zipdog Posted October 12, 2017 Report Share Posted October 12, 2017 I first heard of bitcoin in 2013, they was worth about £30 a coin, and at the time i though this is a scam and dismissed the idea. Checked the price today and they are worth around £3,500 per coin and im shocked. Does anyone on here deal in cryptocurrencies. Quote Link to comment Share on other sites More sharing options...
ips Posted October 12, 2017 Report Share Posted October 12, 2017 Never heard of it Quote Link to comment Share on other sites More sharing options...
SpringDon Posted October 12, 2017 Report Share Posted October 12, 2017 Not really trading but I did have a bitcoin and sold for 10times what I paid for it. But this does seem to be a bit of a shoe shine boy moment to me. There are other crypto currencies have may have more mileage in them. Quote Link to comment Share on other sites More sharing options...
ips Posted October 12, 2017 Report Share Posted October 12, 2017 Just googled it....way beyond my tiny brain 😁 Quote Link to comment Share on other sites More sharing options...
AVB Posted October 12, 2017 Report Share Posted October 12, 2017 Some people have made a lot of money investing in them. I don't touch them for the simple reason they cannot be easily valued. Their 'value' is only based upon buyers outstripping sellers with no underlying asset value. Unlike more traditional investments. Another point is that it is very easy to look at a historic price graph and say "If I had bought when it was at it's lowest and sold when it was at it's highest I would have made X". Few people do buy at the lowest and sell at the highest. What makes you think that the £3,500 of today is not the peak and won't go down from here? That said if you can afford a flutter then go for it. Quote Link to comment Share on other sites More sharing options...
zipdog Posted October 12, 2017 Author Report Share Posted October 12, 2017 Some people have made a lot of money investing in them. I don't touch them for the simple reason they cannot be easily valued. Their 'value' is only based upon buyers outstripping sellers with no underlying asset value. Unlike more traditional investments. Another point is that it is very easy to look at a historic price graph and say "If I had bought when it was at it's lowest and sold when it was at it's highest I would have made X". Few people do buy at the lowest and sell at the highest. What makes you think that the £3,500 of today is not the peak and won't go down from here? That said if you can afford a flutter then go for it. Looking at how they boomed in 2013 then crashed I think the current price probably is a peak and they will go down. Just amazing really how a virtual currency is worth so much and grown so quick. Quote Link to comment Share on other sites More sharing options...
AVB Posted October 12, 2017 Report Share Posted October 12, 2017 Just googled it....way beyond my tiny brain It is a simple concept. Man invents a widget that can be created (mined) by computers running specific alogrithms. The amount of widgets that can be mined is limited. Widget's are perceived to have a value and therefore a market is created. The more buyers there are for said widgets causes price to increase. Quote Link to comment Share on other sites More sharing options...
ips Posted October 12, 2017 Report Share Posted October 12, 2017 It is a simple concept. Man invents a widget that can be created (mined) by computers running specific alogrithms. The amount of widgets that can be mined is limited. Widget's are perceived to have a value and therefore a market is created. The more buyers there are for said widgets causes price to increase. Thank you for explanation Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted October 12, 2017 Report Share Posted October 12, 2017 Its a (very) high risk investment - and as such the returns can also be high for the lucky. Unless you understand the risks in full (and they are legion, not excluding government tampering, hacking, loss of password/account and many many others) - and can afford to loose the money, it's not for you. It certainly isn't for me. Quote Link to comment Share on other sites More sharing options...
