Cryptocurrency (Bitcoin, Ethereum etc)

  • Page

    of 8 First / Last

    Previous
  • Zeffi 27 Nov 2017 15:36:23 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    There are a few people here already investing in Bitcoin/Alt coins and a few interested so a separate thread seems wise.

    Bitcoin looks likely to break the $10,000 USD this month for the first time.

    I was lucky enough to buy a few Ethereum at the start of the year for (I think) under £80 and each is now worth £350+.

    Anyone else? It's been quite a fun ride.

    Edited by Zeffi at 15:37:57 27-11-2017
  • figgis 27 Nov 2017 15:50:00 7,691 posts
    Seen 33 minutes ago
    Registered 12 years ago
    Sell it now, it's going to be worthless very soon.
  • smoothpete 27 Nov 2017 15:53:26 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    BTC was £150 when I started using it for things. I feel the bubble is on the cusp of bursting.
  • Zeffi 27 Nov 2017 15:56:32 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    On the off chance it doesn't pop, I'm quite happy holding on to it.
  • Zeffi 27 Nov 2017 15:59:33 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    It'd be nice to hear some arguments as to why this bubble will burst 'soon', seeing as people have been saying the same thing for a long time only to be proven wrong time and time again.
  • whatfruitlivesagain 27 Nov 2017 16:04:12 607 posts
    Seen 15 hours ago
    Registered 8 months ago
    figgis wrote:
    Sell it now, it's going to be worthless very soon.
    That's what people said three months ago when bitcoin was trading at $3000.00.
  • smoothpete 27 Nov 2017 16:05:20 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    You might be right but it can't go on forever, plus it feels like it's becoming so widespread in terms of public awareness. Once idiots get hold of it then it's fucked. Basically the price of stuff goes up until everyone has some they want to sell.
  • Zeffi 27 Nov 2017 16:09:20 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    I don't think it'll go on forever, eventually it'll level out and become more stable (like Gold for a simple example).
  • smoothpete 27 Nov 2017 16:10:37 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    More like tulips IMO.
  • disusedgenius 27 Nov 2017 16:10:53 8,692 posts
    Seen 6 hours ago
    Registered 10 years ago
    whatfruitlivesagain wrote:
    That's what people said three months ago when bitcoin was trading at $3000.00.
    I remember people saying it 3 years ago when it was $80 or whatever.
  • smoothpete 27 Nov 2017 16:11:21 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    I'll caveat this by saying I got an "E" at economics A level so I know jack shit about this
  • Dirtbox 27 Nov 2017 16:11:54 89,409 posts
    Seen 33 minutes ago
    Registered 15 years ago
    It took nearly an hour to mine a bitcoin when it started. I mined three before getting bored. Fuck only knows what happened to the wallet, I think I deleted it.
  • Zeffi 27 Nov 2017 16:12:09 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    There does seem to be a lot of people with very strong opinions of Bitcoin (and crypto-currency in general) that really don't have a clue what they're talking about.

    * I'm sure this statement could be applied to many things.
  • smoothpete 27 Nov 2017 16:14:40 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    It's interesting because it's not really like anything else. So anyone who claims to know what's going to happen is definitely wrong!
  • Zeffi 27 Nov 2017 16:14:53 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    @smoothpete More "Tulips" were created to cope with demand, they weren't mined (with increasing difficulty).
  • Zeffi 27 Nov 2017 16:16:10 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    @Dirtbox Might be worth a search ;)
  • sport 27 Nov 2017 16:20:11 14,043 posts
    Seen 9 hours ago
    Registered 12 years ago
    I think the underlying blockchain concept/tech that all these cryptos are built on is the thing to invest in.

    In the future, there will be room for a decentralized digital currency. What shape this takes is up for debate and it's quite possible it won't be bitcoin, ethereum, ripple etc etc

    But to say it's all a bubble and everything will collapse and we'll carry on letting the banks dictate how we transfer funds/value globally is doing the idea of blockchain a slight disservice.
  • sport 27 Nov 2017 16:24:55 14,043 posts
    Seen 9 hours ago
    Registered 12 years ago
    Dirtbox in an alternate universe
  • DamoVotf 27 Nov 2017 16:36:11 1,229 posts
    Seen 20 hours ago
    Registered 11 years ago
    Ok, lets go (pardon the pun) on Bitcoin:

    Its not gold, it doesn't have any fundamental value (other currencies are backed by countries).

