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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 4
    • pawlala
    • By pawlala 2nd Dec 17, 5:25 PM
    • 1,225 Posts
    • 3,276 Thanks
    pawlala
    oh to have a time machine!

    That ship has long sailed... probably!
    Originally posted by Zola.
    Nay - that ship has only just docked!

    Just wait and see what happens when Amazon starts accepting cryptocurrencies.
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • dividendhero
    • By dividendhero 2nd Dec 17, 8:13 PM
    • 119 Posts
    • 94 Thanks
    dividendhero
    Would you not have the vendors bitcoin payment address in writing?

    You can then prove payment was sent by checking that address using any of the multiple blockchain explorers available.

    p.s. cars are already sold for bitcoin.
    Originally posted by markj113
    That's very true - but try enforcing that legally....
    • NYM
    • By NYM 16th Dec 17, 12:46 PM
    • 3,367 Posts
    • 5,887 Thanks
    NYM
    Bit late to the thread, but I really don't understand anything at all about Bitcoin,Litecoin, Ethereum etc.

    For Christmas last year, my parents 'invested' in one Bitcoin for my 3 children. (Just one between them, not each) I don't think the kiddies were very interested in it's ups and downs until about October this year and now both my boys are checking the trading exchanges every morning and night!

    If it is a ponzi scheme it's not the end of the world is it? My children have had a year of fun watching how the 'investment' has grown.
    • EachPenny
    • By EachPenny 16th Dec 17, 1:21 PM
    • 3,336 Posts
    • 6,190 Thanks
    EachPenny
    Bit late to the thread, but I really don't understand anything at all about Bitcoin,Litecoin, Ethereum etc.

    For Christmas last year, my parents 'invested' in one Bitcoin for my 3 children. (Just one between them, not each) I don't think the kiddies were very interested in it's ups and downs until about October this year and now both my boys are checking the trading exchanges every morning and night!

    If it is a ponzi scheme it's not the end of the world is it? My children have had a year of fun watching how the 'investment' has grown.
    Originally posted by NYM
    It is good your children have had (two and a half months?) of fun But for this to be an educational exercise you now need to help them decide whether to keep their bitcoins or sell them while the price is high. It isn't an 'investment' unless you have a strategy to exit the market at a point where a profit has been made.

    Otherwise it is little different to your parents making three £300 bets in December 2016 on random horses to win the 2017 Grand National and for your children to have fun seeing whether the horses get entered and then watching the race.

    Maybe this Christmas buy them each £300 of shares in randomly selected FTSE companies?
    "In the future, everyone will be rich for 15 minutes"
    • JohnRo
    • By JohnRo 16th Dec 17, 1:24 PM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    If it is a ponzi scheme it's not the end of the world is it? My children have had a year of fun watching how the 'investment' has grown.
    Originally posted by NYM
    It isn't a ponzi scheme, by the very definition of such things it cannot be one. That won't stop ignoramouses making the claim but they're best ignored.

    Whether the entire endeavour goes on to realise the much greater potential it has is a matter of wider adoption, regulatory impediment and general acceptance which itself is dependent on some not insignificant technical problems being resolved.

    The price being discovered is a matter of speculation on that outcome and you can be sure it will rise and fall as it has many times before.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • NYM
    • By NYM 16th Dec 17, 2:03 PM
    • 3,367 Posts
    • 5,887 Thanks
    NYM
    It is good your children have had (two and a half months?) of fun But for this to be an educational exercise you now need to help them decide whether to keep their bitcoins or sell them while the price is high. It isn't an 'investment' unless you have a strategy to exit the market at a point where a profit has been made.

    Otherwise it is little different to your parents making three £300 bets in December 2016 on random horses to win the 2017 Grand National and for your children to have fun seeing whether the horses get entered and then watching the race.

    Maybe this Christmas buy them each £300 of shares in randomly selected FTSE companies?
    Originally posted by EachPenny

    As it wasn't intended as an investment vehicle in the normal sense, as my children are almost 17 and 15. It was for 'fun' and purely fun. The fact that the bitcoin has increased in it's 'value' is incidental. They could cash in, but it's now purely an exercise in watching it either grow or flop. They care little either way.
    • NYM
    • By NYM 16th Dec 17, 2:08 PM
    • 3,367 Posts
    • 5,887 Thanks
    NYM
    It isn't a ponzi scheme, by the very definition of such things it cannot be one. That won't stop ignoramouses making the claim but they're best ignored.

