Buy bit coins???

mjdh1957

robin58 wrote: »

My Mum always said "a fool and his money are easily parted".

I prefer "A Fool and his money are my kind of date"

Bonnie151

I love Bitcoin but I bought a long time ago and even I would never ever encourage someone to buy £50k worth. That is utter madness. It is fun but it is complete speculation and can just as easily all go !!!!!! as it can skyrocket. Unless you get your thrills from watching regular 30%+ overnight (OK possibly over 48-72 hours is more common but still...) swings I wouldn’t touch it with a barge pole, and I’m a crypto obsessive!

Bonnie151

Cotta wrote: »

It's up according to my research?

Just wait five minutes. And then another five minutes. And then another. And another. So *now* is it up or down?

Cotta

Bonnie151 wrote: »

Just wait five minutes. And then another five minutes. And then another. And another. So *now* is it up or down?

£8k now, insane.

TBC15

Watching delusional fools being pounded to financial death by real animals may have been good fun in Roman times, but do we need to provide the arena in 2018?

Outsider_83

Like it or not BitCoins are surging despite all predictions on here.

Aegis

Outsider_83 wrote: »

Like it or not BitCoins are surging despite all predictions on here.

I don't think many of us naysayers have suggested that the irrational behaviour won't continue for some time and therefore there there won't be ups and downs in bitcoin before its eventual failure. Short term behaviour doesn't reliably indicate long-term value, and in the case of bitcoin the long term value is probably going to be pretty much nothing once the temporary fad for anything involving blockchain ends.

Cotta

Aegis wrote: »

I don't think many of us naysayers have suggested that the irrational behaviour won't continue for some time and therefore there there won't be ups and downs in bitcoin before its eventual failure. Short term behaviour doesn't reliably indicate long-term value, and in the case of bitcoin the long term value is probably going to be pretty much nothing once the temporary fad for anything involving blockchain ends.

It has been around for a few years, not disagreeing with you though.

Malthusian

robin58 wrote: »

Just waiting to meet my first Bit coin fool.:)

You probably won't ever. The people who invested significant sums into Bitcoin will just do some overtime, or keep paying their mortgage for a few years longer than they might have, or adjust their retirement income expectations downwards by a few thousand quid a year. They will probably never tell anyone outside their immediate family about their failed Bitcoin investment. So it goes with these kind of schemes.

Billions of pounds a year disappear into the financial black holes of gambling, binary options scams and Ponzi schemes. It makes you wonder why you don't hear more about them in the news; until you realise that it is actually very difficult to utterly ruin yourself financially (i.e. to the extent that you can't hide it from the outside world). Most people who lose money keep quiet about it out of shame (and the lack of any real reason to talk about it); they write it off and make do.

You get the occasional person who manages to lose their house and get their family thrown out on the streets, after mortgaging it and investing the lot in Bitcoin, or whatever, but they're extreme cases and in an extreme minority.

So you will most likely meet plenty of Bitcoin fools over the coming years, but you'll never know about it.

Bravepants

The problem with all of this crypto currency is that there are no "fundamentals", as there are for stocks and shares. There are no balance sheets, cash flow statements, price-earning ratios, yields or anything for an "investor" to base their investment strategy upon.


The only reason this "currency" changes value is because of the whims and fancies of people buying it. If more people buy a crypto currency, then the price rises due to demand, if more people sell a crypto then the price drops because of a surplus. Herd mentality causes extended bull and bear runs. Litecoin increased in "value" recently because of the promise of LitePay, but also the hard fork to Litecoin Cash (which is actually not affiliated with Litecoin at all, and touted even by the inventor of Litecoin as being a scam).