spicyayam
[SIZE=6][B]If you bought $100 of bitcoin 7 years ago, you'd be sitting on $75 million now[/B][/SIZE][URL]http://www.cnbc.com/2017/05/22/bitcoin-price-hits-fresh-record-high-above-2100.html[/URL]
DenpasarHouse
Here's a website to keep track of all the different Cryptocurrencies: [URL]http://coinmarketcap.com/currencies/views/all/[/URL]This is really the wild-west of investing at the moment. Unpredictable, difficult and extremely risky . . . but holy shit, some of the returns are just out of this world.I missed the boat with the recent surge. I was going to buy US$1000 worth of Ripple, but it's a little more complicated than the usual transaction and I didn't want to rush it while my parents were visiting. That hesitation cost me US$60,000. Bah!It feels like a big bubble at the moment. The problem is, I thought the same thing a month a go and Bitcoin has doubled in price since then.
Markit
If you had bought bitcoin 7 years ago you would probably have lost all your money because so many bitcoin owners have been scammed and robbed of their coins. If you want a speculative investment with high risk and high returns buy property in Bali - freehold. At least you have something you can see and touch. Remember mp3 and what that did to music. Well bitcoin is the mp3 of money.
DenpasarHouse
If you had bought bitcoin 7 years ago you would probably have lost all your money because so many bitcoin owners have been scammed and robbed of their coins.[/QUOTE]True to an extent, when it wasn't worth much people didn't really care if they lost them. However, the overwhelming majority have not been robbed or scammed.If you want a speculative investment with high risk and high returns buy property in Bali - freehold. At least you have something you can see and touch.[/QUOTE]You can't buy anything in Bali for US$1000. You don't have to bet the farm to enter the market.Remember mp3 and what that did to music. Well bitcoin is the mp3 of money.[/QUOTE]Isn't this an endorsement? MP3 won out over all the other formats didn't it?
Markit
The mp3 format was responsible for the largest run of copyright infringement and bootlegging the world has ever seen. It cost(s) the musicians and music companies billions in lost sales. If that's an endorsement then fill-ur-boots!
DenpasarHouse
So . . . you're opinion is that Bitcoin is going to decimate the utility of fiat money the world over?And you still don't want in?
Markit
So . . . you're opinion is that Bitcoin is going to decimate the utility of fiat money the world over?And you still don't want in?[/QUOTE]I think that any media that is as easy to copy as is anything digital (it's only 1s and 0s) will never have a future among knowledgeable buyers. That's not to say everyone else is stupid but I think that those that preach bitcoins benefits have a particular agenda not related to bitcoin but to their own speculative attempts...
DenpasarHouse
. . . I think that those that preach bitcoins benefits have a particular agenda not related to bitcoin but to their own speculative attempts...[/QUOTE]There's certainly no shortage of extreme libertarians and dickhead objectivists in the ranks of Bitcoin enthusiasts. They're all frothing at the mouth in anticipation of the end of the central banks. I'm no fan of theirs and my only hope is that it works as a store or value, often described as a digital version of gold.I think that any media that is as easy to copy as is anything digital (it's only 1s and 0s) will never have a future among knowledgeable buyers[/QUOTE]I know you're a shit stirrer, but if you're actually serious, then you've got a lot of homework to do. Also, you're flip-flopping all over the place. One minute it's going to ruin fiat like mp3s ruined the music industry and the next it's something that "knowledgeable people" wouldn't touch with a barge pole. It can't be both.
Markit
I know you're a shit stirrer, but if you're actually serious, then you've got a lot of homework to do. Also, you're flip-flopping all over the place. One minute it's going to ruin fiat like mp3s ruined the music industry and the next it's something that "knowledgeable people" wouldn't touch with a barge pole. It can't be both.[/QUOTE]Us shit stirrers don't usually stoop to lengthy explanations but in your case DPSH I'll give it another shot: If something is unique it will retain it's value, but if it's easily counterfeited it won't (Gucci handbags or Dior sunglasses anyone? I one time paid $8 for an 8 track Derrick and the Dominoes now it's free on the internet). Regardless the wonders of the block-chain system of verification I'm still very skeptical that anything that is composed entirely of 0s and 1s and based completely in the ether has any intrinsic value regardless of what an army of "believers" tell me. If you chose to spend your ill-gotten gains on a cloud full of 1s and 0s someone you don't know says is worth money then "fill yer boots". I'd sooner chase large, cold beer and small, brown women with mine. But what do I know?
