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IW_Eagle 08-04-2013 11:03 PM

bitcoin
 
So what is everyones take on bitcoin then?

I am working with a guy who has 'invested' $1000 in them, when they were at $70. Within two weeks that are at around $170.

I was interested in the BBS view and could not find a thread on this already

That is all :afro:

The Omen 09-04-2013 08:36 AM

Looks like a way clever people can make money and stupid people can easily lose it.

I would probably put myself in the latter category so best I stay well away! :)

FraserH 09-04-2013 10:14 AM

Returns can be massive but the market for them is incredibly volatile. The major market exchanges were hit with DDoS attacks last week and it instantly shaved 30% of the price until they rebounded.

The only way I would invest is very short term and get ready to dump as soon as you have made the returns you want.

Justin 09-04-2013 10:17 AM

Avoid like the absolute plague.

I have no doubt within a few years (at most) they will be worthless but haven't a clue how many mugs will pile in first to drive the price higher.

FraserH 09-04-2013 11:13 AM

You needed to buy when they were $27 last year and dumped at $170.

They will get higher but as Justin says, a lot of people will end up losing a fortune.

Dave 09-04-2013 11:16 AM

Huh, they just dropped

Justin 09-04-2013 11:19 AM

Quote:

Originally Posted by Dave
Huh, they just dropped

When I talk, the market listens.

I believe the phrase to use at this point is - hope this helps.

Dave 09-04-2013 11:24 AM

http://markets.blockchain.info/

BB Bob 09-04-2013 11:28 AM

I think it is important to understand what it is. Courtesy of Wikipedia:-


Bitcoin (sign: BTC) is a decentralized digital currency[9][10] based on an open-source,[11] peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009.[12]

Bitcoins can be exchanged through a computer or smartphone locally or internationally without an intermediate financial institution.[13] In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal points.[4]

Bitcoin is not managed like typical currencies: it has no central bank or central organization. Instead, it relies on an internet-based peer-to-peer network. The money supply is automated and given to servers or "bitcoin miners" that confirm bitcoin transactions as they add them to a decentralized and archived transaction log approximately every 10 minutes.

The transaction log is authenticated by end-users through hashed ECDSA digital signatures (similar to a username and password) and added to through calculations of varying difficulty, performed by dedicated servers called bitcoin miners. Each 10-minute portion or "block" of the transaction log has an assigned amount of bitcoins that is awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The amount of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[1][12]

Bitcoin is the most widely used alternative currency[3][14] and accepted by various merchants and services internationally. As of March 2013, the monetary base of bitcoin is valued at over $1 billion USD.[15][16][17] The large fluctuations in the dollar value of bitcoin has evoked criticism of bitcoin's economic suitability and legitimacy as a currency.[18][19]


So that is all clear now...........

cross_eyed_ed 09-04-2013 11:31 AM

It's a bubble... and a virtual one at that.

FraserH 09-04-2013 11:35 AM

I might buy 50 worth for a bit of a laugh.

scro 09-04-2013 11:42 AM

Quote:

Originally Posted by FraserH
I might buy 50 worth for a bit of a laugh.

I will dismiss it as a daft thing to do if you like. Then when you are a billionaire in 30 years time you can add in your autobiography that everyone said you were mad etc etc.

FraserH 09-04-2013 11:45 AM

It is a bit of pocket money from my impending redundancy. I am just interested to see what the market is like in a bit more detail. I will not be putting 1000's or even 100's of pounds into it.

BB Bob 09-04-2013 11:55 AM

You could have made money in Tulips in Amsterdam in the 17th Century and in shares in the South Sea Company. You didn't want to own either when the brown stuff hit the metal revolving object.

Russ_uk 09-04-2013 08:44 PM

Quote:

Originally Posted by Justin
Avoid like the absolute plague.

I have no doubt within a few years (at most) they will be worthless but haven't a clue how many mugs will pile in first to drive the price higher.

I'd say the the exact opposite!

Bitcoins will continue to get bigger and bigger, Even buying at $200/BTC is a worthwhile investment! There gonna hit EASILY $400+ at some point his year, probably MUCH more.

I no longer have the funds to do any major investing in crypto currencies but I still dabble a little. Litecoin (LTE) Will be the next big one IMHO - I've already doubled my money in the space on a week with these :p

If you get he chance to buy even a single Bitcoin I say buy, buy, buy! If you've got a half a brain there's no way you'll lose money.

prizesucker 09-04-2013 08:54 PM

According to this article ( http://citywire.co.uk/wealth-manager...-prick/a670969 ) bitcoins have already gone up 900% in 2013. Not a bad return i suppose ;) but i'm not sure i would invest in them.

FraserH 09-04-2013 08:57 PM

Russ which site are you trading on? I have heard good things about Litecoins too.

Russ_uk 09-04-2013 08:58 PM

Quote:

Originally Posted by FraserH
Russ which site are you trading on? I have heard good things about Litecoins too.

https://btc-e.com

Litecoins more of a long term thing, where as Bitcoin is for a quick-ish buck, that'll be my (simplified) advice anyway :)

Neckinger Eagle 09-04-2013 08:58 PM

The world has gone barking mad.

Russ_uk 09-04-2013 09:08 PM

Quote:

Originally Posted by Neckinger Eagle
The world has gone barking mad.

The world went barking made when Fiat currencies became the norm.

Gold, Silver and Bitcoin (crypto currencies) are the only things worth investing in ATM


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