Cryptocurrencies

[harryopal1]

While there are elements about Bitcoin growth that remind me of pyramid schemes it looks to me that as the continuing interest keeps drawing more people the price will continue to go up for some time. The number of people being drawn to Bitcoin is still well below its potential as the number of purchasers is still relatively tiny.

That said, I have no bitcoins and have a nagging feeling that the moment I buy it will have reached its zenith and will be downhill thereafter.

 

[Anglian]

I’m a bit pessimistic about bit coins, they say if it’s too good to be true it probably is, but I hope it all doesn’t end in tears

 

[Bad_azz]

The thing is they are feasible. The world is moving ever closer to being a digital world & digital currencies fit right into that world.
Bitcoin are just on the edge of mainstream & when they hit mainstream the price can only go higher.
There are only so many of them available to mine- not like the USD- they can't print more. So there are a finite amount and once they have all been mined the value will go up as it will be a seller's market.

 

[R Cameron]

There are only so many of them available to mine- not like the USD- they can't print more. So there are a finite amount and once they have all been mined the value will go up as it will be a seller's market.

That is only half-true, because while the amount of Bitcoins is finite, the amount of cryptocurrency that can be created is infinite, and they are interchangeable (with an appropriate exchange rate). It's similar to crude oil; there is a finite amount of crude oil left in the world, but the price hinges largely on the cost and availability of other sources of energy such as natural gas and electricity from nuclear, solar, and wind.

The primary risks I see in buying bitcoin are:
1) the value drops because people shift to a newer, better cryptocurrency (will ethereum kill bitcoin the way facebook killed myspace?).

2) the value drops because people lose trust in the base code, exchanges, and/or wallets because of technical vulnerabilities.

and/or
3) you lose bitcoin because it gets stolen by a hacker or dishonest exchange, or is simply lost because you lost/forgot your encryption keys.

 

[Davita]

A Leonardo da Vinci painting was auctioned for $450 Million at Christies last week.
It was sold for $10,000 in 2005 and in 2013 sold again for $127.5 M.
No matter if it loses value it's still a painting to be admired....if cryptos become worthless what's left.

 

[Bad_azz]

I bought some Ethereum a while ago & it just sits there. It doesn't perform- so to me it is boring , but I'm only in it for the entertainment. The profit is an added bonus.
& thanks, I am still being educated in it all.

 

[steveandpenny]

Davita, weren't you the one who said bitcoin was a bad investment ....Back when it was at $3,000....Now around $8,000 ? If you know of any other bad investments please let me know.

 

[Davita]

Davita, weren't you the one who said bitcoin was a bad investment ....Back when it was at $3,000....Now around $8,000 ? If you know of any other bad investments please let me know.

You might try to buy that Leonardo da Vinci painting....some experts say it's a fake and thus worthless.

 

[Anglian]

You might try to buy that Leonardo da Vinci painting....some experts say it's a fake and thus worthless.

It’s like all investments, I’m sure if the money markets collapse, whose going to buy your multi million pound painting, you might get a fried egg sandwich for it if you are starving

 

[Davita]

Davita, weren't you the one who said bitcoin was a bad investment ....Back when it was at $3,000....Now around $8,000 ? If you know of any other bad investments please let me know.

My wife and I were in Adelaide last Sunday having lunch. Our friend, an inveterate gambler, had to 'have a go' at the slot machines on our way out of the restaurant.
She quickly put in a $1 and won $10.....that's 1000% increase....much better than the 270% the bitcoin has gone up since it was US$3,000.

Maybe try the slots for an investment strategy.

 

[Anglian]

Probably will, but always a bit scary when something rockets in price

 

[steveandpenny]

My wife and I were in Adelaide last Sunday having lunch. Our friend, an inveterate gambler, had to 'have a go' at the slot machines on our way out of the restaurant.
She quickly put in a $1 and won $10.....that's 1000% increase....much better than the 270% the bitcoin has gone up since it was US$3,000.

Maybe try the slots for an investment strategy.

All bitcoin went up , how many of the slot machines played out ? Riddle me that joker. And I'm more of a Salvador Dali man myself so I'll keep my eyes peeled.

 

[Anglian]

Slot machines do pay out, but the longer you play you will lose it all

 

[Davita]

All bitcoin went up , how many of the slot machines played out ? Riddle me that joker. And I'm more of a Salvador Dali man myself so I'll keep my eyes peeled.

Some will win at the slots because others will lose.....some will win on bitcoins because others will lose......same gambling principle.

 

[Bad_azz]

The likely losers will be the banks - if things continue as they are. That is why they are so anti- CCs

 

[waarmstrong]

All bankers are scum. Almost all, anyway.

 

[Anglian]

All bankers are scum. Almost all, anyway.

Gosh that’s a very harsh statement Warmie, sad but true though

 

[Bad_azz]

Hey El_G , are you feeling a bit smug & a bit richer yet?
1 Bitcoin equals
8660.38 US Dollar

Wish I'd bought more than I did back in August. However my little pot is rising pretty much as if its going up a ladder just now. About 10% in the past 24 hours.

 

[waarmstrong]

Color me green with.....

 

[El_Goretto]

Hey El_G , are you feeling a bit smug & a bit richer yet?
1 Bitcoin equals
8660.38 US Dollar

Wish I'd bought more than I did back in August. However my little pot is rising pretty much as if its going up a ladder just now. About 10% in the past 24 hours.

Not really... I put it down on luck. I still get a nagging feeling that it may crash at any moment.