Bitcoins

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  • kauto
    kauto Posts: 24 Forumite
    Would you not regret it if it does up to around 20k in 2 years?

    I don't understand what your trying to get out of this thread. If your so sure that Bitcoin's will make you a pile of money then buy some ;)

    The returns your seeking don't exist and you seem to have very speculative tendencies based on your messages. Your also not going to find the advice from anyone on this forum because we are savers and investors, not Bitcoin speculators.
    "Be Fearful when's others are Greedy and Greedy only when others are Fearful"
  • jimjames
    jimjames Posts: 17,532
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    Would you not regret it if it does up to around 20k in 2 years?

    Not at all. In the same way I have no regrets when an AIM stock has gone up 1000x
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ChesterDog
    ChesterDog Posts: 1,106
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    jimjames wrote: »
    Not at all. In the same way I have no regrets when an AIM stock has gone up 1000x

    Very true. And very important.

    I was teaching a friend backgammon (observed by another friend).

    Going over the pros and cons of a particular move, it was fairly plain what the correct choice of move was.

    Subsequently, the next roll of the dice meant that (with hindsight) a different choice would have produced a much better result.

    Nevertheless, the friend whom I was teaching recognised that the move chosen was still the 'right' one, given the probabilities of what might happen subsequently.

    The 'observing' friend could not or would not grasp that fact. To him, subsequent developments meant the move had been "a mistake".

    As we cannot see into the future, the decisions we make can only be based on our assessment of the probability of particular outcomes, and the impact of those upon us. What the outcome actually turns out to be should not be a cause for regretting the decision if it was arrived at appropriately.
    I am one of the Dogs of the Index.
  • Malthusian
    Malthusian Posts: 10,898
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    Would you not regret it if it does up to around 20k in 2 years?

    Did you regret not buying Apple when shares were less than a dollar apiece?
  • I am going to buy some bitcoin. Could somebody please advise simple way to store the coins. It will be a paper wallet as everything sounds complicated. Does anybody know any secure sites to store or create wallet?

    Any advice would be greatly appreciated. Going to dive in with £500. Hopefully watch this rollercoaster bring in some money

    This is what annoys me with this forum and forums in general. People won't simply answer your question but instead question you spending YOUR money the way you want to.

    Anyway, to answer the question. You need to look up Bitcoin Wallets. That is where you'll store them. I'm not sure if there is a cloud version of wallets or not. If not, you want to make sure you 100% remember your password and account to your wallet otherwise you'll lose the coins. There is a story of a guy who bought a few when they were very cheap and his wallet was on a HDD that he threw out because he forgot all about them (was the very early days of Bitcoin).
  • JohnRo
    JohnRo Posts: 2,887
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    OP, one option is a Trezor but they're not cheap, on £500 worth they're too much.

    My advise would be to more know, than not, what you're getting into before buying anything.

    What do you know about BTC other than the wild bucking bronco rise in their speculative price that you're chasing after?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Bitcoin reminds of the tale about Wall Street - when the shoe shine boy starts talking about stocks, it's time to get out....
  • Alexland
    Alexland Posts: 9,653
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    Malthusian wrote: »
    Did you regret not buying Apple when shares were less than a dollar apiece?

    Nolan Bushnell regretted not buying 1/3 of Apple for 50,000 dollars when it needed cash! But then he was happy to have his health, family and the money he did earn without taking excessive risks.

    This is all a question of risk adjusted return. If you make too many wild bets you will eventually loose everything. That's how casinos can afford to give out free drinks. Warren Buffet admits to missing thousands of good business opportunities over the years because he limits himself to those he understands and can see certainty of return. Rule number 1 is not to loose money.

    Maybe the OP sees something in Bitcoins that we cannot see. However for my money I will stick to the economic fundamentals that I understand.
  • atush
    atush Posts: 18,719
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    joeypesci wrote: »
    This is what annoys me with this forum and forums in general. People won't simply answer your question but instead question you spending YOUR money the way you want to.

    Anyway, to answer the question. You need to look up Bitcoin Wallets. That is where you'll store them. I'm not sure if there is a cloud version of wallets or not. If not, you want to make sure you 100% remember your password and account to your wallet otherwise you'll lose the coins. There is a story of a guy who bought a few when they were very cheap and his wallet was on a HDD that he threw out because he forgot all about them (was the very early days of Bitcoin).

    What annoys me is people asking a question and dont want to hear any answer but the one supporting the action have already decided on.
  • Malthusian
    Malthusian Posts: 10,898
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    Alexland wrote: »
    This is all a question of risk adjusted return. If you make too many wild bets you will eventually loose everything. That's how casinos can afford to give out free drinks. Warren Buffet admits to missing thousands of good business opportunities over the years because he limits himself to those he understands and can see certainty of return. Rule number 1 is not to loose money.

    Exactly. If you are going to regret not making thousands in Apple you also have to regret not losing tens of thousands in Boo.com and Webvan.com and Pets.com, and the hundreds of other shares which also used to trade at less than a dollar, and are now worth precisely zero dollars.
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