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  • FIRST POST
    • Moneygrabber89
    • By Moneygrabber89 10th Jun 17, 10:00 PM
    • 61Posts
    • 5Thanks
    Moneygrabber89
    Bitcoin
    • #1
    • 10th Jun 17, 10:00 PM
    Bitcoin 10th Jun 17 at 10:00 PM
    MoneySavingExpert Insert:

    Martin's blogged on Bitcoins and cryptocurrencies. You can read it here:

    Bitcoin: Four things you need to know

    Back to Moneygrabber89's post...

    ----


    Can anybody offer any advice on this in general. Is it worth buying?

    A guy from my work has just left as now starting to work with Bitcoin. He is an it technician so he said he can make major money with it.

    Basically what im trying to get at is there a way to make big money with these and how
    Last edited by MSE Andrea; 01-12-2017 at 10:29 AM.
Page 3
    • CharlieBilly
    • By CharlieBilly 10th Dec 17, 1:00 PM
    • 1,467 Posts
    • 1,320 Thanks
    CharlieBilly
    Its getting more like a ponzi scheme all time. Some people are going to seriously get there fingers burnt before long, of course on flip side those that bought early are going to make some serious money if they haven't already done so
    • Silvester89
    • By Silvester89 10th Dec 17, 9:26 PM
    • 88 Posts
    • 13 Thanks
    Silvester89
    I personally think it's a bit late in the game for Bitcoin. I know some people have said they think it will keep going.

    Personally I'm keeping my eye on Ethereum as an alternative. There's lots of people suggesting this could reach the same value as Bitcoin, but it's currently worth a lot less.
    • musafir05
    • By musafir05 10th Jan 18, 10:57 AM
    • 159 Posts
    • 41 Thanks
    musafir05
    only thing that's on the blockchain are numbers, there is nothing to link or trace this to a person
    Originally posted by glentoran99
    If you use bitcoin, there is a blockchain. And the blockchain is really traceable. In fact, during the trial of Ross Ulbricht, the guy that was accused of running the drug emporium Silk Road, they were able to trace millions of dollars of transactions to the wallet on his computer.
    • bestaroi
    • By bestaroi 25th Jan 18, 12:11 PM
    • 17 Posts
    • 1 Thanks
    bestaroi
    Bitcoin
    Considering investing. Looking for some simple basic advice... Any advice re the best exchange to use- looked at Coinbase and Gemini...... Any help would be appreciated. Thanks
    • gardner1
    • By gardner1 25th Jan 18, 12:12 PM
    • 2,436 Posts
    • 3,652 Thanks
    gardner1
    Simple basic answer DONT
    • MJ98
    • By MJ98 25th Jan 18, 1:28 PM
    • 13 Posts
    • 3 Thanks
    MJ98
    Considering investing. Looking for some simple basic advice... Any advice re the best exchange to use- looked at Coinbase and Gemini...... Any help would be appreciated. Thanks
    Originally posted by bestaroi
    I feel like this forum doesn't like cryptocurrency too much so I'm not openly going to offer too much help. What I will say is there is definitely money still to be made but it all comes to a few things:

    1. Doing a lot of research - to understand what you are investing in.

    2. Investing money you are happy to lose - it is a volatile market, particularly at the moment (real news and fake news often combined).

    3. Investing in projects that you actually believe in/have faith in - going in it purely for quick money will not benefit you. People that do this get scared at the first drop and pull out with a big loss, it's better to have a long-term mindset.

    If you go to Reddit, there is a subreddit for almost every major crypto and loads of information and advice. I would go there and do some substantial reading before getting involved - They will also offer you advice on exchanges and websites to use.

    Good luck!
    • tad
    • By tad 25th Jan 18, 1:56 PM
    • 12 Posts
    • 0 Thanks
    tad
    Hi,
    I have thought about sticking a couple of hundred into this but more for fun. I would be dubious using it as a true investment as others have mentioned a lot of the big bucks have been made already.

    One thing that strikes me is that the miners get coins (and maintain the blockchain) but when the coins run out what incentive is left to maintain the blockchain?

