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?

Bitcoin is old news now. It wont be going up much now. TRX is where its at now. I bought at 4c and in 2/3 days it went up to 27cents making me hundreds in just a few days. But its about doing the research. Im investing in tron [trx] because i trust in its future value as do alot of other investors it seems.

You do realise that for you to 'make money', someone else is going to lose it?

Only if the system is closed, surely ?

The bitcoin system is only not closed if you imagine that (a) it will never cease to exist and (b) inflows of money will always increase with time. In other words, exactly the same conditions required to make a pyramid scheme work for all who join.

This is not the same as shares, where it is theoretically possible for every single investor to make money, without any new investors supplying any extra money at all to the system. This is because the initial money invested generates new money in the form of profits.

Bull markets climb a wall of worry. Bear markets slide down a slope of hope.

The bitcoin system is only not closed if you imagine that (a) it will never cease to exist and (b) inflows of money will always increase with time. In other words, exactly the same conditions required to make a pyramid scheme work for all who join.

This is not the same as shares, where it is theoretically possible for every single investor to make money, without any new investors supplying any extra money at all to the system. This is because the initial money invested generates new money in the form of profits.

You missed the logical conclusion of my point. Even share growth is predicated on there being more tomorrow than today - all "growth" is predicated on that basis. The question is: at what point do we run out of planet ? Or is there someone claiming that the human population can reach infinity ?

Shares that do well pay dividends. So even if they don't go up much they are giving shareholders a dividend. Bitcoin pays out nothing more than it gets in. So it's a Ponzi or Pyramid scheme.

Well I see Bitcoin has gone down somewhat in the last couple of days. So I expect there will be a rush of folk remortgaging their house to buy Bitcoin at the rock bottom price of £7k per one coin. It's difficult to know where this scam will end. Because scam it certainly is.

Viviennemary

I missed your explanation of how the blockchain is a scam. Could you repost it ?

The whole Bitcoin is a scam. Ponzi scheme. Money in money out. No profit. Your profit is somebody else's loss. So pyramid and Ponzi scheme. Why don't you tell me why it isn't a Ponzi/Pyramid type scheme. You can't.

Can anyone recommend a good app/ website for buying crypto currency please? My DP has used Coinbase previously but doesn’t rate them. Is there another reputable/ popular one?

confused - I'd really really recommend against buying crypto. But if you do, make sure it's a regulated exchange based in a country with good financial regulation, that doesn't use Tether.

Any money you put into an even slightly dodgy exchange you must realise you could lose, even if your trades are winners. Some exchanges get hacked, and others are run by criminals who will just walk off with your money.

Tether/Bitfinex are now stuck. They can't print more Tethers as they are trying to defend the USD peg, which means they can't pump the price. This could get really messy in the near future.

I bought some years ago for about £80. They're worth nearly £50,000 now.

There is going to be a bloodbath with this Bitcoin lark. I predicted it weeks ago and was shouted down. It's a totally unregulated Ponzi scam. Luring people in with Blockchain and promises of riches. What on earth is the point of a currency that isn't accepted anywhere. A store of value. . It's crashing by the hour. If you've money to burn or are a drug dealer or have loads of dirty money to launder by all means buy it. But otherwise don't.

Well shame you didn't get out a few weeks ago it would have been worth £100k. Better get out sharpish I'd say before these exchanges go up in a puff of smoke.

Meh. I said I was expecting a God almighty Q1 crash and here it is. It won’t last forever. It’ll go back up eventually once LN is rolled out/adopted and various other bits and pieces are developed.

Even if so, what happens to the poor blighters who have lost all of their savings this time round, or worse - and there will be some - those who had no savings but have recently taken out fiat currency loans to buy cryptocurrency ? The initial payments on those loans will now be due.

Who cares about them in the world of Bitcoin. They were told to the sky. £100K bitcoin in 2019. I think it's a scandal tbh.

I see the EU is looking into blockchain governance ...

www.theregister.co.uk/2018/02/01/eu_blockchain_observatory/

Blockchain is a red herring IMHO. The point is people have been lured into a scam. It doesn't matter what you call it. Bitcoin is totally useless as a currency. It is unregulated so is open to fraud and manipulation. Do people not realise it has to be a Ponzi scheme. The only money coming out is money that has gone in. No profit.

I'm actually quite intrigued by the pure notion of blockchain - inasmuch as I understand it.

Just not Bitcoin etc.

People have always been lured into scams. Hard to feel sorry for them if they’ve bet the house on red to be honest.

Of course, Bitfinex's and Tether's .......little local difficulties haven't helped.

I do, though.

Feel sorry for them that is. Somebody said that there are people out there who are in a whole world of pain right now - and I reckon that's probably true.

It's all down to greed. And conning people with stories of wealth and Bitcoin growing. It is an absolute figment of somebody's imagination. It only exists on line. As far as I'm concerned Bitcoin doesn't exist. It's all in somebody's head. They might as well buy a virtual house, virtual diamonds a virtual car. I'd love to see the end of this scam.

LOL. Just LOL