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Bitcoin
Jan 11, 2021 10:41:25 GMT
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Post by ianali on Jan 11, 2021 10:41:25 GMT
Looks like a Ponzi scheme except it seems to be legal. Or is it the future monetary system? |
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Post by Telemachus on Jan 11, 2021 10:45:32 GMT
In my opinion, putting money into Bitcoin is foolish as a long term strategy. Of course people can make money in the short term - they are making money by taking it from other more stupid people who buy high. But there is no intrinsic value in Bitcoin. You might just as well invest in football cards or some other such inherently valueless thing. The only reason why Bitcoin has any value is a type of mass hysteria. The history of the world’s finances is full of valueless bubbles that eventually burst. By contrast investing in stocks at least means you are investing in some sort of concrete asset. Yes of course a company can go bust rendering its stock valueless, but most of the time this doesn’t happen. And it’s worth mentioning that Bitcoin is subject to fraud and is not regulated in any way so if your investment goes tits up, that’s tough. Whilst I don’t disagree with what you say, I did watch the Martin Lewis money show recently, when he was asked about bitcoin, he didn’t say avoid at all costs. He did say it’s a gamble(like many investments) so don’t invest what you can’t afford to lose. As I said previously, I have some, more out of curiosity than expectation. If you regard it as a gamble like putting some money on the horses then fine, so long as you can afford to lose the money. Yes I suppose all investments are a gamble to some extent, but the risk vs reward thing comes into play. Bitcoin is highly volatile and thus the risk is pretty high. Apart from anything else, I wouldn’t invest in something that has just gone up 400% in less than a year. I would wait for the inevitable crash and then maybe think about investing. |
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Post by Deleted on Jan 11, 2021 10:48:13 GMT
Isn't it funny how there is always a flurry of interest in bitcoin just -after- a large increase in the "value"  Watch out for the pickpockets ! |
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Post by Andyberg on Jan 11, 2021 14:37:16 GMT
I considered £50k Tessla shares last Feb, I really really really really really fooked up there. I'd have been minted. So why didnt you? |
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Post by lollygagger on Jan 11, 2021 14:37:29 GMT
That's like reading the racing results and dreaming about IF you'd backed the winner. Rog It is, but it really happened and it's a very rare thing for me. I'd put it in a bleedin building society who within the week decimated the interest rate and I was cross. I bottled out because the stake to make it worthwhile I decided I couldn't afford to loose. Normally I take no notice of shares but I was studying Mr Musk and it was obvious he could do no wrong. Part of me thought that if one sees a thing like this it's already too late. Turns out it wasn't - I'd have had £1M I believe though I'd have bottled out when he split the share a few months ago and only had £700,000. Oh well! |
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Post by lollygagger on Jan 11, 2021 14:38:54 GMT
I considered £50k Tessla shares last Feb, I really really really really really fooked up there. I'd have been minted. So why didnt you? See above - bottled out. The point for me is this is not a thing I do so to be so close the one time I do give it some serious thought is quite annoying. Would I ever invest £50K in a single share? It's very unlikely but these odd-ball situations do appear and I did spot it. Next time maybe. I have a mate Gary, who over the course of a few Sunday sailing race meetings made over £1M buying and then selling bank shares when they plummeted overnight then sprang back back in 2008-9 or whenever it was. "Banks never loose" quoth he. Knowing the odd person like him does make it all seem possible. IIRC another of his sayings was if you have a pile of money in the bank, take it out and buy shares in the bank, it's safer and more profitable to own the bank than lend it your money. I'm not sure about that one but it sounds good.  |
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Post by Andyberg on Jan 11, 2021 15:20:18 GMT
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Post by Deleted on Jan 11, 2021 15:27:41 GMT
My mate has many share's (much wealthier than I). He made £5,000 in one day last week with a 240 point rise in the ftse 100 (or could have if he'd cashed in). However he has many times 'taken a punt' on strongly tipped shares and lost it all (£10,000 is his usual 'flutter). I think gambling is just gambling, whether dogs, horses, casino or shares) and not for anyone who hasn't got cash to lose. You may guess from that, that I haven't got cash to lose Rog |
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Post by Deleted on Jan 11, 2021 15:41:14 GMT
$0.39 per bit coin in 2010, $37k today.
I do wonder how much of this has to do with Covid and the state of the world, this time next year it could be back down at $10k, that's a big loss if you invest today Ricco.
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Bitcoin
Jan 11, 2021 16:04:32 GMT
via mobile
Post by ianali on Jan 11, 2021 16:04:32 GMT
$0.39 per bit coin in 2010, $37k today. I do wonder how much of this has to do with Covid and the state of the world, this time next year it could be back down at $10k, that's a big loss if you invest today Ricco. Staggering isn’t it? So much money to be made if you know how. Often from investments in things that never really make a profit. Bitcoin and Tesla... amazing. |
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Post by Telemachus on Jan 11, 2021 16:17:43 GMT
$0.39 per bit coin in 2010, $37k today. I do wonder how much of this has to do with Covid and the state of the world, this time next year it could be back down at $10k, that's a big loss if you invest today Ricco. Staggering isn’t it? So much money to be made if you know how. Often from investments in things that never really make a profit. Bitcoin and Tesla... amazing. And the thing is, this money is being “made” by taking other people’s money. It isn’t being made by actually creating anything. In every way it just looks like a massive scam to me, and I suspect the bubble will burst soon. A classic Ponzi scheme as Andrew said. |
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Post by Deleted on Jan 11, 2021 16:35:32 GMT
Ten years now and people were saying it would burst 8 years ago, how far it can go though is a different question, mainly due to banks/governments not wanting it to succeed.
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Post by bodger on Jan 11, 2021 16:51:30 GMT
I'm sure we all "have a mate" or know someone who "has a mate" who made a fortune on one scheme or another, but at the end of the day it's all gambling and is far removed from (relatively) secure investment. We probably know many more mates who have lost their shirt on one of those schemes but would never tell us about it.
yes ..... I've been there and done that 
by all means gamble with money you are prepared to lose but don't rely on it to finance your future.
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Post by Trina on Jan 11, 2021 17:10:04 GMT
Do you remember the pyramid scheme years ago ? I knew sooo many folk who thought it was wonderful.I was not one of them.
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Bitcoin
Jan 11, 2021 17:18:13 GMT
via mobile
Post by ianali on Jan 11, 2021 17:18:13 GMT
Ten years now and people were saying it would burst 8 years ago, how far it can go though is a different question, mainly due to banks/governments not wanting it to succeed. I wonder If Boris etc hold any bitcoin? I brought some just to see how it works. I shouD probably cash in now. |
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