For Those Not Paying Attention, Bitcoin @ 40k AUD

I Just thought that everybody ought to know.

Would love to discuss.

Comments

  •  

    I bought £100 out of curiousity in the peak hype mania of 2017.
    It quickly crashed down to £32 at lowest point.
    Today it's £180 now…

    • +1 vote

      That's like 18 quid per year in profit, totally worth all the time you spent tracking it and thinking about it.

      • +6 votes

        That is an average of 13.9% pa and better than most of the stocks on XJO, SPX, real estate, saving accounts and ETF.

          • +7 votes

            @AustriaBargain: Nitpicking on the fiat amount doesn't change the fact that the investment returned a better gain than most other markets. Ozb has members that will go to great lengths to save $0.50 on a deal.

            Anyways, this is getting boring. Bye.
            Cheers.

            • -5 votes

              @whooah1979: I think putting a lot of effort into a 50 cent saving also is a bit of a waste of time. reminds me that some people will drive across town to save a dollar on a pack of pens, but for other things the same peopel won't put a proportional amount of effort for their mortgage or lawyer or investment property. I'd pay 80 pounds to not have something occupy my brain for four years. Though at the time he bought the 100 pound of BTC there must have been a feeling that it could one day be worth 100k or something, like the stories of people who bought a bitcoin for a dollar and now it's worth 2k. If instead of thinking it might be worth 100000% more one day, if they knew it would guaranteed be worth 80% more four years later I'm sure they would have put their life savings into it. But you don't know for sure what will happen, there's no certainty, it's all gambling. Which is probably why they only put 100 quid in.

        • +1 vote

          But picking one investment and comparing to an index is very very misleading.Especially when you are calculate the return at its all time high over a short time frame.

          In fact it’s the type of thing scammers and con artist do( I said it only coz I recently read a book confidence artist, not suggesting you are).

          There’s always some mug who goes on the loud speaker in hindsight touting his amazing returns over a short period of time.

          •  

            @cloudy:

            Especially when you are calculate the return at its all time high over a short time frame.

            ATH to ATH is 3 years or 1/4 of BTC's lifetime. That is a mid-term hold where price dipped by -83%. Most noob investors would've rage quit at the bottom.

            •  

              @whooah1979: I’m glad the only point of disagreement is my characterisation of 3 years being short or mid term in holding.

      • +1 vote

        What makes you think they were tracking it or thinking about it? I had $5 worth in 2013. I legitimately forgot about it, then remembered and had a look - it's now $900.

        •  

          Perhaps because of the cultural and media frenzy over BTC over the last decade they may have been motivated to think about it from time to time.

  • +7 votes

    It's going nuts. That means only one thing. It's about to crash.

    • +4 votes

      I’m going to bed expecting my 4x to turn into 2.5x before the morning.. followed by a slow climb back to 7x by year end.

      Or something..

      •  

        That's how BTC roll.

  • +2 votes

    buy it and leave it - you can't time BTC.

    but something has changed this time, it's for real

  •  
  • +3 votes

    I could never bring myself to buy into something like that. With a big question mark over what even the near term future will be. At least stocks and bonds are investments in real companies, in real countries. With bitcoin it's literally only worth what people think it is worth. If investors decide it's suddenly not worth anything, then it's suddenly not worth anything. At least gold can be used for fashion and it's fairly ingrained in human culture since before recorded history that gold is worth something. You don't gift someone your family bitcoin when your daughter gets married.

    • +1 vote

      It's ok. Speculating on digital assets isn't for everyone. People need Adamantium stones to play this game.

      BTW Elon Musk's favourite DOGE is smashing up USD and BTC with one paw right now.

      • +3 votes

        It still feels like gambling. Sure it could be easy money. And it could be an easy way to lose money. If it suddenly tanked for real would it ever recover? At least gold would recover over time. Stock markets bounce back, companies go from strength to strength over time. But if BTC falls out of favour with investors then what. Even valuable baseball cards fall out of favour once everyone who grew up with baseball dies.

