12 Months of Bitcoin – February 2018 – #35

People can easily steal your cryptocurrency if you’re not using a secure server or your phone is susceptible to hacking or Malware. To combat this you need an App called Google Authenticator. It sets you up for 2FA – two factor authentication – and will not let anyone access your data unless they have the six digit code provided by the authenticator.

I then downloaded the App for Coinbase. Lodged a €100 into what they called my “Euro Wallet.’ This is like a vault where you can store your digital money before buying cryptocurrency. You then select which coin you’d like to buy and hit “Purchase.” So I selected Litecoin and watched the rabbit hole swirl, then the screen sang “Success!” and there it was. The price at the time had shot up to around $112 dollars which meant, with exchange rates, I had almost one complete coin – as opposed to the fraction of Bitcoin I’d have as it was now trading at up to $25,000 on some exchanges.

You can set alerts on your phone to tell you when the price hit a certain level. I set mine to let me know when it had gone up by €20. A minute later it beeped. “Price Alert!” I checked and it had indeed increased by that much. I thought it was a fluke, but then five minutes later it went again. “Price Alert!’

€160 – Price Alert!

€180 – Price Alert!

I went on to Twitter and got following some enthusiasts. They were all going crazy. Litecoin was “….going to the moon…” Breaking through it’s All Time Highs (ATH) and surfing the “….greatest Bull Run in History…” in the middle of all this was the man that actually created the coin – Charlie Lee. Unlike Satoshi Nakamoto, Charlie Lee was well known, communicated regularly with the public, and kept updates on happenings with his project. He warned everyone to be careful and not invest money they couldn’t afford as the industry was volatile and could easily crash by 80% overnight. People felt like he was spoiling the party and why was he spreading FUD (Fear, Uncertainty, Doubt) about his own coin? And so the party went on, broke €300, then €350….and so on.

Meanwhile, the Irish Media were running out of cliched analogies. The Wall St Crash was wearing thin, and even the Tulips didn’t have quite the same ring anymore. The best the the journalists could do was “….tax on stupidity….” and if something is too good to be true….

Then Warren Buffet’s quote got them out of a hole for another while when he said Bitcoin was similar to rat poison. All in all in didn’t make much difference because the planet seemed on fire with impossible dreams that were anecdotally coming true.

Price Alert!

Mick.

Don’t forget to share this post.

 

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