Bitcoins

TBC15

This band wagon is going up like a rocket, as its based-on sound financial investment strategy what could possibly go wrong?:eek:

Billco_2

Yeah i'd never claim to be an investor. I'm not that clued up on it in the slightest so can't argue with you.

But, I dunno I don't wanna go all Del Boy on it. But I just finally feel like he who dares wins, actually makes sense this time round.

I'm sure a lot of clever, more intelligent educated men than myself looked at Bitcoin when it first started off as nothing to be interested in.

Some guys, threw money at it. Took a gamble.

Those same guys have long since cashed out on that and legged it with the money.

Some other guys are probably still sitting on it waiting/hoping its gonna go up more.

I'm late to the party but I feel like taking a gamble. Yeah course its a risk that might not pay off. But my god if it does I'll be one happy chappy.

I threw £100 at it a couple weeks back as a, no big loss thing. Watched it grow for a while. Then I threw 2500 at it.

Huge risk I know. But I only need it to last 6 months to pull my original 2500 back out and have 2500 left in to play with.

Just gonna cross my fingers for the next 6 months then

TBC15

Keep it ridiculously low if you must, it will be a scar that makes you a better investor.

jimjames

Seen a post today offering 1% a day returns on Bitcoin. I think there are some people going to be seriously burned by this

EachPenny

Billco wrote: »

But I only need it to last 6 months to pull my original 2500 back out and have 2500 left in to play with.

Words which echo through centuries of investment history, spoken by people on the brink of losing it all

Eco_Miser

BananaRepublic wrote: »

What we have at the moment is a Ponzi scheme.

In a Ponzi scheme, dividends (from other people's investments rather than real earnings) are paid to the investors (who are encouraged to re-invest them), and lots of money floods in to the promoter.

With bitcoin, no dividends are paid, there is no flood of money to the promoter (except insofar as the promoter sells coin they have mined when mining was easy), but demand for a scarce resource drives prices higher, to a ridiculous extent, comparable to tulip mania.

A Ponzi scheme is a deliberate scam, bitcoin is just finding the bigger fool.

TBC15

The more I read about this, the sound of Danny Kaye singing in the background gets louder.

onlyroz

I attempted to buy £100 in bitcoin the other day as a bit of an experiment (via the Blockchain wallet and through the Coinify exchange) and my transaction was immediately blocked and flagged up as fraudulent. I had a talk with my bank (First Direct) and they have unlocked my account - but I'm unsure whether a repeat attempt will have the same result.


So to all who have dabbled in bitcoin, how do you buy them? And do you have any problems with your bank?

fun4everyone

Banks hate bitcoin transactions. Try coinbase for starters. There are some fees but not as bad as some. You can do small debit card transactions there. Look into getting hold of a hardware wallet (trezor or nano s). You want to be in complete control of your private keys so you benefit from any future forks.

ben501

To all those sceptics (or haters?), I dabbled a bit earlier this year (about $1000 worth). Since then I've spent about $2000, and every time I spend some the balance goes up.

If it's a bubble I don't care. I'm going to enjoy it while it lasts. I've already spent my initial deposit twice over, and now that mainstream investors have started to take notice, the price is going up even quicker.

I often point out to people that it's not an investment, but compared to going down to the bookies and blowing it all on the 3.30 at the local course, this has been one heck of a ride, and it ain't over yet.

It may crash one day, but then it may keep going for years. With modification there's no reason it can't stay the number one crypto, and while it's there I've got myself a magic money pot to enjoy using.