Bitcoin's gone a bit quiet

Options
1235789

Comments

  • Carrieanne
    Carrieanne Posts: 122 Forumite
    Options
    fwor wrote: »
    I wouldn't consider putting one or two percent of my net worth on a runner in the 2:15 at Kempton Park, nor of buying a similar amount's worth of US Dollars as an investment, so I certainly wouldn't even think about doing so with a cryptocurrency. That doesn't seem even vaguely sensible to me.

    You went to an extreme by making your gee-gee analogy. To me Bitcoin and other crypto currencies represent intangible nothingness. Nevertheless, there's no denying a vast number of people have faith in them.
  • Wobblydeb
    Wobblydeb Posts: 1,046 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Surely the nearest comparison is to ask if you want to put 1% of your wealth into Venezuelan Bolivars?
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • Qubit
    Qubit Posts: 61 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Wobblydeb wrote: »
    Surely the nearest comparison is to ask if you want to put 1% of your wealth into Venezuelan Bolivars?

    Nope, but Venezuela is one of the countries where Bitcoin is proving VERY popular. Because their own currency has an inflation rate of 700% + currently.
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
    First Post Photogenic Combo Breaker First Anniversary
    edited 19 January 2018 at 8:20PM
    Options
    Vietnam and some African countries, possibly other parts of south america are actually more volatile then Bitcoin. The main negative for BTC is the fees and they need to fix this, Im told there are solutions on the way but its a fairly serious lapse of judgement.

    I think another crypto will take over, just like theres Visa but also Mastercard, etc.
    Its not solid money but alot of the world even billions are stuck with bad banking conditions and can use btc usefully which means crypto of one kind or another will continue to be used while useful.

    Of course you in an armchair by the fire with slippers, pipe and crumpets aplenty dont need BTC, everyone in the UK is basically ok or has services in grasp, but its about the wider world and I reckon it'll enable growth some
  • planteria
    planteria Posts: 5,321 Forumite
    First Anniversary Combo Breaker First Post
    Options
    sabretoothtigger wrote: »
    ..its a fairly serious lapse of judgement.

    ....by who?
  • Bella2007
    Bella2007 Posts: 23 Forumite
    Options
    I've recently bought BTC and ETH on Coinbase, just a couple of hundred to see how it goes. Got £7 for using a referral code from someone on MSE, too.

    I have other super safe savings in bonds but like having riskier pots like peer-to-peer lending & cryptos. Even if I do lose the money, I can afford it (got it free from Topcashback) and it's quite entertaining to see the price go up and down.
    Bella2007


    Vital statistics:
    £7,904 of debt to bust in 2018
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
    First Post Photogenic Combo Breaker First Anniversary
    edited 6 February 2018 at 2:32AM
    Options
    planteria wrote: »
    ....by who?

    Those in power now or possibly even a flaw in the protocol by the originator Satoshi.

    However its open source which means adaption and improvisation is open, the market itself can determine a different direction. Apparently its grid locked, a standoff between miners who benefit from the fees and others who want to circumvent the logjam of transactions.

    In theory miners are the power which determines, too big a flaw and BTC will lose out. I do think they will reroute to allow me to send 5 dollar without losing my hat.
    Computers are all about efficiency, repetition with ease not exactly unique transactions, it must progress to allow cups of coffee to be sold or BTC will jam its own gears.

    The highest rates of growth comes from the smallest and poorest, its an ironic feature to capitalism. If BTC or other crypto enables the developing world, its justified or if its a gambling ticket to speculate for the rich with a $30 fee it will destroy itself from within.

    Forget the news, the externals pressures imo, its the internal struggle which is greatest. Lightning network is criticised as not crypto, some comprise or flexibility is needed. I'm fairly certain someone will figure out a path.
  • worldtraveller
    worldtraveller Posts: 14,012 Forumite
    Name Dropper First Anniversary Combo Breaker Photogenic
    edited 6 February 2018 at 11:04AM
    Options
    BTC briefly fell below USD6,000 today for the first time since mid-November, down nearly 70% from the record high in December and around 55% since the start of the year.

    It's clearly still following, very closely, the Jean-Paul Rodrigue classic 'Stages in a Bubble' chart.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • Malthusian
    Malthusian Posts: 10,941 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Carrieanne wrote: »
    Whatever one's view of Bitcoin (and other cryptos), sticking a percent or two of one's net worth into it/them for diversification purposes would seem a sensible play.

    The problem with this theory is that there are 3,000 cryptocurrencies. Even if only 10% of them are genuine attempts to create a new currency rather than pump-and-dump Ponzi schemes, that still means you have to put 300% of your portfolio in various cryptocurrencies in the hope that they go to the moon, leaving no room for assets which have a positive expected return.
  • Lord_Baltimore
    Lord_Baltimore Posts: 1,348 Forumite
    Options
    A prophetic reminder:
    Timothy 6:10
    For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
    Mornië utulië
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards