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Bitcoin

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View Stirlingsays's Profile Stirlingsays Flag 07 Jan 21 10.52am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by chris123

A safe investment most of us don't understand if it's a currency, a commodity or a Ponzi?

I think of it as a currency that's independent of government control.

It's certainly a steep learning curve. I certainly wouldn't recommend investing any money into stuff you're not comfortable with.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Badger11's Profile Badger11 Flag Beckenham 07 Jan 21 10.57am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by Tom-the-eagle

Its not an investment, its a punt

Agreed. With currency speculation there is a least some logic as to why the pound goes up or down whether you agree with that is another matter.

Bitcoin seems to have a life of its own it is also not protected some of these exchanges have been robbed or went bust and you lose the lot.

The bit I don't get is how easy is it to cash in?

The other thing is people complain that the banks and the governments manipulate the standard currencies yet according to The FT the majority of Bitcoins are owned by less than 10 entities in other words a cartel.


Like You say Tom a punt .

Edited by Badger11 (07 Jan 2021 10.58am)

 


One more point

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View Stirlingsays's Profile Stirlingsays Flag 07 Jan 21 11.03am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Yep, everyone listen to Badger.

When I do cash out I'll tell you how I did.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 07 Jan 21 11.49am Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by Badger11

Agreed. With currency speculation there is a least some logic as to why the pound goes up or down whether you agree with that is another matter.

Bitcoin seems to have a life of its own it is also not protected some of these exchanges have been robbed or went bust and you lose the lot.

The bit I don't get is how easy is it to cash in?

The other thing is people complain that the banks and the governments manipulate the standard currencies yet according to The FT the majority of Bitcoins are owned by less than 10 entities in other words a cartel.


Like You say Tom a punt .

Edited by Badger11 (07 Jan 2021 10.58am)

Exactly this. I've posted at length about all this before. You are right, a very small percentage of all the people that own bitcoin, own most of the bitcoin. So many ironies abound. It's the internet hippy delusion all over again. 'This time it's different'. Sure.

It was devised as a currency, an alternative currency free from regulation and central government control hardly anyone uses it as such because it can be worth 30k one day and 10k the next.

It will never become competitive to fiat or 'established' currency as governments simply won't allow it the only scenario where it does win out is if it allows itself to become regulated and potentially pegged to a fiat standard. Which, will never happen and even if it did it would kill it overnight. This is already starting to happen see recent news around the SEC and Ripple (XRP). Governments will create their own version of it within the fiat system that can be regulated, tracked and controlled.

However, there is clearly money to be made due to the massive swings, FOMO rallies and increasing amounts of laypersons piling in with no knowledge whatsoever about what they're doing or even what it is.

Re. cashing in it's fairly easy if you trade via a third party such as etoro, although there are negatives to doing that if you actually want to spend it, for example. Exchanges are shady as although some claim to have cash reserves as you say they're unregulated, you're not protected and there's no guarantee that you can cash out some or all when you want.

 


said the rabid giraffe whilst brandishing his throbbing member of reason, and twas ever thus.

Did you know? 95% of people are morons.

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View BlueJay's Profile BlueJay Flag UK 08 Jan 21 12.51am Send a Private Message to BlueJay Add BlueJay as a friend

My only thought on Bitcoin has been a perpetual 'I should buy Bitcoin', which of course I never have. I've clearly missed the boat 'again' and don't want to be the late in the day wally who ends up watching it fall off a cliff. Therefore, I'll make a mental note to buy in when it does inevitably next fall. What will it reach before that happens I wonder!

 

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View Badger11's Profile Badger11 Flag Beckenham 08 Jan 21 7.58am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by Stirlingsays

Yep, everyone listen to Badger.

When I do cash out I'll tell you how I did.

Please do and good luck I hope you make bundles. It's just not for me I only have my pension to live on and I have made bad investments in the past so I am not risking that.

Edited by Badger11 (08 Jan 2021 8.00am)

 


One more point

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View Stirlingsays's Profile Stirlingsays Flag 08 Jan 21 8.25am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by Badger11

Please do and good luck I hope you make bundles. It's just not for me I only have my pension to live on and I have made bad investments in the past so I am not risking that.

Edited by Badger11 (08 Jan 2021 8.00am)

Sounds very sensible.

I would agree that people shouldn't risk money they can't afford to lose.