    Whether the entire endeavour goes on to realise the much greater potential it has is a matter of wider adoption, regulatory impediment and general acceptance which itself is dependent on some not insignificant technical problems being resolved.

    The price being discovered is a matter of speculation on that outcome and you can be sure it will rise and fall as it has many times before.
    Originally posted by JohnRo

    I see it similarly to when they were little and growing sunflowers for school. Some grew, some not as much and some didn't get out of the ground!

    The enjoyment and anticipation was equal, the disappointment for the failures not so much. But they had a few months of fun.
    • JohnRo
    • By JohnRo 16th Dec 17, 2:15 PM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    Some future iteration of BTC will be around when they're your age, I'm fairly certain of that. How successful it will have been in terms of adoption and technical development is the unknown.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • Alexland
    • By Alexland 16th Dec 17, 2:25 PM
    • 778 Posts
    • 473 Thanks
    Alexland
    As it wasn't intended as an investment vehicle in the normal sense, as my children are almost 17 and 15. It was for 'fun' and purely fun. The fact that the bitcoin has increased in it's 'value' is incidental. They could cash in, but it's now purely an exercise in watching it either grow or flop. They care little either way.
    Originally posted by NYM
    I think it might be worth starting to bank gains, at least the original purchase price, so then at least if it does crash they haven't lost anything?
    • Bonnie151
    • By Bonnie151 16th Dec 17, 4:49 PM
    • 241 Posts
    • 15,972 Thanks
    Bonnie151
    NYM I have done similar with some shares for my son, similar to what my father did for me when I was a teen. The Christmas my son was 13 I said he could have £500 in the shares of any company he fancied, the catch being that we would hold them come hell or high water, until his 18th birthday. Being 13,he didn’t have a clue as to what to choose so I bought him Disney shares because we are Disney fanatics and I figured things probably wouldn’t go too terribly wrong over the period.

    A few weeks later, the little !!!!!! announced that actually he really wanted me to buy shares in Take Two because he was positive it would take off. So I agreed we’d have a race between the two. To date, his Take Two is up something like 250% while Disney is around 30% up. It’s not quite the lesson I was going for (would like him to have to sweat it out a little and not be too easy/lucky!)

    I view my Bitcoins the same way- it’s been fascinating watching this and while I do have an exit strategy, they are provid8ng far more entertainment than anything else I hold.
    Hmmmm, need new siggie
    • planteria
    • By planteria 16th Dec 17, 6:33 PM
    • 4,874 Posts
    • 1,068 Thanks
    planteria
    ..The fact that the bitcoin has increased in it's 'value' is incidental. They could cash in, but it's now purely an exercise in watching it either grow or flop. They care little either way.
    Originally posted by NYM
    fair enough, but the sum involved is substantial, so perhaps they Should care a little more, following some guidance from yourself .
    • planteria
    • By planteria 16th Dec 17, 6:37 PM
    • 4,874 Posts
    • 1,068 Thanks
    planteria
    ...So I agreed we’d have a race between the two. To date, his Take Two is up something like 250% while Disney is around 30% up...
    Originally posted by Bonnie151
    that sounds great to me. he will have learnt that some companies increase more than others, and, without having to set out to lose any money, you can demonstrate by showing graphs of, say Disney, Take Two and Standard Chartered, that sometimes the differences are greater, with hard earned money actually being lost.
    • NYM
    • By NYM 16th Dec 17, 7:07 PM
    • 3,367 Posts
    • 5,887 Thanks
    NYM
    fair enough, but the sum involved is substantial, so perhaps they Should care a little more, following some guidance from yourself .
    Originally posted by planteria

    I can't guide them, I wouldn't know where to start.

    The g/parents only spent something like £700 or £800 last Christmas instead of buying the children each a new iPhone or some other technology stuff...

    If they were to cash out their original investment, they might feel that the children had received nothing from them other than a hope it might rise in value.

    I know nothing about blockchains or wallets (they do have a trezor or a nano something or other, don't remember it's name)
    G/parents might advise them this Christmas but I'm keeping out of it!
    Last edited by NYM; Today at 8:13 PM.
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