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Bitcoin investment
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By (user no longer on site) OP
over a year ago
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"Views on Bitcoin as an investment.
Probably would have been well worth doing a few years ago.
Prices are still going up, but you'll need to buy much more now.
Cal"
I'm think of having a dabble so going to look into it and thought I'd post on here to see if anyone had any knowledge on it. |
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I'd advise against it unless you're very flush and can afford to loose the cash.
I looked in to it about a year ago and from what i read, the boat has sailed long ago which is why the marketing is currently so aggressive on it. While nobody can predict exactly what will make or loose money, Bitcoin does seem to be near the cliff edge with a very sharp thing dangerously close to doing some bubble bursting.
Best of luck if you go ahead- think i'd rather invest a few grand in a classic car at present  |
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By (user no longer on site) OP
over a year ago
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"https://www.google.co.uk/amp/s/amp.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Wonder if he ever found it??"
Yeah I remember that story. Wonder if he's still digging through the dump lol |
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By (user no longer on site) OP
over a year ago
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"I'd advise against it unless you're very flush and can afford to loose the cash.
I looked in to it about a year ago and from what i read, the boat has sailed long ago which is why the marketing is currently so aggressive on it. While nobody can predict exactly what will make or loose money, Bitcoin does seem to be near the cliff edge with a very sharp thing dangerously close to doing some bubble bursting.
Best of luck if you go ahead- think i'd rather invest a few grand in a classic car at present "
Ok really that's interesting and reason why I'm trying to find out as much as I can in it.
Afraid my mk2 jaguar went some years back though lol.
I did do some day trading at one time and my best pick was Thomas cook. Would have been 90k up if I'd left them in when I bought at 29p but pulled them out to buy property which in real term brought in profit so was all cool. |
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It's clearly not an investment. If you want to speculate on it then go ahead but do you realise that unlike GBP, if your wallet is hacked then you will receive no compensation for your loss. That's reason enough that i would never hold it for any great period of time and in the short term you are just guessing. |
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By (user no longer on site)
over a year ago
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There’s no foundation behind it and no fundamental value. In my opinion. It is simply a publicity led bubblevready to burst with no guarantees to secure individuals investment. If it’s too good to be true then it probably is.. |
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The main problem is, a lot of investors have a lot of bitcoin stored up by now.
If one of them needs to/wants to cash out, the value of it will crash. There is also the point that rich investors might crash the value on purpose.
If you are gonna get into it, you need a big chunk of money you can afford to lose about 50% of, and invest it in.
The price cant go up forever, |
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"There’s no foundation behind it and no fundamental value. In my opinion. It is simply a publicity led bubblevready to burst with no guarantees to secure individuals investment. If it’s too good to be true then it probably is.."
Most investments have no fundamental value, snapchat shares? the company cant make any money and is only worth so much because investment firms wanted to sell the inital stock for x amount, no other reason.
At least bitcoin has a core value, as in there are a small number of sites that will accept it as payment for products, meaning you should never lose everything, but may lose 50-75% of what you put in. Unless someone discovers a catastrophic bug in the code it will never plummet to 0. |
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By (user no longer on site)
over a year ago
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You can make a lot of money on paper, but often will be unable to find a buyer willing to part with cash for Bitcoin.
Which leaves you very wealthy with nothing to spend. Hence the publicity to get cash into the deal so bit coin holders can get some actual value out if bit. |
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By (user no longer on site)
over a year ago
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I don’t really get it, so it’s not like buying shares when it’s all on paper and recorded, but you store it digitally on your hard disk and if there’s a technical problem like a disk crash or hack you lose it all? |
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"
At least bitcoin has a core value, as in there are a small number of sites that will accept it as payment for products, meaning you should never lose everything, but may lose 50-75% of what you put in. Unless someone discovers a catastrophic bug in the code it will never plummet to 0."
(I like reading your input when it comes to finance/trading/banking.)
I think it's a bit too unstable and what can you buy with it?
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"I don’t really get it, so it’s not like buying shares when it’s all on paper and recorded, but you store it digitally on your hard disk and if there’s a technical problem like a disk crash or hack you lose it all?"
