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  • FIRST POST
    • Moneygrabber89
    • By Moneygrabber89 10th Sep 17, 8:37 PM
    • 50Posts
    • 3Thanks
    Moneygrabber89
    Bitcoins
    • #1
    • 10th Sep 17, 8:37 PM
    Bitcoins 10th Sep 17 at 8:37 PM
    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
Page 3
    • JohnRo
    • By JohnRo 13th Sep 17, 9:52 PM
    • 2,458 Posts
    • 2,213 Thanks
    JohnRo
    By Summer 2021 I predict there'll be Bitcoin 2.0 and the old Bitcoins will revert to their natural value - string of 1's & 0's on umpteen hard drives round the world
    Originally posted by dividendhero
    Have you a clue what you're talking about?

    The blockchain is designed to allow future protocol enhancement and feature adoption as and when a distributed consensus is met.

    'coins' exist on all forks, in parallel, at all times, so which ever protocol features and enhancements are eventually adopted, as belonging to the main chain, it matters not in terms of coins already held.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • jimjames
    • By jimjames 13th Sep 17, 10:58 PM
    • 12,181 Posts
    • 10,696 Thanks
    jimjames
    Still got them somewhere, though would have to boot up a different computer to find them in the blockchain. Looks like they're worth around £750 at the moment, so wasn't a complete waste of time.
    Originally posted by onomatopoeia99
    If you can't find them and don't have the money in your hand then you might find that it was a waste of time!
    Remember the saying: if it looks too good to be true it almost certainly is.
    • dividendhero
    • By dividendhero 14th Sep 17, 7:17 AM
    • 102 Posts
    • 83 Thanks
    dividendhero
    Have you a clue what you're talking about?

    The blockchain is designed to allow future protocol enhancement and feature adoption as and when a distributed consensus is met.

    'coins' exist on all forks, in parallel, at all times, so which ever protocol features and enhancements are eventually adopted, as belonging to the main chain, it matters not in terms of coins already held.
    Originally posted by JohnRo
    Bitcoin doesn't have a monopoly on Blackchain's . There's newer digital currencies out there such as Ethereum with more on the way, Bitcoins will go the same way as every other obsolete piece of technology.

    As for current surge in value of Bitcoin, this is a great example of the "Greater fool theory"
    • JohnRo
    • By JohnRo 14th Sep 17, 9:09 AM
    • 2,458 Posts
    • 2,213 Thanks
    JohnRo
    It doesn't have a monopoly on or by anything, that's the entire purpose of it, by design.

    The bitcoin protocol invented/implemented the first blockchain. there is nothing to stop bitcoin adopting useful features of these altcoins if a distributed consensus threshold is reached.

    If you just feel like you want to knock it there are plenty of technical problems, difficulties and hurdles it faces and needs to overcome before any mass adoption might (or might not) take place in future without resorting to silly ignorant pejoratives.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • armchaireconomist
    • By armchaireconomist 14th Sep 17, 9:13 AM
    • 182 Posts
    • 211 Thanks
    armchaireconomist
    If your understanding of cryptocurrency doesn't extend behind "stored on a drive or something" are you sure this is a smart investment?


    Bitcoin goes crazy every 24 month or so then plummets back to virtually nothing.
    • Malthusian
    • By Malthusian 14th Sep 17, 9:45 AM
    • 3,288 Posts
    • 4,992 Thanks
    Malthusian
    John mcafee the inventor of the anti-virus said each bitcoin will be worth 500000 by summer 2020.
    Originally posted by bery_451
    Well, Mr McAfee should certainly know a useless piece of software that does nothing but overheat your computer and inefficiently eat up electricity when he sees one. Presumably if he knows Bitcoin will go up 100x in value in 3 years he's got his entire fortune in it?
    • armchaireconomist
    • By armchaireconomist 14th Sep 17, 10:31 AM
    • 182 Posts
    • 211 Thanks
    armchaireconomist
    As an IT professional I struggle to take anybody seriously who uses John McAfee as a credible, grounded source.
    • joeypesci
    • By joeypesci 14th Sep 17, 11:54 AM
    • 401 Posts
    • 128 Thanks
    joeypesci
    Well, Mr McAfee should certainly know a useless piece of software that does nothing but overheat your computer and inefficiently eat up electricity when he sees one. Presumably if he knows Bitcoin will go up 100x in value in 3 years he's got his entire fortune in it?
    Originally posted by Malthusian
    The man McAfee left the company McAfee, long before the software McAfee turned !!!!.
    • Malthusian
    • By Malthusian 14th Sep 17, 3:08 PM
    • 3,288 Posts
    • 4,992 Thanks
    Malthusian
    I know. But it was too good to pass up.
    • Superscrooge
    • By Superscrooge 14th Sep 17, 6:44 PM
    • 906 Posts
    • 627 Thanks
    Superscrooge
    I suggest reading the below article before investing in bitcoin

    http://uk.businessinsider.com/bitcoin-price-worse-than-tulip-bulbs-2017-9?r=US&IR=T
    • bottleandahalf
    • By bottleandahalf 14th Sep 17, 9:33 PM
    • 98 Posts
    • 38 Thanks
    bottleandahalf
    Why would we want to listen anything Dimon has to say?

    The head of a bank that was selling fraudulent mortgages calling a competitor's product a fraud? Hmmm.
    • dividendhero
    • By dividendhero 14th Sep 17, 9:50 PM
    • 102 Posts
    • 83 Thanks
    dividendhero
    Why would we want to listen anything Dimon has to say?

