| Anybody boarded the Bitcoin Bandwagon? 01:33 - Nov 29 with 4369 views | FredManRave |
It's in the news alot these days and this week the value of one Bitcoin reached 1.000USD. That in itself is astonishing when you realise that it's value as recently as 10 months ago was 25USD. From what I've read and understand about it, it's not exactly straight forward, hashes, addresses, mining, wallets, etc, but there's no doubting that it will have given alot of people a huge return on their initial investment assuming they've cashed in this year.
So I was just curious to know if anybody on here has mined or bought any Bitcoins and if so if they did so to actually use it as a currency and as such take a long term view and actually pay for goods with it due to "ease" and low costs or was it nothing more than a "stock" purchase with a view to make a quick profit - and what a profit.
Extremely volatile though. I think I'll wait for it's next dip which should give me time to understand it all a bit better. Can't help but feel that it's a missed opportunity though.
http://www.bbc.co.uk/news/technology-25130261 [Post edited 29 Nov 2013 1:42]
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| Anybody boarded the Bitcoin Bandwagon? on 17:08 - Nov 20 with 642 views | slmrstid |
| Anybody boarded the Bitcoin Bandwagon? on 14:35 - Nov 20 by Bluce_Ree |
It's a load of shit.
Bitcoin, and all crypto, is too slow to do anything. How could you buy a car or a house with it knowing that the crypto you pay out could be worth tons more in a day? Or less? There's no protections with it.
It's just person vs person finance. The only thing you can do is hope to sell your stake to someone willing to pay more. That's how all Ponzi schemes work. New money flows in, you cash out, and then eventually there's no more money coming in.
If you own BTC, all you can do with it is hope a bigger sucker comes along and buys it.
Sure, you might make some money but it'll be at someone else's expense. |
What's also notable is reading stories (OK, apocryphal sure) of people trying to cash in for house deposits etc then setting off all sorts of anti-fraud alarms with banks who don't want to touch it and putting in blocks / CIFAS markers etc.
The pro-crowd would no doubt see it as a way that the banks are running terrified of the new future, the anti-crowd probably see it the other way given the amount of money laundering risks there are with it.
Without wishing to start the crypto argument (although at least Russian Bot / Sakura isn't around anymore, unless he pops up with a new registration) I think on the whole I fall in line with your view. Haven't got any myself, quite happy with that, don't feel I am particularly missing out in life as a result. If other people have and have made money - well fair play to you. I think a lot of people are clueless on the risks though, I do see quite a few stories of people who have their entire savings in it which is just mental. |  | | |
| Anybody boarded the Bitcoin Bandwagon? on 17:38 - Nov 20 with 591 views | Juzzie |
| Anybody boarded the Bitcoin Bandwagon? on 17:08 - Nov 20 by slmrstid |
What's also notable is reading stories (OK, apocryphal sure) of people trying to cash in for house deposits etc then setting off all sorts of anti-fraud alarms with banks who don't want to touch it and putting in blocks / CIFAS markers etc.
The pro-crowd would no doubt see it as a way that the banks are running terrified of the new future, the anti-crowd probably see it the other way given the amount of money laundering risks there are with it.
Without wishing to start the crypto argument (although at least Russian Bot / Sakura isn't around anymore, unless he pops up with a new registration) I think on the whole I fall in line with your view. Haven't got any myself, quite happy with that, don't feel I am particularly missing out in life as a result. If other people have and have made money - well fair play to you. I think a lot of people are clueless on the risks though, I do see quite a few stories of people who have their entire savings in it which is just mental. |
For all those that have made money (fair play to them) there will probably be 10x / 100x / 1000x etc more that have lost schit loads. It really is immensely high risk.
In January this year it was £31k/1 bitcoin, now it's £74k, bonkers.
I'm sure Russian Bot/Sakura will be all smug and 'told you so' about this but the reality is that it's easy to be smug a year on. 5 years ago it was £5k/1 bitcoin and has gone up and down again like a yo-yo so it really is unpredictable and most importantly you know have to put in huge amounts, it's not like 10/15/20 years ago where you could risk a few hundred, maybe a couple of thousand pounds.
Any form of investment/gambling should be based on how much you are prepared to lose, once you go beyond that you are in trouble. |  | | |
| Anybody boarded the Bitcoin Bandwagon? on 08:53 - Nov 21 with 389 views | Bluce_Ree |
With BTC now being £76k, the days of 10x-ing it are over.
There's a really great documentary called the Line Goes Up by Folding Ideas on YouTube. It's mainly about NFTs and why they were always going to be bollocks but the first part is about crypto. It's very critical but he makes great points in it. Well worth a watch. |  |
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