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?

Pisacake, bitcoin is too slow for last minute payments; that's the gist of the article. Everyone knows bitcoins limitations with speed which is why bitcoin is seen as a store of wealth and alt coins such as litecoin are better for making purchases.

Funny how this thread attacts so many people who obviously don't 'dabble' in cryptos.

For those of you who do, what alt coins are you looking at? I might add more $eon to my portfolio - it could give $eth a run for its money.

When Bitcoin crashes it will take all the other coins with it. They will all go in a puff of smoke. Reduced to where they came from. In somebody's imagination.

Flikka I think along the lines of what you posted a little while back. I think we have a new asset class of crypto currencies. I think the bubble will be for the asset class, not specifically Bitcoin and will result in a massive consolidation. I’m just hoping that I’m holding the ones that do survive.

I have Bitcoin, Ethereum, Litecoin and my beloved Doge. I think all of those have an excellent chance of being here long term. I also only have time to research and follow that number of coins and so may well be missing out on others.

Doge, I have the same tokens as you apart from dogecoin. I also have on a shared portfolio with dh a few others. 25 different ones all together and all have performed well so far. I always take out the initial investment as soon as it doubles so even if the whole thing popped tomorrow i would break even. Do you trade or hodl?

Viviennemary I think blockchain is here to stay and I'm excited by it - it appeals to my anarchic streak. Not all coins will survive but if people can make some money out of them, then good for them. Banks have devalued sterling through quantitative easing so money kept in banks is losing value whereas my investment in cryptos has grown 4x. What's not to like?

What's not to like?

Where do those 'profits' come from?

They come from more entrants coming in to the marketplace. Bitcoin and alt currencies are becoming more mainstream so lots of money coming in. I sell high and buy on the dips - like with other trading, this technique works well if you are able to read charts. Dh has taught me how to do that and we get it right more often than not.

Indeed they do come from them.

I don't get why 1 Bitcoin = £10K or a week ago £14K. Who is buying at these insane prices. I think it's manipulated and when it crashes the minnows won't get their money back. Would anyone sell their house for Bitcoins. It's a complete scam. It won't ever be a currency. It certainly isn't a store of value. If people make money buying and selling them. Why not buy and sell bags of hot air.

You can indeed buy houses using Bitcoin.

fortune.com/2018/01/15/bitcoin-home-buying-real-estate-prices/

Flikka you know what I would love is a tracker fund of say the top 20 coins which sort of sounds like what you’re doing. I normally can’t stand trackers, but would love a crypto currency one. I’m lousy as a trader. Every once in a while I do a dummy fund on HL to try and I invariably lose money so I hodl my cryptos. I have a 9 year plan and hopefully at least one of my hodlings will still be going strong by the end of it.

Oh, I'd like that a alt-coin portfolio thing too - is it something like this? www.bittwenty.com/ Assuming that this website isn't an almighty scam, of course...

Excellent summary of why not to invest in Bitcoin.

www.theguardian.com/technology/2018/jan/15/should-i-invest-bitcoin-dont-mr-money-moustache

Best quotes:-

Let’s start with the answer: no. You should not invest in Bitcoin.

The reason why is that it’s not an investment; just as gold, tulip bulbs, Beanie Babies, and rare baseball cards are also not investments.

These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but solely because people thought they could sell them on to someone else for more money in the future.

When you make this kind of purchase – which you should never do – you are speculating. This is not a useful activity. You’re playing a psychological, win-lose battle against other humans with money as the sole objective. Even if you win money through dumb luck, you have lost time and energy, which means you have lost.

and

Let’s get this straight: in order for bitcoin to be a real currency, it needs several things:

Easy and frictionless trading between people.
To be widely accepted as legal tender for all debts, public and private.
A stable value that does not fluctuate (otherwise it’s impossible to set prices).
Bitcoin has none of these things, and even safely storing it is difficult. Bitcoin exchanges such as Mt Gox in Japan, Bitfinex and various other wallets and exchanges have been hacked.

The second point is crucial. Bitcoin is only valuable if it truly becomes a critical world currency. In other words, if you truly need it to buy stuff, and thus you need to buy coins from some other person in order to conduct important bits of world commerce that you can’t do any other way. Right now, speculators are the only people driving up the price.

It's down £1k since last night. A store of value. Can't believe how many people have fallen for this. You might as well buy a virtual house than this mirage.

I steer away from tracker funds because I enjoy being in control and I don't trust anyone else with my investment . Doge, there are loads of you tube posts to help learn how to trade. I knew nothing about few months ago but am getting somewhere now with it. I follow the rules of selling high and buying low. It works for me.

This morning has been a bloodbath with many coins falling. I've bought some Stellar Lumen and more bitcoin cash. Both are now back on the way up. I try and look for coins with a good business model behind them. I like the privacy coins such as monero because I think they will be very desirable in the future.

I'm so scared. I bought £1400 worth of bitcoin last night as the price seemed low and now it's plummeted and is worth £1000 less than what I paid for it!!!

Will it go back up or am I well and truely fucked?

Hold on to it.
It will go up again but it might take a while. Dont panic sell.

It is never a good idea to buy when it is falling!

But DH kept screaming at me to "buy quick!! This is the lowest it will go!!" And I panicked.

I bought for £10750 and now its work £9600 😭😭😭😭😭

If you bought £1400 worth. It hasn't gone down by £1000. Did you mean you bought £14000 worth. What did you pay for it. HOnestly there's going to be tears before dawn with this lark.

I paid £1400 for part of a bitcoin when it was valued at £10750 per bitcoin.

I've told DH we've lost money and he shrugged his shoulders and said I didn't have to listen to him. So pissed off although it does seem to be going back up a bit.

Cross post I see what you mean now. You've lost on paper a few hundred pounds. Ten percent of your 'stake'. If I were you I wouldn't have bought at all. But you have. Don't know if I'd hang on or sell out. Once you're in you're in. Ponzi scheme.

I am still holding onto some bitcoin. I am not worried.
But I am in for the long haul.

Xombie. It will go up again. I'm pretty sure of that. There was a panic today and lots of people sold but I'm not worried. It will recover.

Xombie, I would be sorely tempted to not share profits with DH if I were you. He isnt being very nice.

Don't share your profits. Only your losses. Good business sense.