BITCOIN ??

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merc85

merc85

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Has or does anyone invest in Bitcoin? Any views?
 
I keep looking at this and the completely unregulated nature of the entire set up is off putting.

I also feel that looking at it now like we've missed the boat.

It has massive variance and it's fine for a bet but it's not what I'd consider an investment.
 
It worries me. Due to the untraceable nature of bitcoin it's open to criminal use, indeed you could argue that's one of the reasons for it's value. For that reason I think it should be banned if that's even possible.

I do realise that all currency is virtual in a sense but Bitcoin is uncontrolled.
 
A bit like the 500 Euro note, when it first came out that was weekly take home pay for many in the EU..in one note, surely only of any use to gangsters and drug dealers ? Walk in to your local chippy or pub for that matter with only a £500 (if it existed) you would get short shrift. The 500 Euro note is no more , I believe.

The Bitcoin has me confused, I am not very 'up' on investments but it does sound a bit 'dodgy'...time will tell.
 
It's not possible to ban it. Sorry, it is possible to ban it, but it's not possible to stop it, and there's no reason to, there's nothing dodgy about it, it's the cleanest currency on earth.

There's thousands of cryptocurrencies. Bitcoin is just the biggest. (3x bigger than next nearest competitor Ethereum, at $94B).
Bitcoin, Litecoin, Namecoin, Dogecoin, Peercoin, Ethereum stats

Yes it can be used for criminality, but so can real cash. You can forge real money though. You can't forge bitcoin transactions. It's decentralised, and everybody mining it is verifying transactions. The currency doesn't care what it's used for, why should it? It only cares that transactions are legitimate, and the model doesn't allow fake transactions to exist. If the rest of the blockchain doesn't agree with the transaction (which it won't), it didn't happen.

I was interested in mining it, but now especially the economics of it don't add up for me. You need to live in a place with extremely cheap electricity for it to be profitable. The ASIC miners pull thousands of watts 24/7 and are extremely loud. They're doing the work of hundreds of thousands of extremely powerful CPUs though, due to how they work. You can't mine bitcoin with CPUs and GPUs don't really have the power anymore either. Think of it as a massively diluted investment. If you're happy for a thin slice off the top, given you've cheap power and can scale up sufficiently, then it'll be good for you, but for me it's too diluted and I'd never make my investment back. It'll always find a balance, if there are fewer miners, there's more in it for them, then there'll be more miners, and it'll always equilibrium.

Now the best way to make money from bitcoin is to buy it, sit on it and sell it later on, like with any other currency.

Anyone who wants to know more about how it actually works, just search "how bitcoin works" in youtube, there are some fantastic vids for all levels to give you an understanding. Some here: Introduction to Cryptocurrency - CryptoCurrency Facts
 
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Been watching this but agree it may be a bit late in the day...or is it? Projected long term rise could still be huge, but then it may not.

Treat it a bit like shares, put in what you can afford to lose
 
Interesting to see in the future how 'wealth' in Bitcoin (or any of the others) is dealt with in ,say a divorce case/bankruptcy..it's virtual and doesn't exist..or does it ?? :confused:
 
Bartering was replaced by gold, silver, and salt... then replaced by banknotes.. then by electronic currency (online transactions).

So is Bitcoin and its peers the next thing in currency? Who knows. It may replace money issued by central banks, it may die a death like the Dodo and the Betamax, or it could just continue and live next to central banks money and serve its purpose this way.

Either way, as others said it is essentially a casino at this stage. I did give young Miss MJ a very modest amount to use for buying and selling Bitcoins to see if she can turn a profit. I am not really expecting to see any return as such... from my point of view, it's a learning experience for her.

Bitcoin is out there, why not sample it, in a safe environment?
 
I would have to agree we have missed to boat at present but I am keeping an eye on the charts for a dip
 
I have had a play with mining Monero(another bitcoin type) I have 5 systems that have been mining for 24hours and have a profit of 0.00182 XMR which is around 12p, result.....
 
markmifsud said:
I have had a play with mining Monero(another bitcoin type) I have 5 systems that have been mining for 24hours and have a profit of 0.00182 XMR which is around 12p, result.....
Click to expand...

How much electricity was used to gain this 12p?
 
these systems were powered up anyway and have no power saving modes enabled so there shouldnt be any additional costs, I am now planning what to spend my 12p windfall on :)
 
As I said unless those systems are ASICs you’re wasting your time and money.

Even if they’re powerful GPUs, you’re still wasting your time.
 
markmifsud said:
these systems were powered up anyway and have no power saving modes enabled so there shouldnt be any additional costs, I am now planning what to spend my 12p windfall on :)
Click to expand...
Don't look at it as 12p today, because if your windfall continues to mushroom at the same rate, every day for just ten years, then you could be sitting on a £400 profit :D
 
So today BITCOIN reached the $10,000 per coin milestone and I still don't understand it.

I don't grasp where the intrinsic value of this "currency" is. People have made a vast amount trading it but it has every appearance to me of a Tulip Bubble.

We don't really know who "invented" it. There don't appear to be any underlying assets or any regulation for that matter. It's not even considered currency by many developed countries and is taxed as property.

If anyone can explain to me why BITCOIN is worth $10,000 per coin I'm genuinely interested.

I can understand the principal of electronic currency, particularly in third world countries that have no access to traditional banks as we understand them. But what is driving the underlying value of BITCOIN to make is worth what it is today?
 
Nothing... other than the fact the everyone wants it...
 
$9,969 Usd today, Not quite $10,000 although it did in Asian markets wont be long now.

Just a note, i took a punt when it was at $8225usd / £6317 as i had a small Captiol which i wasn't worried about losing.

I Put it into a Btc Mining company which also has other operations aprox 5 days ago.

Just wondering how the world is going to view Bitcoin when it does reach the $10k and what impact its going to have on it's value shortly after.
 
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It got up to $9,990 earlier. When it gets near $10k it drops about $50, I think a lot are gong to sell and take a profit when it hits the magic number.

See it live here… https://www.gdax.com/trade/BTC-USD


Dec
 
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