Bitcoin

[fschmidt]

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[dawis]

As I pointed out here on another thread, another different between gold and bitcoin, is that the later has predicted supply for a given time.

One of the examples to demonstrate the appeared insanity is Dogecoin - a cryptocurrency that stated as a joke.. but now it's market worth hundreds of millions of dollars.

That, of course, won't change the fact the the Bitcoin might still rise, so the question of weather to buy or not to buy is different question than the question of it's real value.

[andersonnnunes]

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[qwerty]

Do you think that it would be worth investing in Bitcoin in the short term? Apparently, its value has increased by a factor of 11 over the past year (http://time.com/money/5042117/bitcoin-usd-price-worth-invest/), so I've been thinking of buying a small amount (about $1,000 worth) and selling in a year, hoping that it continues to rise and doesn't crash before that. Do you think that a Bitcoin crash might be imminent in less than a year, or is there no way to tell?

[fschmidt]

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[Johannes]

Noobs store their bitcoin on an online exchange. Smart people use a hardware wallet.

[fschmidt]

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[Johannes]

If you lose your hardware wallet (Trezor) you can restore your wallet from a seed (24 words you have written down or memorized). If someone steals it they need your 5-digit (or longer) PIN to get access to the money. (That does sound like a risk if someone creates a robot that tries every possible PIN.)

(It's not. "Each time you enter a wrong PIN, the wait time increases by a power of 2. After the first few failures, you have to wait several seconds before you’ll be able to try another PIN. Trying the top 15 PINs would take about 18 hours. After this, the device wipes itself.")

What's a far out of the money long duration put option?

[Allen]

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[Allen]

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[fschmidt]

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[dawis]

Well, I understand the reasoning behind this, but looking at the recent month it seems we haven't seen, so far, a significant negative correlation between Bitcoin and precious metals prices. so I doubt we will see precious metals rise when the cryptocurrencies crash.