We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Buy bit coins???

2456

Comments

  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    knightstyle wrote: »
    A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
    What would you do in our place?
    I'd find a friend who really did know what he was doing!
  • coyrls
    coyrls Posts: 2,536 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What did your friend suggest that you do with the other two thirds of your money?
  • TBC15
    TBC15 Posts: 1,517 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Get better friends.
  • MoneyGeoff
    MoneyGeoff Posts: 264 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    coyrls wrote: »
    What did your friend suggest that you do with the other two thirds of your money?

    Ethereum and Ripple probably :D
  • Tcquins
    Tcquins Posts: 65 Forumite
    Deliver your friend a swift kick to the gonads.

    Then if they ever mention Bitcoin again, repeat my first suggestion.
  • TBC15
    TBC15 Posts: 1,517 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Tcquins wrote: »
    Deliver your friend a swift kick to the gonads.

    Then if they ever mention Bitcoin again, repeat my first suggestion.

    Bit harsh…………. on second thoughts give him one for me.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    knightstyle wrote: »
    So we may have a large pot of money for just a few months or maybe a couple of years when we sell our French house and put our UK house on the market.
    A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
    What would you do in our place?

    If that's the advice your friend is giving then he clearly does not know what he is doing.

    Disregarding arguments about whether Bitcoin is, or isn't, a good investment, the time frame is way too short. Investments need to be over a substantial period of time to ride out downturns. Your £50,000 could easily be worth £25,000, or less when you want it.

    Bitcoin is extremely volatile and should not be used as an investment for any money you will have need of. It is a complete gamble.
  • Bravepants
    Bravepants Posts: 1,661 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 15 February 2018 at 4:41PM
    coyrls wrote: »
    What did your friend suggest that you do with the other two thirds of your money?

    [Edit: my newer version is funnier!]
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • Bravepants
    Bravepants Posts: 1,661 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    coyrls wrote: »
    What did your friend suggest that you do with the other two thirds of your money?

    Spend half of it on cigarettes, whisky and wild, wild women, and just squander the other half!
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Bravepants wrote: »
    Spend half of it on cigarettes, whisky and wild, wild women, and just squander the other half!

    Copyright George Best. :)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.7K Work, Benefits & Business
  • 603K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture