Cryptocurrencies: Newbies Learning Zone

This is a discussion on Cryptocurrencies: Newbies Learning Zone within the Cryptocurrencies forums, part of the Markets category; When it comes to cryptos, I'm on a par with a trading newbie who joins T2W and, in their debut ...

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Old Dec 23, 2017, 10:41am   #1
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Cryptocurrencies: Newbies Learning Zone

When it comes to cryptos, I'm on a par with a trading newbie who joins T2W and, in their debut post, asks what the bid ask spread is. Since the inception of this bespoke forum, I've taken a keen interest in this space but, if I'm honest, I'm finding it tough. Much of it is like wading through a quagmire of treacle.

For example, in spite of having read any amount of blogs and watched numerous YouTube videos etc., while I understand(ish) in broad terms what a blockchain is, I wouldn't want (or be able) to explain it clearly and succinctly to someone who's never heard of the term before. And that's frustrating, as I want to learn this stuff for two reasons. Firstly, I've held the view for many years that the current financial system is on its last legs and will almost certainly collapse sooner or later. Secondly, crytpos - in one form or another - look to be a viable alternative. One day, I suspect they will be the norm.

So, what's the purpose of this thread? It's for anyone who, like me, is struggling to get their heads around the topic and wants simple - easily digestible answers to basic questions. Ask anything you want, there are no stupid questions. Hopefully, those in the know will be on hand with the answers! I'll kick off with a question of my own in the next post.
Tim.
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Old Dec 23, 2017, 10:41am   #2
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timsk started this thread This question specifically relates to Bitcoin - but I suspect it would also apply to most (all?) other cryptos. I keep reading that the total number of Bitcoins is capped at around 21 million. Who - or what - dictates this figure and how did it come about?
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Old Dec 23, 2017, 11:05am   #3
 
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You can get up to the minute prices from Bitfinex.
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Old Dec 23, 2017, 11:06am   #4
 
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Originally Posted by timsk View Post
This question specifically relates to Bitcoin - but I suspect it would also apply to most (all?) other cryptos. I keep reading that the total number of Bitcoins is capped at around 21 million. Who - or what - dictates this figure and how did it come about?
As far as I know the secret gang that started it, said so - to keep prices up. There seems to be a shortage of not much.
But plenty of ...........
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Old Dec 23, 2017, 12:14pm   #5
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As far as I know . . .
You appear to be in the same boat as me Pat, i.e. you don't know!
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Old Dec 23, 2017, 4:51pm   #6
 
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Some never learn

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You appear to be in the same boat as me Pat, i.e. you don't know!
Tulipmania again.........if you don't understand it Tim, and you are no fool, then it probably belongs to those smoke like dreams that slip through your fingers because it is a virtual product as opposed to something solid like corn etc or even those bank notes with the queen upon it that at least carry a promise to pay the bearer. People will get hurt but they will ignore any exhortation to be cautious because they are blinded by the prospect of profit via volatility. However, something that doesn't exist other than as a concept in cyberspace can easily disappear completely, without warning. And remember this -when the panic starts and you want to sell, then you will need a buyer who is unfazed by a collapsing cyberspace creation. Assuming the entire concept doesn't disappear at the flick of a switch or viral decimation.
Best advice regarding any instrument ( including now those that are merely virtual concepts.) If you don't understand it despite applied study, then don't trade it.
I don't visit T2W very much now but it saddens me to see so many stupid people and the crooks that feed off them, swimming around the forums.
Many of these no-hopers cannot trade profitably on standard instruments so what makes them think they can trade the invisible and unregulated. But they continue to follow the herds of lemmings for that bit of easy cheese.
Apart from that -have a good Christmas everyone.

Food for thought: http://www.bbc.co.uk/news/business-42457983
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Old Dec 23, 2017, 5:31pm   #7
 
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As far as I know the secret gang that started it, said so - to keep prices up. There seems to be a shortage of not much.
But plenty of ...........
Probably NSA, CIA or another 3 letters government agency, just like the "anonymous" Tor browser for the dark web
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Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Dec 23, 2017, 5:36pm   #8
 
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Quote:
Originally Posted by timsk View Post
This question specifically relates to Bitcoin - but I suspect it would also apply to most (all?) other cryptos. I keep reading that the total number of Bitcoins is capped at around 21 million. Who - or what - dictates this figure and how did it come about?
Is this the real number? How many forks we have already and how many more are coming in just the next few week? Every fork doubles the tokens and gives the "creators" few percent "pre-mined" coins to support the cause...

Talk about printing tokens out of thin air literally...

http://cryptocurrencyfacts.com/2017/...rks-2017-2018/
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.

Last edited by Quantt; Dec 23, 2017 at 7:33pm.
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