Anyone invest in Cryptocurrency?

Tuff Gong

SUN's OOT GUNS OOT
May 22, 2013
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#7
I've had well over 100 bitcoins in the past.

That was back when 1 Bitcoin was worth about £6. These days 1 Bitcoin is worth £2000. I kick myself that I didn't save any.
I read an article recently where a bloke was saying a similar thing to you - that he'd lost the hard drive he had his bitcoins stored on & had calculated they'd be worth over $4 million now but I want to know who woukd buy them off you for that amount?

What practical use are they to anyone?
 
Jun 4, 2013
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#12
I have a dash master node and get a nice little income from that but I bought very early on early so there was little risk to me. I may sell soon, I'm toying with the idea. Get out while I am quids in.

I don't see a long term stay of price for established currencies, you only need to research how many new ones their are to realise it's all one massive bubble. In the last two years alone too many have been release. Unlike a country which has one currency a limitless amount of cryptocurrencies can exist that makes the delationary potential absolutely massive.

Add to that the danger of them to economies. Our currency values protect us in so many ways people just don't consider while free trade has destroyed much western industry and fuelled the rise of competing countries such a thing won't be improved by the global use of cryptocurrencies. I see legality becomming a big issue in the future. It has to be or it will be another catalyst chipping away at our quality of life.

The banking groups of the world are also in the process of developing their own cryptocurrencies. For what ends I don't know.

I also don't get the fascination with Bitcoin, it's transactions are entrely traceable.
 

zoe

I Love Boxing & Dogs
May 16, 2013
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#13
Is he a millionaire in real currency or will he be able to easily turn his bitcoin millions into real currency?
Getting set up to buy and sell cryptocurrency is a hassle, and there are significant fees. However, once you are set up you are usually set up. So because he got set up to buy in the first place he probably is already set up to sell, so yeah, it's likely he can easily exchange the currency into dollars or whatever other currency.
 

Tuff Gong

SUN's OOT GUNS OOT
May 22, 2013
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#14
Getting set up to buy and sell cryptocurrency is a hassle, and there are significant fees. However, once you are set up you are usually set up. So because he got set up to buy in the first place he probably is already set up to sell, so yeah, it's likely he can easily exchange the currency into dollars or whatever other currency.
But is someone actually going to be willing to hand over a million dollars of real currency for virtual currency?

It's all very well saying he can sell it, but who's going to buy it?
 

zoe

I Love Boxing & Dogs
May 16, 2013
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#15
But is someone actually going to be willing to hand over a million dollars of real currency for virtual currency?

It's all very well saying he can sell it, but who's going to buy it?
The price is affected by more people wanting to buy, and the price has been going up and up and up for the past, oh well for however many years bitcoin has been around. One bit coin used to be worth a fraction of a dollar, now it's worth upwards of a thousand. Wild swings, yes, but look at a chart and you'll see it's just going up and up over the years. So, many people want to buy. Lots of articles lately predicting it will just go up from here. Lots of investors want to buy now and cash in a few years later.
 
Likes: Tuff Gong

tommygun711

You don't have the capability for mayhem
Jun 4, 2013
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#16
My brother convinced me to buy 2 bitcoin in 2013 for $1000 USD, it turned out to be a good investment but I ended up selling all my bitcoin last week as I was seeing a big drop was being reported. I do think its a bit of an unstable market and I'm not convinced that it will be great long term, I certainly benefited from it in 4 years though, best investment i've made thus far financially.

however bitcoin is not doing well at the moment which is why i got out



Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 Billion

http://www.coindesk.com/crypto-correction-bitcoin-ether-dive-market-sheds-13-billion/
 

Trippy

Needles to say, I took drugs...
Jun 18, 2013
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#18
My brother convinced me to buy 2 bitcoin in 2013 for $1000 USD, it turned out to be a good investment but I ended up selling all my bitcoin last week as I was seeing a big drop was being reported. I do think its a bit of an unstable market and I'm not convinced that it will be great long term, I certainly benefited from it in 4 years though, best investment i've made thus far financially.

however bitcoin is not doing well at the moment which is why i got out



Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 Billion

http://www.coindesk.com/crypto-correction-bitcoin-ether-dive-market-sheds-13-billion/
And two months later, it's worth nearly double at $4000 and on the march...ouch.