Bitcoin bandwagon.........

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Leesparkykent

Leesparkykent

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Anyone jumped on the Bitcoin band wagon? Worth under 2K a few months ago and now over 12k ATM. I don't really understand the technology behind it all but looks the fastest growing investment at present.
 
Wish I'd got in a few months ago. A mate was trying to get me involved when it was at 3-4k dollars.

I remain a sceptic though. Can see a lot of ordinary people getting burned very shortly. Feels like a bubble is my gut feeling. Of course I could be wrong and it could be 100k next year. I'll sleep more soundly being out than in though!

To sum up its a gamble. It seems like its probably 50/50 going to go one way or the other.
 
mattg4321 said:
Wish I'd got in a few months ago. A mate was trying to get me involved when it was at 3-4k dollars.

I remain a sceptic though. Can see a lot of ordinary people getting burned very shortly. Feels like a bubble is my gut feeling. Of course I could be wrong and it could be 100k next year. I'll sleep more soundly being out than in though!

To sum up its a gamble. It seems like its probably 50/50 going to go one way or the other.
Click to expand...
Yeah that's where I'm at really...I had a mate trying to get me involved about a month a go when it was around the 5K dollars. I didn't chuck anything in the pot as I kept researching it and still wasn't much the wiser. Someone who's involved in the futures market predicted it will hit 15k dollars before she xmas which it's hit today. The same guy predicts a bit coin will be worth half a million by 2022, but if this pace keeps up one will be worth 1 million. Should of brought a load in 2009 when they were about 30cents :eek:. Branson brought a grands worth and now that investment is worth over 300 million....like he needed it:D
 
I was buying my smokes up till last November from Moldova using Bitcoins, until the customs started intercepting and seizing my deliveries
During that time I was spending the equivalent of £20 a week

I left about £20 in the account and forgot all about it
My son recently asked me if I had any left,we looked at the rate and my £2o is now worth £240 ish

I was pleased and yet disappointed, what I had spent over about 20 weeks of Bitcoins on smokes,it would have had a value of £42,000 if I had just hung on to them:oops:
However,I recently bought £100 of coins because they are forecast to rise until the end of 2019,here's hoping:)
 
Nothing wrong with sticking a few hundred quid or a grand or whatever you can afford to lose, but it's a gamble imo.

It just worries me that people are starting to see the £$ signs and rationality goes out the window. I don't see, or maybe understand, where it's intrinsic value is. At least with other fiat currency, it's ultimately backed up by a government that will try to maintain its value to a certain extent and has the ability raise funds through tax etc.

If and when the bitcoin bubble bursts it'll happen very quickly
 
The likes of Goldman Sachs, google, virgin etc seem to be heavily investing in block chain technology. I will probably buy £300-£400 worth and just hold onto it. My pal put £1400 in a few months ago and today it's worth about £3000. Japan is going mental for it ATM....I was reading an article on the carbon footprint of bitcoin and apparently bitcoin mining, transactions etc uses around 150 terrawatt-hours a year.
 
Leesparkykent said:
Happy days...is that from the £20?
Click to expand...

The £20 was what was in there in October,a few weeks ago it was valued at £240 after it had been lying there for a year

When I saw how much it had risen,I chucked another £100 into buying more coins,its that combined amount now worth almost £800
I will take a chance that it continues to rise :praying:
 
Radio 4 did a good piece on this,today. The biggest rise,has obviously passed,and there are issues with trading rules and FCA oversight on purchasing.

I suppose it is the same as any other exponentially increasing investment...spend only what you could stand to lose :)
 
bitcoins are mathematically limited by the formulae used to mine them. so have a certain value but you can in theory mine them on your computer, that is why the Japanese are going mental for them at the moment. they are all sitting there trying to unlock the encryption for a coin to then claim it, they then get the chance to sell the coin making mega money. some Japanese universities have seen their computer systems crash under the workload and systems crash from over heating! Bitcoin can also be stolen, so just because you have them in your e-wallet it doesn't mean a hacker wont take them from you. buyer beware as they say
 
The thing I don't like about crypto currency is it puts up the price of graphics cards. As people use the GPU to mine crypto currency. So if a shop gets 10 high end graphic cards someone comes in and buys them all so there is none for me. And the price rockets up.
 
I don't think I'm going to jump in on this one, partly because I don't really understand it. It may have a long term future (or maybe another cryptocurrency will prevail), but in the short term I'm sure we're in bubble territory, otherwise we wouldn't have this thread!

I fully expect to see a pretty large and rapid drop in the value of bitcoin in the not too distant future (or maybe I'm hoping for an opportunity to say 'I told you so', as I'm not invested myself). If (when) the price starts to drop, how quickly can you sell bitcoin in exchange for pounds, especially if everyone else is trying to do the same? In the end, what matters is being able to convert your 'profit' into something that you need or want.

