| Anybody boarded the Bitcoin Bandwagon? 01:33 - Nov 29 with 4913 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 14:04 - Nov 20 with 1436 views | BrianWilson |
Dunno if anyone is still interested in crypto but it's over $94K today for 1 bitcoin. Quite a difference from when this thread was started  |  |
| "a diseased bunch of mofos if there ever was one, their beauty is so awesome that listening to them at their best is like being in some vast dream cathedral decorated with a thousand gleaming American pop culture icons."
- Lester Bangs on The Beach Boys |
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| Anybody boarded the Bitcoin Bandwagon? on 14:32 - Nov 20 with 1338 views | TheChef |
| Anybody boarded the Bitcoin Bandwagon? on 14:04 - Nov 20 by BrianWilson |
Dunno if anyone is still interested in crypto but it's over $94K today for 1 bitcoin. Quite a difference from when this thread was started |
Congrats on digging up a thread from 2013!!  |  |
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| Anybody boarded the Bitcoin Bandwagon? on 14:35 - Nov 20 with 1326 views | BrianWilson |
| Anybody boarded the Bitcoin Bandwagon? on 14:32 - Nov 20 by TheChef |
Congrats on digging up a thread from 2013!! |
well, I'm wondering if the guy that bought 200 btc now has 200 times 94k  | |
| "a diseased bunch of mofos if there ever was one, their beauty is so awesome that listening to them at their best is like being in some vast dream cathedral decorated with a thousand gleaming American pop culture icons."
- Lester Bangs on The Beach Boys |
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| Anybody boarded the Bitcoin Bandwagon? on 14:35 - Nov 20 with 1326 views | 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. |  |
| Stefan Moore, Stefan Moore running down the wing. Stefan Moore, Stefan Moore running down the wing. He runs like a cheetah, his crosses couldn't be sweeter. Stefan Moore. Stefan Moore. Stefan Moore. |
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| Anybody boarded the Bitcoin Bandwagon? on 16:00 - Nov 20 with 1186 views | CroydonCaptJack |
My nephew mined it for fun when he was a spotty youth. All his coins were thus obtained free when it first started.
He retired at 28 after selling only one about one fifth of his total coins. |  | | |
| Anybody boarded the Bitcoin Bandwagon? on 16:26 - Nov 20 with 1145 views | PlanetHonneywood |
2014 I was talking to a bloke about it, and he really had got in early and so off I went and did a lot of research before dipping a couple of toes in.
I get the sense behind it, but like social media, it's destined to be fraught with difficulties, especially if governments/central banks increase the push-back.
Given volatility in the ecosystem, I applied the old adage that you should only gamble what you can afford to lose before going in. Equally, you do need to really keep on top of it, and I just did not have the time. Exited and comparatively, yeah, no complaints on what I made. But while I like my ice cream to be a really good vanilla, with an occasional dabble with salted caramel, this is maybe a little too too tutti fruitti for me.
If you go in: get a special memory stick, protonmail email account, a solid authenticator, and really do your research on which trading platform you are going to use...hence, get a memory stick and remember: if you don't hold it, you don't own it! |  |
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| Anybody boarded the Bitcoin Bandwagon? on 17:08 - Nov 20 with 770 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 719 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. |  | | |
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| Anybody boarded the Bitcoin Bandwagon? on 08:53 - Nov 21 with 517 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. | |
| Stefan Moore, Stefan Moore running down the wing. Stefan Moore, Stefan Moore running down the wing. He runs like a cheetah, his crosses couldn't be sweeter. Stefan Moore. Stefan Moore. Stefan Moore. |
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