Bitcoin

NottinghamKnight

Well apparently the last'nugget' of gold is going to be mined in the enxt decade or so, so gold will have similar problems to bitcoin at that point.

AnotherJoe

hugglerbaby said:

I was thinking about investing £250
In bitcoin and was wondering if people think it's worth it
Many thanks 
Caroline 

No. It was ten years ago obviously.

But today, say it goes up 10x (HIGHLY unlikely) from here, well thats £2k you made. Not lifechanging.

Say it drops by 10x (again, probably unlikely). You've lost £250. Again not lifechanging.

So either put enough in to make a big difference, say at least £2.5k in (eg 10x your current stake) so youd have £20k, or dont bother.

[Deleted User]

Everything trends to zero when priced in Bitcoin. 😉 That's why it's being hated so much.

BTC price: 9995 GBP
1d:  9951 (0%)
7d:  8854 (12%)
1mo: 8412 (18%)
3mo: 7967 (25%)
6mo: 6177 (61%)

Do I have to continue?

Jonbvn

patient_investor said:

Everything trends to zero when priced in Bitcoin. 😉 That's why it's being hated so much.

BTC price: 9995 GBP
1d:  9951 (0%)
7d:  8854 (12%)
1mo: 8412 (18%)
3mo: 7967 (25%)
6mo: 6177 (61%)

Do I have to continue?

You forgot 3 years (-50%+)

Another_Saver

NottinghamKnight said:

Well apparently the last'nugget' of gold is going to be mined in the enxt decade or so, so gold will have similar problems to bitcoin at that point.

Just wait til Another Joe's idol Elon starts mining them from space, then the price will crash 😉

EdGasketTheSecond

NottinghamKnight said:

Well apparently the last'nugget' of gold is going to be mined in the enxt decade or so, so gold will have similar problems to bitcoin at that point.

That is nonsense. Bitcoin relies on a huge number of servers running to support the blockchain. Now if those servers cannot make money by creating any more bitcoin, they will either be switched off (or be doing something else) or they will charge the Bitcoin community a lot of money to keep them running so that Bitcoin can trade.

If no more gold is mined, there is still all the existing gold in the world to trade which will presumably be a lot more valuable with no new supply. Gold has no need for a tech infrastructure and has been traded as proper money for thousands of years.

AnotherJoe

Another_Saver said:

NottinghamKnight said:

Well apparently the last'nugget' of gold is going to be mined in the enxt decade or so, so gold will have similar problems to bitcoin at that point.

Just wait til Another Joe's idol Elon starts mining them from space, then the price will crash 😉

Good point, free energy up there.

[Deleted User]

Jonbvn said:

patient_investor said:

Everything trends to zero when priced in Bitcoin. 😉 That's why it's being hated so much.

BTC price: 9995 GBP
1d:  9951 (0%)
7d:  8854 (12%)
1mo: 8412 (18%)
3mo: 7967 (25%)
6mo: 6177 (61%)

Do I have to continue?

You forgot 3 years (-50%+)

Huh? Please stop fantasizing. Bitcoin is on the highest point in GBP this year, 10091 GBP per coin. You probably missed that, being naysayer

But you don't need to listen to me, look at the charts: https://www.buybitcoinworldwide.com/price/

All time high price is not that far away. Bitcoin just keep on collapsing.. upwards.

Another_Saver

[Deleted User] said:

Jonbvn said:

[Deleted User] said:

Everything trends to zero when priced in Bitcoin. 😉 That's why it's being hated so much.

BTC price: 9995 GBP
1d:  9951 (0%)
7d:  8854 (12%)
1mo: 8412 (18%)
3mo: 7967 (25%)
6mo: 6177 (61%)

Do I have to continue?

You forgot 3 years (-50%+)

Huh? Please stop fantasizing. Bitcoin is on the highest point in GBP this year, 10091 GBP per coin. You probably missed that, being naysayer

But you don't need to listen to me, look at the charts:

All time high price is not that far away. Bitcoin just keep on collapsing.. upwards.

Ah yes, "look at the charts" as if past performance is the least bad predictor of the future

bowlhead99

[Deleted User] said:

Jonbvn said:

[Deleted User] said:

Everything trends to zero when priced in Bitcoin. 😉 That's why it's being hated so much.

BTC price: 9995 GBP
1d:  9951 (0%)
7d:  8854 (12%)
1mo: 8412 (18%)
3mo: 7967 (25%)
6mo: 6177 (61%)

Do I have to continue?

You forgot 3 years (-50%+)

Huh? Please stop fantasizing. Bitcoin is on the highest point in GBP this year, 10091 GBP per coin. You probably missed that, being naysayer

But you don't need to listen to me, look at the charts: https://www.buybitcoinworldwide.com/price/

All time high price is not that far away. Bitcoin just keep on collapsing.. upwards.

Well, if we look at the charts on that link it does show that any growth in 2018/19/20  is only regaining some lost ground after the spike in December 2017. The chart shows it was over $17.5k at 11 Dec 2017, though the chart is not very granular (only showing weekly figures) and doesn't show how on 17 December that year it went to $19,783.06. By 4 Feb the following year (ie only seven weeks later) it had fallen to under $8k; a 60% loss in under two months.  That included a pre-Christmas collapse when it lost close to a third of its value in 24 hours to under $11000; it bounced back up a little but depending what timezone you were in, you might have thought the end of day price was $12k (down a quarter on the day) or a bit more.

The person saying "3 years, -50%" is not fantasising ; he no doubt remembers the price almost touching $20k in 2017 and how the price was under $5k (75% lower than that all time high) earlier this year. At today's price, we're literally more than a thousand days beyond the 'all time high' and about 34% below that level when measured in USD.

So, at today's price of about $13150,  some unfortunate investors buying at the all-time high will have lost around a third of their value over the last 34 months and will know it; they won't be looking at your flattering table and thinking, "oh, that guy's table says it's gone up 128% in three years so I've probably made nice profits from those coins I bought in the last quarter of 2017". 

The fact it is so volatile as to be up 130% in the last 36 months but down 34% in the last 34 months is the reason people do not take it seriously as an investment. You say it's collapsing upwards, but we can all see it often collapses downwards too. 13 February to 13 March was £8000 -> £3300, negative 59% a month, twice the losses of a global equity index. Granted, not as serious a fall as losing a third of its value in 24 hours as happened on 22 December 2017 when people tried to cash in on the spike to help with their Christmas shopping.