inclination to chance my arm in this market. My advice has always been to only gamble with money you are prepared to, and can afford to lose. Look into it closely before you go for the kill. Good luck if you chose to invest, from what I have read some people have made a lot of money. Just need to remember, where there are winners there are usually losers as well.

TBh Steve i don't think your finance experience would help you here.

Its a whole different ball game that is challenging your past career. Its a ledger that intends replacing the present system by decentralising where you sold your pensions and investments under a controlled emvironment, BTC and its associated are far from controlled. If you were still an advisor your code of conduct will tell you not to touch it.

You are 100% correct Bakedalasker. I have looked into it a little, but to be honest, goes way over my head. I have been out of the game for so long now, I would not dare to hand out financial advice to anyone, even the most basic advice. Rules and regulations change frequently, and you have to undertake assessments to maintain your licence. My only tip would be to ignore my tips, especially match forecasts where Cardiff are concerned.

Although I spent all my working life in finance, including several years as a financial adviser, I know nowhere near enough about these cryptocurrency things to gamble with them myself. To be honest, I have neither the money or the inclination to chance my arm in this market. My advice has always been to only gamble with money you are prepared to, and can afford to lose. Look into it closely before you go for the kill. Good luck if you chose to invest, from what I have read some people have made a lot of money. Just need to remember, where there are winners there are usually losers as well.

Steve, I have been in the financial industry myself and I consider myself a reasonably intelligent man.

However, I just don’t get Bitcoin and other crypto currencies. I listen to so called experts and think they are just talking bollux. They have widely differing views, one says it’s going to rocket another days it’s going to crash they constantly contradict themselves and most say they have made £thousands.

But like you said for every winner there is a loser although I have never met or heard of anyone who will admit to it!!

All too much for me to understand..Maybe I’m just getting old?? All I do know is that they don’t accept Bitcoin in my local club.. it’s cash or no beer

All too much for me to understand..Maybe I’m just getting old?? All I do know is that they don’t accept Bitcoin in my local club.. it’s cash or no beer [/quote

Feckin worthless them bitcoins..

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Known as the spring coil effect. It could go either way though.

The problem I have using these techniques with BTC is that there is no history there. Unlike the Forex that has decades of history to test against BTC is still young. I have seen some people compare BTC against Gold where they try and convince others BTC will rise again because Gold went through the same thing, pattern. I don't buy that.

My instinct tells me if you buy BTC today it will be another couple of years before we see a rise in it. If you can spare the cash and have the patience then yes why not buy now. The bottom line is its a gamble.

Although I spent all my working life in finance, including several years as a financial adviser, I know nowhere near enough about these cryptocurrency things to gamble with them myself. To be honest, I have neither the money or the inclination to chance my arm in this market. My advice has always been to only gamble with money you are prepared to, and can afford to lose. Look into it closely before you go for the kill. Good luck if you chose to invest, from what I have read some people have made a lot of money. Just need to remember, where there are winners there are usually losers as well.

Steve, I have been in the financial industry myself and I consider myself a reasonably intelligent man.

However, I just don’t get Bitcoin and other crypto currencies. I listen to so called experts and think they are just talking bollux. They have widely differing views, one says it’s going to rocket another days it’s going to crash they constantly contradict themselves and most say they have made £thousands.

But like you said for every winner there is a loser although I have never met or heard of anyone who will admit to it!!

All too much for me to understand..Maybe I’m just getting old?? All I do know is that they don’t accept Bitcoin in my local club.. it’s cash or no beer

i don't think they are talking bollux...I know they are.

I've seen many clips of these experts claiming a certain coin will rise to say a certain amount for it to only depreciate. Prime example I can give you is some Youtube guys claimed the coin ADA would rise to $8 by year end 2018. At the time it was 50 cents, today its around 2 cents.