    Decentralised clearing of cash transactions has no space in the current financial system (governments and regulators want to track financial transfers) meaning the adoption will always be a target for regulation.

    Why do you need anonymous clearing of funds for anything but 1% of transactions.

    Look at its rate of growth, it is no more useful than any other currency and nothing to back that growth apart from the Blockchain element. If this was a biotech stock it would have to have discovered a cure for all cancers.

    Im not an expert on blockchain and I think the technology has promise, I just think this is a bubble.
  • smoothpete 27 Nov 2017 16:39:32 34,353 posts
    Seen 10 hours ago
    Registered 13 years ago
    It's the top trending thing on my facebook. Surely once the plebs try and get in on it then it's going to dip
  • Zeffi 27 Nov 2017 16:43:39 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    Gold only has a value because we've given it a value, other than that it's just shiny dirt.

    Edit: Personally, I think Bitcoin is more commodity than currency.

    Edited by Zeffi at 16:46:41 27-11-2017
  • spindizzy 27 Nov 2017 16:47:23 7,682 posts
    Seen 17 hours ago
    Registered 13 years ago
    I put a bit in at the start of the year and have doubled it (partly by day trading). I’ve already taken half of my initial investment out again, so even if it tanks (which I doubt) I won’t lose much.

    Unlike my friend who forgot to backup his phone before taking it into Apple for a repair, and who lost 10 coins. Ouch.
  • Zeffi 27 Nov 2017 16:49:48 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    @spindizzy Bitcoin?
  • DamoVotf 27 Nov 2017 16:51:14 1,229 posts
    Seen 20 hours ago
    Registered 11 years ago
    Zeffi wrote:
    Gold only has a value because we've given it a value, other than that it's just shiny dirt.
    Its used in electronics and its used a lot in countries where the currencies have long periods of inflation (Turkey / India).

    If you are telling me people are buying this as a proxy for gold, maybe. But there are no fundamental drivers, so its going to be totally sentiment driven. So you are fine to keep holding while everyone and their mother is trying to buy it.
  • senso-ji 27 Nov 2017 16:52:00 8,129 posts
    Seen 8 hours ago
    Registered 10 years ago
    The problem with bitcoin is that it's now a purely speculators market; it has no essential use other than to own some and wait for the price to rise. Other crypto currencies might be able to take the concept and make sure it's stable and accessible in the future, but bitcoin can't continue to rise in value like this at an accelerated rate without going pop.

    Also, a lot of people don't seem to understand how the block chain system works, so are storing all their coins in online trading accounts that may go the way of Mt Gox. Like it or not, Bitcoin is associated with the black market, so any criminal investigation has a high chance of shutting down the online wallets and losing your coins forever (it's decentralized, remember?).
  • Zeffi 27 Nov 2017 16:56:47 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    I totally agree with it being partly sentiment driven.

    (Crypto is already being used in countries with high inflation).
  • Ginger 27 Nov 2017 20:42:00 7,242 posts
    Seen 11 hours ago
    Registered 15 years ago
    All the coins are in unregulated space where all the things that would be illegal on normal commodities markets are routine. Pump and dumps are rife and a lot of the altcoins are awful landgrabs for cash.

    The ICO scene is very fucked up at the minute and I expect many of them to get fined and jail time from financial regulators.

    Having said all of that, the blockchain tech is really interesting, solves some interesting problems and had potential to change the way institutions interact.

    I bought a couple of bitcoins a few years ago. Didn't some lost about 0.5B when I flashed my phone and wiped a wallet (oops) and given the investment am doing ok on it. Not enough to retire on (yet) though
  • Ginger 27 Nov 2017 20:42:57 7,242 posts
    Seen 11 hours ago
    Registered 15 years ago
    Also, the more crypto is in the news, the less you should buy as it generally precedes a crash
  • Dirtbox 27 Nov 2017 20:56:10 89,409 posts
    Seen 33 minutes ago
    Registered 15 years ago
    What happened to that swindle where someone managed to steal millions of BC from a load of people? People were following them around somehow to try and track the enduser, but I never heard about it again.
  • Zeffi 27 Nov 2017 21:57:07 940 posts
    Seen 16 hours ago
    Registered 3 years ago
    Was that the Mt.Gox thing?
  • Page

    of 8 First / Last

    Previous
Log in or register to reply

Sometimes posts may contain links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.