| Investments.........Now I don't really understand this Bitcoin thing but 10:45 - May 27 with 13642 views | Lord_Lucan |
I just heard on the radio that in 2010 Bitcoin had a US exchange rate against the $ of 0.003 and yesterday it was 2409
If you had bought $100 of Bitcoin in 2010 it would now be worth $73m |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 10:49 - May 27 with 8437 views | J2BLUE |
It's madness. Backed by nothing. The two assets it has are being outside of the banking system and being limited in quantity.
Silver has the same two assets along with being real and being an industrial metal which gets used up. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 11:10 - May 27 with 8391 views | BackToRussia |
back then Bitcoin would fluctuate hundreds of dollars in the space of a few hours, but yes, ridiculous. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 11:52 - May 27 with 8327 views | Darth_Koont |
| Investments.........Now I don't really understand this Bitcoin thing but on 10:49 - May 27 by J2BLUE |
It's madness. Backed by nothing. The two assets it has are being outside of the banking system and being limited in quantity.
Silver has the same two assets along with being real and being an industrial metal which gets used up. |
Arguably our traditional monetary system is backed by nothing - just a commitment to respect the value and validity of currency.
And it's only relatively recently that silver and gold have acquired an industrial or medical value. Before that, they were all about perceived value just like Bitcoin. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 11:53 - May 27 with 8314 views | StokieBlue |
It's an asset bubble like any other and the factors behind it are similar.
There will only ever be 21m bitcoins (15m currently in circulation) so as more people want them they become more expensive due to supply and demand. The supply is limited/shrinking and the demand mainly comes from China as it's a method of getting money out of the country.
The reason it used to be so cheap was because anyone could "mine" one on a normal computer, now you need a massive farm of machines (most of which are in China).
You are right though, the price is crazy and will crash, in fact it's down 500 USD in the last day or so.
The technology itself is interesting though and will have useful real world applications once they get to grips with issues such as scaling.
SB [Post edited 27 May 2017 12:03]
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| Investments.........Now I don't really understand this Bitcoin thing but on 15:01 - May 27 with 8168 views | J2BLUE |
| Investments.........Now I don't really understand this Bitcoin thing but on 11:52 - May 27 by Darth_Koont |
Arguably our traditional monetary system is backed by nothing - just a commitment to respect the value and validity of currency.
And it's only relatively recently that silver and gold have acquired an industrial or medical value. Before that, they were all about perceived value just like Bitcoin. |
Agree that it's backed by nothing. I work with money and often sit there with a 50 EUR note and a 10 EUR note and wonder why it being a different colour, slightly bigger and having a different number on it makes it worth more. It#'s incredible when you think about it.
Also agree on your second point but at least it's physical. You can't lose a fortune by throwing out a hard drive like a few people have. | |
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| Investments.........Now I don't really understand this Bitcoin thing but on 15:26 - May 31 with 8027 views | ITFCson |
I'm getting in on the act. Yes it could end up worthless but many smart people have predicted it could become the global currency of the future and be worth $1 million + per BTC. Bought myself some Ethereum as well.
Risky - yes, but a risk well worth taking |  | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 15:42 - May 31 with 8012 views | mutters |
I've been buying Bitcoins for about 2 years now, one of the reasons for the recent spike is that some countries are now allowing them to be traded and Incorporated into financial offerings (funds etc). This has driven an increase in demand. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 15:56 - May 31 with 7992 views | blueislander |
| Investments.........Now I don't really understand this Bitcoin thing but on 15:42 - May 31 by mutters |
I've been buying Bitcoins for about 2 years now, one of the reasons for the recent spike is that some countries are now allowing them to be traded and Incorporated into financial offerings (funds etc). This has driven an increase in demand. |
Do you know of anyone who has been able to convert Bitcoins into cash? | | | |
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| Investments.........Now I don't really understand this Bitcoin thing but on 16:57 - May 31 with 7958 views | Number_Nine |
| Investments.........Now I don't really understand this Bitcoin thing but on 15:56 - May 31 by blueislander |
Do you know of anyone who has been able to convert Bitcoins into cash? |
Why bother. Just think how much cheese you could buy per BTC... |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 17:03 - May 31 with 7951 views | StokieBlue |
| Investments.........Now I don't really understand this Bitcoin thing but on 15:56 - May 31 by blueislander |
Do you know of anyone who has been able to convert Bitcoins into cash? |
You can do this using loads of regulated websites.
Coinbase for instance.
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| Avatar - IC410 - Tadpoles Nebula |
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| Investments.........Now I don't really understand this Bitcoin thing but on 17:03 - May 31 with 7946 views | FrowsyArmLarry |
I would love to have an illegal electricity supply and start a bit farm. Anyone criminally minded who works for the national grid on this board? |  | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:09 - May 31 with 7934 views | blueislander |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:03 - May 31 by StokieBlue |
You can do this using loads of regulated websites.
Coinbase for instance.
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Who regulates them? Who are the market makers, and are they regulated too? | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:22 - May 31 with 7915 views | connorscontract |
The first rule of investing: if you don't understand something, don't invest in it.
The second rule of investing: when people ignore rule 1 because "if I'd got in before this spike I'd have made a killing" then the bubble is probably pretty much stretched as thin as it will go. | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:51 - May 31 with 7893 views | Lord_Lucan |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:22 - May 31 by connorscontract |
The first rule of investing: if you don't understand something, don't invest in it.