        • +2 votes

          BTC will do what it always does and that is to surprise people by doing the opposite of what they want.

          The underlying technology that powers BTC won't die. There is now a whole industry dedicated to developing, teaching and adopting this technology for everyday use.

          • +1 vote

            @whooah1979: The underlying technology that powered baseball cards over 100 years ago also won't die. But as soon as anyone who thought turn of the century baseball cards were worth something suddenly didn't think they were worth anything, they suddenly weren't worth anything. The cards stayed exactly the same and the technology to print cards has stayed the same. If anything the tech for printing cards has become more advanced since 1900.

            •  

              @AustriaBargain: I don't understand why you're comparing blockchain to baseball cards. Do you know what a blockchain is and how it works?

              The ARPAnet was first conceptualised in 1966 and is now used by 4.5 billion people. Blockchain is the next step in this evolution.

              •  

                @whooah1979: I'm curious how long you've been into crypto and what you think about BCH

              •  

                @whooah1979: You are not making a fare comparison, and it’s heavily survival bias: what’s to say that ‘Blockchain’ isn’t the next Betamax setting step step stone for the next-real-best-thing?

                Immutable data store has its history and selling point of ‘blockchain’ (refers to common algorithms you seen in PoW, BFT etc) is democracy, not technology.

                And also, it’s not nice to patronising others, feel free to educate the common.

    •  

      With bitcoin it's literally only worth what people think it is worth

      This can literally be said about anything.

  • +7 votes

    If my spam emails are any indication it would seem everyone has now had their penis enlarged and are now buying bitcoin.

  •  

    The only certainty this brings is additional bitcoin scam artists. Such a dodgy industry.

  • -1 vote

    Its a pyramid scam, an invention to make a select people rich over the bodies of the unfortunate.
    BTC has no backing to anything relevant in the real world; not an investment company, nor a rare earth material.

    It's a bunch of digits hashed out via an algorithm to make it appear rare, it's then exchanged on the premise that many other computers exchange the key to make it unique.
    The scammers behind this then marketed it as 'better than currency as it's not regulated by a central bank'.

    Go have a look at Ripple, it's been delisted and people put in thousands - it's a matter of time for BTC.

    So many idiots on Youtube that are millionaires due to this scam

    •  

      Sounds like you are talking about conventional money, it's also been a pyramid scam since the start of last century, this guy is VERY good at explaining things.

      https://www.youtube.com/watch?v=S_dBKAWHHQI

      •  

        Conventional money is supposed to be legal tender by the presiding government which declares that it could be used to pay debt or purchase.
        This tender is also supposed to be hedged by gold/silver which are finite rare earth material previously exchanged in the same manner by older generations.

        So rather than buy a house with a gold nugget today, you will use paper currency which should have the same weight of the Gold.

        The fact that Capitalism destroyed all this is NOT an issue with conventional money, the conventional money is NOT a pyramid scam.

        BTC however is, the only backing of BTC is investors, if they declare out, then it's worth nothing.
        You cant use it to buy anything except black market items, it's mainly used by gangs and mafia to hide transactions.

        • +1 vote

          I think there is a misunderstanding somewhere in that you believe bitcoin will replace fiat currency; an easy mistake to make considering that's the mainstream message being conveyed.

          I see it as a value-store like the gold and silver you describe. There is only a finite number of BTC ever available as per the protocol and it is cryptographically verified to be unique and correct. 100 million 'Satoshis' in each if you want to use it like a currency or trade goods, just like there is 100 cents in every dollar, or how a gold nugget can be split in half, etc. The only way to make a change to the protocol and 'add more coins' at this point is via a 'hard fork' or '51% attack' but neither are easy to pull off and even the largest governments in the world would struggle to do so due to the aforementioned industry built around it.

          The benefit lies in the fact that with the rise of mobile technology, it's reasonable to have your value-store actually double as a currency and be used in everyday life - imagine if tap and pay was built out for BTC. It's possible.

          As an investor, Bitcoin is a rare earth material not a tender.
          At some point, you can "buy your house with your gold nugget" rather than the paper money that has been destroyed by capitalism - so to speak.

