The Crypto coin thread

[dan494]

3 hours ago, breffni said:

Xrp is the best long term investment i think.

why?

[tree-fancier123]

50 minutes ago, Mortimer Firewood said:

1 botcoin =£11739.39 

botcoin - electronic money made  by robots for robots

[Rob D]

The idea of this is to make people aware of crypto currency and how it works. In my opinion it will be a large part of life in the future.

 

I'm not saying get into it to make money out of it. If you are getting into it just to make money then do so with your eyes open - ie. spend a long time researching first and only put in what you can afford to lose.

 

The whole crypto world is prone to massive upswings, downswings and nonsense. Scams are rife at the moment and the industry is largely unregulated. There seems to be a lot of questions about the exchange Bitfinex exchange (largest exchange). New coins/tokens are springing up and no one knows what is behind them.

 

Could Bitcoin come crashing down tomorrow? Course it could - it could drop like a stone at any time. Does this make it a scam? Is the stock market a scam when it is clearly manipulated and has had crashes in the past?

 

 

 

You can invest/not invest/be interested/not be interested/read this thead/not read this thread... The idea is to be more informed as to how it all works.

 

Whatever happens this new 'thing' is here to stay (IMO) and will start to make a larger impact especially next year as it becomes more mainstream.

 

Some folk out there don't use or go near the internet - do they have less fulfilling lives or not? It's up to you if you get involved or not.

 

 

[Rob D]

23 hours ago, matelot said:

So to sum up. Bitcoin is a currency, however virtually no shop takes bitcoins in payment and Bitcoin varies greatly in value over days (unlike traditional currencies).

 

Sorry, I just don't get it. 

 

I expect that this is a fad and Bitcoin will go the same way as the cabbage patch kids. I look forward to reviving this thread if/ when Bitcoin collapses in value.

 

Glad the thread gave you something positive to look forward to  

 

[billpierce]

My cousin's husband was telling me to buy loads of bit coins back when they were starting. Think he has completely paid off his mortgage etc now......wish I had listened!

[Rob D]

Yep but I suppose it's only history as tells you if a decision was good or bad... whether someone is a fraud or a genius.

 

 

 

To balance the books so to speak few people have mentioned the word scam. Bitcoin (IMO) is not a scam however there have been scams around it. Could there be one going on at the moment?

 

You have to look at each side of the coin (Bom Bom) and this is one that could be an ugly side. What if you made up a coin/token and then you could use that to buy Bitcoin. If you had enough of it maybe you could also influence the price as well.. 

 

 

This looks dodgy and exactly the sort of thing that could cause a massive drop... is it true? Who knows but smells fishy and am going to try and spend more time looking into it.

 

https://qz.com/1149772/the-murky-relationship-between-bitfinex-and-tether-is-raising-suspicions/

[Mortimer Firewood]

3 hours ago, tree-fancier123 said:

botcoin - electronic money made  by robots for robots

Must of got a little excited to see today's price. 

Probably turn into disappointment when I look in the morning and it's at pence. 

When anything becomes mainstream it becomes more unpredictable.

[spudulike]

What would concern me is that if the housing market collapses, if you buy to let or own property, you still have the property and it will most likely grow in the future as history has proven.

If you invest in stocks and shares and the market collapses, you still get dividends coming in (or being invested at the lower share price) and the companies you invest in still have asset and residual values plus history has proven that most share prices recover over a period of time.

In Bitcoin and other Crypto currencies, it is all new, no history, no real way of saying if one Bitcoin should be worth £1 or £1M. it would seem that many are getting rich from this since 2008 but at some time in the future, the market must take a hit and that correction may be significant.

The advice to treat your investment in Bitcoin as disposable income and be ready to lose it is probably the best thing said on this thread. I am sure if you invested now and kept them for a few months, you would make money but the growth will only go up whilst new investors are willing to pay more for the currency than the current owner. If there is a big correction then it may take years to get back to where you purchased at. The same could be said for purchasing any sort of investment but you need to make sure it isn't your only investment and have confidence that the currency is here to stay and that a major knock won't permanently devalue it to lower than you paid - I would say it is worth a short time dabble to make a few £££ but wouldn't look at it like I would a Pension, ISAS, Bonds etc!

Time will tell on this but it is an interesting subject, am watching the price and looks like the press have hooked in to the phenomena in a big way!

[tree-fancier123]

2 hours ago, Mortimer Firewood said:

Must of got a little excited to see today's price. 

Probably turn into disappointment when I look in the morning and it's at pence. 

When anything becomes mainstream it becomes more unpredictable.

reading your story on here I'm not surprised you're exited - gifted some bitcoins and have so far resisted the urge to sell - Im sure I'd have failed to stay the course and got overexcited and exited at $1000 or less, I mean considering the historical chart says they started  at cents not dollars. Could you not sell one third or half your position at this point? It seems to me when bitcoin starts trading on the futures market it wont be long before someone  tries to short it in size. I recently had  an email from Cityindex - a firm I signed up with in my darkest days dabbling in financial spreadbetting, to say they have  added bitcoin to their trading list - so you can bet against the price using borrowed money. If institutional investors bet against it the price must move, as the market still doesnt look that big, compared to oil for example.

 

well done for holding an 'investment' so long, wish i had your patience

[Mortimer Firewood]

30 minutes ago, tree-fancier123 said:

reading your story on here I'm not surprised you're exited - gifted some bitcoins and have so far resisted the urge to sell - Im sure I'd have failed to stay the course and got overexcited and exited at $1000 or less, I mean considering the historical chart says they started  at cents not dollars. Could you not sell one third or half your position at this point? It seems to me when bitcoin starts trading on the futures market it wont be long before someone  tries to short it in size. I recently had  an email from Cityindex - a firm I signed up with in my darkest days dabbling in financial spreadbetting, to say they have  added bitcoin to their trading list - so you can bet against the price using borrowed money. If institutional investors bet against it the price must move, as the market still doesnt look that big, compared to oil for example.

 

well done for holding an 'investment' so long, wish i had your patience

Ive no patience I'm afraid just made a promise to a good friend I'd keep them till they hit a price. 

 

Nothin ventured nothing gained and all that.