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    • $nake eye$
    • By $nake eye$ 12th Oct 16, 6:25 PM
    • 361 Posts
    • 146 Thanks
    $nake eye$
    Just curious.. have you spent any Bitcoin? Maybe on OpenBazaar or any other location? I must admit ive only bought a coffee in Singapore, and a VPN service
    • ben501
    • By ben501 13th Oct 16, 12:54 PM
    • 238 Posts
    • 362 Thanks
    Just curious.. have you spent any Bitcoin?
    Originally posted by $nake eye$
    I helped out a friend a couple of years ago. He found a special Bitcoin offer on web-hosting, anti-virus or something like that. Buy one year's subscription, get one free. It was a flash sale and he didn't have time to buy any himself, so I 'lent' him some of my stash.
    • VeroWright
    • By VeroWright 7th Nov 16, 11:22 AM
    • 5 Posts
    • 0 Thanks
    Hi, everyone!

    I'm interested in investing my money in bitcoins, but I have a few questions:

    1) Is it real to have profit from trading them?
    2) How to make passive income from them?

    Thanks in advance!
    • Malthusian
    • By Malthusian 7th Nov 16, 2:53 PM
    • 3,909 Posts
    • 6,106 Thanks
    1) Yes, if someone in the future wants to buy them for more than you paid for them. The chances that anyone will want to are, at best, random.
    2) You can't, their yield is zero.

    Bitcoins are a currency and buying them in the hope they go up is speculation, not investment.
    • jdw2000
    • By jdw2000 14th Nov 16, 2:28 PM
    • 415 Posts
    • 109 Thanks
    There are a few different threads on Bitcoin.

    I read a year or so ago about a bloke who bought some Bitcoin about 10 years ago in order to write about it. He forgot about it, recently came across it, and has since bought a house outright with it's new value.

    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
    • bowlhead99
    • By bowlhead99 14th Nov 16, 3:10 PM
    • 7,692 Posts
    • 14,064 Thanks
    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
    Originally posted by jdw2000
    I have a few (like two or three); I used to have more, but not loads. As mentioned by others above they would be a highly specialist and speculative investment - a gamble on what of anything will be paid for them in the future.

    As you mention, they have been around for years. From here, it is not specifically bitcoin per se which is interesting, is the underlying technology as a concept that has the future value for the way people set up all manner of systems.

    To you as a relative newbie who is only just getting to grips with pension and isa and unwrapped fund investing, I would say your money can be put to better use.

    But just to repeat your question:
    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
    Originally posted by jdw2000
    - did you notice that you were posting this onto a thread that already had 1704 posts, largely attempting to answer those questions? Personally I don't have the time or patience to go back and sum up all the key messages from the original conversations for you. Suggest you just keep scrolling back pages until you have your answers or get bored...

    • jdw2000
    • By jdw2000 14th Nov 16, 10:04 PM
    • 415 Posts
    • 109 Thanks
    Many thanks for that. Will have a read. But you're right, I have better things to focus on right now.

    • sabretoothtigger
    • By sabretoothtigger 24th Nov 16, 3:54 PM
    • 10,004 Posts
    • 6,600 Thanks
    Bitcoin isnt an investment, its a currency maybe token some call it a commodity but you arent investing into anything specific.

    Even the intellect behind bitcoin is not something you are buying into, its not unique or copyright in any way. The code to bitcoin is open source, which means anyone at all can copy it and make a very similar version.
    There are hundreds of bitcoin networks, some almost exactly the same and some very different but nobody owns these exactly. All compete with each other for custom. They are just operated by users and people hold onto some of the products of the blockchain which is the bitcoin or whatever its called for each one.