Yup and it's not insured. So if soneone hacks your halifax savings, you get it back. Not if they hack your bitcoin wallet. |
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At 45 dollars I considered it and could have taken a little gamble. Though the reason I didn’t was due to the possibility of being targeted and losing it all. Now maybe buying 4 or 5 coins at the time might not have been a bad idea, but had I lost the l would be annoyed and I know people who have lost it all. Commodities will be a safer return this year. |
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i missed the boat .. have been buying them for the last 2 years to buy stuff with and i thought the bubble wd burst so i didnt bother investing in any .. but theyve just gone up and up ..i should have taken a chance ..still theres other emerging crypto currencies to invest in |
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"I don’t really get it, so it’s not like buying shares when it’s all on paper and recorded, but you store it digitally on your hard disk and if there’s a technical problem like a disk crash or hack you lose it all?"
you can keep it an virtual wallet ..on your hard drive or with a third party .
as long as u have the key to your wallet you can get your btc back ...unless youve been hacked that is ..so u need to make sure opsec is up to date .. |
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By (user no longer on site)
over a year ago
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"Nobody who cared about the environment would use bitcoin.The power consumption is obscene.
yes perhaps u wd like to explain your comment how is btc obscene.. i wd love to know"
The Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark or Ireland. By the site's calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days. |
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"Nobody who cared about the environment would use bitcoin.The power consumption is obscene.
yes perhaps u wd like to explain your comment how is btc obscene.. i wd love to know The Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark or Ireland. By the site's calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days."
How much energy does it take to mine a bitcoin? |
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"How much energy does it take to mine a bitcoin? "
A lot, it used to take a little, but as the value grew they made it harder and harder. It costs so much that people are running warehouses full of servers to generate them, cause its the only way to make money. This means there are warehouses competing with each other to make them.
However you could be lucky and generate one straight away, thats how it works. |
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By (user no longer on site)
over a year ago
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I've injected some capital and am having some fun right now..as always.. I only speculated with what I can afford to lose and use a 3rd party.
Mining costs are expensive.. companies are looking to reduce those and make them environmentally friendly.. the price to me will stabilise and have a value due to speed of transaction and low costs... |
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By (user no longer on site)
over a year ago
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Only an economist believes in perpetual growth on a planet of finite resources.. 99% of experts have no understanding how it works, its creators are unknown. Think about that.
It's well established now as hedge funds etc try get in on the act making a killing but they don't have any better understanding.
It's easy to be 'that guy' but it really does look like a massive crash is no more than a year away.
Get rich quick guaranteed lol... for every winner there has to be many losers. Ask yourself where will you probably fall? |
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"so producing and circulating actual money doesnt consume energy then ..not to mention resourses..so where did u get your figures from .they sound absolutely ludicrous
"
One data mining factory alone uses 500mw. Ireland uses about 3gw.
Mining is an 8 billion dollar industry alone.
Then you have a network of computers that verify the transactions, this network is between 540mw-3gw
When you combine the two, even a low estimate would be the power consumption of Ireland, and it could be double what Ireland uses. Power blackouts have been linked to bitcoin miners.
http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use
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"so producing and circulating actual money doesnt consume energy then ..not to mention resourses..so where did u get your figures from .they sound absolutely ludicrous
One data mining factory alone uses 500mw. Ireland uses about 3gw.
Mining is an 8 billion dollar industry alone.
Then you have a network of computers that verify the transactions, this network is between 540mw-3gw
When you combine the two, even a low estimate would be the power consumption of Ireland, and it could be double what Ireland uses. Power blackouts have been linked to bitcoin miners.
http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use
"
so how wd that compare with fiat currency ?
i watched a program on amazon prime about how much the internet costs in energy consumption .. .. it was quite interesting ..not deleting emails and suchlike makes quite a difference ..sorry to digress lol |
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By (user no longer on site)
over a year ago
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"Views on Bitcoin as an investment."
My brother deals in these investments for ridiculous amounts and he gets a small percentage he estimates when he is able to sell them he would have made over £20k just by processing payments for other people
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"so producing and circulating actual money doesnt consume energy then ..not to mention resourses..so where did u get your figures from .they sound absolutely ludicrous
One data mining factory alone uses 500mw. Ireland uses about 3gw.
