Who's invested in Cryptocurrency

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  • paulfoel
    paulfoel Posts: 5,819 Forumite
    First Post First Anniversary Combo Breaker
    Bought $2000 worth last summer and invested in various crytos. Currently about $5000 up.

    Bought £500 worth of eth tracker fund - thats about £200 up at the moment.

    £2000 of my pension (SIPP) into ETH tracker fund - thats about £1500 up.

    Put £10000 of my pesnsion into BTC tracker fund. Cashed out here and there and put back into normal funds - £9K profit already withdrawn and I've still got £9K in there (so £16K profit).

    So in 6 months doing well - about £20-£25 up (albeit some in pension fund).

    Best of all - there was a bitcoin split in august. Fund has said its going to pay out the gains from the split to fund holders. Estimates are £20K or so for the amount I had at the time. Nice bonus into pension.
    Cymru am Byth !!! :j:j:j
  • Theta101
    Theta101 Posts: 140 Forumite
    If I understand you correctly, what you are saying is that if the NHS wanted to make use of the Etherium blockchain to store all of its records it would need to pay for this service using Etherium coins. Is this correct?

    Yes. Although I don't think the NHS would actually use Ethereum. I'm pretty sure they will use some form of Blockchain network designed by someone like IBM, who are doing big things with Blockchain.

    Take Ripple and it's coin. They are doing huge business with the Banks. One day Ripple may overtake the SWIFT payments system. But it will probably be a private blockchain network only accessable to the banks. So the Ripple coin could become worthless to the general public. That's just a guess.

    Take IOTA and it's coin. Now they have introduced a completely different type of Blockchain, it's called Tangle and is effectively free as no miners are needed. IOTA would allow machines to talk to other machines. So your Kettle could talk to your washing machine or your central heating system.

    It's early days, Bitcoin is just the first Blockchain application. All the current coins could be replaced by the next wave of technology. Once the dust settles the really useful technology will prevail.

    One day we will look back and say what was all the fuss about. And everyone will be using Blockchain without knowing it.

    How many people can explain what the Internet is, or what Money truly is?
  • Theta101
    Theta101 Posts: 140 Forumite
    But if the NHS wanted to store all its records in a blockchain, it could just create a blockchain, tweaking Etherium or Bitcoin or whatever code, and use it privately, without any public involvement, and NHScoin would just be used for internal accounting purposes.

    Correct.
    DYOR, IMHO.
  • Theta101
    Theta101 Posts: 140 Forumite
    De Beers turns to blockchain to guarantee diamond purity

    https://www.reuters.com/article/us-anglo-debeers-blockchain/de-beers-turns-to-blockchain-to-guarantee-diamond-purity-idUSKBN1F51HV
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Theta101 wrote: »
    Take IOTA and it's coin. Now they have introduced a completely different type of Blockchain, it's called Tangle and is effectively free as no miners are needed. IOTA would allow machines to talk to other machines. So your Kettle could talk to your washing machine or your central heating system.
    That's what the Internet Protocol has been allowing for the past 40 plus years, not that many machines other than computers had the connectivity back then.
    I don't know what a kettle would have to say to a central heating system that would require a secure record of the conversation though.
    Eco Miser
    Saving money for well over half a century
  • dividendhero
    dividendhero Posts: 2,417 Forumite
    Eco_Miser wrote: »
    .
    I don't know what a kettle would have to say to a central heating system that would require a secure record of the conversation though.

    "My water's hotter than yours" :)

    You're right in that there's a large element of emporers new cloths with bitcoins - echos of the high tech boom when companys could double their value by tagging the the magic word ".com" on their name
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    My belief is that the creator(s) of Bitcoin saw what damage the GFC did, and created a new mechanism to destroy the world financial system. Tick. Tick. Tick.

    This whole mining business is a massively wasteful farce, clearly devised in order to decentralise currency creation. But for most of us that is a solution to a problem that we do not have.
  • Aegis
    Aegis Posts: 5,688 Forumite
    Name Dropper First Post First Anniversary
    dividendhero wrote: »
    "My water's hotter than yours" :)

    You're right in that there's a large element of emporers new cloths with bitcoins - echos of the high tech boom when companys could double their value by tagging the the magic word ".com" on their name
    Much like the Long Blockchain Corporation?

    https://arstechnica.com/tech-policy/2017/12/iced-tea-company-stock-triples-after-adding-blockchain-to-name/
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Aegis wrote: »
    Much like the Long Blockchain Corporation?

    https://arstechnica.com/tech-policy/2017/12/iced-tea-company-stock-triples-after-adding-blockchain-to-name/

    Please please tell me that is a hoax? Lordy Lordy, the company website confirms the news. What can one say?
  • Aegis
    Aegis Posts: 5,688 Forumite
    Name Dropper First Post First Anniversary
    BananaRepublic wrote: »
    Please please tell me that is a hoax? Lordy Lordy, the company website confirms the news. What can one say?
    "Mania" or "Bubble" were two words that came to my mind!
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
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