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  1. #1

    Bitcoin. Anyone here actively do it?

    As per title really. Is there any money to be made in it any more?

    Read up a fair bit on it weeks back, left it, and have just seen that a pub in Hackney is the first in the country to take the currency - not that it has any bearing on things, I don't visit Crackney (no offence to anyone that lives there), or do I drink.

  2. #2
    It always seems like a silly idea every time I hear about it. Investing in a virtual currency that doesn't actually exist, isn't recognised by the global financial world, is only accepted by other business who buy into the 'non-existent currency' concept, and could disappear overnight. I get the impression that there must be something I'm missing, though.

    I'm aware of the irony that most real-world money doesn't actually exist in the physical sense, though at least it has global value.

  3. #3
    Bumptastic. Failed gambling by you two right there! lol.

    Having said that, bitcoin dropped 22% today.

  4. #4
    Technically all currency is non existent as its backed by nothing but the good faith of its users only difference is bitcoin is a new jack and is obviously price fixed by bots to reign in huge profits for those in the know whilst selling digital tulips to everyone else who'll get mugged off at one point.

  5. #5
    Quote Originally Posted by charlesr View Post
    Bumptastic. Failed gambling by you two right there! lol.
    People can gloat (I know you're not doing that really) but they did all put their money in something that could've just as easily ended up as a scam. I hate seeing those people who act like they were so sure back when they bought a large sum in BitCoin years ago. Wish I could go back and see them bricking it as they handed over their cash, because we all know they were - unless they were so wealthy that a few grand is of no consequence to them.

  6. #6
    This is short but good:

    And gives a great insight into the mindset that comes with this game.

  7. #7
    I think the most important thing about Bitcoin is that I did not invest in Bitcoin and therefore it is a ridiculous concept. Really though, it baffles me how nothing can be worth money because we made up sets of basic rules to manage exchanges centuries ago and they got complicated and messed with to the point where they are abstract concepts that people can spend their whole lives manipulating. It does not seem like a good thing.

  8. #8
    If everyone can stop using the word investment that would be grand. Gamble is correct. Investments generate income, like rent on a property, or profit from a business.

  9. #9
    Bought 100 of Ada currency on 8th December. Cashed half of it in for 500 just after xmas. The other half I'm about to trade for AML Bitcoin. Basically I made > 1000% profit in 4 weeks. Yeah, it's gamblng and I got lucky basically. After getting 500 back in the bank I'm now just playing with someone else's money so IMO I can't really lose; it's like a free bet at this point.

  10. #10
    Quote Originally Posted by Dogg Thang View Post
    it baffles me how nothing can be worth money
    In fairness, it doesn't baffle me all that much. For all the PR, Bitcoin is ultimately worth money because someone developed an untraceable currency that can be used by the criminal element to make transactions on the darkweb. The fact that the currency has widened to the point where more people use it doesn't change the fact that this is the reason it became a precious commodity.

    It's like how YouTube say they became big because they gave people a chance to upload their own videos to the web, when those of us who were there at the time know that YouTube became popular because pre-Google, they were basically piracy-Netflix without malware.


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