Bitcoin

nippy1

Does anyone have an opinion on Bitcoin?

The price has recently been going up and I am wondering if Bitcoin could be worth a punt?

From what I've read the price could go to astronomic highs - or could go down to zero.

Does anyone have experience of buying and selling bitcoin, or experience of spending bitcoin in the real world?

AndyT678

nippy1 wrote: »

From what I've read the price could go to astronomic highs - or could go down to zero.

I think that pretty much sums it up. Not one for widows and orphans...

Futuristic

It looks like it's the highest it's been in a year on average, it's too volatile of a currency to take a risk in tbh

Reaper

The fact is has risen is largely meaningless (I say "largely" as that may be enough for chartist if it follows a known pattern). Really you need to understand why it has risen to be able to make the judgement call as to whether it will continue rising or fall back down. Personally I do not know enough about it to be able to form an opinion.

EDIT: A quick Google says one theory is it is due to a convicted Ponzi-schemer!
http://uk.businessinsider.com/this-convicted-ponzi-schemer-may-be-responsible-for-bitcoins-massive-price-spike-2015-11?r=US&IR=T

nippy1

Reaper, interesting. I've also been researching why bitcoin is going up. One theory is that it's Chinese people buying bitcoin to evade capital controls - and it's also recently been made much easier for Chinese to buy bitcoin.

Marazan

The Google Trends graph for Bitcoin matches the Bitcoin price chart in a near perfect 1-for-1 correlation.

EDIT: The initial price rise happens before the Google Trend rise but then the fall in Google Trend happens before the price crash.

DiggerUK

When I want to frighten the grandkids, I tell them about peer 2 peer lending, financial advisers, and bitcoin.
They stay under the bedsheets for a month of sundays, and only come out for a cuddle off Nanna D..._

TheTracker

DiggerUK wrote: »

When I want to frighten the grandkids, I tell them about peer 2 peer lending, financial advisers, and bitcoin.
They stay under the bedsheets for a month of sundays, and only come out for a cuddle off Nanna D..._

I show them the final of the Hobbit where pathetically seduced dwarves and greedy orcs fight over otherwise worthless lumps of hordes gold that they think will provide for their futures and make them extraordinarily happy.

DiggerUK

In a hole in the ground there lived a Digger ..._

TheTracker

DiggerUK wrote: »

In a hole in the ground there lived a Digger ..._

LOL, dug your own one there!

nippy1

I see bitcoin crashed by $100 overnight!

I think my conclusion about bitcoin is going to be the same as my view of P2P lending - don't touch even with a very long bargepole.

Thanks for the comments.