Forums > General Discussion   Shooting the breeze...

Just bought 1 bitcoin for AU $32K

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Created by myscreenname > 9 months ago, 14 Jun 2022
Ian K
WA, 4039 posts
21 Jun 2022 7:17PM
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myscreenname said..


Ian K said..
Can't see any new chums getting into it with its current track record over the past year?



You work in IT, right?


No, but I have watched most episodes of the IT Crowd. Maybe I missed my calling?


If it was remade today who of the main characters would be dabbling in Crypto?
a. Moss
b. Jen
c. Roy
d. None of the above
e. All of the above

FormulaNova
WA, 14049 posts
21 Jun 2022 10:03PM
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Ian K said..

No, but I have watched most episodes of the IT Crowd. Maybe I missed my calling?


If it was remade today who of the main characters would be dabbling in Crypto?
a. Moss
b. Jen
c. Roy
d. None of the above
e. All of the above


Douglas Reynholm

myscreenname
1233 posts
9 Jul 2022 3:54PM
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When bitcoin rises in value do non believers get butthurt?




I'm just asking for a friend.

myscreenname
1233 posts
20 Jul 2022 2:51PM
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Bitcoin is surging. Everyone was telling me it was going to zero.... hahaha, rimmers are born every day!

Here is a sea shanty for them.

Pcdefender
WA, 849 posts
20 Jul 2022 8:23PM
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Digital currency is a sham.

Has zero tangible value and the price is set by pure speculation.

No prizes for guessing who controls crypto

Another means of impoverishing in the long term those who spend their hard earned on what effectively is nothing but digital numbers - lol.

Best song ive heard in many a year though.

Mobydisc
NSW, 9018 posts
21 Jul 2022 7:27AM
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If cheap money created by central banks starts to drop away will all of these crypto currencies bomb out? It seems like crypto, the way its been set up, is designed to take money away from the mug punter and give it to rich people.

Carantoc
WA, 6322 posts
25 Jul 2022 10:43AM
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myscreenname said..(on 20th July)
Bitcoin is surging. Everyone was telling me it was going to zero.... hahaha, rimmers are born every day!


ASX all ords since 20th July : up 1.64%
Bitcoin since 20th July : down 5.34%

rimmers and suckers .... born everyday.

bjw
NSW, 3568 posts
26 Jul 2022 7:58AM
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So why will Bitcoin increase in popularity / value?

myscreenname
1233 posts
26 Jul 2022 6:56AM
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bjw said..
So why will Bitcoin increase in popularity / value?

Cash will be gone in a couple of years, replaced by CBDCs, giving Central Banks a surveillance tool for total control.

Bitcoin is hope for many, like myself. BTC can't be controlled by those clowns.

bjw
NSW, 3568 posts
26 Jul 2022 12:24PM
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Fair enough that you have doubts, but don't you fear BTC is being manipulated by wealthy criminals, day traders and faceless investors?

Ian K
WA, 4039 posts
26 Jul 2022 12:06PM
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bjw said..
Fair enough that you have doubts, but don't you fear BTC is being manipulated by wealthy criminals, day traders and faceless investors?


"wealthy criminals, day traders" Day traders playing the ups and downs! It's running on momentum. Needs new players for the price to go up.

market cap is 404 billion
24 hr trading volume = 46 billion

404/46 = the average time before a bitcoin changes hands. = 8.8 days!
Subtract the bitcoins held by whales, hodlers, celsius and myscreenname and you can see that the day traders are very busy.
www.coingecko.com/en/coins/bitcoin

Carantoc
WA, 6322 posts
26 Jul 2022 12:54PM
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myscreenname said..
Hmmmm, wow! You got me there....


Whooooa,

look, yeah, wow man... I can only imagine how stressful owning bitcoin is. Down, down, the prices are down.



You're dealing with numbers all day, decimal points, high frequency....

Look there are two keys to success in the bitcoin business. First, you gotta stay relaxed. Do you .....

myscreenname
1233 posts
26 Jul 2022 2:03PM
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bjw said..
Fair enough that you have doubts, but don't you fear BTC is being manipulated by wealthy criminals, day traders and faceless investors?