Mining is an 8 billion dollar industry alone.
Then you have a network of computers that verify the transactions, this network is between 540mw-3gw
When you combine the two, even a low estimate would be the power consumption of Ireland, and it could be double what Ireland uses. Power blackouts have been linked to bitcoin miners.
http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use
so how wd that compare with fiat currency ?
i watched a program on amazon prime about how much the internet costs in energy consumption .. .. it was quite interesting ..not deleting emails and suchlike makes quite a difference ..sorry to digress lol"
I agree that emails should be DELETED |
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By (user no longer on site)
over a year ago
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"so producing and circulating actual money doesnt consume energy then ..not to mention resourses..so where did u get your figures from .they sound absolutely ludicrous
One data mining factory alone uses 500mw. Ireland uses about 3gw.
Mining is an 8 billion dollar industry alone.
Then you have a network of computers that verify the transactions, this network is between 540mw-3gw
When you combine the two, even a low estimate would be the power consumption of Ireland, and it could be double what Ireland uses. Power blackouts have been linked to bitcoin miners.
http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use
so how wd that compare with fiat currency ?
i watched a program on amazon prime about how much the internet costs in energy consumption .. .. it was quite interesting ..not deleting emails and suchlike makes quite a difference ..sorry to digress lol
I agree that emails should be DELETED"
But everyone blew their mind when Hilary Clinton did it jeez she was trying to save the environment  |
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By (user no longer on site)
over a year ago
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Signs that a market is in trouble include;
People with no financial background jumping in, and Normally rational investors pulling out of safe stocks to become ludicrously rich in a hurry.
Dabble with spare cash if you have it but don't sink life savings or borrow to get in on the action. |
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By (user no longer on site)
over a year ago
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"Views on Bitcoin as an investment.
Probably would have been well worth doing a few years ago.
Prices are still going up, but you'll need to buy much more now.
Cal
Think about lending bit coin, that's the main way of making money on those coins now if you aren't mining or haven't been invested from the start, a low investment if 2000 can net you a tidy profit in a year if you can stomach the uncertainty
I'm think of having a dabble so going to look into it and thought I'd post on here to see if anyone had any knowledge on it."
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By (user no longer on site)
over a year ago
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What happens if one day bitcoin shuts down. Or something drastic happens to render it useless as an example. Because it’s technically not a thing.
I understand that this is worst case scenario type thing but if you can’t hold it you can’t own it. |
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By (user no longer on site)
over a year ago
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I invested 18 months ago and am still holding my coins which I could cash out at a very large profit, but I intend to hodl as I think there is significant upside still in bitcoin.
I can see them reaching 100,000 pounds a coin within 2 years.
People cry 'tulips' etc but it has been around 9 years now and is not going away there could be some major corrections but over all I still see it going up.
I used local bitcoins to buy mine. Don't invest more than you can afford to lose.
In general I would advise on educating yourself about bitcoin before investing, Andreas Antonoplos on youtube is very informative. |
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By (user no longer on site)
over a year ago
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A lot of people dont understand how blockchain technology works and are making assumptions on this thread. Bitcoin is still in its early stages and can not be neutralised because of blockchain technology. Coins can be stored safely using paper and hard wallets. No hacker can rob your coins that way. Too many things happening in the crypto world thats why prices are rising. Crypto currency is here to stay. And there is still time to get in and say goodbye to dollars and pounds that are printed out of thin air and sold at interest. Bitcoin has to be created, and it costs money to create bitcoin  |
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By (user no longer on site)
over a year ago
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What would happen if someone who has for example 100 coins. These are currently valued at over £1million
What if they died, are the bitcoins redeemable to next of king or are they just going to sit wherever that person had them stored forever? |
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By (user no longer on site)
over a year ago
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"What would happen if someone who has for example 100 coins. These are currently valued at over £1million
What if they died, are the bitcoins redeemable to next of king or are they just going to sit wherever that person had them stored forever?"
You can pass on the key same as any other asset. |
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It's all relative I expect - if you can afford to it's probably going to make you a bit - like property. But there is always the fear that the bubble could burst.