The best one is this Facebook friend I have. She remains a friend of mine because I wont to monitor her bolluxs. She has been jumping from one trading bot to another claiming she is earning lots of money. The only money she has earned is by conning people to join her scheme and taking the "Referral" money from them. The bot inevitable fails so she moves onto another one. She has made a few enemies as you can imagine and it was discovered she has gone into Insolvency of late. So here we have someone claiming to have made thousands yet now is under a debt order. God knows how many people have lost money because of her.

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Thanks for trying to explain..but unfortunately that’s just words and sentences I don’t understand

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

I bought a couple of grand of XRP last christmas, cashed out when it went from about .5 to 2.0, at one point it was well over 3.0 .... I imagine with all the marketing these small cryptos are doing at footie and all over the place these days you'll see a couple of the smaller coins go up, leading to people panic buying, leading to it going up, then a sudden drop like most of the small coins do... it's all just hype and people seeing prices going up drastically and getting on board.. trick is to know when to cash out and sell your coins as if you don't other people will and you'll be left with a worthless digital currency which is all that most cryptos are at the end of the day.

bitcoin has had its unbelievable run and too many day traders who are happy to sell of masses of it for short term profit mean it wont climb and climb and climb imo, if you're buying coins for long term profit you'll be left underwhelmed as people give out these ridiculous predictions which will never come true.

So if you're looking to buy crypto currency id say just take a bit of time to pick a smaller one who have done their marketing well imo, wait to see what's being overhyped and going up in short term value, and don't feel like you've got to hang on to it for months and months...Or even better find a tiny crypto and look into pump and dump trading

The NSA had a patent approved back in the 1980s for an e currency. One of the co founders of Ripple is the same individual who had this approved.

China have recently stated they want a one world currency. Donald trump has also stated he would like a one world currency, as it is the only way everybody is on a fair playing field due to the devaluation of certain currencies. He states it’s cominng sooner than you think.

The USD is currently 23 trillion in debt. That’s a staggering 15 dollars more than when we had the financial crash in 2008. The next crash will see us transfer to an e currency, in my opinion.

The technology behind bitcoin is the future. I don’t think Bitcoin will be the single currency, but one of them will be, I think Ripple.

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

It is a thing called Satosh that came up with the idea. Some Japanese thing that is a mystery. Whatever it is their plan was to implement a system that challenged the banks tight hold on our money. That is why do we have to rely on the banks who hold us to ransom?

I'm not really to sure why you are bringing in Pyramid selling as this is nothing like that. It you want to associate it with anything then use the likes of Google, Amazon and all these latest projects that have entered our lives. You invest in a startup and hope it works out. If it doesn't you loose. BTC/Blockchain is a new concept just like Amazon.

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Thanks for trying to explain..but unfortunately that’s just words and sentences I don’t understand

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

Yes keep yout money safe in the bank... only 7 to 10% of the money held in banks against accounts actually has assets backing it, gold etc. If there is a run on the banks then 90% will be left without a chair i.e te banks will say sorry you can't have it!

Your friendly bank holds your "cash" and pays you 0.25% interest and then charges people 19.9% on credit cards to use your cash hmmm

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Thanks for trying to explain..but unfortunately that’s just words and sentences I don’t understand

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

Yes keep yout money safe in the bank... only 7 to 10% of the money held in banks against accounts actually has assets backing it, gold etc. If there is a run on the banks then 90% will be left without a chair i.e te banks will say sorry you can't have it!

Your friendly bank holds your "cash" and pays you 0.25% interest and then charges people 19.9% on credit cards to use your cash hmmm

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Thanks for trying to explain..but unfortunately that’s just words and sentences I don’t understand

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

Yes keep yout money safe in the bank... only 7 to 10% of the money held in banks against accounts actually has assets backing it, gold etc. If there is a run on the banks then 90% will be left without a chair i.e te banks will say sorry you can't have it!

Your friendly bank holds your "cash" and pays you 0.25% interest and then charges people 19.9% on credit cards to use your cash hmmm

I think we all agree the current banking system we have is far from perfect..not many people would disagree with you

However, nobody I have listened to or read has in anyway remotely convinced me crypto currencies are the way forward, they seem a disaster waiting to happen and for some people who bought at the highest prices it probably already has for them

It is a tricky subject to understand. This is my laymans understanding.

