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To think a lot of folk are going to get their fingers burnt by Bitcoin

(115 Posts)
Viviennemary Tue 12-Dec-17 16:22:52

I can't see this Bitcoin phenomena going on for much longer. I don't really understand it but isn't it a bit like the South Sea Bubble which has to burst eventually. Because it isn't actually based on anything tangible from what I can see.

BaffledMummy Tue 12-Dec-17 16:32:19

YANBU. It will burst. Same as every other bubble....nobody can predict when that will be however and the chance of making big money is a understandable draw for many.

Noofly Tue 12-Dec-17 16:33:37

Meh. It's in the nature of Bitcoin to crash. I've already sat through the Mt Gox catastrophe where it crashed 85%. If it can come back from that, it can probably comeback from.anything.

Having said that. I suspect there are an awful.lot of people jumping in right now who don't have a clue as to what they are doing and they will panic and sell at the first sniff of a crash and get burned. You shouldn't buy it unless you are willing to.potentially lose everything last penny you put in it.

Noofly Tue 12-Dec-17 16:34:36

God I hate typing on this phone!

Dippydippydora Tue 12-Dec-17 16:35:58

Is this some kind of investment thing? Sorry I am out of touch

dingdongdigeridoo Tue 12-Dec-17 16:40:08

The big exchange hacks are probably the most worrying. So even if you do make a lot of money out of it, there's always the risk it'll be nicked. And you have no comeback.

At least when I had money stolen from my bank account it was replaced by the bank without a fuss.

Viviennemary Tue 12-Dec-17 16:43:26

I googled it but it's hard to understand how it works. It's a virtual currency. But doesn't all currency need the back up of gold reserves or something. And I don't expect this does.

Kursk Tue 12-Dec-17 16:44:21

It will crash and a lot of people will get burned. However they choose to do their homework and take the risk, if the risk. If they get burned it’s their problem

Joel89 Tue 12-Dec-17 16:46:10

Explains things fairly simply I think.

Not sure if I would invest in it yet though.

KurriKurri Tue 12-Dec-17 16:48:45

I'm going to come right out and say it - even I sound like a fool - I have absolutely no understanding of what Bitcoin is, nor do I care. It appears to be completely imaginary.

It is a word that makes my brain instantly switch off.

Noofly Tue 12-Dec-17 17:03:00

dingdong only a fool leaves their coins on an exchange. Even the exchanges will tell you to use a hard or paper wallet (which yes, you need to not lose various codes for and have back ups, but they don’t carry the risk of being hacked.)

GrockleBocs Tue 12-Dec-17 17:07:33

I don't think many currencies are backed up by gold any more.
I think it's easier to think of it as shares rather than money. There were x bit coins or shares and there will never be more. They are worth what someone will pay and there's now a futures market, like shares.

Madbengalmum Tue 12-Dec-17 17:09:53

Yup, i am sure it will go TU due to the amount of drugs/crime money investors.

BusinessMum1 Sat 16-Dec-17 19:37:20

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

PersianCatLady Mon 25-Dec-17 09:20:41

Having just seen that a single Bitcoin dropped in value this week from around £15,000 to around £10,000 then I think that perhaps the days of making massive profits from it are over.

Then again considering that in August a single Bitcoin was worth around £3,000, those who have had them since then have still made a fair profit even at £10,000. The only issue is finding someone who wants to buy them as some people are saying that they are finding it hard to sell them, without increasing large fees right now.

SabineUndine Mon 25-Dec-17 09:23:07

Yep. Invest in blockchain technology if you want to but I wouldn’t touch Bitcoin with a barge pole.

sagamartha Mon 25-Dec-17 09:34:03

The only issue is finding someone who wants to buy them as some people are saying that they are finding it hard to sell them, without increasing large fees right now

If something is 'worth £10,000' but no one wants to buy them, then surely it's not worth £10,000.

Launderetta Mon 25-Dec-17 09:49:10

Totally agree, sagamartha.

Does anyone know what "mining for bitcoin" is?
I've heard of pcs being hacked & used for mining by other people, but have no idea how this can result in profits for the hacker.

Viviennemary Mon 25-Dec-17 11:44:09

I googled it before and still don't understand it. Apparently there will only ever be 1m bitcoins mined. And then each coin can be split into multiple bits. you mine them by solving very hard puzzles on special computers. hmm Sounds like a total and absolute con to me. And I heard last night at beginning of new year they'll be virtually worthless. Why do people fall for this stuff.

VivaLeBeaver Mon 25-Dec-17 11:49:18

I don’t understand the mining process but apparently it’s actually bad for the environment as these computers are using so much electricity that in parts of the world it’s causing blackouts and major strain on infrastructure/more electrical power to be consumed. Seems crazy.

Quimby Mon 25-Dec-17 12:30:54

“Why do people fall for this stuff.“

Why do people who (by their own admission) don’t understand crypto currency feel the need to make proclamations that it’s a con?

sagamartha Mon 25-Dec-17 12:34:37

Why do people who (by their own admission) don’t understand crypto currency feel the need to make proclamations that it’s a con

I thought I was quite good at technology - but there was an article on blockchain technology and I didn't have a clue.

Something to do with hashcodes.

ChelleDawg2020 Mon 25-Dec-17 12:37:07

It's like any investment, you pay money for a "thing" and hope the value goes up. Bitcoins are no different to investing in shares, or property, or gold, or horse-racing.

A year from now you still have something (a share certificate, a house, gold, or a betting slip) which may or may not be worth what you paid for it.

Bitcoins are obviously highly volatile and more risky than other investments but as with other forms of gambling, the advice is straightforward: never use money you cannot afford to lose.

greendale17 Mon 25-Dec-17 12:41:25

It is a con though isn’t it? All this rubbish with mining etc.

StoneColdDiva Mon 25-Dec-17 12:58:21

No, there are 21 million bitcoins. And each one can be divided into a million.

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