Bitcoin

monitorsit

Bitcoin is a pure gamble. You're probably just as well putting your money on an outsider in the 1.30 at Kempton Park.

Bitcoin is a worldwide thing but few people have any. This site shows there are about 6 million bitcoin addresses but most contain zero/dust. Just over 2 million addresses have bitcoins worth a dollar or more. Most bitcoiners have many addresses, so the number of people holding $1+ in bitcoin is - anyone's guess - but say 1 million? There are more people than that in jail in the USA (using cigarettes as currency?).

In theory bitcoin could really take off if its near-zero money transmission costs could be made user friendly. Currently you really have to be savvy and well organised to buy bitcoin and then not lose them (eg by forgetting your password). Fine for nerds and speculators.

But there is a very outside chance it could be a winner. Maybe put this weekend's Ladbrokes' betting money on it, but definitely not your shirt.

Maelwys

nippy1 wrote: »

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.

I invest in P2P lending (albeit the secured stuff, mainly) and I still wouldn't touch Bitcoin with a very long bargepole!!

JohnRo

Where bitcoin has lead the way the fiat crooks are trying to follow.

This thread is an interesting catalogue of the flat earth society's predictions, hysterics and ignorance. At least for those who haven't deleted their posts and slunk off.

Jonbvn

nippy1 wrote: »

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.

I have never invested in bitcoins (or gold) . However, I have done very nicely out of P2P lending over the last few years. Personally, I believe that P2P lending/investment will increase massively once it can be held inside an ISA.

Of course you pays your money......

Malthusian

Jonbvn wrote:

Personally, I believe that P2P lending/investment will increase massively once it can be held inside an ISA.

That's bad news for P2P then, as this will massively decrease returns. More people wanting to lend via P2P means more competition among lenders and lower rates. There is unlikely to be an equivalent increase in demand - borrowers don't care whether the lender pays tax on the interest or not.

As for Bitcoin - the people behind it cashed out years ago, took the money and ran. All that is left is the equivalent of people in a collapsed pyramid scheme still dutifully trudging door to door, trying to flog the boxes of self help products or soap that are cluttering up the living room.

Why has the price going up piqued your interest? If there is a time to invest in Bitcoin, it is when the price has plummeted. (There is of course no guarantee that when something plummets it will go back up again - investors in Dutch tulips have been waiting 370 years for the market to correct. But your chances are better than when it has gone up.)

Jonbvn

Malthusian wrote: »

That's bad news for P2P then, as this will massively decrease returns. More people wanting to lend via P2P means more competition among lenders and lower rates. There is unlikely to be an equivalent increase in demand - borrowers don't care whether the lender pays tax on the interest or not.

Bad news for P2P lenders perhaps, but not the platforms or borrowers.