Thread: Bitcoin, or Bitcon

There is also this chart to watch... Crypto Bitcoin / Dollar BTC/USD Chart Daily


Everyone here owns shares right? Perhaps a few dabble in cranking out a few profits. I personally LOVE companies that produce profits... good regular boring dividends.


Would I invest in this? Would you? Ask yourself, what are you chasing and what is the underlying "value". Research what Bitcoin IS (electricity and computational power) and what it is not (currency, store of value)....

I have a heatmap showing trading (I'll put it up). It is thin... so thin its almost the vacuum of outer space. Its pricing is based on a few rare small transactions. If this were a gold stock (which price this way, see any small Au Oz Gold play) and its screaming Danger Will Robinson. Be prepared to be skinned alive if you invest.

Originally Posted by woodPixel

There are exactly three reasons to use bitcoin: buying drugs, paying extortions and speculation.

I can think of a 4th reason -- making transactions that are not traceable by AUSTRAC. I believe that this is one of Bitcoin's major "virtues".

But given the track record of Australia's major banks, since when has reporting dodgy transactions to AUSTRAC been a necessity ??


There are almost certainly more reasons to use bitcoin



However, the underlying transaction tracking technology has considerable merit.

Originally Posted by woodPixel

Want to buy some Tulips?

Where do I sign ??

Hi Ian, on the anonymity of Bitcoin, its a myth.

Not sure if people here are aware, but I've been an IT dude for a long time. I write some very gnarly software. One project was for tracking bitcoin transactions. It was open source and went private*... but its purpose was to tie people to transactions.

Bitcoin is not anonymous. It can be tracked. It can be ties to you. To maintain true anonymity for an individual is almost impossible...

I'd dare say there isn't a government in the world that isn't harvesting ledger and transactional data for ... future purposes.


I fully expect a digital currency to launch soon. Chinas given it a go, but its terrible.


On price... its insane. People could have bought at 10k for the last 7 months, or even 5k in April... but nope.... they buy at 32k! !!!!! Imagine Persian rugs or toilet paper priced like this. FOMO madness.

* I'm more than a bit upset about that. This is about the 5th time I've contributed heavily to something that went commercial and the vibe of the FOSS agreement screwed everyone (heres looking at you Red Hat you stinkers).

Currently at ~A$42,400.

Might need that Bitcoin soon to cash out and buy FOOD.... look at the inflation priced into these basics....

6 months time, everything will triple in price....

Originally Posted by woodPixel

Might need that Bitcoin soon to cash out and buy FOOD.... look at the inflation priced into these basics....

6 months time, everything will triple in price....

Charts sure can look scary when they don't start at zero.

Currently at circa A$47,500.

It must be related to the insecurity of the USA elections.....

It’s on a tear A$52,600.

I've got a small holding of bitcoin (like a half year's salary), but a friend of mine has put half of all of their assets in it (they're savers, so not a minimal amount) when it was around $10k.

As far as folks suggesting it's not real money, they're considering retiring now (they're in their early 40s).

That's way too risky for me, but I would assume it will continue to bobble up and down but have permanent significant value at some level due to government debt levels and likely currency devaluation that follows solving that.

(i constantly hear from my wife that if we'd have done the same thing, we'd be talking about retiring, too - which is true, but I'm not willing to take on the same risk ,either).

Tulips, anyone?

And so it continues, ~A$64,300.

$120 !!!!

Stonks Silver only go up!!!!

Screenshot_2021-02-17 Crypto Bitcoin Dollar BTC USD Chart Weekly.png

Screenshot_2021-02-17 Silver Prices - 100 Year Historical Chart(1).png

Bitcoin is an environmental CATASTROPHE.... with more electrical use than Argentina....

Thats a lot of electricity for a payment system that can only be used for child pron, embezzlement, hiding assets, paying extortions, buying guns/drugs and hiring hitmen.

Weigh up this one thought... what happens when its illegal.

Bitcoin has a price, but does it have value?

My preferred theory is that it is manipulators driving the price. It is outside of a lot of regs and can be manipulated by those with the money to do so, for purposes that are unknown, but likely to turn out to be a classic pump'n'dump.

It's too speculative for me, and all the what ifs in the world wont change that. There's no story I can tell myself where it makes sense as an investment.

q9, this is EXACTLY what has occurred.

With the recent 1.5B purchase by Tesla, it was known, widely, that this was done beforehand by a loose-lipped IT guy who worked there.

The SEC became involved and simply discounted it as it wasn't a regulated security, nor reportable to the market. They saw it no differently than Tesla just buying a train load of copper or ball bearings.

This of course pumped the market because "Elon" did it. Now a self-serving "Billionaire" is promoting the fact he bought these for his portfolio.

This is a 100% classic pump and dump.

Man, I saw this 1000 times over in the 90's. Up front, real time and close.

These bastards are going to wring the little guys dry. This is why PND is illegal. This is why regulation exists. Bitcoin isn't new.

Its a disaster waiting to happen.