Crypto Bitcoin @ 5k AUD

Discussion in 'Other Asset Classes' started by hammer, 26th May, 2017.

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  1. hammer

    hammer Well-Known Member

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    I bought a Bitcoin years ago out of curiosity for $100....

    I looked it up today to find it is worth 3.5 k!

    Anyway, I always joked that if it got to 5k I'd sell it and put the 5k to start a Vanguard index fund.

    This is no longer pie in the sky thinking.

    So er....what should I do? If Bitcoin hits 5k do I convert it into shares? Or keep riding the blockchain train?
     
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  2. larrylarry

    larrylarry Well-Known Member

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    It might hit $10k but the future seems uncertain when there's talk of a fork. Maybe put some to buy ethereum? Has it hit 5k? I thought it was close to 3k?
     
  3. highlighter

    highlighter Well-Known Member

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    Bitcoin's recent rise has mostly caused by Chinese investors using it as a means to get money out of China (it's possible it could keep going up unless China's government closes off the leak, as China's housing bubble is looking increasingly shaky).

    The growth has been as incredibly rapid as the 2013 bubble (the price went from just over $100 to over $1000 in two months then crashed back to $200 over the next year). If you look at bitcoin across its entire run it's very obvious it's going back down, and hard becuse this just isn't representative of people's actual demand for bitcoin - it's all speculative. The fact we're here talking about it is a good sign we're in the manic/hype phase, but I've already seen media outlets saying it's a bubble, so we might also be around the peak (it's even been called a ponzi scheme). Almost two-thirds of the price growth has occurred since late March. It is a classic bubble. In fact, it's probably one of the most blindingly obvious bubbles I've ever seen, so doubt could creep in soon (you're already thinking of selling - so are questioning its stability).

    It might keep going up for a while, but it's unstable. Still, if it were me, I'd probably just leave it in there for years and see what happens, because I do think bitcoin will probably grow on a long term basis.
     
  4. larrylarry

    larrylarry Well-Known Member

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    I'm going long on BTC and ETH @highlighter money i'm prepared to lose. :)
     
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  5. willair

    willair Well-Known Member Premium Member

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    If the startup plan was 5k and something like this you can't spontaneously detect without serious analysing the difference,you would have a different answer if the start-up costs were 1k the numbers and silent risk factors would be quite A different outcome..imho..
     
  6. JK200SX

    JK200SX Well-Known Member

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    How does one buy bitcoin or ethereum?
     
  7. larrylarry

    larrylarry Well-Known Member

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    Open an account on either Coinbase coinjar coinspot cointree etc. google these words
     
  8. Peter P

    Peter P Well-Known Member

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    Made an account on coinjar, looks like you can only buy/sell butcoins, not ethereum
     
  9. larrylarry

    larrylarry Well-Known Member

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    I use Coinbase and coinspot.
     
  10. wombat777

    wombat777 Well-Known Member

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    I use coinbucket.

    IMG_8450.JPG

    ( a consequence of my coffee habit )
     
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  11. hammer

    hammer Well-Known Member

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    Dropped like a stone! 4k down to 3k today..

    Volatility anyone? :)
     
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  12. larrylarry

    larrylarry Well-Known Member

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    Time to buy.
     
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  13. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Looks like a house deposit
     
  14. Bran

    Bran Well-Known Member

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    My children would empty this in two heartbeats
     
  15. wombat777

    wombat777 Well-Known Member

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    All the bank branches with coin machines I used to use on weekends are now closed. Never get the time or remember to make the effort to visit on a weekday.
     
  16. larrylarry

    larrylarry Well-Known Member

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    @wombat777 i confess that I do the same thing like you. Cause? Coffee! Haaa
     
  17. Peter P

    Peter P Well-Known Member

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    Curious, why do you use both?
     
  18. larrylarry

    larrylarry Well-Known Member

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    No particular reason. You can buy from any exchange.
     
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  19. Peter P

    Peter P Well-Known Member

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    So, I decided to buy some bitcoins and ethereum yday. Mainly out of curiosity and to get my feet in the water, start learning ...
    - Registered with Coinbase, verified ID and payment
    - Bought $144AUD worth of BTC (the max weekly limit purchase was $150AUD, 4% fees)
    - Registered my partner and bought $144AUD worth of ETH
    - Both received $10USD worth of BTC for referral
     
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  20. Peter P

    Peter P Well-Known Member

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    @larrylarry
    Has your limit increased since you purchased BTH on coinbase?