Cryptocurrency

[GrahamS2]

BTC has taken a beating this week - Buffet shooting it down in the media, trading soon to be banned in South Korea, and a few others. I don't see it coming back up too soon.

XRP have major legal issues, so depending on the outcome of that it will recover, or not. I've got cash in some of the smaller altcoins, and some have done remarkably well in the past 2 weeks. The trick is to know when to sell back into cash.

Edited January 12, 2018 by GrahamS2

[Captain Fastbastard Mayhem]

BTC has taken a beating this week - Buffet shooting it down in the media, trading soon to be banned in South Korea, and a few others. I don't see it coming back up too soon.

XRP have major legal issues, so depending on the outcome of that it will recover, or not. I've got cash in some of the smaller altcoins, and some have done remarkably well in the past 2 weeks. The trick is to know when to sell back into cash.

. I was wrong. This is sucky. 

Edited January 12, 2018 by Myles Mayhew

[GrahamS2]

there isn't a trading ban coming in SK. It was a badly written piece. There's a crackdown on illegal / fraudulent exchanges there. 

Reuters disagrees with you https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A

 

Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.

 

Sure it may take some time, but the intent is what's rattled the market.

Edited January 12, 2018 by GrahamS2

[Captain Fastbastard Mayhem]

Reuters disagrees with you https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A

 

 

Sure it may take some time, but the intent is what's rattled the market.

oooh, eh eh. That's not what I read / saw. 

 

That's sucky...  I'll go with the Reuters thing... 

[GrahamS2]

oooh, eh eh. That's not what I read / saw. 

 

That's sucky...  I'll go with the Reuters thing... 

It's the biggest problem with crypto (and any market driven by sentiment, I guess). One news article or rumour, whether true or false, send the markets flying or crashing. I think we'll see lots of changes int he coming weeks. For one, SARB is working hard to have local platform transactions reported to them. 

[Andrew Steer]

The beauty and appeal of Crypto is also it's biggest weakness...

the taxman was unfortunately always going to come for his cut. 

 

Which of the currencies will be able to adapt and make it work is probably the next big question?

 

I've got some cash in Ethereum as I believe it can possibly get to similar levels as Bitcoin (which I would guess has probably peaked) - but beyond that I see most of the currencies as short term gambles. A few will establish themselves, around which value point I don't think anyone honestly knows... time I guess will tell. It's been fun though, and some people have made some great dosh

[Eldron]

If you had bought 5 bitcoins a month ago you'd be $30000.00 poorer now ????????????

[Odinson]

The beauty and appeal of Crypto is also it's biggest weakness...

the taxman was unfortunately always going to come for his cut. 

 

Which of the currencies will be able to adapt and make it work is probably the next big question?

 

I've got some cash in Ethereum as I believe it can possibly get to similar levels as Bitcoin (which I would guess has probably peaked) - but beyond that I see most of the currencies as short term gambles. A few will establish themselves, around which value point I don't think anyone honestly knows... time I guess will tell. It's been fun though, and some people have made some great dosh

 

There is a lot of speculation that the time will come whereby the market as it is now will collapse and only the coins that have true tech value and strong teams behind them will remain. 

 

Personally, I think Ethereum, Ripple and IOTA represent some of the better tech offerings, with real-world value. 

[ChUkKy]

The beauty and appeal of Crypto is also it's biggest weakness...

the taxman was unfortunately always going to come for his cut.

 

Which of the currencies will be able to adapt and make it work is probably the next big question?

 

I've got some cash in Ethereum as I believe it can possibly get to similar levels as Bitcoin (which I would guess has probably peaked) - but beyond that I see most of the currencies as short term gambles. A few will establish themselves, around which value point I don't think anyone honestly knows... time I guess will tell. It's been fun though, and some people have made some great dosh

You can avoid the taxman to a degree, buy and sell peer to peer, obviously large transaction values will be questioned in your bank account.

Example, if you wanted 1 of my ETH coins today, you EFT me R18500 and then give me your address for me to send you the 1 ETH. Easy.

 

Maybe a couple of guys on this thread wanna do that with each other, most of us got minimum 1000 posts and have been here a long time... put a WhatsApp group together or something?

 

I’d be keen if I needed the cash but I’m pretty happy sitting on my stash for the time being [emoji1417]

 

I’m happy to start the WhatsApp group, just PM me your names and numbers. Buy and sell between us and we vett any others that wanna join... don’t want skelms

Edited January 14, 2018 by ChUkKy

[Wayne Potgieter]

You can avoid the taxman to a degree, buy and sell peer to peer, obviously large transaction values will be questioned in your bank account.

Example, if you wanted 1 of my ETH coins today, you EFT me R18500 and then give me your address for me to send you the 1 ETH. Easy.

 

Maybe a couple of guys on this thread wanna do that with each other, most of us got minimum 1000 posts and have been here a long time... put a WhatsApp group together or something?

 

I’d be keen if I needed the cash but I’m pretty happy sitting on my stash for the time being [emoji1417]

 

I’m happy to start the WhatsApp group, just PM me your names and numbers. Buy and sell between us and we vett any others that wanna join... don’t want skelms

Not sure if it is available in RSA, but i use www.localbitcoins.com for peer to peer. The site only allows for BTC but most of the traders do other crypto as well. This could be a nice model for you to work from?

[ChUkKy]

Not sure if it is available in RSA, but i use www.localbitcoins.com for peer to peer. The site only allows for BTC but most of the traders do other crypto as well. This could be a nice model for you to work from?

 

I dont plan to setup anything formal like a site. This also attracts the general public and then this leaves it open to any tom dick and harry to join, with the skelm.

A whatsapp group with people we are familiar with such as in this thread and give the guys on the group the chance to buy or offer to sell what they got before selling on an exchange.

The idea is a likeminded bunch, same interest ie. Crypto and if you want to buy and sell its as easy as buying a cassette from joe blogs in the classifieds here.

You welcome to add someone as long as you can vouch for them and know they are of good character.

[Wayne Potgieter]

Sheeess. Really hardcore last twelve hours.

[Eldron]

Sheeess. Really hardcore last twelve hours.

 

If you had bought 5 bitcoins a month ago you'd be $30000.00 $50,000.00 poorer now  

[Captain Fastbastard Mayhem]

Sheeess. Really hardcore last twelve hours.

#HODL

[Andrew Steer]

Sheeess. Really hardcore last twelve hours.

Hahaha... so when do we buy more   

 

Bitcoin lost nearly 50% in a couple weeks... and it's supposed to be the stable 'gold standard' one.

 

Hope people were smart and didn't get in over their heads

[Pieter1]