Bitcoins

merlingrey

dryhat wrote: »

I am almost £3k better off now than I would have been had I not bought bitcoin 4 weeks ago.

And all for a £500 punt.

You can spout all you like about "traditional" forms of investing - balanced portfolios, value investing or whatever, blah blah blah but if you couldn't spot the potential of bitcoin once it started kicking off in cyprus, then you lost out big time.

And I'm not even a gambler or a high risk investor.

I might not be into all the fancy jargon or data analysis when it comes to investing, but I can spot a one off opportunity to make a quick buck. And I went for it.

Restated:
"Yeah say what you like about saving in real assets, real estate and investing in companies but i stuck £500 in a slot machine and won £3000"

You might as well have said that.

Stupid is as stupid does.

dryhat

cepheus wrote: »

Great, now engineers think that they are economists too

Who is the clown that wrote that?

And now "entrepeneurs" think they are economists too.

A risk taker who thinks inflation is brilliant.

What a surprise.

dryhat

merlingrey wrote: »

Restated:
"Yeah say what you like about saving in real assets, real estate and investing in companies but i stuck £500 in a slot machine and won £3000"

You might as well have said that.

Stupid is as stupid does.

Bitcoin was no slot machine.
(last month that is)

It was more like that match betting or whatever you call it that they talk about on the gambling forum.


(by the way, I do have other "proper" investments as well)

grey_gym_sock

the point that we are used to a mildly inflationary currency, and bitcoin would eventually be slightly deflationary, is interesting.

however, it would only be very very slightly deflationary, because not many coins would be lost if they were very valuable. there are plenty of technical things you can do to protect them - multiple (encrypted) copies in different locations, etc.

so i doubt it would be enough deflation to put ppl off buying in the expectation that everything will be cheaper next year.

whether a mildly inflationary or a non-inflationary currency is better is debatable. (a lot of ppl seem to complain about fiat currency being debased by inflation, though.)

if the fixed number of bitcoins is really a disadvantage, then other digital currencies could be invented which don't have that disadvantage. and they might therefore win out over bitcoin.

i remain to be convinced that some form of digital currency couldn't be used for a significant part of world trade.

merlingrey

dryhat wrote: »

Bitcoin was no slot machine.
(last month that is)

It was more like that match betting or whatever you call it that they talk about on the gambling forum.


(by the way, I do have other "proper" investments as well)

Mate, you confuse skill and luck and are arrogant with it.

If you are investing those are two of the most dangerous attributes.
You'll make a nasty mistake one day.

You was lucky and got out in profit, well done... thank the lucky stars the bet payed off and move on.

veryintrigued

It seems ironic that these Bitcoins are awarded for completing complex algorithms - just the sort that are required behind a robust trading platform (that was found wanting).

dryhat

merlingrey wrote: »

Mate, you confuse skill and luck and are arrogant with it.

If you are investing those are two of the most dangerous attributes.
You'll make a nasty mistake one day.

You was lucky and got out in profit, well done... thank the lucky stars the bet payed off and move on.

Feel better now you've got that off your chest?

Last month, while you were probably researching where to get a 0.1% better saving account or whatever, bigger things were taking place.

I saw the bigger picture, recognised the potential of bitcoin and acted on my judgement.

It's not skill.
It's not luck.

It's called awareness.

merlingrey

dryhat wrote: »

Feel better now you've got that off your chest?

Last month, while you were probably researching where to get a 0.1% better saving account or whatever, bigger things were taking place.

I saw the bigger picture, recognised the potential of bitcoin and acted on my judgement.

It's not skill.
It's not luck.

It's called awareness.

Couldn't have been that sure, you'd have loaded up bit coins and maxed out credit cards, begged borrowed or even sold a kidney if you knew where it was going. :rotfl:
Rather than £500

dryhat

merlingrey wrote: »

Couldn't have been that sure, you'd have loaded up bit coins and maxed out credit cards, begged borrowed or even sold a kidney if you knew where it was going. :rotfl:
Rather than £500

That's because I'm not that type of person.
I'm not a gambler by nature and wouldn't have the b4lls to do it.

But of course I am a bit gutted I didn't put a bit more in.

Hindsight is a wonderful investment tool isn't it?

Mr._Pricklepants

dryhat wrote: »

I am almost £3k better off now than I would have been had I not bought bitcoin 4 weeks ago.

And all for a £500 punt.

Interesting.
4 weeks ago you got into bitcoin at a unit price of around...let's say 45USD? Then you sold 15 of them @ £97.50 so you made a £922 profit. Now you got 5 left.
How are you 3K better off?

dryhat wrote: »

Sold 15 of my bitcoins yesterday for £97.50 each

A nice profit of £922 and I still have 5 "free" bitcoins currently worth about £500 which I will keep hold of.