Buy bit coins???

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  • Biggles
    Biggles Posts: 8,209 Forumite
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    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: 2,431 Forumite
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    What did your friend suggest that you do with the other two thirds of your money?
  • TBC15
    TBC15 Posts: 1,452 Forumite
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    Get better friends.
  • MoneyGeoff
    MoneyGeoff Posts: 256 Forumite
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    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: 1,452 Forumite
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    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: 1,502 Forumite
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    edited 15 February 2018 at 5:41PM
    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: 1,502 Forumite
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    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
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    Bravepants wrote: »
    Spend half of it on cigarettes, whisky and wild, wild women, and just squander the other half!

    Copyright George Best. :)
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