I don't fear it, that's the reality.

myscreenname
1233 posts
26 Jul 2022 3:07PM
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Ian K said..
"wealthy criminals, day traders" Day traders playing the ups and downs! It's running on momentum. Needs new players for the price to go up.

market cap is 404 billion
24 hr trading volume = 46 billion

404/46 = the average time before a bitcoin changes hands. = 8.8 days!
Subtract the bitcoins held by whales, hodlers, celsius and myscreenname and you can see that the day traders are very busy.
www.coingecko.com/en/coins/bitcoin



I don't doubt that BTC is widely traded, by bots, day traders etc, however, 1 bitcoin is divisible by 100,000,000 Satoshi, so your 8.8 days figure hasn't got much meaning.

In saying that $46B daily trading volume is huuuuuuuuge. That's bigger than trading volumes of Apple, Amazon, Microsoft, Alphabet, and Facebook combined.

Isn't that volume enough to tell you it's not going to zero anytime soon.

myscreenname
1233 posts
26 Jul 2022 5:04PM
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Agustin Carstens, general manager of the Bank for International Settlements. Discussing benefits of CBDCs.



There's enough meat on this guy to feed a small village.

James
WA, 548 posts
28 Aug 2022 8:33AM
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Hey Sonny , where are ya !? Cheers , Poppa



airsail
QLD, 1241 posts
28 Aug 2022 2:50PM
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I thought Bitcoin was meant to be disconnected from the share market but it seems to rise and fall with the market but in much wilder swings.

myscreenname
1233 posts
28 Aug 2022 1:42PM
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James said..
Hey Sonny , where are ya !? Cheers , Poppa



Yeah pops, seems like BTC price is following share market currently, with wilder swings. Some people don't have the ticker for it. It's a gamble, but if you are smart you only lose if you sell and I won't be doing that for at least 10 months.

You should buy some now and put it aside for when you go to your nursing home.

James
WA, 548 posts
28 Aug 2022 2:46PM
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myscreenname said..

James said..
Hey Sonny , where are ya !? ,



Yeah pops, seems like BTC price is following share market currently, with wilder swings. Some people don't have the ticker for it. It's a gamble, but if you are smart you only lose if you sell and I won't be doing that for at least 10 months.

You should buy some now and put it aside for when you go to your nursing home.


Yeah nah , could quite possibly find my in a position trying to sell my crusty old arse in Northbridge if I did that. I admire the way you're still trying to push it tho. I dunno who you are , but I like ya !!!
I haven't laughed as hard in a long time as I did yesterday when I read " .but it's okay , as I had invested in Bitcoin." Paraphrased , but you know, ay

That was GOLD mate

Carantoc
WA, 6322 posts
29 Aug 2022 5:41PM
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myscreenname said..
....if you are smart you only lose if you sell ....


So if you are really smart you don't lose by not buying in the first place ?

myscreenname
1233 posts
29 Aug 2022 6:09PM
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Carantoc said..
So if you are really smart you don't lose by not buying in the first place ?

Parable of the Three Servants

Again, the Kingdom of Heaven can be illustrated by the story of a man going on a long trip. He called together his servants and entrusted his money to them while he was gone. He gave five bags of silver to one, two bags of silver to another, and one bag of silver to the last-dividing it in proportion to their abilities. He then left on his trip.

The servant who received the five bags of silver began to invest the money and earned five more. The servant with two bags of silver also went to work and earned two more. But the servant who received the one bag of silver dug a hole in the ground and hid the master's money.

After a long time their master returned from his trip and called them to give an account of how they had used his money. The servant to whom he had entrusted the five bags of silver came forward with five more and said, 'Master, you gave me five bags of silver to invest, and I have earned five more.'

The master was full of praise. 'Well done, my good and faithful servant. You have been faithful in handling this small amount, so now I will give you many more responsibilities. Let's celebrate together!'

The servant who had received the two bags of silver came forward and said, 'Master, you gave me two bags of silver to invest, and I have earned two more.'

The master said, 'Well done, my good and faithful servant. You have been faithful in handling this small amount, so now I will give you many more responsibilities. Let's celebrate together!'

