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GaelicFox

Crypto Currencies : ponzi or legit

By GaelicFox, in General Chat

crypto currencies are they worth a punt ?   

46 members have voted

  1. 1. What do you think ? Ponzi scheme or legit

    • Ponzi scheme
      29
    • Legitimate alternative to the Banking Cartel
      17

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Lovejoy

Lovejoy

Posted
Posted

Engineer at work has turned thousands on Bitcoin, seems legit as he will show anyone who listens the proof.

 

Still voted Ponzi though :D. Change is not good.

Beechey

Beechey

Posted
Posted
1 minute ago, Lovejoy said:

Poor fella lol.

 

Got involved a little while ago. Said he doesn't own entire coins, but has parts.

 

 

Ah, he'd be hard pressed to mine a full BTC now, it's not economical at an individual level after taking electricity costs into account. Still, wish I'd dived in a few years ago when a BTC was worth like £100.

Guest Kopfkino

Guest Kopfkino

Posted
Posted

The blockchain technology that underpins it is most certainly the future of lots of stuff, will be very useful indeed. Bitcoin, and likely the forms of cryptocurrency we know of today, is just a bubble that will make some people a lot of money and lose others a lot of money. 

Rogstanley

Rogstanley

Posted
Posted

Could well be a massive pump and dump. Then again if Bitcoin takes over all money then each coin will be worth something like a $1m, hence if it gets 'only' 10% market share they will still each be worth $100k, so who knows.

 

But nobody is currently using Bitcoin as a currency, the price increases are purely driven by speculation. And who needs Bitcoin anyway? It seems to be a solution for a problem that nobody really has or cares about.

 

Not for me, but good luck to anyone having a go.

 

 

treer

treer

Posted
Posted (edited)

in 2009 bitcoins could be bought for less than 1p, so 7500 bitcoins was easily achieved.

Around that time early adopters had what they called the "faucet", where anyone could just visit a web page and claim up to 5 bitcoins to practice with.

Edited by treer
treer

treer

Posted
Posted
5 minutes ago, Rogstanley said:

Could well be a massive pump and dump. Then again if Bitcoin takes over all money then each coin will be worth something like a $1m, hence if it gets 'only' 10% market share they will still each be worth $100k, so who knows.

 

But nobody is currently using Bitcoin as a currency, the price increases are purely driven by speculation. And who needs Bitcoin anyway? It seems to be a solution for a problem that nobody really has or cares about.

 

Not for me, but good luck to anyone having a go.

 

 

Well has a single bitcoin can be exchanged for over 12,000 pounds, I suppose nearly everyone in the world could do with one.

Babylon

Babylon

Posted
Posted

One of those things that I looked at years ago to dabble in, a bit like when I was going to buy Apple shares... probably be a billionaire by now if I'd followed my gut. lol

 

Some people are going to lose a lot of money at the moment though, it's speculation driving the price.

  • Like 1
Guest MattP

Guest MattP

Posted
Posted

As with anything with a finite amount it's more like dealing in trade than a currency, my mate fired up his Corei7 with an average graphics card hoping to make a few quid a while back, the fan on the computer was going that mental he thought it was going to blow up, went for 24 hours and made 4p lol

 

Pity those poor guys a few years ago paying for drugs on the dark web with bitcoin, threw away what would be a housing deposit now on a few spliffs.

ozleicester

ozleicester

Posted
Posted

Since the end of the gold standard... we could ask the same question about "normal" money.

 

Its all built on bullshit

RobHawk

RobHawk

Posted
Posted
10 hours ago, Kopfkino said:

The blockchain technology that underpins it is most certainly the future of lots of stuff, will be very useful indeed. Bitcoin, and likely the forms of cryptocurrency we know of today, is just a bubble that will make some people a lot of money and lose others a lot of money. 

Whilst we are in bubble territory because no-ones spending bitcoin, just investing in it, i 100% believe long term, bitcoin will become very valuable and "the norm". I wouldn't invest at current rates though, wait for the bubble to burst.

I've made a little money on it in the last 6 months, did alot of reading and research for getting into it. Only put £1k in, so not too much risk. I also have some money in some of the alt coins too, so hoping for some moves on them in the future. 

 

yorkie1999

yorkie1999

Posted
Posted

They're predicting that by 2020, bitcoin operations will use as much electricity as the world uses today, and one facility in china is currently using 25000 computers and spending $40,000 on electricity per day. How long will that last?

