Bitcoin

BananaRepublic

joeypesci wrote: »

Same

Originally when I heard about it all those years back I ignored it and thought "Fools, its clearly a pyramid scheme". I was wrong but still was too scared to risk any money in it.

But then I also thought, in the 90s "Mobile phones? They won't catch on. It will just be like the 80s where they were a fad".

Everyone needs a mobile phone, in the sense that it greatly enriches ones life, or makes it a misery, depending on your point of view. Bitcoins on the other hand, how do they benefit thee and me when compared to pounds sterling? My problem is that I cannot see how Bitcoin can work as a currency. It seems to be an academic construct in the same vein as Marxism, valued for its clever ideas rather than its utility.

BananaRepublic

Jimmya_ wrote: »

I'm considering buying Ripple. Anyone got any recommended sites/ways of buying?

My local Tesco sells Ripples. You must surely live near to a Tesco Metro. Otherwise, order online.

Bonnie151

But it hasn’t always been the case that everyone needs a mobile phone. I used to work in Jenner’s (Edinburgh department store) back in the early 90s and I clearly remember the first time we saw someone use a mobile phone in the store. We thought he was being so rude!!!

I bought Bitcoins back in 2012 when it was very much playing around the fringes of the dark net plus a small bunch of geeks like myself. I bought because I thought it was the start of “the next big thing”, no matter how vague that was back then. Over the years I’ve had different visions as to where this will all lead and I do believe that probably not within my lifetime, but possibly within my children’s, everyone will have an assortment of crypto currencies, each serving a different purpose, along with traditional fiat currency.

BananaRepublic, you’ll probably think I’m a dreamer <nutter>, much as my husband does, but who knows what will happen.

I *don’t* think it’s a get rich quick scheme and am not at all comfortable with the various stories I read these days about people jumping in without seemingly understanding what they are buying (e.g. buying Litecoin purely because it is cheap! I also own Litecoin and think it has more potential than Bitcoin, but being cheap does not necessarily make a good purchase!)

BananaRepublic

Bonnie151: Without doubt Bitcoin is currently in a speculative bubble, and at some point its value will plummet, after which it might find favour as a currency, or it might fail. But can you or anyone else explain why someone would use Bitcoin in preference to pounds sterling? I can only see it working if it becomes stable, in which case surely its value will be determined by demand, which presupposes a benefit.

Bonnie151

Of course it will plummet again. It’s in the nature of Bitcoin to crash. I’ve already sat through one 80% crash (Mt Gox debacle) and have woken up on countless mornings over the past 5 years to 30% overnight falls. I fully expect a massive crash and then for it to redefine itself, or possibly a second generation to take over.

Right now there’s no good reason to use it over the pound but I don’t think Europe or even America (despite the recent media interest, futures launches etc) will drive future developments. I think Asian useage will drive it. I also think that Litecoin has better prospects as an actual currency.

FWIW, I do recognise that it’s all built on air and who knows where we will be in 10/20/30 years time but I enjoy the speculation.

Bonnie151

Oh, and I take no offence to being called delusion should you so wish.

BananaRepublic

Bonnie151: Sounds like you have a healthy attitude to Bitcoin. I suspect that might have been helped by some healthy gains!

planteria

and perhaps the $64,000 question is when to lock them in?
or perhaps that is the answer:think:.