    The only form of mining that seems to pay now is if you have a roomful of high power computers somewhere where electricity is cheap -on this basis making money just from transactional costs after all coins have been mined seems uncertain and surely if there are no miners (or some kind of crypto accountancy) the system will crash?
    Last edited by tad; 25-01-2018 at 2:39 PM.
    • tad
    • By tad 25th Jan 18, 2:03 PM
    • 12 Posts
    • 0 Thanks
    tad
    ...and another thing.
    On green issues it was estimated that (this was on radio 4's more or less -a programme about statistics) the amount of computer power needed for mining is equated to the energy used by a small country (they settled on Slovenia as the median)
    • bestaroi
    • By bestaroi 27th Jan 18, 11:22 AM
    • 17 Posts
    • 1 Thanks
    bestaroi
    Thanks for the input. Done a bit of research -what are peoples thoughts on ethereum ?
    • pitkin2020
    • By pitkin2020 27th Jan 18, 1:11 PM
    • 3,864 Posts
    • 2,995 Thanks
    pitkin2020
    Considering investing. Looking for some simple basic advice... Any advice re the best exchange to use- looked at Coinbase and Gemini...... Any help would be appreciated. Thanks
    Originally posted by bestaroi
    etoro is a great start for beginners tbh its social trading and easier to get your head around than buying direct from the exchanges. You can set up an account for free and usuall a virtual account. Play around with it and get see what you can do
    Everyones opinion is the most important.....no wonder nothing is ever agreed on.
    • Teasedale
    • By Teasedale 7th Feb 18, 10:29 PM
    • 26 Posts
    • 8 Thanks
    Teasedale
    ...and another thing.
    On green issues it was estimated that (this was on radio 4's more or less -a programme about statistics) the amount of computer power needed for mining is equated to the energy used by a small country (they settled on Slovenia as the median)
    Originally posted by tad
    Yes, that is scary, isn't it? I like FairCoin (FAIR), thinly traded but looking good ATM.

    "FairCoin is an ethical digital currency, driven by the values of the FairCoop ecosystem and supported by a fast-growing global cooperative movement. It is decentralized, as with any other cryptocurency, but at the same time implements radical innovations that makes it unique in terms of ecological operation, stable value growth, ethical trade, savings and funding opportunities. Its development continues with the goal of creating a fair economic system for the Earth. Read more about FairCoin"
    • Rahul123
    • By Rahul123 12th Feb 18, 12:57 PM
    • 4 Posts
    • 0 Thanks
    Rahul123
    As previous, bitcoin are illegal in some countries, Is our money it secure or not?
    • glentoran99
    • By glentoran99 12th Feb 18, 1:11 PM
    • 5,210 Posts
    • 4,417 Thanks
    glentoran99
    As previous, bitcoin are illegal in some countries, Is our money it secure or not?
    Originally posted by Rahul123


    An unregulated, computer based currency with no physical backing and no central control... Yeah perfectly safe
    • Cotta
    • By Cotta 12th Feb 18, 4:55 PM
    • 2,658 Posts
    • 1,097 Thanks
    Cotta
    An unregulated, computer based currency with no physical backing and no central control... Yeah perfectly safe
    Originally posted by glentoran99
    Back up in price today!!
    • piggeh
    • By piggeh 12th Feb 18, 9:58 PM
    • 1,678 Posts
    • 1,300 Thanks
    piggeh
    Panorama did an interesting program on Bitcoin this evening which I am sure will have a few people searching for Bitcoin and the like on this forum.

    I have been in cryptocurrency since May and would just offer the following advice if you are considering investing:

    1. Only invest what you are happy losing - Bitcoin is highly volatile and although the market may look like it goes upwards, when it goes down it can go down dramatically. In Dec/Jan the market fell by about 60%. You have to be comfortable that you are not investing your mortgage payments or rent money.

    2. Research - Scams like OneCoin occur because people do not carry out proper research and due diligence in new coins. Recently Bitconnect, which had about a $2bn market cap, decided to close and a lot of people lost a lot of money. If you are more risk averse, then you should look at the 'blue chip' coins like Litecoin, Ethereum, Bitcoin, etc (not financial advice, as I said, do your own research).

    3. Be careful & vigilant - there is no central party that can recover a lost password or lost wallet key for you, you are in sole control of these. I had messages today from someone that lost their key to their wallet with 12k's worth of crypto contained within. They eventually managed to recover it as their parents PC had a copy of the key, but you need to be ULTRA careful to keep your keys safe. There are also numerous scammers that will try and get you to either a) disclose your key information or b) get you to send them currency by impersonating others. Make sure you doube/triple/quadruple any facts before sending crypto somewhere.

