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

[Viviennemary]

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.

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.

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.

God I hate typing on this phone!

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

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.

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.

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

therealsurvivalists.com/bitcoin_for_preparedness

Explains things fairly simply I think.

Not sure if I would invest in it yet though.

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.

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.)

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.

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

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.

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

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.

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.

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. 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.

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.

“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?

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.

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.

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

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

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

Well, quite.

‘My house is worth £20m...oh, wait.’