          •  

            @blurrybird:

            There is only a finite number of BTC ever available as per the protocol and it is cryptographically verified to be unique and correct

            Finite? So was Ripple, LiteCoin, Raven and the 5,000+ altcoins that were around and now as good as dead.
            Bitcoin is nothing but a cryptography hash distributed via Blockchain…anyone can create another alternate and start telling people about how good it is and that it's used as a value-store.

            The benefit lies in the fact that with the rise of mobile technology

            Not really a very good benefit, it's useless without an internet connection unless you want to walk around with a ledger of hieroglyphics to confirm you own these hashes without the nodes agreeing to it.

          •  

            @blurrybird: Still early days for majority of people willing to come round to BTC as an investment asset which is fine. They will come. Maybe when it hits 100k. Large numbers of millennial and younger people are starting to prefer cryptocurrency over gold and this trend will only grow stronger. Simple matter of demand and supply.

            Enjoy the fact we are early adopters. Stack those sats.

        • +1 vote

          What nonsense. Government money hasn't been backed by anything since the global governments decoupled it from gold back in the 70's. Hell even the reserve requirement for banks to hold a percentage of assets to conjure up money out of thin air was dropped back in February. There are heaps of places to spend BTC and 'gangs and mafia' actually use the big banks to launder most of their money, look at how many of them have been caught over the last few years (and got little to no punishment in the process). Now I'm not predicting the future of bitcoin, the global crooks 'might' shut it down (if they can) and more than few governments are talking up their own 'digital currency' which would be pretty scary if they go ahead with it but at least get your facts right before dismissing something. :)

          •  

            @EightImmortals:

            Hell even the reserve requirement for banks to hold a percentage of assets to conjure up money out of thin air was dropped back in February.

            The SRD ratio was reduced to zero in 1988 which makes it even worse. Legacy banks are basically flooding the market with cheap debt with money they don't have. It's all 0 and 1 on a private ledger which will leave depositors in a pile of turd when they all decide to do a bank run.

            From 27 September the SRD ratio was reduced to zero, and the funds in SRD accounts transferred to ‘non-callable deposits’. Subject to some transitional arrangements, all banks (trading and savings banks) would be required to hold in the form of non-callable deposits 1 per cent of their liabilities (excluding capital) which are invested in Australian dollar assets within Australia. The excess of the non-callable deposits over the minimum requirement would be returned to banks over a three-year period.

            •  

              @whooah1979: No kidding? So what did they drop in February? I'll look into it after I've finished the lawns. :)
              OK this is what I was referring to: https://www.thebalance.com/reserve-requirement-3305883

              "On March 15, 2020, the Fed announced it had reduced the reserve requirement ratio to zero effective March 26, 2020. Prior to the March 15 announcement, the Fed had just updated its reserve requirement table on January 16, 2020.2

               It required that all banks with more than $127.5 million on deposit maintain a reserve of 10% of deposits.

              Banks with more than $16.9 million up to $127.5 million had to reserve 3% of all deposits. Banks with deposits of $16.9 million or less didn’t have a reserve requirement. "

              • +1 vote

                @EightImmortals: You're referring to the US Federal Reserve requirements. They're referring to the Australian Reserve Bank requirements. Different fish, different pond.

  •  

    I bought XRP for $0.22 back in 2017 and still holding it. Not much profit as the value has dropped significantly.

    Bitcoin was around $3000 at that time but didn't buy it :(

    •  

      Why didn't you average out in Nov/Dec when it was at >0.66 or before that in May 2018?

      •  

        I thought about selling it when it hit $0.93 in Dec but then thought I will wait till it hits $1. My biggest error of judgement.

        It never recovered from there and I didn't sell even when it hit $0.5. Hoping it will recover 1 day…

        •  

          It'll blow over.

