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  • FIRST POST
    • oxford_yellow
    • By oxford_yellow 29th Nov 17, 10:58 AM
    • 4Posts
    • 1Thanks
    oxford_yellow
    Bitcoins/Cryptocurrency
    • #1
    • 29th Nov 17, 10:58 AM
    Bitcoins/Cryptocurrency 29th Nov 17 at 10:58 AM
    whats people's views on Crypto Currency?

    Bitcoin is all over the news with massive gains in recent months, but no main broker seems to touch it.

    is it safe? not from view of price going up/down like stocks and shares but more security/legal? heard many horror stories of coins being stolen (plain text on computers?) when you sell - you have to advertise and wait for a bid, banks cancelling accounts as fraud etc...

    does many people trade in it or have views?
Page 1
    • bowlhead99
    • By bowlhead99 29th Nov 17, 11:23 AM
    • 6,997 Posts
    • 12,603 Thanks
    bowlhead99
    • #2
    • 29th Nov 17, 11:23 AM
    • #2
    • 29th Nov 17, 11:23 AM
    There are multiple existing bitcoin threads - you have been here a couple of years so should be able to use the search tool

    Stockbrokers do not sell bitcoin because it is not a stock

    High street banks do not exchange bitcoin because it is not a mainstream national currency

    It is legal in the UK to own bitcoin

    I have used Bitstamp to buy and sell and they were professional about it with plenty of liquidity
    • robdogg11
    • By robdogg11 29th Nov 17, 11:26 AM
    • 41 Posts
    • 19 Thanks
    robdogg11
    • #3
    • 29th Nov 17, 11:26 AM
    • #3
    • 29th Nov 17, 11:26 AM
    I had to use it last week to pay for something online.

    I downloaded an app called BlockChain and was up and running within a few minutes. I made a deposit and paid for what I needed. After my initial deposit I noticed was blocked from purchasing any more through the app until I had gone through some kind of verification process (This has now been removed and i can spend up to £2000)

    My bank didn't seem to have an issue with it but I did only deposit a small amount.

    I haven't had the need to sell so I don't know how the process works yet but as I miscalculated the amount I needed I was left with around £8 in my wallet. I have just logged into the app and this is now apparently worth nearly £12. I can only imagine if i were to sell it would be as smooth a process as my initial deposit but I might just leave it in there to see how it performs over the course of a few months.

    So my initial thoughts are positive, it was all pretty seamless, no more difficult than paying any other way. My only confusion came with the fee's involved but that was my fault for rushing.
    • Arthurian
    • By Arthurian 29th Nov 17, 11:33 AM
    • 627 Posts
    • 568 Thanks
    Arthurian
    • #4
    • 29th Nov 17, 11:33 AM
    • #4
    • 29th Nov 17, 11:33 AM
    I expect a huge future for blockchain deals and cryptocurrencies. However, I don't know if Bitcoin will be the cryptocurrency which prevails, or if some other cryptocurrency will be used. So "I'm out."
    • ifti
    • By ifti 29th Nov 17, 12:53 PM
    • 334 Posts
    • 40 Thanks
    ifti
    • #5
    • 29th Nov 17, 12:53 PM
    • #5
    • 29th Nov 17, 12:53 PM
    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.
    • Zola.
    • By Zola. 29th Nov 17, 1:06 PM
    • 1,145 Posts
    • 440 Thanks
    Zola.
    • #6
    • 29th Nov 17, 1:06 PM
    • #6
    • 29th Nov 17, 1:06 PM
    oh to have a time machine!

    That ship has long sailed... probably!
    • jimjames
    • By jimjames 29th Nov 17, 1:08 PM
    • 12,238 Posts
    • 10,774 Thanks
    jimjames
    • #7
    • 29th Nov 17, 1:08 PM
    • #7
    • 29th Nov 17, 1:08 PM
    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.
    Originally posted by ifti
    And that is exactly the problem I have with it. What use is something as a currency or method of exchange when you don't know what it will be worth tomorrow? Current trend only seems to be based on speculation and seeing blatant ramping by those claiming you can make 1% or more a day just reinforces my view that it's unsustainable.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • badger09
    • By badger09 29th Nov 17, 1:11 PM
    • 5,582 Posts
    • 4,894 Thanks
    badger09
    • #8
    • 29th Nov 17, 1:11 PM
    • #8
    • 29th Nov 17, 1:11 PM
    It is apparently being discussed on Jeremy Vine show Radio 2 today. Which is a sure sign the boat has well and truly sailed.

