Should you invest in Bitcoin? Four things you need to know

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  • welshblob wrote: »
    Nicehash has bee hacked! It's really like the wild west.

    Yes, hope you did not have any coins on there welshblob.

    Here is the address where the stolen coins allegedly are.

    https://bitinfocharts.com/bitcoin/address/1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq
  • Yes, hope you did not have any coins on there welshblob.

    Here is the address where the stolen coins allegedly are.

    https://bitinfocharts.com/bitcoin/address/1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq

    I did have from my test mining in the summer. Were worth ~$5 back then, ~$26 on Tues so expect I've lost about $30 so no big deal ... but a warning.

    Just seen BTC has gone above $15k! That's about +$3k in 2 days .... this is bonkers
  • If you buy with a credit card, do you get any protection from scams?
  • forgotmyname
    forgotmyname Posts: 32,517
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    thereisnot wrote: »
    If you buy with a credit card, do you get any protection from scams?

    very unlikely.
    Censorship Reigns Supreme in Troll City...

  • apcd2
    apcd2 Posts: 31
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    Nobody knows where the bitcoin rollercoaster will stop. A week from now it could be worth 10 times its current value or it could be worth quite literally nothing. The number of articles recently in the main stream media (including MSE) extolling the virtues of bitcoin would concern me. A common pattern of the end of previous bubbles has been professional investors trying to offload onto the general public before it all goes pop.

    Speculate on shares and if it all goes wrong you still own a bit of that company. Speculate on currency and, worst case, you can still go to that country and buy some things. Speculate on gold and if the price drops you still have something pretty and shiny. Speculate on vintage wine and you can always enjoy a nice drink. Speculate on tulips and you can always have some nice flowers. If bitcoin drops you'll have literally nothing to show for it. Rather than 'investing' in bitcoin everyone should think of it like a bet. You might do very well out of it but don't spend more than you could afford to lose.
  • Pound
    Pound Posts: 2,784
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    My son asked for £100 of bitcoins. I asked him "£97.50? What do you want £104.23 for?"
  • Nick_C
    Nick_C Posts: 7,442
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    Invest in Bitcoin? I would rather invest in Tulip bulbs!
  • It's a massive bubble that could burst at anytime, making the currency worthless overnight. However, it could continue to grow, so if you like risky investments go for it!

    Mining in the UK isn't viable as the cost of electricity is prohibitive*, better move to Iceland where it's a tenth the cost.

    * Unless the price continues to rise dramatically
    Make £2018 in 2018 Challenge - Total to date £2,108
  • Other than using the common ‘Tulip Analogy’, if you want to let the world know that you are completely ignorant about Bitcoin Technology, saying “Bitcoin is a Ponzi!” is your best bet. It shows a fundamental lack of ability to do basic research into something you don’t understand, before making any broad assertions.

    https://decentralize.today/bitcoin-is-the-total-opposite-of-a-ponzi-scheme-heres-why-4d795f0ed
  • Nick_C
    Nick_C Posts: 7,442
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    macutmore wrote: »
    Other than using the common ‘Tulip Analogy’, if you want to let the world know that you are completely ignorant about Bitcoin Technology, saying “Bitcoin is a Ponzi!” is your best bet. It shows a fundamental lack of ability to do basic research into something you don’t understand, before making any broad assertions.

    https://decentralize.today/bitcoin-is-the-total-opposite-of-a-ponzi-scheme-heres-why-4d795f0ed

    Well you are the only person on this thread to use the term Ponzi Scheme!
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