Bottom line is the value comes from being able to solve an algorithm using computing power, that algorithm is difficult to solve and uses a huge amount of computing power achieve. Computers race to solve the algorithm first and the winner is rewarded with bitcoin. This is called mining. If you think about it mining gold is difficult and hence its rarity and value, same goes for mining bitcoin, bitcoin are rare (there'll only ever be 21m of them) and its difficult and expensive to do.

Why this mining, well bitcoin transactions work on something called a distributed ledger, think of a traditional method of recording something like bitcoin transactions on a table as a normal ledger, with all the buys and sells being recorded. A distributed ledger needs the computers to agree that the transaction is correct/agreed to, this is what they do when they solve the algorithm. The transactions are then encoded and sealed in a block, then the next block is created (hence the term blockchain). To hack the ledger you need an impossible level of computing power as described in the mining part but multiplied becasue you have to change many blocks that already took a huge amount of energy to build in the first place. It is very secure.

The bottom line is the value of bitcoin comes from the difficulty to mine, the ease to and security to transact. Ripple another cryptocurrency is very cheap and very quick, for example you could send someone in Australia 1m in a couple of minutes with a transaction charge of a few pence and it is very secure. This is why banks and large financial instituions are interested.

For its "use" forget the price that is just people jumping of the bandwagon and following the trend, or momentum trading with no understanding.

For those who want to trade, this is my approach and I still make money.
If you want to make money just follow the price chart, it'll settle in to a pattern and bounce between two levels for a while, say 3500 and 3700. Wait until it breaks out to above 3700 then buy, put a stop loss order at something like 3690 if it rises just move your stop up behind it giving it a little breathing space.

Thanks for trying to explain..but unfortunately that’s just words and sentences I don’t understand

What I am figuring out is that whoever first invented this made up, invisible so called currency is probably a multi, multi Millionaire
and can’t believe his luck that people actually bought into this unregulated pyramid selling scheme

Yes keep yout money safe in the bank... only 7 to 10% of the money held in banks against accounts actually has assets backing it, gold etc. If there is a run on the banks then 90% will be left without a chair i.e te banks will say sorry you can't have it!

Your friendly bank holds your "cash" and pays you 0.25% interest and then charges people 19.9% on credit cards to use your cash hmmm

Not strictly true as deposits up to £85k are covered under the FSCS, whereas your cryptocurrency has absolutely no protection whatsoever if my understanding is correct.

If there was a mass pull on the 85k then the country would be in deep shit. Anyway I don't advocate holding large amounts of crypto it is very volatile, money can be made from Conservative trading not buying and hoping.

If there was a mass pull on the 85k then the country would be in deep shit. Anyway I don't advocate holding large amounts of crypto it is very volatile, money can be made from Conservative trading not buying and hoping.

I know my £5 note in the bank is a bit risky, it will buy me a pint and a half today, next year it may only buy me half a pint.But it will still be £5 in the bank however much buying power it has lost. A £5 stake in crypto will buy me a pint and a half today, and next year may buy me 20 pints. Alternatively, it may have vanished completely. My concern is that my money in the bank is regulated, the cryptocurrency is completely unregulated with no chance of recompense if it goes tits up. I know I am a cautious type, and I am unlikely to make money without being prepared to take a risk. Equally, I know I won't lose my money, other than interest rates not keeping up with inflation. Another thing that worries me is that I only hear of people who have made a killing on social media sites. Never hear from those who have lost, and I know there will be plenty. As I said earlier, I know nothing about these modern alternative currencies, and you have done your homework and have gained a lot of knowledge in this field. I think I would advise people to do what you have done, and know what you are doing before diving into this hoping to make a quick buck. Good luck, always good to hear of people who are successful with investments.

I made a shit load and then lost a shit load, a few lessons there. Overall I'm up a couple of k but could've been a lot better.

It has taught me a lot about trading generally though