DenpasarHouse
If something is unique it will retain it's value . . . [/QUOTE]Agreed. There's 21 million Bitcoins and no more. They technically could change the code to produce more but then the market would lose confidence in it and it'd tank. To make up for their scarcity, Bitcoins are divisible to 8 decimal places. . . . but if it's easily counterfeited it won't[/QUOTE]There's billions of dollars just sitting there for anyone who can crack it and yet no-one has. I don't think that counts as "easily counterfeited".There's huge risks involved with Bitcoin but they're not the ones you're pointing out. That's why I say that you need to do your homework.
Markit
There's huge risks involved with Bitcoin but they're not the ones you're pointing out. That's why I say that you need to do your homework.[/QUOTE]I will look to you to keep us informed of the Bitcoin [ATTACH=full]2973[/ATTACH] "state of play". I'm not that interested in something you also admit has "huge risks involved".
spicyayam
Most people interested in BC call it an "experiment" and no one ever says invest all your money in it. If you have some cash to spare, no harm in buying a little. Even in the past year, you could have doubled your money.
DenpasarHouse
I'm not that interested in something you also admit has "huge risks involved".[/QUOTE]Ha! Don't forget your "bat and ball" ;)
DenpasarHouse
Most people interested in BC call it an "experiment" and no one ever says invest all your money in it. If you have some cash to spare, no harm in buying a little. Even in the past year, you could have doubled your money.[/QUOTE]At eight years in, it's a bit beyond an "experiment" now, it's being mentioned on mainstream financial news sites the world over, but there's no denying that it's still a huge risk.If anyone asked me whether they should invest now, I'd say no, there will probably be a correction soon. But like I said above, I thought the same a month ago and if you'd bought then you'd be up 100%.Basically, don't invest anything you can 't afford to lose and don't invest if you're not willing to hold it for at least 5 years.
Markit
If it's gone up 100% in the last month why for all that's holy would you keep it for 5 years? In my investing days if you could make 5% in a month you were waaaaaay ahead of the game. There isn't even agreement on who invented them or where they came from - "Hell yeah!! Get me some of that!!!". DPSH just send me your money and I give double that back in 5 years, promise. [ATTACH=full]2974[/ATTACH]
DenpasarHouse
If it's gone up 100% in the last month why for all that's holy would you keep it for 5 years?[/QUOTE]Because if you buy it today, and the bubble bursts tomorrow, you'll need to be prepared to hold on for years to see the price rise again. If you're not prepared to hold then you'll most likely panic sell and lose your shirt.
Markit
Some interesting "news" about bitcoin from the Economist (best news mag in the world)[URL]http://www.economist.com/news/leaders/21722841-latest-frenzy-tulip-mania-gold-rush-or-dotcom-boom-what-if-bitcoin-bubble[/URL]
DenpasarHouse
Some interesting "news" about bitcoin from the Economist (best news mag in the world)[URL]http://www.economist.com/news/leaders/21722841-latest-frenzy-tulip-mania-gold-rush-or-dotcom-boom-what-if-bitcoin-bubble[/URL][/QUOTE]Thanks Markit, that's a well balanced article. Here's another article from a couple of years ago. It gives a general outline of the mining process.[URL]http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic[/URL]
DenpasarHouse
For anyone that's interested, here's an overview of the background drama that's going on in Bitcoin at the moment. This is what I was referring to when I said there are huge risks involved with investing in Bitcoin.[URL]https://www.forbes.com/sites/laurashin/2017/06/07/bitcoin-is-at-an-all-time-high-but-is-it-about-to-self-destruct/#4e235421cb31[/URL]
