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Ethereum ? new Silver Bitcoin? thoughts?
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So .. it looks like the economy is utterly stuffed for a while and interest rates are no going to start getting higher for a while.
Have been poking about the world of these virtual/ cryptocurrencies lately. They are in the news now as some chap can't find the password to unlock 200 million pounds worth or something? A publicity stunt may be to raise the profile?
Either way .. the ' currency' seems volatile though some people who backed Bitcoin 3 or 4 years ago are now making good money.
The supposed forecast/ prediction for 'E' is set to be much more than Bitcoin was/is as the market is not oversaturated and there is a lot of availability .. apparently. I'm still learning so am slowly starting to figure stuff out and very much a ' newbie' .
Wondering what people's thoughts are on them in general.
I mean the question is .. would it be worth a 'punt'? say to invest a sum of money into this kind of currency you could kind of afford and then just forget about it for a while to see what happened? ( always being sure to keep the password handy tho!)
What are people's experiences? .. anyone invested in Bitcoin already ? thoughts? etc
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By (user no longer on site)
over a year ago
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Etherium seems to be running at a high at the moment.
The best advice for any 'newbie' investor is to understand what you are investing in (for any cryptocurrency it is getting to know and understand what a blockchain is and how cryptocurrencies are 'produced').
Never invest more than you can afford and be prepared to lose everything you invest. Decide how long you want to keep the investment for and do not get spooked by short term volatility. |
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By *inaTitzTV/TS
over a year ago
Titz Towers, North Notts |
It all seems very intangible to me. Not quite Tulip Mania, or Southsea Bubble, but not a zillion miles away, either.
I'd rather put my money into something where it is spread over many different companies, all of whom have a real presence. |
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$ETH will run alongside Bitcoin as will most crypto currencies - personally OP, I’d avoid at current price. There’s a big correction to be had / then I’d buy in.
I’m currently in at £208 for a considerable size but I’ll not hold for much longer - if you’re looking for a way to make money (not as risky as crypto’s) stick with your banks or something you can at least workout the true value of SP.
I have a position in LLOYDS at 26p currently 36p will hold probably for 1/2 years depending on how the economy reacts to the vaccine (will hold until 50/60).But at least Lloyd’s bank has some understanding behind the value SP, cryptos are essentially a made up number that someone magically values it out.
Just be careful OP. What I would advise - if you’re NOT 100% comfortable losing your money, as you probably will. Stay clear!
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"Etherium seems to be running at a high at the moment.
The best advice for any 'newbie' investor is to understand what you are investing in (for any cryptocurrency it is getting to know and understand what a blockchain is and how cryptocurrencies are 'produced').
Never invest more than you can afford and be prepared to lose everything you invest. Decide how long you want to keep the investment for and do not get spooked by short term volatility."
Yes thats my thinking on it too .. It seems to be a real ' punt' that may pay off though has real potential to keep growing too.
It does look way better though in some ways than the online Forex type trading I have dabbled in for a few years .
With Crypto it seems you go in wit the idea you are going to lose and just let the thing ride .
So as as long as you can just let the investment ride and not be frightened of any losses ..
Think I'm going to watch the progress over the next month or two and then make a modest investment I can sensibly forget about completely and see what happens over the year.
Have been looking a the ' blockchain' idea and it's quite interesting and informative . |
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By (user no longer on site)
over a year ago
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For me Bitcoin Diamond the 1 to invest atm. Will grow with the original bit coin as it on the same chain. You can use like money in alot of places as well
Like any other investment though research, research, research and invest only what you can afford.. |
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By *ljamMan
over a year ago
Edinburgh |
"Also its not a get rich quick scheme, its slow progress and one day it might all bottom out. "
One day it definitely will bottom out. Whole thing is a massive pyramid scheme... only way you can make money is from the people who come after you, but that's a finite resource. If you get in and out before it comes tumbling down then fair enough, but remember bitcoin speculators rely on other people paying for what essentially amounts to nothing, so at best I'd take anything they say with a massive grain of salt.
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By (user no longer on site)
over a year ago
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"Also its not a get rich quick scheme, its slow progress and one day it might all bottom out.
One day it definitely will bottom out. Whole thing is a massive pyramid scheme... only way you can make money is from the people who come after you, but that's a finite resource. If you get in and out before it comes tumbling down then fair enough, but remember bitcoin speculators rely on other people paying for what essentially amounts to nothing, so at best I'd take anything they say with a massive grain of salt.
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That's the thing with Cryptos nothing is definite. They're creating ways for them to be spent more easily now and have cash cards so you can withdraw cash. A few year down the line they could be an internationally accepted currency, but it could just as easily crash and burn. The keys are research and done take crazy risk with amounts |
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By *meliaeWoman
over a year ago
Chester |
If you don’t understand it don’t invest in it is my motto. Then, only invest what you can afford to lose.
You need to understand the what and the why to be able to have an idea on what will happen in the future. Hindsight is great (bugger if I’d have invested x four years ago I’d have enough to by a house) but it doesn’t mean the value will continue in the same direction. |
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By (user no longer on site)
over a year ago
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Only real way to make money on it is spend money and mine it
Ither asic miner or gpu
ASIC miner yeld better but no return on hardware when it starts to burn
Gpu mineing lower yeld but can always ship the gpu out before it burns and get a return on it
Be very wary off pic up second hand gpus ask ur self what the f going on
If say someone wanting £600 for a 3090 witch is a £1500 card
Good chance it’s been mined on and about to go and being sold to recover some off the hardware cost |
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