The second rule of investing: when people ignore rule 1 because "if I'd got in before this spike I'd have made a killing" then the bubble is probably pretty much stretched as thin as it will go. |
I wasn't even considering investing in them. I just posted something because a / I was flabbergasted and b / I don't understand them. | |
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| Investments.........Now I don't really understand this Bitcoin thing but on 17:59 - May 31 with 7882 views | connorscontract |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:51 - May 31 by Lord_Lucan |
I wasn't even considering investing in them. I just posted something because a / I was flabbergasted and b / I don't understand them. |
I didn't intend to suggest you were. But others on the thread are... | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:05 - May 31 with 7878 views | caught-in-limbo |
| Investments.........Now I don't really understand this Bitcoin thing but on 10:49 - May 27 by J2BLUE |
It's madness. Backed by nothing. The two assets it has are being outside of the banking system and being limited in quantity.
Silver has the same two assets along with being real and being an industrial metal which gets used up. |
Just out of interest, do you ever get to see, touch and keep for yourself the silver or gold you buy?
Actually, I'm fairly sure I know the answer to that, but please confirm. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 18:14 - May 31 with 7866 views | blueislander |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:05 - May 31 by caught-in-limbo |
Just out of interest, do you ever get to see, touch and keep for yourself the silver or gold you buy?
Actually, I'm fairly sure I know the answer to that, but please confirm. |
What point are you trying to make? It is quite possible to invest in physical gold and silver, but most people use "synthetic" products which reflect the value of the commodities. The rationale for investing in either is the same. | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:19 - May 31 with 7859 views | blue_oyster |
It's basically a measure of how technology is being used in organised crime. Fill your boots. |  |
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| Investments.........Now I don't really understand this Bitcoin thing but on 18:27 - May 31 with 7854 views | caught-in-limbo |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:14 - May 31 by blueislander |
What point are you trying to make? It is quite possible to invest in physical gold and silver, but most people use "synthetic" products which reflect the value of the commodities. The rationale for investing in either is the same. |
I'm not really trying to make a point - just clear up a doubt.
People have told me that it's best to invest in something tangible because it actually has worth - people like silver and gold stuff, so it's valuable to most people everywhere. My doubt is, even if it's physical gold or silver you're buying, if you never get to touch it and own it - it's not actually tangible.
I realise this might be a very innocent question, but unless someone who knows more about it than me can explain - it'll always be a mystery.
Genuine question. [Post edited 31 May 2017 18:28]
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| Investments.........Now I don't really understand this Bitcoin thing but on 18:33 - May 31 with 7841 views | blueislander |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:27 - May 31 by caught-in-limbo |
I'm not really trying to make a point - just clear up a doubt.
People have told me that it's best to invest in something tangible because it actually has worth - people like silver and gold stuff, so it's valuable to most people everywhere. My doubt is, even if it's physical gold or silver you're buying, if you never get to touch it and own it - it's not actually tangible.
I realise this might be a very innocent question, but unless someone who knows more about it than me can explain - it'll always be a mystery.
Genuine question. [Post edited 31 May 2017 18:28]
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Some people do indeed want to hold the physical asset. However it is quite unwieldy, and you would probably want to hold it in a secure vault, like a bank, who would then sell it for you when you want. The vast majority of investors in this class of asset use "synthetic" products which are traded like shares. | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:37 - May 31 with 7832 views | caught-in-limbo |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:33 - May 31 by blueislander |
Some people do indeed want to hold the physical asset. However it is quite unwieldy, and you would probably want to hold it in a secure vault, like a bank, who would then sell it for you when you want. The vast majority of investors in this class of asset use "synthetic" products which are traded like shares. |
So if I did buy some silver, and did have a secure vault 50m below my house, I could get the silver delivered to me somehow? | |
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| Investments.........Now I don't really understand this Bitcoin thing but on 18:39 - May 31 with 7830 views | blueislander |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:37 - May 31 by caught-in-limbo |
So if I did buy some silver, and did have a secure vault 50m below my house, I could get the silver delivered to me somehow? |
Yep, you could. Might be expensive though. | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:44 - May 31 with 7823 views | caught-in-limbo |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:39 - May 31 by blueislander |
Yep, you could. Might be expensive though. |
Expensive because of the delivery conditions, or expensive because I've actually bought the real thing? | |
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| Investments.........Now I don't really understand this Bitcoin thing but on 18:50 - May 31 with 7814 views | ITFCson |
| Investments.........Now I don't really understand this Bitcoin thing but on 17:59 - May 31 by connorscontract |
I didn't intend to suggest you were. But others on the thread are... |
I barely understand it but am buying. Not sure why you need to understand to buy.
I understand that others who do understand have made predictions that BTC will continue to soar. Most of those people are a lot smarter than me and at a guess I would suggest smarter than you.
No doubt you would of given the same advice to people who didn't understand when they were about a cent per BTC. In fact you probably would of been the one to advise the guy who had 10'000 BTC that buying 2 pizzas with them was a good idea because he shouldn't be investing in something he didn't understand | | | |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:52 - May 31 with 7808 views | J2BLUE |
| Investments.........Now I don't really understand this Bitcoin thing but on 18:37 - May 31 by caught-in-limbo |
So if I did buy some silver, and did have a secure vault 50m below my house, I could get the silver delivered to me somehow? |
Yes you could.
Your question above - yes I have possession of the physical metal. I wouldn't recommend 'paper silver' at all. My metal is stored securely, outside of the banking system and if I ever needed to I could have my hands on it within 20 minutes. | |
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