    (I don't listen as his would be adversarial style, not to mention the inane topics often covered, annoys me)
    I'm a supporter of dunstonh
    • BananaRepublic
    • By BananaRepublic 29th Nov 17, 1:18 PM
    • 926 Posts
    • 665 Thanks
    BananaRepublic
    • #9
    • 29th Nov 17, 1:18 PM
    • #9
    • 29th Nov 17, 1:18 PM
    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.
    Originally posted by ifti
    Many people are now buying it purely as an investment rather than as a token for buying and selling. That should tell you that there is a bubble, and at some point it will burst. My view is avoid it like the plague unless you have to use it, so if you're a drug/gun/porn dealer/buyer, go ahead.
    • jack_pott
    • By jack_pott 29th Nov 17, 1:33 PM
    • 4,292 Posts
    • 5,515 Thanks
    jack_pott
    Jeremy Vine was on about the guy who lost a fortune when he threw a computer away by mistake, if that's the case, what happens when your HDD kicks the bucket?
    I'm not upset that you lied to me, I'm upset that from now on I can't believe you.
    Friedrich Nietzsche
    • badger09
    • By badger09 29th Nov 17, 1:36 PM
    • 5,582 Posts
    • 4,894 Thanks
    badger09
    Jeremy Vine was on about the guy who lost a fortune when he threw a computer away by mistake, if that's the case, what happens when your HDD kicks the bucket?
    Originally posted by jack_pott
    You lose the lot
    I'm a supporter of dunstonh
    • Malthusian
    • By Malthusian 29th Nov 17, 2:11 PM
    • 3,453 Posts
    • 5,290 Thanks
    Malthusian
    I had to use it last week to pay for something online.
    Originally posted by robdogg11
    Smack or crack?
    • jack_pott
    • By jack_pott 29th Nov 17, 2:46 PM
    • 4,292 Posts
    • 5,515 Thanks
    jack_pott
    You lose the lot
    Originally posted by badger09
    In which case bitcoin makes as much sense as putting your savings under the mattress and then complaining when the house catches fire.
    I'm not upset that you lied to me, I'm upset that from now on I can't believe you.
    Friedrich Nietzsche
    • DavidF
    • By DavidF 29th Nov 17, 3:59 PM
    • 441 Posts
    • 2,469 Thanks
    DavidF
    You lose the lot
    Originally posted by badger09
    Or back it up. Or put it in an online wallet and put the 12 digit passcode somewhere safe....Or or or lol.
    • markj113
    • By markj113 29th Nov 17, 5:26 PM
    • 125 Posts
    • 93 Thanks
    markj113
    My view is avoid it like the plague unless you have to use it, so if you're a drug/gun/porn dealer/buyer, go ahead.
    Originally posted by BananaRepublic
    Its not like every other currency on the planet has been used for drugs/guns/porn to a far greater degree than bitcoin is it.

    All the people regurgitating this nonsense are just displaying their illiteracy of the technology..
    Last edited by markj113; 29-11-2017 at 5:31 PM.
    • k6chris
    • By k6chris 29th Nov 17, 5:56 PM
    • 151 Posts
    • 232 Thanks
    k6chris
    All the people regurgitating this nonsense are just displaying their illiteracy of the technology..
    Originally posted by markj113
    This time it's different......
    EatingSoup
    • dividendhero
    • By dividendhero 29th Nov 17, 5:58 PM
    • 117 Posts
    • 93 Thanks
    dividendhero
    Its not like every other currency on the planet has been used for drugs/guns/porn to a far greater degree than bitcoin is it.
    Originally posted by markj113
    Difference is that Bitcoin's have virtually no use in the legitimate economy
    • catoutthebag
    • By catoutthebag 29th Nov 17, 7:15 PM
    • 2,177 Posts
    • 478 Thanks
    catoutthebag
    Yet.

    But it is the future and it's happening now. If you're not on it, you will be behind the curve.

    People are paying for goods privately already with Bitcoin. Cards are available to withdraw cash from funds. There are physical storage wallets that will securely store your coins.
    • BananaRepublic
    • By BananaRepublic 29th Nov 17, 8:02 PM
    • 926 Posts
    • 665 Thanks
    BananaRepublic
    Its not like every other currency on the planet has been used for drugs/guns/porn to a far greater degree than bitcoin is it.

    All the people regurgitating this nonsense are just displaying their illiteracy of the technology..
    Originally posted by markj113
    Really? Loads of people have been convicted for possessions of child porn images as a result of using a traceable credit card as payment. There is a reason why many dodgy transactions involve bitcoin. I suspect if you look at the number of criminal transactions as a proportion of the total, bitcoin would dwarf other forms of payment.
    • jimjames
    • By jimjames 29th Nov 17, 8:04 PM
    • 12,238 Posts
    • 10,774 Thanks
    jimjames
    Difference is that Bitcoin's have virtually no use in the legitimate economy
    Originally posted by dividendhero
    And very little use when they're so unstable
    Remember the saying: if it looks too good to be true it almost certainly is.
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