Jump to content

Bitcoin


Sparkymart

Recommended Posts

A mate told me to buy bitcoin about 5 year's ago so I looked into them and thought it sounded like some sort of scam... They were about $10 each and he told me to buy £100 worth but I didn't bother I wasn't going to be scammed 

How wrong I was they hit $17000 for a while the other day :cry:

Did anyone here get on the band wagon back then ? 

Link to comment
Share on other sites

just cashed in £20 for £1700 and i'm out!

  • Like 1
Link to comment
Share on other sites

Moved to the right section at Martin’s request! And duplicate thread removed.

Link to comment
Share on other sites

I've worked all my life as a software engineer and am kicking myself that I always dismissed crypto currencies as a scam.  Last month I succumbed and bought £50 worth of Bitcoin, which according to my wallet is now worth just shy of £100.  Also got £50 worth of Ether two weeks later but that still hasn't recovered enough to cover the transaction fees involved.  Am now looking at adding IOTA to the portfolio whilst it is still affordable.

The plan is to hold on to these and see in a years time how they've done and then decide if it is worth cashing in, or HODL-ing (as the in-crowd calls it).

Link to comment
Share on other sites

2 hours ago, Martin Rice (Sparkymart) - Cornwall AO said:

Nice how long did you have them?

3 years, we had it left of from a crypto ransom

Link to comment
Share on other sites

For my fiftieth Tricia allowed me to buy myself a Rolex - wanted one since my mid 20s when I was working in Saudi Arabia and I’d just received a healthy bonus.. My 18 year only has just cashed in half his Bitcoin investment and ordered himself the same watch and spent £5k on parts for a gaming PC. A year ago I cautioned him not to invest as it was a bubble going to crash - fortune obviously favours the brave and I know nothing about investment as I ordered my Eleven shortly after giving him my sage advice!

  • Like 1
  • Haha 1
Link to comment
Share on other sites

I think if you treat it as a bet and are happy to lose whatever you have put in then that's the best way to look at it. 

But as someone whose always been involved in making things in order to earn money the whole concept just feels "wrong" to me. ???

  • Like 2
Link to comment
Share on other sites

I find this whole subject bewildering, so if anyone can give a dumbed down version of what the hell crypto currency is I would appreciate it.

As I understand it Bit coin is somehow electronically mined, from an amount that is available which is not finite. As they get less and less they get harder to mine. But how do you make something out of nothing and convince people that it is the next big thing?

As I see it the big attraction at the moment is smart people are making big sums which is untraceable by governments and hence no tax is paid as well as being loved by criminals who can take money and shove it into a bitcoin machine and exchange for untraceable bitcoins.

These can then be turned back into cash using a bitcoin credit card as can those who are selling at the moment.

It still looks like a bandwagon that the ones who jumped on early are making a fortune at the moment and it will be those now getting on board who will lose out once governments and financial controls are put in place. 

So can someone explain in details?

 

Link to comment
Share on other sites

Two of my golden investment rules. Never invest in something you don't understand + if you're jumping on a bandwagon you're too late. I don't understand it but it still looks like a bubble to me

Link to comment
Share on other sites

mine wasn't investment and wouldn't touch it with a barge pole.... it was a ways to a means 

mine was like finding the tenner is an old jack pocket...

Link to comment
Share on other sites

52 minutes ago, Nick - Joint North East AO said:

I think if you treat it as a bet and are happy to lose whatever you have put in then that's the best way to look at it.

Yes, that's how I see it too :yes:

Link to comment
Share on other sites

Nearly 400 years ago there was a fashion for breeding (if that is the correct term) new colourful fancy tulips. People started to "invest" ever increasing amounts in buying them, until the point was reached where one bulb could change hands for literally a fortune. 

It made some dutch bulb breeders very very rich. Unfortunately, when the "investors" wanted to sell their bulbs, and said how much they wanted for them, other people just laughed at them.

There's nothing new in this word. 

  • Thanks 1
Link to comment
Share on other sites

34 minutes ago, stephenh said:

Nearly 400 years ago there was a fashion for breeding (if that is the correct term) new colourful fancy tulips. People started to "invest" ever increasing amounts in buying them, until the point was reached where one bulb could change hands for literally a fortune. 

It made some dutch bulb breeders very very rich. Unfortunately, when the "investors" wanted to sell their bulbs, and said how much they wanted for them, other people just laughed at them.

There's nothing new in this word. 

I'm sure I watched a film about that think it was called tulip fever 

I better write a book called bitcoin fever and hope that's made into a film

Link to comment
Share on other sites

Apparently Inland Revenue are also getting in on the act and demanding capital gains tax on the transactions.  They are classed as investments

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

Please review our Terms of Use, Guidelines and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.