    The head of a bank that was selling fraudulent mortgages calling a competitor's product a fraud? Hmmm.
    Originally posted by bottleandahalf

    Robert Shiller, the Nobel-winning author who predicted the housing and tech bubbles, recently doubled down on his view that bitcoin is a bubble, telling Quartz it was the "best example right now" of one.
    • bottleandahalf
    • By bottleandahalf 14th Sep 17, 10:02 PM
    • 98 Posts
    • 38 Thanks
    bottleandahalf
    I was asking about Dimon, the CEO of the creators of fiat money, who says you can't create money out of thin air.

    But now you mention him, is that Schiller who predicts a crash every year? Ha.
    • ColdIron
    • By ColdIron 15th Sep 17, 12:59 PM
    • 3,568 Posts
    • 4,279 Thanks
    ColdIron
    Going to dive in with £500. Hopefully watch this rollercoaster bring in some money
    Originally posted by Moneygrabber89
    Bitcoin was $4,300 when this thread was started, today 5 days later it's $3,000 or a 30% collapse. Your £500 would now be worth roughly £350
    • ben501
    • By ben501 15th Sep 17, 2:25 PM
    • 208 Posts
    • 275 Thanks
    ben501
    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
    Originally posted by Moneygrabber89

    First advice, which I think has already been pointed out, it ain't an investment. I bought some earlier this year, and have seen the price go up by almost 300%. In the last couple of weeks the price has dropped about 40% from its high point. Thatís £2000 wiped off the value of my Bitcoin.
    Iím not bothered as itís strictly speculation for me. A one off gamble, for want of a better way of putting it. But instead of winning or losing the lot on the 2.30 at racetrackX, I get to enjoy, or suffer, the ongoing roller-coaster ride.

    In answer to your first question, I would say Electrum is quite simple to use. I decided that was better than a paper wallet. If you do, make sure you follow the instructions and write down your seed phrase. If you donít, you run the risk of losing access to your wallet, and there are several ways to do this, then youíll lose 100% of your Bitcoin. I learnt this by first hand experience.
    I also keep copies of my wallet on independent drives (flash drive, external hard drive)

    You may has missed the optimal time to buy in, if a friend who often references Fibonacci is correct, with the price already up over 10% from todayís low, but I lean more toward another trader friend who says itís all total carp, or a less polite version. His suggestion on choosing the best time to buy is to write a list of dates & times on pieces of paper, throw them all in a hat and pull one out at random, or something that will produce similar results. You're unlikely to get a better answer.
    • Malthusian
    • By Malthusian 15th Sep 17, 3:07 PM
    • 3,288 Posts
    • 4,992 Thanks
    Malthusian
    Bitcoin was $4,300 when this thread was started, today 5 days later it's $3,000 or a 30% collapse. Your £500 would now be worth roughly £350
    Originally posted by ColdIron
    But if he'd kept it in cash his £500 would be worth nothing because it's like pretend Zionist money, man, plus it's made from baby cows.
    • hramkumar
    • By hramkumar 30th Sep 17, 9:41 AM
    • 1 Posts
    • 0 Thanks
    hramkumar
    Bitcoin Investment
    I have been investing in bitcoin and other cryptocurrency for about 3-4 years now. My view on bitcoin is totally different.

    People tend to avoid things that they are not aware of, especially it it is highly technical. I am not blaming them.

    Buying cryptocurrency or inventing for a long term is a good.

    In my opinion bitcoin, ethereum and litecon have huge potential. I myself have invested in all the 3 cryptocurrencies. I have close to $7000 invested in bitcoin and ethereum.
    • le loup
    • By le loup 30th Sep 17, 10:04 AM
    • 3,636 Posts
    • 3,557 Thanks
    le loup
    People tend to avoid things that they are not aware of
    Originally posted by hramkumar
    Difficult not to avoid something if you're not aware of it.
    • Linton
    • By Linton 30th Sep 17, 10:07 AM
    • 8,482 Posts
    • 8,416 Thanks
    Linton
    .....
    In my opinion bitcoin, ethereum and litecon have huge potential.
    Originally posted by hramkumar
    A lottery ticket has even more.
    • Aegis
    • By Aegis 30th Sep 17, 10:28 AM
    • 4,771 Posts
    • 2,875 Thanks
    Aegis
    I have been investing in bitcoin and other cryptocurrency for about 3-4 years now. My view on bitcoin is totally different.

    People tend to avoid things that they are not aware of, especially it it is highly technical. I am not blaming them.

    Buying cryptocurrency or inventing for a long term is a good.
    Originally posted by hramkumar
    Perhaps you can be the first person to explain why these should act like good investments? What are they underpinned by? Where does the value come from other than pure speculation?

    In my opinion bitcoin, ethereum and litecon have huge potential.
    Based on what we've seen from cryptocurrencies, the real danger here is that they may well have the potential for very strong returns in the short term precisely because the majority of holders don't understand investments or currencies. In other words, there may be some very sudden upwards surges of value of any cryptocurrencies, but until they stablilise against some commodity or service prices, they're useless as a currency, and while they're useless as a currency they have no objective value.

    The problem is that upward surges in cost without a fundamental reason for that upwards surge us entirely unsustainable and will eventually lead to huge price swings and - potentially - complete collapse of the price when people realise en masse just how bad an investment this really is.

    I myself have invested in all the 3 cryptocurrencies. I have close to $7000 invested in bitcoin and ethereum.
    So understandably you want to spread the message to try to validate your decision to invest in these fads and to do your part in ramping up the price.

    In reality, what you have bought is a few snippets of code that can be transferred to someone else.
    Last edited by Aegis; 30-09-2017 at 10:30 AM.
    I am an Independent Financial Adviser
    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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