    Having said all that - cryptocurrency is a very exciting industry. The US Senate recently had a hearing how it could save their financial industry tends of billions a year in admin/transaction fees. There is a lot of potential use cases and it will disrupt whole industries once it is less volatile and more established. I have made some money in crypto but during that time have done a LOT of research and can see where the industry is going generally and it will be impacting all our lives in the future, even if it is 'under the hood' and not immediately visible.
    matched betting: 879.63
    • MeenaM
    • By MeenaM 13th Feb 18, 7:46 AM
    • 243 Posts
    • 446 Thanks
    MeenaM
    I don't understand it and I don't invest in things I don't understand.
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/1257.95- 0% ends April 2019 virgin 0% ends july 2020 4138 3929.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • ben501
    • By ben501 13th Feb 18, 7:55 AM
    • 239 Posts
    • 362 Thanks
    ben501

    and would just offer the following advice if you are considering investing:
    Originally posted by piggeh
    Surely the only advice is DON'T.

    I've been messing with bitcoin for a few years now, and have made (and spent) quite a bit, but never have I considered it an investment.

    Speculation, pure and simple.
    • piggeh
    • By piggeh 13th Feb 18, 8:03 AM
    • 1,678 Posts
    • 1,300 Thanks
    piggeh
    Its like investing in the internet when it was still in its early stages. Or any new tech or start up. Yes the value is mostly speculative value on anticipated future use. Over time it will be valued more on utility. You need to research into what youre buying and think, will this platform endure and have a chance of mainstream use?
    matched betting: 879.63
    • fwor
    • By fwor 13th Feb 18, 2:42 PM
    • 5,989 Posts
    • 4,045 Thanks
    fwor
    Its like investing in the internet when it was still in its early stages. Or any new tech or start up.
    Originally posted by piggeh
    Sorry, but it's nothing at all like investing in the internet or a startup. That's like saying you can invest in the water industry by buying water!

    When you buy Bitcoin (or whatever similar cryptocurrency) what you are doing is paying another person who holds Bitcoins for their Bitcoins. You are not investing in any meaningful way in the underlying technology.

    IMO the very thing that makes cryptocurrencies great for speculators - the wild swings in exchange rates - makes them lose any practical value as a currency. I certainly won't be changing my Sterling into Bitcoins to buy something when I have no idea what the value of those Bitcoins will be in 10 minutes time.
    • piggeh
    • By piggeh 14th Feb 18, 8:02 PM
    • 1,678 Posts
    • 1,300 Thanks
    piggeh
    Sorry, but it's nothing at all like investing in the internet or a startup. That's like saying you can invest in the water industry by buying water!

    When you buy Bitcoin (or whatever similar cryptocurrency) what you are doing is paying another person who holds Bitcoins for their Bitcoins. You are not investing in any meaningful way in the underlying technology.

    IMO the very thing that makes cryptocurrencies great for speculators - the wild swings in exchange rates - makes them lose any practical value as a currency. I certainly won't be changing my Sterling into Bitcoins to buy something when I have no idea what the value of those Bitcoins will be in 10 minutes time.
    Originally posted by fwor
    When you buy any share in a company you are not investing in the company (unless it is an initial public offering/share floating), you are investing in something you feel will be a good investment for now in dividends, and in the future (share price rises). If you invest in an ICO (a non scam ICO, unlike OneCoin which was covered in the program) you are investing directly into the technology. If you buy something on an exchange which is already listed, then you are generally speculating on future price rises if the platform establishes itself. However, the teams also hold tokens, and sell them for further fundraising, so you may be funding the platform if you are purchasing those tokens.

    Many of these projects are launching whilst blockchain is in its infancy. Many of these platforms will fail and be worthless, but some will establish and be as transformational as those early internet start ups that prevailed. The Googles or Amazons. My post was to advise those investing to ensure they research what they are buying, and ensure they are solid platforms. Blockchain and the various crypto assets will potentially be lucrative if you choose the right horse. They are obviously higher risk as it is an industry in its infancy, so investors use higher discount values than may be used for other shares, so you shouldnt put all your funds into cryptocurrencies, but some of these will be massive mass adopted platforms in the future so they are worth looking at as part of an investment portfolio if you fancy including a high risk/high reward asset.
    matched betting: 879.63
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