It's a pity that it takes this sort of 'fast buck', headline-making 'investment' to make people sit up and take notice, when most of the population keep their savings in a bank or building society account earning one or two percent.
 
Bit like the Tech Boom, I think a mate of mine only finished paying the loans he took to buy in last year, lost about £30k.

Its a virtual currency what can go wrong eh, in the early days you could mine for Bit Coins with a home PC but the power and the costs required now to drive a PC will cost you more then you make thats why companies have set up server farms to do the mining for you, you just need to buy in.
 
There was a piece on bitcoins on the Vine show a week or so ago. Can't remember much detail, couple of experts on there, including one guy who runs a company advising people on investments in cyber currency! Apparently there is a limit to the amount of bitcoins up for sale, and its quite hard to buy any now, and the jury's out on whether it burst like a bubble. The same as any such investment, only invest if you can afford to lose that money.
 
I believe crypto to be the future I invested some money in Bitcoin and others in 2016 and I Have had very generous returns although I wouldn't put fresh fiat currency into it at the moment because every Tom dick and Harry is jumping on the bandwagon just trying to earn a quick buck.
Having said that you could argue any
Correction is limited because of it's finite supply, it costs a heck alot of money to run the Gpu's just to mine a small amount of Bitcoin, you could argue it's more like gold than money, a store of value rather than a medium of exchange,
I nearly bought some Bitcoin in 2013 they were just under £100,
never mind hey
 
GPUs aren't the best way to mine. If you're serious about it, you should consider dedicated mining hardware based on application specific integrated circuits.

The Antminer S7 for example, costs $500 (last time I looked) and achieves a hash rate of over 4 tera hashes per second. As far as I know, unless you spend lots of money you're not going to get near that with GPUs as the hash rates I've seen are all in the mega hashes per second range.
 
SparkyChick said:
GPUs aren't the best way to mine. If you're serious about it, you should consider dedicated mining hardware based on application specific integrated circuits.

The Antminer S7 for example, costs $500 (last time I looked) and achieves a hash rate of over 4 tera hashes per second. As far as I know, unless you spend lots of money you're not going to get near that with GPUs as the hash rates I've seen are all in the mega hashes per second range.
Click to expand...
It we ever meet at a party/function I will be the guy with his fingers in his ears singing la la la la da di la ................ :p:p:D:D:D:D
 
Leesparkykent said:
Anyone jumped on the Bitcoin band wagon? Worth under 2K a few months ago and now over 12k ATM. I don't really understand the technology behind it all but looks the fastest growing investment at present.
Click to expand...
Around four to five years ago i was doing a eicr in a commercial office property and one of the tennants had bitcoin miners... He was a crazy science bloke and really pushed me to invest in some small miners of my own and insisted this would happen... I nevet did and my guess is he is a very wealthy man now... He was also running them for the welsh government who were trialing it... Im a xxxx
 
Beware the Bitcoin piramid type scam.
The bubble is about to burst and lots of people are going to get burnt, but a few are going to come out of it very well.
A friend of mine has just sold his stash for this reason.
 
Small update - Chinese have spotted the flaws,one of which,is the massive waste of energy,and are shutting supplies down to known "mining servers" :eek:
 
There are loads of other crypto coins out there. A couple of my friends invested in iota a while back and made very nice returns.I have iota currently and hoping it takes off again this year. The amount of different crypto coins available now is huge.

Buying them is a big of s ball ache though. It's all a gamble really.
 
A little update - i see Lloyds,Virgin,Bank of Scotland.MBNA and a host of other financial and government bodies,are coming late to the party,of seeing the risk and lack of intrinsic value,of this grenade.

I'm thinking of listing my own currency,based on the height of the unicycle,one can ride...and the number of cactus plants one owns...

Anyone want in? :)
 
Anyone watch Panorama? ...turns out Jordan Belfort shares my view on this matter...now i'm worried...:)
 
Dropped to its knees at £ 4, 000 on Feb 6th :( :(:(:(
Currently still rising at £ 6, 100 on Feb 13th :handok::)

Bitcoin is fighting back :fist:
The value of my coins are on one big roller coaster
 
SWD said:
Looks like a few people took a hit then when the price collapsed.
Click to expand...


Yes i would certainly expect so. The crypto market is very volatile hence it being so good for traders.

Holding crypto with no education on the market at that point is very risky. However, studying market structure and learning Technical analysis and fundamentals is key for profiting.

Once Bitcoin does bottom out on this market cycle and the trend reverses we will see it fly again. If you look at the Bitcoin chart on a longer timeframe like 1 day or longer it is clearly showing a bull flag.

The cycle will repeat its self over and over creating lots of winners and also lots of losers as its a zero sum game.
 
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