Cryptocurrencies

Bitcoin is due to "fork" again on 25th October.
They are creating BTCG (Bitcoin Gold).
So if we have BTC on/before that date, I believe the equivalent of Bitcoin Gold will be allocated to our accounts.

If I have misunderstood this please tell me , because I think it might be well worth buying in a bit more BTC before the event as a punt for doubling my "money".

From what I can gather BTCG is intended to put the mining back to the smaller user & take control away from the big syndicates... not quite sure how that works but I assume they have a plan.
 
I don't know the future, but I feel confident in saying there's no way a fork will double the value, or even close. Value must have something underlying, even if it's scarcity. In this case scarcity is still the same, the unit quantity is simply doubled, so it stands to reason the unit price will halve. If anything, I would anticipate the combined BTC/BTCG value to drop because generally markets disfavor change and uncertainty.
 
Just read that neobanks in the UK are accepting bitcoin. Making it much faster and easier to transfer bitcoin to cash and vice versa. That's good news
 
harryopal said:
Well China has gone and done did it.
China's bitcoin crackdown forces exchanges to close. The price is crashing.
http://money.cnn.com/2017/09/15/technology/china-bitcoin-exchanges-prices-crash/index.html

So, do you panic and sell or see this as an opportunity to buy more?
Click to expand...

The above happened in mid-September and the price didn't really crash.
At its height in August a Bitcoin was around US$4,600 and when the Chinese made that statement it was around US$4,000. Thereafter, it went down just below US$3,000 and today it's back to US$4,365.

There is an old scam used in trading-markets called 'pump and dump' and Bitcoins provide an excellent opportunity for some to become very wealthy at the expense of others....
"Like penny stocks traded on the NYSE or those on pink sheets, cryptocurrency is a prime target for pump and dump scams. For those with buying power, it’s an easy way to get rich quick by inflating the price. For everyone else, nine out of ten times, you will lose. This is one of several reasons people are afraid to trust Bitcoin."

Some advice for bitcoin players......
https://www.cryptocoinsnews.com/pump-dump-know-signs-trading-altcoins/
 
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Lol bitcoins hit a high of $ 5,178 today . Bet you wish you bought some a $3,000 last month at it's low price. Congrats badass.
 
Davita said:
Doesn't your second sentence kinda contradict your first?

BTW maybe being 'firmly entrenched in the OLD way of doing things' isn't a bad thing.....(USA today) "JPMorgan CEO gets 35% pay raise to $27M amid cutbacks."....Wish I were so entrenched...and I am an OLD man...:wof:

In late May I sold JP Morgan Mutual Funds which I bought for GBP7,000 some 10 years ago and I received GBP117,143...and I'm pissed because, if sold yesterday, I would have received GBP123,275....:frown:...greedy me!
Click to expand...
Not to worry Davita. Remember the Wall Street saying, pigs get fat, hogs get slaughtered.... Many, many hogs have been slaughtered on Wall Street.
 
Jamu said:
Not to worry Davita. Remember the Wall Street saying, pigs get fat, hogs get slaughtered.... Many, many hogs have been slaughtered on Wall Street.
Click to expand...

Thank you Jamu but, to be honest, I never heard that saying.... nor understand what it means. I searched for the title but Google doesn't seem to know either.
Do you wish to elaborate?
 
Everyone is getting rich except me. My friend in Colrado emailed me this morning.
"My $500 is now worth $620!!
Do I read gloating in that or am I just jealous?
 
well if it makes you all feel a bit better my £50 is now worth £47

The main thing I did learn was to buy in larger amounts to keep the fees /costs down. Of course I bought in smaller amounts and saw a chunk wiped off at the exchange from IDR to BTC each time...
So for my BTC to make any profit for me I shall have to be content to sit on them a while & wait & see what transpires.
 
ooh, I lied- just checked & it is at £49:70
 
Lol badass .You mention buying small amount and paying large fee...check out a neobank that deals with bitcoin. From what I understand fees are less because they hold orders for 1 hour and than buy a larger amount by combining orders keeping fees down.

For all us old timers a Neobanks is a online banks with only one or 2 brick and mortar offices ...like my capitol 360 account.
 
Well I just used localbitcoins or whatever it is called, cos I bought with a direct bank transfer of IDR. Choices were limited at the time... will I buy more- hmm deffo not now... if it sinks to 3000 again, I might do :)
 
Davita said:
Thank you Jamu but, to be honest, I never heard that saying.... nor understand what it means. I searched for the title but Google doesn't seem to know either.
Do you wish to elaborate?
Click to expand...

Essentially it means that pigs get well fed and looked after until the point where they grow too big, ie. become hogs, at which point they are slaughtered. So it's ok to be a greedy pig, but once your greed gets too big and ambitious, you're due for a slaughter, just like the poor hog.
 
Jamu said:
Essentially it means that pigs get well fed and looked after until the point where they grow too big, ie. become hogs, at which point they are slaughtered. So it's ok to be a greedy pig, but once your greed gets too big and ambitious, you're due for a slaughter, just like the poor hog.
Click to expand...
OH! thanks for that.
You just reminded me that my maid keeps a pig in her banjar...she takes all our leftovers to feed it. I should ask her when we might be enjoying some Babi Guling:flypig:
 
Can I get some Idea how the fork will impact existing BTC?
How where would the additional BTCG come from, doesn't it have to be mined?

I was thinking of getting some and keeping for cold storage to look every 3 months.
I regret not entering in early this decade when read up on it. Sigh.
 
No, they won't have to be mined. They will just spawn from the existing BTC, just like BCC (Bitcoin Cash) did in August. Well, in theory, we're not sure exactly what will happen until it happens.

That's for 25th of October. Later in November, there is another fork happening that may spawn B2X coins.

The safest bet is to change your BTC to USD (or other fiat currency of your choosing) and wait it out. The second safest bet is to park your BTC in a safe wallet (one for which your control the private keys) and wait for the forks to happen. A few weeks later, there should be safe ways to cash in the new coins.

In the mean time, the price of BTC may drop a bit. But it will surely bounce back.
 
I'm just sat watching & waiting.
I doubt my measly sums will make me a billionaire, but seeing as I don't gett to flutter on the gee-gees in Indonesia, this is my substitute ;)
 
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