Bitcoin / Cryptocurrencies

[James.]

Anyone else trying to get their heads round this?

 

Because I'm a silly bastard who until now has been reluctant to invest in anything apart from cash, bricks and mortar and reasonably low risk ISA's I've gone and ploughed a decent chunk into Bitcoin which has to be one of the most speculative, volatile, high risk asset classes out there.

 

News over the last few days has centred around the JP Morgan boss calling it a fraud and the Chinese banning domestic Bitcoin exchanges so predictably the price has fell sharply and with it some of my hard earned savings. That said over the last coupe of hours there's been a massive rally and some say in the long term it could go A LOT higher.

 

All very interesting / baffling. I think it's inevitable that cryptocurrencies will have a big role to play in the future, despite the efforts of governments who will likely want to crack down on it, as the Chinese have started to do.

[Great Boos Up]

3 hours ago, James. said:

Anyone else trying to get their heads round this?

 

I heard on the radio today a house for sale in London would accept bit coins as payment and thought WTF is a bitcoin? I understood this first sentence above but could you dumb down the rest and explain what it is please. (genuine question)

[Captain...]

It seems like if you got in at the start you're laughing but if you are now spending money on a rig to mine bit coins you will not see much return.

[Merging Cultures]

I looked into this years ago, but never had any spare cash. Now I have some, I wouldn't put it anywhere near them. And I work in mobile money etc. China doesn't like them. The banks are creating their own versions because they are worried about losing control. It's all speculation and could collapse any time. If you get an increase, take the money and run. It's not something to hold in the long term, at least not at any great value.

[Guest]

My son reckons he made 30K over the last few months from bitcoin, personally I'd rather put my money on a safer bet - like peace in Palestine.

[m4DD0gg]

5 hours ago, James. said:

Anyone else trying to get their heads round this?

 

Because I'm a silly bastard who until now has been reluctant to invest in anything apart from cash, bricks and mortar and reasonably low risk ISA's I've gone and ploughed a decent chunk into Bitcoin which has to be one of the most speculative, volatile, high risk asset classes out there.

 

News over the last few days has centred around the JP Morgan boss calling it a fraud and the Chinese banning domestic Bitcoin exchanges so predictably the price has fell sharply and with it some of my hard earned savings. That said over the last coupe of hours there's been a massive rally and some say in the long term it could go A LOT higher.

 

All very interesting / baffling. I think it's inevitable that cryptocurrencies will have a big role to play in the future, despite the efforts of governments who will likely want to crack down on it, as the Chinese have started to do.

Of course these establishments want it outlawed, its one of the futures of currency.

 

It is a sound investment if you know what you are doing.

 

Putting your savings into something without knowing what you are doing cannot be classed as an investment and more of a punt. 

 

Sometimes the punt works and sometimes it dont.

[whoareyaaa]

Could quite easily end up with a Wall street style collapse at some point, its digital so its not exactly the smartest of investments long term like anything you need to way up the risks.

 

The boat sailed long ago on this unless your trading on it.

[HankMarvin]

Buy ethereum if it goes under 200 dollars

 

 

[Benguin]

I dont really get them but I used to play online poker 6 years ago and bought about a tenth of a bitcoin for about £10. Couldn't use it and forgot about it and then happened upon it about 8 months ago and sold it for £172. Was a good accidental investment. 

[James.]

It is absolutely a massive punt no doubt about it. I've worked in investment banking for over 14 years - I get the risks and I also know I'm coming late to the party. Essentially I'm prepared to lose what I have invested.

 

But I think there's still plenty of upside left. Historically negative news has seemed to have a relatively short term impact on the price before it rallies to another new high. It's already well off the lows it hit after the China news.

 

To be honest no one knows how it will evolve but it's a nice ride in the meantime. You can all come for a party on my yacht when it hits $100k like some have predicted.