Bitcoins
notatroll
Posts: 53 Forumite
Hi,
I like the idea and thought of buying 500-1k coins (mostly for excitement).
With prices as low as they are now and use picking up (in the US at least) plus all media attention – what is your opinion?
I’m not asking bubble-wise but if it has any settled future as intended, taking into account anonymity, total/trading volumes, current holdings, criminal use, etc.
TIA.
I like the idea and thought of buying 500-1k coins (mostly for excitement).
With prices as low as they are now and use picking up (in the US at least) plus all media attention – what is your opinion?
I’m not asking bubble-wise but if it has any settled future as intended, taking into account anonymity, total/trading volumes, current holdings, criminal use, etc.
TIA.
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Comments
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Massive value drop recently.
US senators describing it as a threat to the US economy.
Security concerns
- MTGOX recently had to suspend their market after a massive sell-off of stolen bitcoins.
- Lots of bitcoin mining trojans are around.
- Your account can be compromised and your bitcoins stolen (anonymously).
This is how the price has varied in the last 6 months. Very volatile! http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgMzm1g10zm2g25
No thanks
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For a currency to have value people must have confidence in it, and recent events have undermined that.
You could try mining as that is at least (almost) free but parting with cash sounds like a poor gamble to me.0 -
mr_fishbulb wrote: »Massive value drop recently.
US senators describing it as a threat to the US economy.
Security concerns
- MTGOX recently had to suspend their market after a massive sell-off of stolen bitcoins.
- Lots of bitcoin mining trojans are around.
- Your account can be compromised and your bitcoins stolen (anonymously).
This is how the price has varied in the last 6 months. Very volatile! http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgMzm1g10zm2g25
No thanks
Thanks for a prompt reply.
Well, there are always enough plonkers around to have their staff stolen while using a PC. And all stealing is anonymous (most of the time). Diallers then/miners now – little difference overall. That should improve with time somewhat.
Bubble discussion out of the point - none of the clones had picked up despite reasonable investments from the speculators/GRQ crowd. Considering Bitcoin as the only proper incarnation of a crypto-currency idea to date it looks that (regardless of what any government may say) it will surely survive.
The use of it is another matter. I am a bit concerned that it is indeed may be destined for so called ‘black market’ hence my earlier question.0 -
For a currency to have value people must have confidence in it, and recent events have undermined that.
You could try mining as that is at least (almost) free but parting with cash sounds like a poor gamble to me.
Yes, ‘the currency’ aspect of it is shady, how does it affect the investment?
I’ve looked into ‘mining’ - gains for costs/investment aren't too great due to electricity costs. Unless i’m missing something.0 -
Yeah as the number of bitcoins in existence increases, generation of new ones is less frequent. There will only be a limited number of bitcoins as as that approaches then the use of energy solving the computational problems will be more than what you can make.I’ve looked into ‘mining’ - gains for costs/investment aren't too great due to electricity costs. Unless i’m missing something.
It used to be that you could buy a high spec machine with multiple GPUs (processors on graphics cards) and make your money back from mining very swiftly. As you say, I don't think that's the case any more.
1 thousand bitcoins is close to £4.5K. It's a lot of money to put up for excitement.I like the idea and thought of buying 500-1k coins (mostly for excitement).
It's dangerous to think of the "price" as being "low" because that suggests you are getting a bargain (i.e. paying lass than the value of the product). The prices are low because that is what people are prepared to pay for them.With prices as low as they are now and use picking up (in the US at least) plus all media attention – what is your opinion?0 -
BITCOIN is definately on the way back up. The main PONZI is just collapsing and that dropped the prcie from £9.5 per BTC down to £6, but it is slowly gaining ground and is back up around £6.5.0
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Cant post referrals on here BobbyBaggins0
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Apologies. I have moved them to the referal board.0
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Investing in a virtual currency has got to be as stupid as paying a $500 release fee to a Nigerian with $5Million to send you.0
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That depends. Ive never made any money from a Nigerian offer to release funds for me. However, I am making several pounds a day from Bitcoin. If you do a bit of research yourself you will see its a growing currency which is currently worth over $100 million. I do agree that it would be foolish to invest heavily, but there is a lot of money to be made in bitcoin and most will be made in the early days.
At the moment it is mainly a web based concern but there are multinational exchanges, many companies (mainly involved in computing) that accept it etc etc.
Bitcoin or a similar crypto currency, has a bright future!0
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