Guest

Guest

Posted
Posted
3 hours ago, ozleicester said:

Since the end of the gold standard... we could ask the same question about "normal" money.

 

Its all built on bullshit

Not really.

 

Governments are backing "normal" money. at the moment no governments are backing bitcoin.

ozleicester

ozleicester

Posted
Posted
15 minutes ago, FIF said:

Not really.

 

Governments are backing "normal" money. at the moment no governments are backing bitcoin.

But... they are of equal value in reality. The government can turn the tap on or off and raise or decrease the value according to its whims..."paper" money is as unreal as crypto...its just not being controlled by governments and b(w)ankers

  • Like 1
SMX11

SMX11

Posted
Posted

Seems like a complete mania but the technology behind it is very interesting. I can see governments wanting to use it to control money even further and abolish cash.

Guest Kopfkino

Guest Kopfkino

Posted
Posted
3 hours ago, RobHawk said:

Whilst we are in bubble territory because no-ones spending bitcoin, just investing in it, i 100% believe long term, bitcoin will become very valuable and "the norm". I wouldn't invest at current rates though, wait for the bubble to burst.

I've made a little money on it in the last 6 months, did alot of reading and research for getting into it. Only put £1k in, so not too much risk. I also have some money in some of the alt coins too, so hoping for some moves on them in the future. 

 

 

I think the value is in the technology. The volatility has to be taken out of Bitcoin for it to be of use and I'm not sure a bust will do that. Something that has no intrinsic value can't be priced so It's inevitable it will continue to be boom and bust in my opinion.

 

There will be cryptocurrency that comes along that manages to deal with that, I'm sure. It will probably need the backing of government though which then defeats the original purpose of Bitcoin.

whoareyaaa

whoareyaaa

Posted
Posted
44 minutes ago, FIF said:

Not really.

 

Governments are backing "normal" money. at the moment no governments are backing bitcoin.

The Banks are though and they rule the roost. (see Blockchain Settlement)

RobHawk

RobHawk

Posted
Posted
1 minute ago, Kopfkino said:

 

I think the value is in the technology. The volatility has to be taken out of Bitcoin for it to be of use and I'm not sure a bust will do that. Something that has no intrinsic value can't be priced so It's inevitable it will continue to be boom and bust in my opinion.

 

There will be cryptocurrency that comes along that manages to deal with that, I'm sure. It will probably need the backing of government though which then defeats the original purpose of Bitcoin.

 

The value of bitcoin will become apparent when a country's currency crashes and the people of that country turn to bitcoin. Think of country's like Zimbabwe, Nigeria etc and the currency issues they are facing. It will only take one to fall and bitcoin will fill the void. 

When that happens it will be like a domino effect and then, when its used as a currency day to day will be when we will see real growth.  

 

Governments won't have a choice. 

Carl the Llama

Carl the Llama

Posted
Posted
1 hour ago, RobHawk said:

 

The value of bitcoin will become apparent when a country's currency crashes and the people of that country turn to bitcoin. Think of country's like Zimbabwe, Nigeria etc and the currency issues they are facing. It will only take one to fall and bitcoin will fill the void. 

When that happens it will be like a domino effect and then, when its used as a currency day to day will be when we will see real growth.  

 

Governments won't have a choice. 

How will bitcoin fill the void?  Because of the way it's 'farmed' and the sheer amount of physical capital investment required to even join in the melee at a base level, as things stand Bitcoin is impractical, unobtainable even, for most people, let alone people living in a nation teetering on the edge of bankruptcy.

RobHawk

RobHawk

Posted
Posted
2 minutes ago, Carl the Llama said:

How will bitcoin fill the void?  Because of the way it's 'farmed' and the sheer amount of physical capital investment required to even join in the melee at a base level, as things stand Bitcoin is impractical, unobtainable even, for most people, let alone people living in a nation teetering on the edge of bankruptcy.

You can buy as much or as little bitcoin as you like. Its not like you need £15,000 to buy a whole coin. 

People will use it, and it will fill the void because all you need is internet access and it will not depreciate like a tanking national currency. Turning to the likes of bitcoin is what will finish the currency off IMHO. Then it will fill the void. 

Things like bitcoin ATM's and Bitcoin methods of online payment are already available - Its just a matter of time.

BUT - like i said originally, we are 100% in bubble territory now, simply because no-one is spending it. 

Guest

Guest

Posted
Posted

It's not going to fill any void. It'll all end in tears for many.

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