          •  

            @whooah1979: TBH that's what I also think but still keeping a ray of hope alive lol

    • +2 votes

      Yeah, this sounds familiar…
      I bought a bunch of 'promising' altcoins a few years ago, they've all tanked, but Bitcoin is doing great

    • +1 vote

      I bought at $.08 and sold at $2.47 👍

      • +1 vote

        🚀 💰 🎉.

    •  

      Always the stuff you think of buying but don't buy goes up in price.

  • +2 votes

    I bought 1k of eth 2 years ago. Its sitting at over 3k now. Converted a bit of it to $40 AUD worth of BTC, which is currently worth 400 now…

  •  

    It was 23k a couple of days ago. I wish this poor pensioner had some money, I was going to buy some

    •  

      Not to worry, wait for it to come down again in the next few months and get some then.

      •  

        I will still be a poor old pensioner then, I live month to month off the Govt benefit, that is all

  •  

    The price of cocaine has also gone up since covid. Coincidence?

  • +1 vote

    The crash in March is nothing but a small dip. 👏 to anyone that got in and is now up by 900%.

    https://au.finance.yahoo.com/news/stocks-enter-2021-record-h...

  • +2 votes

    Hold on and get ready for some volatility.
    https://www.coindesk.com/occ-banks-stablecoin-payments

    US Federal Regulator Says Banks Can Conduct Payments Using Stablecoins

  • +3 votes
    Merged from Bitcoin Reaches $40,000 - Gold 2.0?

    Bitcoin just hit $40,000 today. Google searches are trending. But I can see an impending correction coming with big dumps by whales just to rekt newcomers. A 30% dump is easily possible.

    Still early in this cycle but tread carefully. Chart is parabolic now. Hodl strong.

    Whether you are a believer or not, doesn't matter as this is not financial advise but here are some information for newcomers that i have found useful in the past.

    Books:

    The Bitcoin Standard, by author Saifedean Ammous.
    Mastering Bitcoin, by author Andreas M. Antonopoulos.
    Digital Gold: The Untold Story of Bitcoin, by author Nathaniel Popper.
    Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption, by author Ben Mezrich.
    The Internet Of Money: A collection of talks, Volume 1, by author Andreas M. Antonopoulos.
    The Internet Of Money: A collection of talks, Volume 2, by author Andreas M. Antonopoulos.
    Programming Bitcoin: Learn How to Program Bitcoin from Scratch by author Jimmy Song.
    The Little Bitcoin Book: Why Bitcoin Matters for Your Freedom, Finances, and Future, by author Jimmy Song et al.
    Bitcoin Money: A Tale of Bitville Discovering Good Money, by author Michael Caras.
    Inventing Bitcoin: The Technology Behind the First Truly Scarce and Decentralized Money Explained, by author Yan Pritzker.

    Hardware Wallets:

    At this point i would reccommend Trezor. Ledger had a data leak recently and their response to it was unsatisfactory.

    Ledger Nano X (https://www.ledger.com/)
    Ledger Nano S (https://www.ledger.com/)
    Trezor Model T (https://shop.trezor.io/)
    Trezor Model One (https://shop.trezor.io/)

    Mnemonic Wallets

    Cheap - Cobo Tablet (https://shop.cobo.com/products/cobo-tablet)
    Medium - Billfodl (https://privacypros.io/products/the-billfodl/)
    Expensive - Cryptosteel (https://cryptosteel.com)

    Security

    • Secure your google account with Google Authenticator at least and not SMS (Sim swap is an easy way to access your email and eventually your crypto if they are stored online)
    • Don't enter your 24 passphrases on the computer or expose it anywhere online. Write it down manually and keep it safe. Break them up into 2-3 parts.
    • Set up your advanced passphrases (25th passphrase and remember it in your head) and keep most of your crypto inside the new accounts

    Good Luck. These are just the tip of the iceberg.

    Price at posting $39650.

    • +3 votes

      Protip: don't buy at all time highs.

      •  

        Pro tip. Learn TA and buy at ATH at breakout (long and/or short) with leverage. Use SL, OCO, buy dips and take profits.

    • +1 vote

      When Indian housewives start endowing their son in laws with a collection of bitcoin necklaces, then it will be gold 2.0. Gold will survive a societal collapse, bitcoin won't.

