Eeeediots guide to bitcoins

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Lurcher300b
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Re: Eeeediots guide to bitcoins

Unread post by Lurcher300b » Fri Jul 21, 2017 10:32 am

Dr Bunsen Honeydew wrote:
Fri Jul 21, 2017 10:26 am
Don't get me wrong Nick, I am trying to work out if it a scam, a cul-de-sac, or the future.
I haven't got any, but it or something like it will be the future. However Governments and banks are fighting back and trying to create alternatives.

Paypal didn’t exists, someone decided it should, so it was created, now everybody uses it, Elon Musk made a shed load of money from it. Its not a scam, though the people in early and some users have made a lot of money in it. It may be a cul-de-sac or it may be the future, like any risk, its a bet, if you invest in it and use it and its the future, you win, if its a cul-de-sac you loose. No different to buying and selling shares in that sense.

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CycleCoach
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Re: Eeeediots guide to bitcoins

Unread post by CycleCoach » Fri Jul 21, 2017 10:53 am

I guess the nub of it is what feels right. Our currency comes from the establishment and that may well make us feel more comfortable with it. It feels like it will endure and it is solid and dependable, but this is more to do with trust and emotion. Currencies can fail in a spectacular way - look at pre WW2 Germany for example. The same thing should have happened again when the current financial crisis bit, but billions magically appeared to balance the books.
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Dr Bunsen Honeydew
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Re: Eeeediots guide to bitcoins

Unread post by Dr Bunsen Honeydew » Fri Jul 21, 2017 11:06 am

The crooks were bailed out !

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Dr Bunsen Honeydew
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Re: Eeeediots guide to bitcoins

Unread post by Dr Bunsen Honeydew » Fri Jul 21, 2017 11:28 am

I have decided to steer clear of it as it looks to be only used in criminal activity, and is now intrinsically linked to the Dark Web, another concept I don't understand.

Old Git Alert.

shanewhite
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Re: Eeeediots guide to bitcoins

Unread post by shanewhite » Fri Jul 21, 2017 4:54 pm

Being a curious sort, my son bought half a bitcoin which at the time cost him about £40. It's now worth about £1000, which he can sell it for at any time (or use to buy goods to that value). At the time I thought he was barmy and it was a scam, so I didn't do likewise. More fool me. That's not to say that it couldn't become worthless overnight, but that doesn't look likely at the moment.
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