Bitcoin - Crypto Chat

He is just a scam artist, I’m pretty sure.

What will be hilarious is if he is forced to give the $100m dollars to his friend’s estate as per the court ruling even though he has no access to the ~$50b of Bitcoin, which I believe is the case. He’s pretty screwed then.

It seems pretty ridiculous that a jury has decided who the creator of bitcoin is. All it takes is the individual to move some bitcoin from the original account. Conveniently, both the people he claims to have invented it with are deceased.

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Missing bitcoins in a country with high corruption, could have seen this coming!

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Surprised pikachu face

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Interesting new proxy for BTC. ETC Group Digital Assets and Blockchain Equity UCITS ETF (ticker: KOIP). 80% correlation to BTC and any investor type can buy… not covered by FCA ban. recommended by Southbank research recently.

Top 10 Holdings 30/11/2021
Marathon Digital Holdings Inc 11.29%
Coinbase Global Inc 10.78%
Riot Blockchain Inc 8.61%
Galaxy Digital Holdings Ltd 7.11%
Hut 8 Mining Corp 5.61%
Nvidia 5.11%
Overstock.com Inc 4.31%
Signature Bank 4.10%
Bitfarms Ltd/Canada 4.08%
SBI Holdings Inc 3.99%
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I used to think think if I put £20 on bit coin and had bitcoin dropped - £30 that hour I would of lost my money.

Is it not £20/bitcoin current price would be my fractional share then if bitcoin drops - £30 you times your fractional share by the new bitcoin price to show you actully haven’t lost all of your £20 but just some?

Just checking

You may find it easier to think in terms of percentage changes.

Let’s say for example that 1 BTC was worth £3000 when you acquired your share. In this case, a £30 drop in the value of BTC represents a 1% drop (100 x 30/3000).

The value of your holding will also drop 1%. So the new value of your holding would be £20 x 0.99 = £19.8

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See I use this way sometimes now a days but keep jumping around with arithmetic

That’s one thing that scared me at the beginning about shares I always thought if I bought £30 worth and the share dropped £30 that day I would be at £0

:smile:

Thanks for the reply

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When people talk about “the price of Bitcoin” they are usually talking about the price of one single Bitcoin. Same for shares.

If you own exactly one Bitcoin/share and the price drops by £10 then yes, you lost £10. But if you own 0.001 Bitcoin/share, then you only lost £10 * 0.001 = 1p.

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Much easier to just keep track of % gains/losses :+1:

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Bitcoin is now highly correlated with risky assets like US tech stocks and plunging together with them this week:

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Time to buy the dip

I do find it hard at this point to find a bull thesis for bitcoin - it is not used much as a currency (because it’s not very good at it), and we’ve had 12 years to find value in the blockchain during which time it has been tried (often multiple times) for things as varied as asset tracking, smart contracts and NFTs - at this point to me it seems like it has been overtaken by speculation - everyone is interested in the price, not what it does, and there is little hope for it, at least till all that price speculation fades and people only interested in the technology start building again.

So much money has poured in near this high though (from retail, VC, institutions) that I fear all that perceived wealth is just going to melt into air in the coming crash and then everyone will lose interest.

Just had a quick search. Are there any charts showing BTC and Nasdaq value over long term. We can see if there’s any long term correlation.

There is a short term one, I doubt there is a long term correlation, but crypto is clearly now seen as a speculative risky asset with high prices dependent on a low risk free rate, not as an independent currency with its own use-value, probably because people are buying them to speculate on price, not as an inflation hedge or currency or one of the other many use-cases proposed. It rises or crashes with nasdaq at present in fact in some ways it’s a good sentiment indicator when markets are closed.

Will be interesting to see where it goes though - certainly central banks are now thoroughly discredited and IMO have caused this crash by encouraging risky behaviour up to the point of a crash and discounting the risk of inflation, and then threatening to tighten into an economic slowdown (!). The QE of the last decade is unprecedented, they have used helicopter money, they have even bought corporate bonds. Now they are stuck with the invidious choice of letting inflation ruin lives or crashing financial markets.

Maybe in the long run this will help cryptocurrencies gain credibility but I do think they need to ditch the get rich quick fever of the last decade first and go back to the reasons for the inception of bitcoin.

No, not really.

That’s a 10 year chart, wouldn’t you say the last few months have been pretty similar? Up to 0.7 on the 19th and a mostly positive correlation for a year. I certainly wouldn’t view it as a hedge against investments in Nasdaq now, unless you think the last few months are a short term aberration.

Yep, looks to be some short term correlation. I’m not sure you can draw too much insight from it though, Nasdaq going down and BTCUSD going down over the same time period.