Then the servant with the one bag of silver came and said, 'Master, I knew you were a harsh man, harvesting crops you didn't plant and gathering crops you didn't cultivate. I was afraid I would lose your money, so I hid it in the earth. Look, here is your money back.'

But the master replied, 'You wicked and lazy servant! If you knew I harvested crops I didn't plant and gathered crops I didn't cultivate, why didn't you deposit my money in the bank? At least I could have gotten some interest on it.'

Then he ordered, 'Take the money from this servant, and give it to the one with the ten bags of silver. To those who use well what they are given, even more will be given, and they will have an abundance. But from those who do nothing, even what little they have will be taken away. Now throw this useless servant into outer darkness, where there will be weeping and gnashing of teeth.'

Winners and Rimmers

James
WA, 548 posts
29 Aug 2022 8:27PM
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THE STORY OF MONKEY BUSINESS, BITCOIN AND OTHER CRYPTO CURRENCIES.

Many of us have heard of the term "Monkey Business". What was it all about?

A lot, of monkeys lived near a village.????. One day, a merchant came to that village to buy these monkeys??.He announced that he will buy the monkeys @ $100 each. ????. The villagers thought that this man is mad.

They thought how can somebody buy stray monkeys at $100 each? Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.

This news spread like wildfire and people caught monkeys and sold it to the merchant. After a few days, the merchant announced that he will buy monkeys $200 each. ???? The lazy villagers also ran around to catch the remaining monkeys!?? They sold the remaining monkeys @ $200 each.

Then the merchant announced that he will buy monkeys $500 ?? each. The villagers start to loose sleep! ... They caught six or seven monkeys, which was all that was left and got $500 each.?????? The villagers were waiting anxiously for the next announcement.

Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys ?? at $1000 ?? each. He asked his employee to take care of the monkeys he bought. The employee was alone taking care of all the master monkeys ??in a cage. The merchant went home.

The villagers were very sad as there were no more monkeys left for them to catch and sell at $1000 each. Then the employee told them that he will sell some monkeys to them @ $700 ?? each secretly. This news spread like fire. Since the merchant will buy the monkeys @ $1000 ?? each, there is a $300 profit for each monkey.

The next day, villagers made a queue near the monkey cage.?? The employee sold all the monkeys to the villagers at $700 ?? each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys ???????????? in anticipation of scooping $300 dollar profit on each money. The villagers took care of their monkeys & waited for the merchant to return.

But nobody returned! ...?? Then, they ran to the employee. But he has already left too !

The villagers then realised that they have bought the useless stray monkeys @ $700 ?? each and unable to sell them ?? and they lost all their monies in the monkey business.

The Bitcoin, Litecoin, Ripple, Ethereum, Dogecoin, Coinye, No_Drop_Out of Development Channel and other Crypto currencies will be the next monkey ?????? business.

It will make a lot of people bankrupt and a few people filthy rich in this monkey business. ?????? That' how it works??. That simple. This story looks funny yet it makes a lot of sense in the scenario of Bitcoin and these other scam businesses targeting desperate and uninformed people looking to make quick money.

Be careful about Bitcoin and other scam businesses??

myscreenname
1233 posts
29 Aug 2022 9:41PM
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That monkey analogy applies to Ponzi schemes. There is no merchant with bitcoin....it's decentralized, which prevents a single person gaming the system.

The simple fact is: everything has value because someone else wants it.

hardpole
WA, 565 posts
30 Aug 2022 12:42AM
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Thought this was interesting "a new report from Forbes shows that 51% of all reported trade volume should be considered fake volume, a sign that wash trading remains highly prevalent"

www.kitco.com/news/2022-08-26/Fake-Bitcoin-trading-volumes-continue-to-plague-the-crypto-industry.html

bjw
NSW, 3568 posts
30 Aug 2022 7:21AM
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myscreenname said..

The simple fact is: everything has value because someone else wants it.




If the USD only drops in value, someone still will wants it.

If gold only drops in value someone still wants it.

If Btc continues to drop in value who will want it?

Carantoc
WA, 6322 posts
30 Aug 2022 7:25AM
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Nobody wants bitcoin, because it isn't a thing to have.

You ain't gonna win too many hearts by giving a lady a ring with a bitcoin centerpiece for her birthday.