I only put in 12 hundred myself...The price of a flagship phone.....hardly going to make or break me.


 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 08 Jan 21 8.48am Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Originally posted by Stirlingsays

Sounds very sensible.

I would agree that people shouldn't risk money they can't afford to lose.

I only put in 12 hundred myself...The price of a flagship phone.....hardly going to make or break me.



What currency did you buy and when Stirling?

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

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View Stirlingsays's Profile Stirlingsays Flag 08 Jan 21 8.50am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by Tom-the-eagle

What currency did you buy and when Stirling?

Bitcoin and a bit over a week ago....the verification process involves photos and such and took me a while.

I've been looking at other coins but you really need to know what you're getting into with them and it's a learning curve.

With Bitcoin you have charts going back around ten years to look at and so you get a handle on how stable or not it's been in recent years.

Edited by Stirlingsays (08 Jan 2021 9.01am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 08 Jan 21 9.40am Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Originally posted by Stirlingsays

Bitcoin and a bit over a week ago....the verification process involves photos and such and took me a while.

I've been looking at other coins but you really need to know what you're getting into with them and it's a learning curve.

With Bitcoin you have charts going back around ten years to look at and so you get a handle on how stable or not it's been in recent years.


Mate, not trying to put a dampener on things, but you do know you have bought at the highest ever price right?

That said, no one has any idea what they will do over the next few months.

My advice would be to stay away from any other crypto and only buy bitcoin. Its become the poster boy for crypto and appears to be out performing all others.

Good luck, and remember, only sell when you are in profit!


Edited by Stirlingsays (08 Jan 2021 9.01am)

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

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View Stirlingsays's Profile Stirlingsays Flag 08 Jan 21 9.57am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by Tom-the-eagle

Mate, not trying to put a dampener on things, but you do know you have bought at the highest ever price right?

That said, no one has any idea what they will do over the next few months.

My advice would be to stay away from any other crypto and only buy bitcoin. Its become the poster boy for crypto and appears to be out performing all others.

Good luck, and remember, only sell when you are in profit!


That's cool.

It's all about how you think the economy is going and how the attitude towards digital currency is going.

I bought when the price was around 2100, it's currently around 2850, which means I'm about 300 up.

I fully agree mate, it could all be gone tomorrow.

What I will say is this, when it comes to investments if someone is lucky enough to have some excess and wants to have a punt. Then they have to fully back their judgement and accept that luck will always play a factor in even the most astute investment.

In my view Bitcoin goes up for at least the next couple of months because of several factors.

I'll talk about one, we are entering a new administration with different attitudes to the economy....that creates uncertainty with normal currencies, hence that's one driver for Bitcoin doing well right now.

At some point that rise will stop and when that is will be a combination of knowing when your coin is over valued and judging people's attitudes towards economic stability and Bitcoin.

Edited by Stirlingsays (08 Jan 2021 9.59am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View cryrst's Profile cryrst Online Flag Chatham 08 Jan 21 10.25am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by SW19 CPFC

Exactly this. I've posted at length about all this before. You are right, a very small percentage of all the people that own bitcoin, own most of the bitcoin. So many ironies abound. It's the internet hippy delusion all over again. 'This time it's different'. Sure.

It was devised as a currency, an alternative currency free from regulation and central government control hardly anyone uses it as such because it can be worth 30k one day and 10k the next.

It will never become competitive to fiat or 'established' currency as governments simply won't allow it the only scenario where it does win out is if it allows itself to become regulated and potentially pegged to a fiat standard. Which, will never happen and even if it did it would kill it overnight. This is already starting to happen see recent news around the SEC and Ripple (XRP). Governments will create their own version of it within the fiat system that can be regulated, tracked and controlled.

However, there is clearly money to be made due to the massive swings, FOMO rallies and increasing amounts of laypersons piling in with no knowledge whatsoever about what they're doing or even what it is.

Re. cashing in it's fairly easy if you trade via a third party such as etoro, although there are negatives to doing that if you actually want to spend it, for example. Exchanges are shady as although some claim to have cash reserves as you say they're unregulated, you're not protected and there's no guarantee that you can cash out some or all when you want.

So cashing out is as much of a gamble as buying. Like a bounced cheque. Once you give them your coin who will guarantee a payment into a bank account; which ironically these clever people may well be able to access bearing in mind they have your details.

 

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