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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

The 2018 cryptocurrency thread

20 replies

MNOverinvestor · 20/02/2018 15:46

Because it's been so long since we had a thread that called bitcoin a scam/conspiracy/invented by aliens...

What do the rest of us think about the recent rise in price? Have we seen the end of the December/January rout? I note good rises recently for ETH, and particularly ETC (an early fork)...

Disclaimer here: I just dabble in a few cryptocurrencies for fun. You know, that old-fashioned notion of being interested in things and wanting to learn more and discuss.

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WickedGoodDoge · 20/02/2018 15:53

I think institutional money is starting to quietly get in now. I think it’s just about safe enough for me to come out of hibernation. Grin

SweetMoon · 20/02/2018 16:39

Lets hope so! I looked yesterday after pretty much giving up in January and it looks promising. I've invested about £50 mind, so I'll not be retiring anytime soon but I get so excited when it rises to something like £52 Grin

TinaMena · 20/02/2018 16:40

Nah. It will still be volatile

nocake · 20/02/2018 17:28

There's nothing real behind it so it will remain volatile. Real currency is stable because it's backed by a govt. Shares are relatively stable because they're backed by companies that have value. Crypto currencies are based on thin air so will always be volatile.

Original poster
MNOverinvestor · 20/02/2018 18:13

By their very newness/innovative nature, cryptocurrencies are volatile, especially at the moment, but that's not a reason to ignore them. Quite the reverse, I'd say.

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WickedGoodDoge · 20/02/2018 18:24

Some of us get our thrills from its volatility. Grin

TinaMena · 20/02/2018 18:31

Some of us get our thrills from its volatility.
Absolutely. But there's some people out there remortgaging their house, or spending their life savings on them. That's a bit different than spending a bit of spare cash on them

Original poster
MNOverinvestor · 20/02/2018 18:43

I haven't come across anyone having remortgaged their house or spending their life savings on cryptocurrencies, either in real life or on previous MN threads.

In addition, on every previous MN thread, all the posters have advocated caution in regard to them. I would suggest that you may want to revisit some previous threads to check this out. (For example, www.mumsnet.com/Talk/am_i_being_unreasonable/3013943-To-ask-if-anyone-dabbles-with-bitcoin?pg=33

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TinaMena · 20/02/2018 18:44

I haven't come across anyone having remortgaged their house or spending their life savings on cryptocurrencies, either in real life or on previous MN threads.
It was on last week's Panorama

caroldecker · 20/02/2018 18:44

Block chain technology has a future and will be valuable and well used. Crypto-currencies not so much.
A currency only has value because other people will accept it as a medium of exchange. The only possible value of a crypto-currency is as an alternative/equivalent to gold, easier to store, transport across borders and outside government influence. However, only one could be that currency. Therefore the majority of them are worthless.
It will never be used generally unless people are paid in it - if the value is stable, then why bother converting my GBP salary into bitcoin to buy a coffee? If it is not stable, then I wouldn't risk it for the majority of my salary and shops won't accept it.

Original poster
MNOverinvestor · 20/02/2018 18:54

Did you have a good hibernation WickedGoodDoge? In a luxuriously-appointed mountain kennel? (Complete with screens constantly updating on the world misery bitcoin has created of course? Grin

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WickedGoodDoge · 20/02/2018 19:18

I did, thank you, MN. Grin

I will admit to having just the teensiest amount of unease about the rapid rise again. I’ve not checked this myself, but someone on reddit was saying that last time it took 30 days for it to go from $7000 to $11,000 and this time it has only taken 12.

Having said that, I have promised DS that when it hits £30k I will sell 1.7 of the Bitcoin I got for free and use £1k of it to buy him some PC that he is desperate to have. I promised him this back down around £4500 and he mimicked complete despair to me. He’s slightly cheerier now, but there’s counting chickens and all that...

Original poster
MNOverinvestor · 20/02/2018 19:42

My fingers are crossed for WickedDogePup. Actually, I've enjoyed the dearth of annoying Bitcoin rocket memes on Twitter during the Great Slump. They were getting very annoying in October/November.

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WickedGoodDoge · 21/02/2018 06:32

Oops, we jinxed it! Down 5% overnight. Oops!

WickedGoodDoge · 21/02/2018 06:34

Oh wait, now it’s only 3.5% down. Grin

mikeyssister · 21/02/2018 07:53

Anyone invest in DAS coins?

Original poster
MNOverinvestor · 21/02/2018 08:08

I don't know anything about them mikeyssister but perhaps there will be someone along soon who does...

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mikeyssister · 21/02/2018 17:43

Hopefully............................................................................................................

WickedGoodDoge · 21/02/2018 20:11

I’ve never heard of DAS but I really only follow a handful of the top coins.

But MN what have we done by speculating about the end of the crash? It’s collapsing! WHAT.HAVE.WE.DONE?!?!?!

Original poster
MNOverinvestor · 21/02/2018 23:34

I.KNOW.

It's like the reverse of being a Cassandra WickedGoodDoge. We think everything's ok and the markets show us that it isn't. The Fates are having fun with us. And your poor WGDPup who was counting all his crypto chickens...

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