Buy ethereum uk

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  • AG47
    AG47 Posts: 1,618 Forumite
    Currency is flowing out of other set classes like property and stocks into Bitcoin and ethereum
    Nothing has been fixed since 2008, it was just pushed into the future
  • economic
    economic Posts: 3,002 Forumite
    AG47 wrote: »
    Currency is flowing out of other set classes like property and stocks into Bitcoin and ethereum

    Where's the evidence?
  • realdannys
    realdannys Posts: 39 Forumite
    First Post First Anniversary Combo Breaker
    fwor wrote: »
    Whether it's desirable or not is debatable, but it has no intrinsic value. A Bitcoin is just a series of binary bits, and its value is defined by reference to other currencies.

    You could say this about many things with silly value. Antiques. Art. The only "intrinsic value" they have is the wood they're made from or the paper they're painted on. The fact that many are 'worth' 10,000x more than that is only because someone is willing to pay more for them.

    Anything in the world, Bitcoin, indemand Electronics, Antiques is only worth as much as someone else is willing to pay for it. Otherwise it's all worthless (and in many cases the electronics, antiques and art are worth less than the sum of the materials cost to make it!)

    Of course Amazon is a safer investment, but it's also a long term slow investment you'll like make a few percent on. Ironically, Amazon invest quite a lot into Bitcoin...

    Everything is in a bubble though - it's just some bubbles like Bitcoin might come and go in 20 years - Amazon might last 50 if it's lucky (and if it adapts). Apple is a current bubble. Nothing lasts forever. The entire economy is a bubble that expands and contracts, that's capitalism for you.

    Put £1000 in Eth, leave it for a couple of months and see if it does better than a 1% ISA at the bank when you cash, then tell me it's a pointless thing to play around with.
  • economic
    economic Posts: 3,002 Forumite
    realdannys wrote: »
    You could say this about many things with silly value. Antiques. Art. The only "intrinsic value" they have is the wood they're made from or the paper they're painted on. The fact that many are 'worth' 10,000x more than that is only because someone is willing to pay more for them.

    Anything in the world, Bitcoin, indemand Electronics, Antiques is only worth as much as someone else is willing to pay for it. Otherwise it's all worthless (and in many cases the electronics, antiques and art are worth less than the sum of the materials cost to make it!)

    Of course Amazon is a safer investment, but it's also a long term slow investment you'll like make a few percent on. Ironically, Amazon invest quite a lot into Bitcoin...

    Everything is in a bubble though - it's just some bubbles like Bitcoin might come and go in 20 years - Amazon might last 50 if it's lucky (and if it adapts). Apple is a current bubble. Nothing lasts forever. The entire economy is a bubble that expands and contracts, that's capitalism for you.

    Put £1000 in Eth, leave it for a couple of months and see if it does better than a 1% ISA at the bank when you cash, then tell me it's a pointless thing to play around with.

    I am tempted to stick in a few grand into ETH but I have no idea about it. its money I can afford to lose. do you know where the price can potentially go from here and if its worth waiting for it to dip before buying?
  • realdannys
    realdannys Posts: 39 Forumite
    First Post First Anniversary Combo Breaker
    economic wrote: »
    I am tempted to stick in a few grand into ETH but I have no idea about it. its money I can afford to lose. do you know where the price can potentially go from here and if its worth waiting for it to dip before buying?

    I've converted you :rotfl::beer:

    I'm not sure to be honest. Like any higher risk investment I don't know what's going to happen - but I think it'd be pretty safe to get in now and sit on it for a while. Pretty much all the major cryptos are going up at the moment.

    It's funny i've look at them on and off since about 2012 now and every time it goes up, everyone says "you're too late to get in now". Happened in 2012, 2014 and now with Bitcoin. I did only get in last year through virtue of needing to get Bitcoins to do overseas transactions for some business, so happened to make a profit by accident really, albeit quite small. I'm sure Bitcoin will dip again at some point like it did in 2014, but people thought it had reached crazy highs then at $500 a coin, never to be seen again, and now its $2300 a coin.