The Mighty Prawn Posted October 12, 2017 Report Share Posted October 12, 2017 Bitcoin currently having an epic infight which might lead to the collapse of the currency according to the financial pages - investors dumping onto gullible newbies Quote Link to comment Share on other sites More sharing options...
zipdog Posted October 12, 2017 Author Report Share Posted October 12, 2017 Bitcoin currently having an epic infight which might lead to the collapse of the currency according to the financial pages - investors dumping onto gullible newbies Interesting just heard the price has now exceed $5000 per coin, some people saying it will rally to $50,000 others saying its all a bubble and going to zero. Who knows and who really understands the stuff!! Quote Link to comment Share on other sites More sharing options...
figgy Posted October 12, 2017 Report Share Posted October 12, 2017 (edited) I was told that but coin is used by the more unscrupulous and nefarious people as a way of paying for things under the radar. That this was to blame for the huge increase in value of each coin. Edited October 12, 2017 by figgy Quote Link to comment Share on other sites More sharing options...
7daysinaweek Posted October 12, 2017 Report Share Posted October 12, 2017 (edited) I have followed/dabbled in cryptos for a good few years. When bitcoin was in its inception my boy who follows these things said it may be worth a punt for me to buy, at the time they were around 70 pence each, as i was dabbling in other things i decided not to get any. He, ho, hindsight is a wonderful thing. Fast forward into late 2016 and he told me to have another look. Since then i have bought and sold many crypto currencies, some have had gains of 2% up to 2000% and i have been fortunate to get into the very few which have give positive returns and i have had to follow the market on almost a daily basis to achieve this. I also built a mining rig and am currently mining ethereum and zcash, monero among some others crypto currencies. My strategy was to get in early and i have been fortunate to recoup all of my costs over the last 12 months which run to a few k. Mining rig is basically a super duper computer which can do many millions of calculations per second which you plug into a network and you are rewarded with coins for your or bits of coin for your help towards the algorithm network. (blockchain) If you decided to go down the route of mining your own currency you will have now missed the boat as the world and his wife have got onto it in the last six months and the costs of building a mining rig would now run into the the 3k mark plus. Just to build a rig for home use for coins outside of bitcoin and at current prices of ethereum it would take you approx 16 months of mining that coin in order to recoup your 3k at todays prices. The more the coin is mined the slower it becomes to mine and the rewards are reduced so you have to constantly keep an eye on the market and what is profitable to mine and sell to cover your costs. If you wanted to mine bitcoin as of today you would have to spend around a minimum 10k on a rig just to get started as big companies have now got onto it and you just cannot compete against their computational power. The coins i mine now are as a long term investment, i sell a small amount each month to cover my mining rig power costs around the £100 mark and the rest i hold in what is called a cold storage offline wallet for safety. I dabble in it as a hobby and that live in the hope that some may give me some positive returns but do not place any financial certainty on them and initially used money that i could afford to lose. Yes there can be some spectacular gains but also spectacular losses. Cryptos are in the gold rush phase at present, lots of gains if you got in very early, not without its risks, lots of sharks and false promises from investors who know very little of the crypto market and the technology the algorithm are built on and uses. I am in no way whatsoever a serious or seasoned miner/ investor but as when there is a gold rush some of the crypto currencies are just hype. Up until mid 2016 there were probably 10-20 different crypto currencies, 99.99999% of the population will only ever heard of bitcoin. There are now over a 1000 alt coins (alternative crypto currency) with bitcoin being the most popular, ethereum second and ripple third. Even though they have some promising technology behind them any thing can happen which affects the price.The reason these three are popular in the crypto world is that they have the most promising technology the algorithms are built on that endevour to solve transactional problems for banks among lots of other things. The mount Gox (mt gox) crypto currency hacking scandal seen losses of hundreds of millions and affected bitcoin price for about 4-5 years. This possibly leaves you with the option to invest, there are online platforms were you can buy bitcoin, etherum ripple etc. Some platforms offer online storage of your currency but as stated there are risks as the currency is only in its infancy. I am in no way condoning anyone to invest as its the game of you pays yer money yer, takes yer chance and should not invest anything you cannot safely afford. My son has two friends who became extremely wealthy before they were 18 and will never have to worry about working again, these are the very, very few, will we ever see gains of the the thousands of percent bitcoin has seen? probably not, it would be nice though. If you were adamant that you wanted to invest you could buy any denomination of bitcoin, ethereum so you don't have to buy a whole one you can buy as little as £10 worth, if it gets to a million dollars like some lunatics think your tenner will have been well invested Ripple at present is 20 pence each, many so called experts say it will hit £4 by the end of 2018. I know for sure it will do two things, it will either go up or down, no one can time travel and see into the future absolutely no one. My advice would be to have a read round the net, there is plenty of information on which are the most reliable platforms to buy, trade and hold currency on. As buyer beware and yer takes yer chance. I put a link which may help to understand what these crypto currencies are. http://www.telegraph.co.uk/technology/0/cryptocurrency/ apologies if does not read well as it has been a rushed post! atb 7diaw Edited October 12, 2017 by 7daysinaweek Quote Link to comment Share on other sites More sharing options...