You can't use bitcoin as a low resistance, highly durable electrical connection to make your iPhone operate.

People want a quick buck. When they think there are easier quick buck options than crypto they will go elsewhere.

Carantoc
WA, 6322 posts
30 Aug 2022 7:39AM
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Parable of the Three Servants

I found this to be a shallow and whimsical fairytale, light on detail and simply skipping over the obvious plot deficiencies.

If servants could double the value of any asset so simply then why were they still servants ?

One is left with gaping plot holes that don't compute with the tale. What inflationary pressures existed, did a doubling of silver coins translate to a doubling of wealth. What business was the master in, how did simpleton servants not get conned by evil bankers when they invested the funds ?

No, I am giving this one 1/2 star, and that is only because I imagined Margot Robbie as the master's wife, left alone and seeking solace when the master went away.

The Story of Monkey Business

A deep and rich re-telling of the generations old tale that seems to get forgotten so easily. A modern retake highlighting the foibles of the human character. Such juxtaposition of the villagers simple life yet insatiable greed. The twists of realizing that greed drives greed and that the idyllic village life was shattered by the money from the merchant, not enhanced by it.

Superb performances by the villagers, even the monkeys, played by actual stray monkeys, outshone the entire cast of the Parable of Three Servants.

I'm giving this one a vary rare 5 out of 5.

myscreenname
1233 posts
30 Aug 2022 8:46PM
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Carantoc said..
Parable of the Three Servants

I found this to be a shallow and whimsical fairytale, light on detail and simply skipping over the obvious plot deficiencies.

If servants could double the value of any asset so simply then why were they still servants ?

One is left with gaping plot holes that don't compute with the tale. What inflationary pressures existed, did a doubling of silver coins translate to a doubling of wealth. What business was the master in, how did simpleton servants not get conned by evil bankers when they invested the funds ?

No, I am giving this one 1/2 star, and that is only because I imagined Margot Robbie as the master's wife, left alone and seeking solace when the master went away.

The Story of Monkey Business

A deep and rich re-telling of the generations old tale that seems to get forgotten so easily. A modern retake highlighting the foibles of the human character. Such juxtaposition of the villagers simple life yet insatiable greed. The twists of realizing that greed drives greed and that the idyllic village life was shattered by the money from the merchant, not enhanced by it.

Superb performances by the villagers, even the monkeys, played by actual stray monkeys, outshone the entire cast of the Parable of Three Servants.

I'm giving this one a vary rare 5 out of 5.

I believe you are missing the point.

Parable of the Three Servants
If it isn't obvious by now, the master represents Jesus. He talks about him going on a journey which clearly is an allusion to his impending return to his father's side. His return, obviously, refers to his second coming. The master asking his servants about what became of the talents is Jesus telling us that when he comes again, we will all have to account for what we did with what he has given us.

In Jesus' time, talent is used as a unit of weight equivalent to about 80 pounds. But when used as a currency, one talent is about 6,000 denarii - a standard Roman coin which is the usual payment for a day's labor. So during those times, one talent is equivalent to 16 years' worth of labor - or the equivalent of 30 BTC. With this, we can understand why the master was outraged when the servant didn't make use of something that he can probably only have once in his life.

The message in this centries old story is: Success Is Not Possible Without Taking Risks
The third servant is a basic example of what would happen when we are too afraid to take risks. Yes, we won't lose anything. But we will also gain nothing. In short, we can't attain success without taking risks along the way.

The Story of Monkey Business
An idiotic, laughable and forgettable story that must have been shared amongst odious bicycle seat sniffing older males. The story is so irrelevant it doesn't even contain a Wikipedia reference.

There will only be 21 million bitcoin. I am so lucky to own one again. And to think that I bought it for so little money.

Ian K
WA, 4039 posts
30 Aug 2022 9:33PM
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myscreenname said..

I am so lucky to own one again.


if I was lucky enough to own a bitcoin I'd sell it tomorrow. Take the money and run.
cryptopotato.com/bitcoin-google-searches-down-to-lowest-levels-since-2020/



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Forums > General Discussion   Shooting the breeze...


"Just bought 1 bitcoin for AU $32K" started by myscreenname