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BIT COIN (S)
- Thread starter bol-uk
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bol-uk
Player Valuation: £50m
This is true!
For sure, there are a growing number of ways you can spend Bitcoin, but it's still growth from a very low base. I'd be incredibly cautious about using it as an investment. The risks must be very high.
I thought all transactions were recorded in the blockchain? Shouldn't you be able to trace each trade (at least one step) if they're stolen?
bol-uk
Player Valuation: £50m
There's a decent documentary on Netflix about the start and rise of Bitcoin worth a watch.
There are a few on you tube too. Good to understand what you may be getting into and what issues and trends they have seen. Not sure the name of the netflix one but if you type bitcoin into you tube it gives you some fair results.
Plenty of them for and just as many against and then that are on the fence.
bol-uk
Player Valuation: £50m
Thanks Steveo!
Final thoughts on Bitcoin: it's not a "cryptocurrency," if anything it's a "crypto commodity." Prices will rise and fall like all commodity prices. The benefit of bitcoin vs gold is that gold must be taken into physical possession and can be confiscated by governments, so it's hard to use this for payment on transactions covering long distances and it's risky for illegal transactions. The benefit of bitcoin vs currencies (like the $USD) is that there's no regulatory body to block your use or prosecute you for illegal use (cf, FIFA).
But it's not a real currency, just like you don't "mine" for dollars or rubles or lira. And the inherent risks are huge, even if unseen. Plus the ethical question of whether you should engage in a trading scheme that supports those who are using bitcoin to support their illegal practices. IMO, the only people who should be trading bitcoin are speculators and those conducting illegal activities. It's not an "investment."
If you don't have enough money that dropping £[XYZ] on bitcoin doesn't matter, you shouldn't make the trade. If you have enough money such that dropping £[XYZ] is inconsequential to you, you should probably either stick that in a diverse index to capitalize on your massive wealth with modest returns or you should give it away to charities for the good of others.
That's my $0.02 ($USD), which is roughly 2p in today's market.
But it's not a real currency, just like you don't "mine" for dollars or rubles or lira. And the inherent risks are huge, even if unseen. Plus the ethical question of whether you should engage in a trading scheme that supports those who are using bitcoin to support their illegal practices. IMO, the only people who should be trading bitcoin are speculators and those conducting illegal activities. It's not an "investment."
If you don't have enough money that dropping £[XYZ] on bitcoin doesn't matter, you shouldn't make the trade. If you have enough money such that dropping £[XYZ] is inconsequential to you, you should probably either stick that in a diverse index to capitalize on your massive wealth with modest returns or you should give it away to charities for the good of others.
That's my $0.02 ($USD), which is roughly 2p in today's market.
bol-uk
Player Valuation: £50m
I am considering buying on a speculative basis. I have a bit of captial that I can risk. This seems like an interesting venture if nothing else.
That's how they only use bitcoin for ransoms - the CIA were on to the illegal activities and the hacker stopped my son showed me a picture of him on his personal yacht - saying that's the B who has made a fortune over 18 months on ransom monies so it maybe fake accounts etc the CIA got too close to him - he did a runner very rich!
orly
Please check with me for Blammo criteria
Why did he run away when he had a yacht?
Wow, OK @bol-uk although you are not my brother in law you certainly argue like him.
I can see the building on the Isle of Man with the office that trades BitCoin in it out of my office window. I have more windows in my personal office than they do for their entire operation.
I will leave this debate how I left it with him. You do not know why the price has risen and you do not know why it will fall. You do not understand the risks that 'investment' in BitCoins brings. However, you are a big boy, so whatever you decide to do is down to you. You can afford to lose all your capital invested. It is entirely unregulated.
I truly hope you are a lucky one and that you get in and out at a profit. There will be thousands who lose their shirts, or maybe their pensions. There will be people jailed.
And with that, Good Luck !!
I can see the building on the Isle of Man with the office that trades BitCoin in it out of my office window. I have more windows in my personal office than they do for their entire operation.
I will leave this debate how I left it with him. You do not know why the price has risen and you do not know why it will fall. You do not understand the risks that 'investment' in BitCoins brings. However, you are a big boy, so whatever you decide to do is down to you. You can afford to lose all your capital invested. It is entirely unregulated.
I truly hope you are a lucky one and that you get in and out at a profit. There will be thousands who lose their shirts, or maybe their pensions. There will be people jailed.
And with that, Good Luck !!
bol-uk
Player Valuation: £50m
Have we argued? I thought we were just discussing our observations?!
Anyway, I value everyone's input, will I take the gamble?I do not know, will read up on it for a while (when I get time) and take it from their.
No location mentioned just him sunning it great scam causing misery business firms he attacked freezing pay rolls for small to middle companies started by a gullible e mail to let him in - then paid via bit coin for the code to undo it all taking hours to encrypt it!
No trace of proof other than slightly different methods of cyber attacks of all the warnings some idiot in a company would open a e mail small scale NHS attack going back three years now, my son was rushed off his feet his firm had to open a bit coin account to pay the ransoms!
Bungle
Player Valuation: £90m
Don't do it fam, slippery slope and before you know it you're waking up in a bath of ice and some Russian has stolen your vital organs. It's a murky world and you're definitely getting murdered by shady characters if you invest.
Put it in a cash ISA and be happy that inflation is your biggest enemy.
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