    Owning a business that part takes in bitcoin code would be investment. I had royalty shares for one, it allowed trading but was broken in a kind of confidence scam by a trojan horse. The company is now going through courts as it lost customer funds. It grew for a while (300%) and I sold enough to not lose anything much, shame though
    Last edited by sabretoothtigger; 24-11-2016 at 3:58 PM.
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • tim_n
    • By tim_n 26th Nov 16, 8:23 PM
    • 1,568 Posts
    • 1,316 Thanks
    Bought £15 worth. Spend £10 of it. The £5 went up to £75. I spent £15 of it. Now it's gone back to £66. It's worked well for me, if I'd sunk my life savings into it at the time I'd be a very rich chap. Remember some of the faucet sites (give away free coins ) used to give away 1-2 coins for nothing. Now they give tiny fractions away and coins can be worth several hundred quid. It's not investment, it's speculation.
    • hildosaver
    • By hildosaver 23rd Dec 16, 11:09 AM
    • 294 Posts
    • 430 Thanks
    Bitcoin is on the move again - just cracked $900 for the first time in several years. Also ATH marketcap. If it goes past the ATH $1200 which is perfectly possible then I predict it could rise to $3000-4000 fairly quickly. Best performing commodity in 2016.
    Mortgage balance September 2012: £121,086 (First ever OP)
    Mortgage balance March 2018: £77,650
    • andrewthomas2008
    • By andrewthomas2008 1st Jan 17, 5:03 PM
    • 130 Posts
    • 24 Thanks
    I've got a my cellium wallet which is watch only as I've just copied my public key from a my cold storage wallet without adding my private key. I've lost the 12 word seed for my cellium, I'm now worried that if anyone finds my 12 word key that'll they be able to access my wallet from my cellium and steal my bitcoin. Is it possible for anyone to do this if they find my 12 word seed for mycellium

    I've found it now

    Last edited by andrewthomas2008; 01-01-2017 at 5:27 PM.
    • CaptainHindsight
    • By CaptainHindsight 24th Dec 17, 9:21 AM
    • 1 Posts
    • 0 Thanks
    “First they ignore you, then they laugh at you, then they fight you, then you win.”
    Originally posted by JohnRo
    How correct this quote is proving to be. The fight has only just started but this is a financial revolution. Vires In Numeris.

    Merry Christmas crypto fans.
    • onomatopoeia99
    • By onomatopoeia99 24th Dec 17, 12:40 PM
    • 4,071 Posts
    • 9,147 Thanks
    "Hello dearest Mama. This month I have sent you part of my salary in Bitcoins rather than the fiat fraud that is Kenyan shillings. I know by the time you get it it'll probably buy you half of what last month's payment did, but in fifty years' time when everyone else is as clever as I am, you'll be thanking me."

    The value graph of Bitcoins shows that the founders of the scheme who got in at zero and then cashed out at peak Bitcoin mania in 2014 made an absolute fortune. Everyone who came into the scheme after them has made less and less and most of those unlucky enough to enter the scheme after 2014 are sitting on huge losses. The founders and others who get in early make a bundle, the suckers who come in late lose their shirt - what does this remind you of? Yet it's the dollar and the pound that are the "pyramid scheme". Gotcha.
    Originally posted by Malthusian
    Just thought I'd quote this post from two years ago, for the foresight of the poster. Apparently 2014 was bitcoin peak mania and anyone coming in after has "lost their shirt."

    I think "dearest Mama" would be glad today if she'd been given (or bought) BTC in 2015, even though it's 40% down on the peak last week (but still 30% up on the start of the month).
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • planteria
    • By planteria 31st Dec 17, 5:45 PM
    • 4,972 Posts
    • 1,104 Thanks
    haha agreed.. and i now realise that this is the definitive Bitcoin thread at MSE. those who got involved 6 years ago and are still onboard should be sat nicely.
    • sabretoothtigger
    • By sabretoothtigger 19th Jan 18, 6:23 PM
    • 10,004 Posts
    • 6,600 Thanks
    Dearest Mama doesnt mind if you pursue your interests to the best of your ability I reckon, just dont gamble all you got. There is some clever tech behind Bitcoin alot of us dont even understand it well. But now its also become too speculative when actually it should be enabling new business across borders.

    Dont be too narrow minded either way, zealots for bitcoin are just as wrong as those who refuse to believe in innovation.
    I'd also recommend 1% into gold and various other asset types, sterling is always required to pay the bills boring but true
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
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