Bitcoins n/g | Vital Football

Bitcoins n/g

Vambogills

Vambogills

Vital Football Hero
Do any posters understand this craze or even own any? I tried reading up on them but seeing words like cryptocurrency and Richard Branson frighten the life out of me. My son in law (30) enthuses about them but I can just sense an awful lot of people heading towards losing a lot of 'real' money by swapping it for fairy dust.

Plain English answers please!
 
People who have been stung are still going back because the returns look so attractive. That may well be the case but you don't see pension funds investing in them.
 
Did your teeth break?

Seriously, widely used by criminal classes, tax avoiders etc. It will eventually end in tears. Some institutions have already lost large sums to hackers.
 
Arthurly - 13/12/2017 14:25

I'm still buying tulip bulbs.
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Good analogy that.

For me it feels like Marconi shares in the dot.com bubble Crazy growth in a short period of time (although nothing like BITcoins) but eventually fell away to nothing.

This will do the same, although I do think cryptocurrency has a future.
 
Listened to a lecture the other day by a leading expert in crypto. The belief is that this is just the start of a massive change in the way the overal financial system is run. We are just in the embryonic state at the moment and certainly the likes of Bitcoin and block chain are here to stay. His forecasts include
1- because of block chain within the next 10 years we will have control of our own medical records etc
2- middle management business like lawyers,estate agents, accountants will cease
3- u will be able to go online and buy a house within 10 mins, instead of having to pay estate agents u will just have to pay a small fee of 10
4- Bitcoin will crash in the market at anytime (like Amazon did) and then is the time to invest as it will grow into a bigger and stronger currency
5- there will be a massive change in the banking system because of the unfair way banks operate, think he called Bitcoin and others "anarchy against the financial institutions".
I haven't looked into blockchain but he and a lot of the leading private finance companies are adamant that block chain and the correct operation of the P2P (peer to peer) system will change the world forever.
I deal in the forex market and I can tell that the crypto market is growing at a fantastic rate, and all brokers and financial advisors , who were previously sceptical , are now convinced and jumping on board.
 
Billy, you may well be right but, for the average man/woman in the street, many have been ripped off trying to get on the Bitcoin waggon. Between now and the block chain environment, I guess we'll have to come to terms with the open banking era.
 
Just hope that the whole edifice comes tumbling down and the fat cats get their fingers well and truly burned.

The ten year predictions seem very fanciful to me and seem like creative marketing gone mad.
 
block chain
toilet chain
blocked toilet

But all verified participants will know why it's blocked, when it was blocked, with what its was blocked, and by whom it was blocked.
 
Well the problem is within bitcoin, unless u have a recommended site or dealer, 95% of the stuff on the internet is a scam. The crooks have jumped on its ever increasing popularity. Now is not the time to buy as it will crash at some stage, then u buy.
Must admit had a quick look at block chain, non the wiser.
 
RotherhitheGill - 13/12/2017 18:49

I thought a Bitcoin was like the chocolate money you get at Xmas!
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Haha. That's the thing! With chocolate money you at least get something physical to see, feel and even enjoy! Bitcoin is a sequence of 0s ans 1s that only exists in the ether. Still none the wiser on the block thing but I am now better informed!
Thanks!!
 
Well I had to go to the lecture as part of the course I am doing. Crypto doesn't interest me in the slightest. Block chain wasn't explained in depth, just touched upon. All I remember was the lecturer showing a slide of various sized blocks of stone , the giant stone in the middle was owned by the village chief. U could then buy a small part of that stone . The stone was not broken up in remained in one piece ,but u owned the left hand corner covered in bird shit. That is blockchain, I am sure u are all clear on the subject now. I wonder if Buddha is interested in bitcoin and it's anarchy against the financial institutions.
 
A very risky investment. Not for the faint hearted.

This link may be of help:

http://www.bbc.co.uk/programmes/b09gzjhy
 
wxgill - 13/12/2017 20:53

A very risky investment. Not for the faint hearted.

This link may be of help:

http://www.bbc.co.uk/programmes/b09gzjhy
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That ship has sailed (and will hit an iceberg at some point!)
 
Apparently:
- Bitcoins are created by computers doing ever longer calculations
- which means the creation of new Bitcoin is limited so (in theory) it shouldn't suffer from inflation.

Real money is supposed to represent "work".
If one buys an asset, someone did "work" to create it - and the buyer acquired money from doing some other work.
[People may have views about how whether some work is over-valued - footballers, actors, bankers ]

So if Bitcoins are earned from doing long computer calculations ......
.... can anyone tell me whether these calculations are actually useful ?

(Or have I misunderstood ?) :16:
 
I've made some money out of crypto currency, as with all "investments" the trick is knowing when to get out, or at least getting out when you've reached a return that you are happy with.

Personally I wouldn't call myself an investor within this asset class, speculator is more appropriate.

Someone earlier on this thread mentioned that pension funds aren't looking at Crypto. Institutional investors can now trade bitcoin futures via Cboe and I know a few hedge funds are looking at it.
 
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