The Lemon Fool

Bitcoin now £2877. 1st August there was a "fork" and holders of bitcoins got the same amount of bitcoin cash - a separate bitcoin unit which is apparently now priced around $400. To get that cash part one should "sweep" something.

I am totally lost what is going on, nothing is really explained properly anywhere to a total novice.

I've read that a big or major part of bitcoin's value or usefulness is in the "blockchain" technology, the way "blockchain" encryption(?) can be used for all kinds of applications from Land Registry to one's personal dental records. Perhaps one day one doesn't need a gas bill to prove one's identity to the local council in order to get a library card.

I think of bitcoin as being a mixture between tulip bulbs and a form of ponzi scheme. It attracts people who want a form of exchange online that has some scarcity, but is not trackable in the same way that credit card payments or bank records are. There will always be a demand for that sort of transaction and that may give it some long term value, but I would think it is really quite risky.

JMN2 - The Bitcoin fork means that you were credited 1 Bicoin Cash for every 1 Bitcoin you held on Aug 1st. Not all wallets support this, one of mine has credited me with Bitcoin Cash, the other (larger one of course) hasn't. Even if you have been credited with Bitcoin Cash it's difficult to find a market for them - last indicative price I saw was about £230 but that was only indicative.

Surerera wrote:JMN2 - The Bitcoin fork means that you were credited 1 Bicoin Cash for every 1 Bitcoin you held on Aug 1st. Not all wallets support this, one of mine has credited me with Bitcoin Cash, the other (larger one of course) hasn't. Even if you have been credited with Bitcoin Cash it's difficult to find a market for them - last indicative price I saw was about £230 but that was only indicative.

Thanks, I have a paper wallet ie my code is written on a piece of paper. I assume I don't have to do anything with Bitcoin Cash? It's somehow linked to my Bitcoin? No separate code needed?

(see, these are the fundamental novice questions I don't see answered anywhere)

I think you could get hold of your Bitcoin Cash, but I'm not sure how with a paper wallet. I'm no expert myself but if these things really are trading at £200 plus then it's worth trying to track them down.

Might enlighten and/or amuse "Bitcoin, Brexit and the Big Decentralisation Trend":

http://www.renegadeinvestor.co.uk/presentations/

Bitcoin only goes one way for me....I had 13 in Mt Gox and I wuz robbed.

Now looking at the HL tracker investment instead of the hassle of buying/selling/protecting the coins.
http://www.hl.co.uk/shares/shares-search-results/x/xbt-provider-ab-bitcoin-tracker-one

It seems to go the right way for now and if the video at the link above is to be believed, it will keep going for a while. I know the presenter and he goes on about how finite resources (like bitcoin) that are in demand rise in value. He seems to be doing ok as a result of his beliefs.

Cheers!

Surerera wrote:I think you could get hold of your Bitcoin Cash, but I'm not sure how with a paper wallet. I'm no expert myself but if these things really are trading at £200 plus then it's worth trying to track them down.

China bans ICOs, would be amazed if SEC doesn't follow close behind -- hope you guys are out!!!

https://www.bloomberg.com/news/articles ... re-illegal

https://ftalphaville.ft.com/2017/09/04/ ... fter-icos/

GS

Sold most of my position, I first bought them 5 years ago at $10 just for a laugh. I've got a few coins left which I'll just let run now. Percentage terms it's the best trade I've ever done, shame I took profits much to early. I've got some Ethereum too which I'll run.


Surerera

GoSeigen - There's an old adage 'If China bans it, buy it!'


Surerera

Surerera wrote:Sold most of my position, I first bought them 5 years ago at $10 just for a laugh. I've got a few coins left which I'll just let run now. Percentage terms it's the best trade I've ever done, shame I took profits much to early. I've got some Ethereum too which I'll run.
Surerera

Hat off to you Surerera, they've had an incredible run. Well done for locking in profit too. It's easy to get greedy when everything looks good.

Have you bought your palace yet?


GS

Yes moved to Cornwall and loving it, although it is a long way from 'civilisation', I wouldn't swap it.


Surerera

Well, I just bought some shares in that bitcoin tracker inside my SIPP, I too have been sitting on "physical", bought at a low price so I could follow along with the examples in "Bitcoin for Dummies" and then forgotten for a couple of years.

200 shares of the SEK denominated tracker represents one BTC.

The charges are outrageous; 2.5% AMC, in addition to which AJ Bell charged £29.95 dealing (phone only) and 1% FX for the GBP/SEK conversion.

The reason for doing all this is the "hit by a bus" factor, like many here, I've been thinking about writing up instructions for what to do in the event of my sudden demise, and the Bitcoin-related instructions were getting a little involved!

So, now I have some "physical" BTC to spend or sell, whereabouts was that coffee shop that takes them again??

ModernMicawber wrote:Well, I just bought some shares in that bitcoin tracker inside my SIPP, I too have been sitting on "physical", bought at a low price so I could follow along with the examples in "Bitcoin for Dummies" and then forgotten for a couple of years.

200 shares of the SEK denominated tracker represents one BTC.

The charges are outrageous; 2.5% AMC, in addition to which AJ Bell charged £29.95 dealing (phone only) and 1% FX for the GBP/SEK conversion.

The reason for doing all this is the "hit by a bus" factor, like many here, I've been thinking about writing up instructions for what to do in the event of my sudden demise, and the Bitcoin-related instructions were getting a little involved!

So, now I have some "physical" BTC to spend or sell, whereabouts was that coffee shop that takes them again??

Why not save one or two bitcoins as a lottery ticket? Write the private and public codes on a piece of paper, laminate it, hide it and tell one or two people you trust where there is something to find in case you croak it.

Well, the idea is that the SIPP is now holding the lottery ticket, and I am paying 2.5%pa as a fee for not having to hold a paper wallet anywhere, or to explain to anyone how to redeem the "value" contained therein. If bitcoins go to a million dollars, I won't begrudge them their $25K per coin!

As it happens, I am taking some profit too, or at least I will be when I sell; the amount I bought in the fund is less than what I am holding as "physical". I've been plotting this move for a while, I was waiting until I had a bit of cash built up in the SIPP so I could execute this manoeuvre without selling anything

There are no life-changing amounts involved here, so I will look into the "selling" thing over the weekend - I've never been registered with an exchange so I imagine there are some hoops to jump through first.

Interesting to see that GBTC in the US market is still trading at a ridiculous premium to its underlying asset value.

This could be a great arbitrage trade for someone braver than me ... long XBT and short GBTC.

I did a lot of reading about Bitcoins a while back.

I couldn't establish if it was solid or not. Intrinsically I didn't feel confident on it. But then I don't real get gold either - and lot's of people make money out of that.

Who cares about bitcoin, it's the technology behind it that can be interesting. But the money bit (bitcoin) has to be done first in order to get mainstream interested.

You'll just squander the lottery ticket element via a fund where as you could have a tiny piece of laminated paper with two numbers hidden under a skirting board. If it goes to $10mn whoever you told the secret hideaway does not need explaining at that stage how to recover the value.

Have discovered that scan.co.uk take bitcoins, so I think I'll be spending some on a bit of new gear I need for work; this seems to be substantially less hassle than selling through an exchange etc.

Only a week ago I was wondering whether I could justify spending £1200 from the business account for this new project (no, the new project isn't bitcoin mining!).

Bitcoin $6100 - unbelievable!


Surerera

Have been thinking about investing in cryptocurrencies, do you think it's too late to join the party?