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?

May well turn out a Ponzi scheme for those who get in on it late.

No im on an exchange. I was making excellent profits daily by buying and selling throughout the day. DH and I have made £2k in a month but since last Thursday it's become near on impossible. I can't even buy let alone sell.

It's not a ponzi scheme. The value keeps rising as adoption of it as a currency increases. The fact that it's being more widely used as a payment option in countries like Japan, and the fact that more and more people are becoming aware of it, is why the value is rising, in the most simple terms at least.

When it was first made available, people were buying bitcoin for less than 10p each. Three or four years ago, my DH bought 10 for £400 each. We had to access that money later before our twins were born and we made a minimal profit. Now that money would have been worth almost £90k (although we bought our first house this year so would have cashed it out before now - still absolutely gutting though!). I haven't been keeping track and thought it was still in the £5k region, its rising so quickly.

There's still a long way for it to go in terms of use and adoption, so I doubt it will be slowing any time soon. Could the bubble burst? Any investment can plummet and bitcoin has had drops in the past when there have been issues with adoption (e.g. China were trying to ban citizens from purchasing or selling it a few years ago and the value halved pretty quickly, from £1k to about £500 - most followers saw that as an opportunity to get more cheaply, and if they did and hung in there, their investment would now be worth 16 times what they paid). Of course people getting in now won't make s much as people who got in even 6 months ago - that doesn't make it a Ponzi scheme though!

Fuck me. At the moment it’s sitting over £9,000. Even I, obsessive lover of crypto currencies, don’t think this is a good thing. Too much, too fast.

Are you thinking of cashing out?

Sadly, I am greedy. I got some for free after the split with Bitcoin Cash and I have a target price that I want it to reach and then I'll sell the free ones and not care if it then collapses. I just thought it wouldn't move this quickly and suspect I'll need to sit through a God almighty crash before it eventually hits my target.

I've got my fingers crossed for you!

I've been reading a bitcoin forum which is just full of posters saying the same thing 'bitcoin will rise to 20k soon' 'there's no stopping bitcoin' 'lots more rising to come' etc etc.

Do you think that's so more people read it and want to buy in, therefore pushing prices up?

Might be sitting over £10,000 soon!

Yeah, I think there’s a ridiculous amount of hype with loads of people falling for the whole not wanting to miss out. All that’s going to happen is that Bitcoin will go through one of its large 20-30% overnight drops and these new people will,panic, sell at a loss and make the crash larger than it needs to be.

Having said that, I was saying on here that I wouldn’t touch it with a barge pole back when it was $300ish so what do I know?

I've put £50 in to get a feel of the Coinbase app and get my head round it. My friend has been waiting days to deposit funds to buy a full bitcoin, theyre driving themselves mad in the meantime 🙈

I'm only 53 and I have no idea what you're all talking about!!!
I don't think I'm made for the 21st Century!

Surely these big gains on bitcoin will get attacked by capital gains tax?

I confess this confuses me. So if I bought 5 bitcoins 6 years ago for say £50 each & the value rose to 50k each I could go & sell them on an app & someone would buy 1 of my bitcoins for 50k?

Sounds crazy

Zevite Yes, you are subject to CGT above your allowance once you cash in. I’m hoping to spread it over two tax years if I sell any during 2018.

Rational, that hurts to read!

It just broke £10k. Fucking insane.

OMG might be 11k tomorrow morning!

One place you could spend them has stopped.

steamcommunity.com/games/593110/announcements/detail/1464096684955433613

Currencies you can't spend are arguably - not currencies ?

One shop not accepting a currency doesn't mean you can't spend it

I'm waiting untill I can buy a house with mine

Meanwhile ....

www.reddit.com/r/NiceHash/comments/7i0s6o/official_press_release_statement_by_nicehash/

Oh dear .....

One week here’s my fifty quid.

I put £50 into coinbase to buy another pack on usi but i am unsure if i should buy it or not. I already have 2 packs and keep going between buy it and just leave it at 2 packs

I feel a bit sorry for my poor Ethereum which is kind of collapsing on the back of the soaring Bitcoin.