    I know Steve Woz bought $700 worth a few years back just to see what he could do with it when it was $30 a coin, so now he's way way up.

    My idea with Eth is to put a grand in, convert to Bitcoin or something else if it drops below £500 in value and cash out if it goes over £5000 to buy the OLED TV I want. I honestly think it's a pretty safe investment and I expect it to climb higher than my Nutmeg portfolio over the same time (and i'm on a 7/10 risk investment with them!)
  • economic
    economic Posts: 3,002 Forumite
    realdannys wrote: »
    I've converted you :rotfl::beer:

    I'm not sure to be honest. Like any higher risk investment I don't know what's going to happen - but I think it'd be pretty safe to get in now and sit on it for a while. Pretty much all the major cryptos are going up at the moment.

    It's funny i've look at them on and off since about 2012 now and every time it goes up, everyone says "you're too late to get in now". Happened in 2012, 2014 and now with Bitcoin. I did only get in last year through virtue of needing to get Bitcoins to do overseas transactions for some business, so happened to make a profit by accident really, albeit quite small. I'm sure Bitcoin will dip again at some point like it did in 2014, but people thought it had reached crazy highs then at $500 a coin, never to be seen again, and now its $2300 a coin.

    I know Steve Woz bought $700 worth a few years back just to see what he could do with it when it was $30 a coin, so now he's way way up.

    My idea with Eth is to put a grand in, convert to Bitcoin or something else if it drops below £500 in value and cash out if it goes over £5000 to buy the OLED TV I want. I honestly think it's a pretty safe investment and I expect it to climb higher than my Nutmeg portfolio over the same time (and i'm on a 7/10 risk investment with them!)

    my views still stand about crypto. I just am getting more interested in it and would like to speculate with play money.
  • Maelzoid
    Maelzoid Posts: 16 Forumite
    For anyone interested, there is a superb article on the London Review of books website called "When bitcoin grows up" by John Lanchester - I can't link to it due to anti-spam rules. It is a great first stop for anyone wanting to understand crypto-currencies.
  • realdannys
    realdannys Posts: 39 Forumite
    First Post First Anniversary Combo Breaker
    economic wrote: »
    my views still stand about crypto. I just am getting more interested in it and would like to speculate with play money.

    If you weren't too bothered about cashing out large amounts back to £'s and were just playing, it's very easy to convert ETH to BTC with Switch, and then you can spend BitCoin on Amazon pretty easily with iPayYou.io (shoddy looking website but actually CEO'd by the guy that was in charge of Amazon's affiliate program and previously the principal guy behind Microsoft's display advertising)
  • fwor
    fwor Posts: 6,809 Forumite
    First Post Name Dropper First Anniversary
    realdannys wrote: »
    You could say this about many things with silly value. Antiques. Art. The only "intrinsic value" they have is the wood they're made from or the paper they're painted on. The fact that many are 'worth' 10,000x more than that is only because someone is willing to pay more for them.

    The point I was trying to make is that a Bitcoin has ZERO underlying value.

    An antique or a work of art may have a "value" that bears little relation to the cost of its constituent parts, but no matter what happens, you will still hold your antique or work of art. You can physically take it down to your local market and someone might swap a chicken for it.

    In the case of a crypto currency, if people no longer trust the administration and security processes that it is based on, its value goes to nil, and nobody will ever place any value at all upon the particular sequence of binary bits that make up your Bitcoin.

    Even other currencies are completely different, because, for example, a US dollar's value is linked to the economic activity of a country (modified by the economic activities of other countries that tie their own currency to the dollar). A Bitcoin has no such underlying "worth" - as I said earlier, its value is set purely by reference to other currencies.

    Anyway, I still haven't seen anyone explain why they think that a Bitcoin - or any other arbitrary crypto currency - should increase in value in time when compared with other (real) currencies.

    Without that, there is no rational reason to be buying these currencies as an investment (as opposed to just a straight gamble, based purely on what has happened in the past).
  • economic
    economic Posts: 3,002 Forumite
    don't mix up price and value. price is what you pay for something and it is what it is determined by the market. value is purely subjective, hence the disagreement here.
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