I was talking with someone who is heavily involved with blockchain (the building blocks that bitcoin is built on) the other day. They told me that the first bitcoin transaction in 2009 was to buy two pizzas. At todays bitcoin rate those pizza cost $93 million. |
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By (user no longer on site)
over a year ago
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"It's all relative I expect - if you can afford to it's probably going to make you a bit - like property. But there is always the fear that the bubble could burst.
I was talking with someone who is heavily involved with blockchain (the building blocks that bitcoin is built on) the other day. They told me that the first bitcoin transaction in 2009 was to buy two pizzas. At todays bitcoin rate those pizza cost $93 million."
It's funny how many people are spreading that probable urban myth, it was on the radio last week as a 'fact' despite the name of the Bitcoin miner being unknown.everyone seems to know someone who knows someone who really needed 2 pizza desperately  |
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By (user no longer on site)
over a year ago
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You guys are going to need more power stations .By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today. |
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Bit coin seemed a good idea , maybe the idea still is , however
Very few understand how it really works and I certainly include myself I don't really understand
The creator is anonymous
The buyers are usually on the dark web thus often criminal
To my mind at the moment it seems like a pyramid scheme
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By (user no longer on site)
over a year ago
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"It's all relative I expect - if you can afford to it's probably going to make you a bit - like property. But there is always the fear that the bubble could burst.
I was talking with someone who is heavily involved with blockchain (the building blocks that bitcoin is built on) the other day. They told me that the first bitcoin transaction in 2009 was to buy two pizzas. At todays bitcoin rate those pizza cost $93 million.
It's funny how many people are spreading that probable urban myth, it was on the radio last week as a 'fact' despite the name of the Bitcoin miner being unknown.everyone seems to know someone who knows someone who really needed 2 pizza desperately "
This is a fact not an urban myth at all, because of how the blockchain works you can go and look at that transaction it was for 5500 bitcoin, it was not the first transaction but very early in the life of bitcoin. |
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By (user no longer on site)
over a year ago
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An acquaintance of mine recently was expecting a big come back after investing into this, don’t get me wrong he got a fair share back before it all started going wrong and he ended up being owed £25,000 he’s still waiting for this money to enter his bank now |
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By (user no longer on site)
over a year ago
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"This is a fact not an urban myth at all, because of how the blockchain works you can go and look at that transaction it was for 5500 bitcoin, it was not the first transaction but very early in the life of bitcoin."
There is no receipt, no facts the figure was supposedly 10,000 Bitcoin for 2 pizza the 5500 was the number of pizzas that could have been bought on the 2012 exchange rate. But even at the 6 cent 2010 valuation that would be £449.06 So would have been an unlikely price to pay for pizza...
Also it is reported in various cities in the USA and also in Luxemburg has all the hallmarks of an urban myth. |
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"heh, look at all you nocoiners while I sit here making thousands "
one of the hall marks of a ponzi scam or pyramid game is the way in which people who are in the game desperately try to recruit new marks.
Ring any bells to you? |
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By (user no longer on site)
over a year ago
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"heh, look at all you nocoiners while I sit here making thousands one of the hall marks of a ponzi scam or pyramid game is the way in which people who are in the game desperately try to recruit new marks.
Ring any bells to you?"
The only bell I'm ringing is the one for my butler because I've made so much money. Stay missing out nocoiner |
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By (user no longer on site)
over a year ago
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"I have no idea if it's myth or fact but the rise from $0.06 to around $8,000 per bitcoin in 18 years is pretty steep."
If you want to see 'steep', wait for the fall!  |
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"heh, look at all you nocoiners while I sit here making thousands one of the hall marks of a ponzi scam or pyramid game is the way in which people who are in the game desperately try to recruit new marks.
Ring any bells to you?
The only bell I'm ringing is the one for my butler because I've made so much money. Stay missing out nocoiner "
Damn right  |
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By (user no longer on site)
over a year ago
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"Only an economist believes in perpetual growth on a planet of finite resources.
The most powerful resource is knowledge. Is that finite?"
What a wonderful inspirational quote...
What's knowledge without raw materials? I know how to make toast, but without bread or its ingredients, or any kind of heating element- be that fire or a grill, that knowledge won't keep the hunger at bay for long. |
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