Bitcoin

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Expand view Topic review: Bitcoin

Re: Bitcoin

by jcgrumbles » Thu Mar 29, 2018 9:55 pm

I thought bitcoin was what you used to buy drugs or get your lass bumped off on the dark web so there was no trail,hang on,give me ten minutes and I`ll let you know how I got on...

Re: Bitcoin

by Bodacious Benny » Thu Feb 08, 2018 3:14 pm

Might go up, might go down. That's my best guess.

Re: Bitcoin

by Sir Bobby » Thu Feb 08, 2018 3:12 pm

History would suggest it almost certainly will but you never know

Re: Bitcoin

by PTAO? » Thu Feb 08, 2018 7:48 am

Yup

Re: Bitcoin

by dlee » Thu Feb 08, 2018 6:45 am

So what you guys think now?? Will it go up again???

Re: Bitcoin

by Sir Bobby » Sun Jan 07, 2018 2:51 pm

Yeah not a clue here either tbh

Re: Bitcoin

by Colback's Orange Tufts » Sun Jan 07, 2018 2:15 pm

Bodacious Benny wrote:
Toondes wrote:No a f***ing clue what you lot are talking about
Nor me <ok>
Nor me

Re: Bitcoin

by Bodacious Benny » Sun Jan 07, 2018 12:32 pm

Toondes wrote:No a f***ing clue what you lot are talking about
Nor me <ok>

Re: Bitcoin

by Toondes » Sun Jan 07, 2018 12:13 pm

No a f***ing clue what you lot are talking about

Re: Bitcoin

by PTAO? » Sat Jan 06, 2018 11:19 pm

Sir Bobby wrote:
Colback's Orange Tufts wrote:
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?
The transaction fee goes to the miners, not the exchanges.
I also think the exchanges lump transactions in together to minimize fees.
They make their money on the % they charge when you put fiat in/take it out and the spread.

Re: Bitcoin

by Sir Bobby » Sat Jan 06, 2018 3:26 pm

Colback's Orange Tufts wrote:
Sir Bobby wrote:
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?

Re: Bitcoin

by Colback's Orange Tufts » Sat Jan 06, 2018 3:04 pm

Sir Bobby wrote:
Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)
Fair enough. Can't say I've heard of Coinify.

Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.

Re: Bitcoin

by Sir Bobby » Sat Jan 06, 2018 2:51 pm

Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)

Re: Bitcoin

by Colback's Orange Tufts » Sat Jan 06, 2018 2:39 pm

People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.

When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.

Re: Bitcoin

by Sir Bobby » Sat Jan 06, 2018 12:58 am

Hjl wrote:
Donkey Toon wrote:
Hey Hjl, what do you think of bitcoin?
Dunno really. I have never given it much thought.... <scratch>
<laugh>

Re: Bitcoin

by Hjl » Fri Jan 05, 2018 6:11 pm

Donkey Toon wrote:
Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Hey Hjl, what do you think of bitcoin?
Dunno really. I have never given it much thought.... <scratch>

Re: Bitcoin

by Donkey Toon » Fri Jan 05, 2018 1:51 pm

Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Hey Hjl, what do you think of bitcoin?

Re: Bitcoin

by Hjl » Fri Jan 05, 2018 1:31 pm

Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!

Re: Bitcoin

by Bodacious Benny » Fri Jan 05, 2018 9:57 am

Toondes wrote:I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !
Not had an accy for ages!

Re: Bitcoin

by Toondes » Thu Jan 04, 2018 10:40 pm

I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !

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