To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

The whole point of it is Bitcoin can't be trusted

You keep saying this but fail to back it up with any facts.

It's unregulated.

Gold is regulated and is being manipulated by the markets. Bitcoin is not open to re-hypothecation, so your point is moot.

Never mind MN you always can nip over to Canada instead and buy a KFC bitcoin bucket using bitcoin instead.

Bitcoin won't "go bust", there are too many people invested in it staying afloat. When the price crashes there are many people more than happy to have an opportunity to buy back in at a low price, which pushes the price back up. When we were first in three or so years ago, the price doubled from around £500 to £1000 and people were amazed it has ever reached those heights, and after a few months it dropped back down again. Now look at it. There are people who bought in at 10p, £1, £100, £1000 etc who are all doing very well out of it. You only have to look at the longterm charts to see what generally happens when it drops.

For me the issue with BTC is the energy consumption and the transaction fees which would be extremely difficult to change, which is why other coins seem like a good punt right now.

But if the people who bought at such low prices cash in there isn't the money to keep paying out. So it is a Ponzi scheme IMHO. Of course the folk who paid 10p or even £1000 or even £5k have made a good profit. On paper. But not until they cash in. And if there is a run on it then it's finished.

That's not even vaguely true. It's not an investment fund or a pot of cash - the money when someone sells comes from someone buying in.

Don’t waste your time, Tammy . No coiners be no coiners.

I was reading a few posts in a forum. Somebody was complaining they had heard nothing after two weeks. Person replied saying 'you have to be patient. Do you think the exchange has a load of cash ready to pay out. They are waiting for people to pay in.' It's a Ponzi scheme. If anybody is paying into it now they must be fools.

I don't think you really understand how this works, Vivienne.
So true, Wicked!

Am impressed by your seer-like qualities Wicked for this slump definitely feels like the Q1 correction you foresaw. Any thoughts on how long it's going to last? This limbo is not making me at all happy. If Bitcoin dips in value even more I might buy a smidge more but... .

It's over folks. Down down down. It's a runaway train to the bottom. You heard it from me first.

MN I don’t think this is the big crash. I thought it would keep rising until the end of the year and then sort of level out before a whopping 24-48 hour crash (sort of 50%) followed by a levelling out and then take off again. It’s done a sort of mini crash and then levelled off. It’s back up to £11,000 this morning which is a slight breakthrough- wonder if it’ll hold.

American Wall Street firms pay their bonuses on 15 January. There’s speculation that quite a lot of that money will be poured into cryptos this year. I think it’ll be interesting to see if that happens. If it does, I think it will give Bitcoin that push it needs to get back onto an onwards trend. If not, I think we’ll continue to wallow until the next trigger- either positive or negative.

Who knows! Half the fun is that it keeps me guessing!

Vivienne on the edge of her seat waiting for everyone to lose money 😂 Hilarious if not disturbing

10 years from now she’ll still be posting, “Any minute now!”

It's very strange behaviour!! If you don't believe in it, don't do it! But to go on and on at people that do is just weird!

For the record we've made £6k profit on bitcoin since November (and yes Viv, it's been withdrawn with no problems) so if it's a con, it's a bloody good one.

I saw my accountant yesterday and got chatting about my cryptocurrencies holdings. After pointing out that liquidation and a spot of self-congratulation might be the sensible approach, she observed that, ultimately, it was much more fun to be able to say that have bitcoin rather than that you had bitcoin.

Out of interest, Sokuto. Where do you reckon that your profit came from?

From other people that sold theirs to me for less than I sold it to someone else :-)

I'm invested in bitcoin and quite a few other cryptos. I also trade them as an amateur. I'm a big believer in blockchain technology and think it is here to stay. There are over 1000 coins and I think around 95% of those will disappear but some of the ones with a sound business model and a good level of adoption will remain. Just like in the dotcom era.

People who claim banks are a safe place to store money need to read about bank bail ins.

Personally I think it incumbent on women to be involved. It is a very male domain just like traditional banking. If it is revolutionary, women should be involved too.

Thankyou. An intriguing rationalisation.

And cozietoesie a very rational one. There's an auction house in the next town to me. I like having a poke around there sometimes. The auctioneers sometimes see the same furniture come back for auction. Sometimes these pieces are sold for more, sometimes for less, depending on the current fashion in tables, desks etc. Some of the people selling are doing so because they are trading up, others because they need the money or because they just don't like it anymore. Some of the people buying are antique dealers who are hoping to make money by selling on. Is trading/buying bitcoin materially different to this?

another day, another shit coin scam.
reddit.com/r/Bitcoin/comments/7q0ki6/help_i_was_robbed_of_2945_btc_about_26_hours_ago/

dude has £30k stolen because of a bad link on Google. And completely anonymous and unreversible.

Bitcoin is cancer.

"Bitcoin is cancer."

Is there really any need for that?

None at all. Some people don't 'get' cryptos, I understand that but to be so aggressively anti is odd.

Personally I welcome any innovation which challenges the status quo. The banks have proved themselves to be untrustworthy and it's time their monopoly had some competition. .

I want to buy 100 of ether to hold on to. Torn between coinbase and bittylicious can anyone recommend? Do I need to buy a wallet??

Coinbase definitely but don't keep the coins on an exchange. Buy them and transfer to hardware wallet - Trezor or Ledger Nano S.

Ethereum is a good one. I have some and it has done very well. I wouldn't hold all my money in one crypto though, I would diversify.