      •  

        Gold will survive a societal collapse

        Gold is useless in societal collapse.. Lead is what you want then!

        •  

          And brass and sulphur and …

    •  

      very good, thanks

  •  

    Pretty stoked to have gotten in last March when it was low and I saw that the halving was coming up in a couple of months!

    •  

      lucky duck!
      I feel lucky to have gotten in in October

      •  

        I think anytime before the Christmas boom is a great time to get into it!
        Zilliqa (staked through Moonlet) and ETH have been great for me too. WIll be interested to see how both of them go when the bridge between the two happens early this year!

        • +1 vote

          @sloppysushi

          interesting, yeah.

          I've also ZIL! but just a wee bit - 11,000 or so. I'm also staking (Atomic Wallet).
          But I kinda just wish I bought normal top 5 coins and stuck them out. LTC, ETH, BTC would have just been fine. all 3-4x since Oct/Nov ish.
          Instead, I took random-ass lower cap coins and swing traded. Although, I'm still way ahead.

          Hail the crypto king!

          •  

            @dddddog: Enjoy the ride! Glad to know it's going well for others too :)

  •  

    Remember this deal
    https://www.ozbargain.com.au/node/196172

    I have 0.02097492 BTC roughly worth $900USD but cannot access it bc i used a fake name . I cannot reset the password nor reset the phone number for an OTP .

    I probably will kick myself if BTC every reaches a mil lol

    Life goes on …

  • -1 vote

    Think of Bitcoin like a Bank and try to judge how much its worth

    • has 99.99% uptime since the inception 12 years. Proved itself over a decade.
    • Bearer instrument can be transferred peer to peer 365 days no holidays without permission at a small cost. But the cost fluctuates depending on demand mostly cheaper during weekends sometimes expensive but think of how much cost it is to store and move Gold.
    • Inflation is programmed and the reward for running software halves every 4 years. Based on the past history it goes up every 4 years after the supply cut.
    • No government or entity can print / generate unlimited amount. Its fair for everyone 1 Bitcoin will always be 1 Bitcoin. so its deflationary as the AUD/USD is inflationary due to efforts of central banks
      .
    • $750B market cap is not only the value of asset but also for the network. For eg:- all the money held by CBA + value of all CBA shares
    • Open source software, some of the smartest people working on it for free mostly sponsored. and anyone can go to github and contribute and authorise changes.
    • If you have purchased Bitcoin anytime in the past and held it you are in a profit. Its main goal is to store value but not go up. But people value it more as you will see there are other assets like gold which are more that 20 times the Bitcoin value.

    • It is as scarce as gold but easily transferable, divisible and storable. Besides nobody knows what is the supply of gold it is approx 14 trillion.

    • Bitcoin is fully auditable and anyone can run a software to find out total supply, total transactions and any data possible.

    hope.com to find out why this ceo put 1.5 billion into bitcoin.

    People will try to lure into alt coins trying to say they are cheaper and faster but they do not posses all the properties of Bitcoin mainly decentralisation and market liquidity. Please do not shill your alts to me. they are cheap and fast because nobody uses it and has a low market cap.

    Everyone buys Bitcoin at the price they deserve. You come for profit and most stay for the revolution. checkout Bitcoin Twitter and join the community #Bitcoin. stay away from scams and alt coins.

  • +5 votes

    Back in Oct 2015 I saw an ozbargain deal for $5 free worth of btc from circle (now called circle pay). I jumped in and added a few extra dollars in my account. Today I cashed out at $55,000, thank you ozbargain!

    •  

      So did you put around $400 extra to buy 1 BTC?

      That's still a massive gain.

      •  

        cant remember exact amount, but somewhere in that region

  •  

    Its taking a massive dive today, currently under 36k
    Maybe a sell off since the bitcoin failed to break over 41k

    •  

      Too much talk. Buy the dip.

      •  

        Dropped another $500 since my comment lol
        Keeping watch for now

  •  

    I wanted a dip…but not like this