Crypto Currency

Fuengi · December 2017

Anyone bought any Bitcoin or similar currency?

I've had a recommendation for Elixir but have no experience in trading in Crypto Currency.

Bridgehouse · December 2017

Fuengi said:

I've had a recommendation for Elixir

Their currency is coated and lasts longer..

stickyfiddle · December 2017

I've heard good things about elysium, ripple and a couple of others I've forgotten the names of.

Bitcoin itself is spiking *so* sharply that it's inevitably going to crash in the coming days/weeks. I'll buy some at that point.

guitargeek62 · December 2017

I’ve got a bit tucked away in BitCoin, Ethereum, and LiteCoin. Nothing life-changing, but the past few weeks have been interesting. I’m holding out for a while though and seeing what happens over the next couple of years - same story as any investment: don’t put in what you can’t afford to lose.

CarpeDiem · December 2017

I've no direct experience of crypto currency, but I understand that if the hardware on which it is stored fails then you lose it, so it's the same as losing physical cash. Also, your digital wallet needs to be secure as there have been reported cases of hackers stealing currency. The huge rises in value of some of the currencies over the past year suggest investing could be a bit of a roller coaster ride, but it may help fund some nice new guitar gear!

Garthy · December 2017

stickyfiddle said:

I've heard good things about elysium, ripple and a couple of others I've forgotten the names of.

Bitcoin itself is spiking *so* sharply that it's inevitably going to crash in the coming days/weeks. I'll buy some at that point.

Lots and lots of pain coming for some...

Bitcoin is weird as its backed by absolutely nothing at all yet people part with thousands for a bit.

stickyfiddle · December 2017

Garthy said:

stickyfiddle said:

I've heard good things about elysium, ripple and a couple of others I've forgotten the names of.

Bitcoin itself is spiking *so* sharply that it's inevitably going to crash in the coming days/weeks. I'll buy some at that point.

Lots and lots of pain coming for some...

Bitcoin is weird as its backed by absolutely nothing at all yet people part with thousands for a bit.

You could say the same about gold. Or dollars. Things only have value if enough people believe they do. That's all that's happening here.

Bridgehouse · December 2017

stickyfiddle said:

Garthy said:

stickyfiddle said:

I've heard good things about elysium, ripple and a couple of others I've forgotten the names of.

Bitcoin itself is spiking *so* sharply that it's inevitably going to crash in the coming days/weeks. I'll buy some at that point.

Lots and lots of pain coming for some...

Bitcoin is weird as its backed by absolutely nothing at all yet people part with thousands for a bit.

You could say the same about gold. Or dollars. Things only have value if enough people believe they do. That's all that's happening here.

This is true. Gold is considered valuable because there is a restricted quantity of it, and people are able to swap it for other goods and services for a perceived similar value. It's also portable (isn't linked to your identity) and is universal across countries, currency zones and geographic boundaries..

Whereas BitCoin..... oh.

maltingsaudio · December 2017

https://www.coindesk.com/nicehash-ceo-confirms-bitcoin-theft-worth-78-million/

bingefeller · December 2017

It seems massively complicated to get in to, I wish I understood it or I would invest. Now you have all these different coins coming along and then different wallets.

Garthy · December 2017

stickyfiddle said:

Garthy said:

stickyfiddle said:

I've heard good things about elysium, ripple and a couple of others I've forgotten the names of.

Bitcoin itself is spiking *so* sharply that it's inevitably going to crash in the coming days/weeks. I'll buy some at that point.

Lots and lots of pain coming for some...

Bitcoin is weird as its backed by absolutely nothing at all yet people part with thousands for a bit.

You could say the same about gold. Or dollars. Things only have value if enough people believe they do. That's all that's happening here.

If I sell you a gold bar for half a million dollars, we can't both own the gold and the dollars at the same time.

Grunfeld · December 2017

Personally I think it's a shame that BC has become an "investment."
At the moment people are just buying BC to horde. They're not actually spending it on goods or services.
And you can't buy goods or services with it when you can't put a stable figure on them.

For example, in September when I posted those EMG pickups in my sig I'd have sold them for about 39mBC, back in March it would have been about 80mBC.
Today's value says I should sell them for 11.9mBC.*
But there's no way I'd sell for that because I know, we all know, that tomorrow the price will change again, up or down.
So it's bloody worthless.

* (Or looked at another way, these EMG pickups I'd have sold for £150 in March I should now sell for £22 because £s are "worth" so much more just cos everyone and their dog is trying to buy every last £coin in the world and sitting on it.)

Fuengi · December 2017

Have dipped my toe in with a nominal cost. If they do what some people think they will I'll buy a very nice acoustic in a year!

If not, I'll buy a quite nice one.

hywelg · December 2017

It might get interesting tomorrow. The Chicago exchange will start trading in bitcoin futures as of 11pm tonight. So traders will be gambling on future values and might well put the currency under some stress.

57Deluxe · December 2017

guitargeek62 said:

I’ve got a bit tucked away in BitCoin, Ethereum, and LiteCoin. Nothing life-changing, but the past few weeks have been interesting. I’m holding out for a while though and seeing what happens over the next couple of years - same story as any investment: don’t put in what you can’t afford to lose.

so what route did you take to sign up??

fields5069 · December 2017

That guy in Newport wants to pay the council £7.4M so he can have a dig around for his hard disk, he has investors lined up apparently. Worth £4M in 2013, 4 years later it's worth £74M. The council are having none of it.

quarky · December 2017

57Deluxe said:

guitargeek62 said:

I’ve got a bit tucked away in BitCoin, Ethereum, and LiteCoin. Nothing life-changing, but the past few weeks have been interesting. I’m holding out for a while though and seeing what happens over the next couple of years - same story as any investment: don’t put in what you can’t afford to lose.

so what route did you take to sign up??

I use this https://blockchain.info

Kilgore · December 2017

fields5069 said:

That guy in Newport wants to pay the council £7.4M so he can have a dig around for his hard disk, he has investors lined up apparently. Worth £4M in 2013, 4 years later it's worth £74M. The council are having none of it.

He should let it go and move on. He's just torturing himself.

fields5069 · December 2017

The question with this crypto currency is, how easy is it to sell for proper money?

i.e. is the wealth tangible?

quarky · December 2017

Like anything it depends on the amount I guess. If you want to sell £50k worth, that will be harder than £5k, but that would be the same with anything. I think the site that I use has a limit of £10k/day.

fields5069 · December 2017

I suppose if you had a fortune in bitcoin, you could probably sell it for less than it's worth just to get some proper money quickly.

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