The Mighty Prawn Posted October 12, 2017 Report Share Posted October 12, 2017 Amazing post 7 days Quote Link to comment Share on other sites More sharing options...
Wasabi Posted October 12, 2017 Report Share Posted October 12, 2017 Brilliant post 7 days Quote Link to comment Share on other sites More sharing options...
millrace Posted October 12, 2017 Report Share Posted October 12, 2017 Thats post of the year sown up.....!!! Quote Link to comment Share on other sites More sharing options...
Guest cookoff013 Posted October 13, 2017 Report Share Posted October 13, 2017 i just dont have any space to store the things, £3.5K per coin, they must be big. Quote Link to comment Share on other sites More sharing options...
Old farrier Posted October 13, 2017 Report Share Posted October 13, 2017 There is no spoon. Quote Link to comment Share on other sites More sharing options...
figgy Posted October 13, 2017 Report Share Posted October 13, 2017 Now there’s a modern job title currency miner and mine owner. Quote Link to comment Share on other sites More sharing options...
Muddy Funker Posted October 13, 2017 Report Share Posted October 13, 2017 Thats post of the year sown up.....!!! I agree, outstanding. I was interested and it's not even something I'm interested in Quote Link to comment Share on other sites More sharing options...
hawkfanz Posted October 13, 2017 Report Share Posted October 13, 2017 think i will just stick to my old silver crowns,and soverigns,at least i can sit and admire them,not something imaginary. Quote Link to comment Share on other sites More sharing options...
Lord O War Posted October 13, 2017 Report Share Posted October 13, 2017 (edited) Remember that there is nothing, other than promises by bankers, backing paper money. Don't be surprised if physical currency slowly gets replaced by fully digital over the next 10 years or so. It will be an economist wet dream as they will now be able to fully control your spending, for instance if they make interest rates negative then your savings in the bank reduce as you will be paying the bank to hold your 1s and 0s but you cannot take 1s and 0s out of your bank account thus forcing you to buy stuff or reduce your savings. oh and what hawkfanz says. Edited October 13, 2017 by Lord O War Quote Link to comment Share on other sites More sharing options...
spandit Posted October 13, 2017 Report Share Posted October 13, 2017 Well. I've either just launched my route to riches or given some scammer £50... apparently I now own some XRP but it doesn't look as if I can sell them again in the UK... Quote Link to comment Share on other sites More sharing options...
Muddy Funker Posted October 14, 2017 Report Share Posted October 14, 2017 Well. I've either just launched my route to riches or given some scammer £50... apparently I now own some XRP but it doesn't look as if I can sell them again in the UK... Who did you use to get this Spandit? I'm tempted to drop a up to a ton as a bit of a punt. Quote Link to comment Share on other sites More sharing options...
spandit Posted October 14, 2017 Report Share Posted October 14, 2017 Who did you use to get this Spandit? I'm tempted to drop a up to a ton as a bit of a punt. Wallet on gatehub.com Bought the currency on cryptomate.co.uk Quote Link to comment Share on other sites More sharing options...
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