i think a couple of weeks back, some of you guys were discussing the potential of investing in bitcoin or similar currencies. I can’t remember the thread or who was involved, but a word of warning, bitcoin has suffered a 30% drop in last couple of days and writing seems to be on the wall
Volatility is a key feature in this area, Eire, so not unexpected. What goes up can come down, as with any investment, but the potential for gain in this market is exponentially better than any other investment area apart from illegal drugs. Like any other investment / bet, you don't risk what you can't afford to lose.
I think from memory, someone else has released a similar coin, could be why bitcoin dropped in value. My query on bitcoin is, how does it become so valuable when it isn't legal currency, and, who evaluates it. I think the Jap lad who invented it has become very rich off those who bought into it. I think this one of those things where, if you get in on bottom rung, you do ok...............after that, not so good. This will explain a lot if anyone's thinking of investing...........it's only an online currency apparently. http://www.independent.co.uk/life-s...germany-us-cryptocurrency-value-a8168756.html https://www.express.co.uk/finance/c...tocurrency-collapse-Nobel-Prize-warning-video https://www.investopedia.com/tech/6-most-important-cryptocurrencies-other-bitcoin/
Eire it can drop 30% in a day, it can and has gained 300% in a week or two. Ripple XRP https://coinmarketcap.com/currencies/ripple/historical-data/ Nearly tripled in value over two weeks, now just above it’s December price. LeedsLover - It allows payments to be made in countries Visa for example wouldn’t touch. Ripple is the best one to read up on, it’s the one that there is the most buzz around Because ANYONE can buy and sell large chunks, it also means those with said chunks can help manipulate the markets. Apart from the initial purchase on an exchange and the selling on the exchange it’s non traceable, let your mind run wild and imagine how much appeal that has on the dark side https://www.express.co.uk/finance/c...ney-laundering-santander-Nationwide-Aldermore
I understand how it works, basically it's invisible money, but the person buying into it for first time does so with cash, so someone is getting the real cash, which means, if the whole thing crash's, those who started it still have the cash in their banks and don't lose out. I remember when pyramiding was suppose to be a great fad, the man at the top was making millions, those at bottom weren't, then it crashed and disappeared. Theoretically, the more people that buy into bitcoin should lower the value, but 1 bitcoin is worth about 15000 quid or something; so who's manipulating the value and taking many people to cleaners. The more countries that ban bitcoin and it's like the more the value drops. Tax departments / Governments around world have probably already realised this is a tax free currency, and they're losing money. I reckon once the Governments get involved, and they start taxing people on it, in real cash, then the value plummets. If Bitcoin and the like does become legal, then it's inevitable taxes will occur, and the value plummets to that equal to normal money; I find it hard to believe Governments are going to let this invisible monopoly money go untaxed for long, or they ban it from their country. I don't think everyone is making money, there's got to be a lot of losers for others to get rich with these schemes. I've read the stories, but I don't buy into it......
I love these mindless morons who clearly know fcuk all, but still manage to advocate on a subject. I confess to not knowing a great deal about it, but there are certain things I do know: Bitcoin and the other blockchain currencies are perfectly legal. Governments HAVE recognised the currencies, and in this country they have determined that these currencies are subject to Capital Gains Tax, and are in no way to be simple considered to be assets, and therefore exempt. Just like any other market deals worldwide. So how you can describe it as tax free currency, I don't know. Unless you're a total w@nker pretending you know things that you clearly don't. There are many drivers that will allow these currencies to flourish. Cloaked transactions, particularly on the Dark Web (which is 90% of the web, btw), and the fact that they are decentralised and cannot be manipulated by Governments are the two main ones. Wrt these countries being decentralised, are you aware that the Rothschilds own or have control over 95% of the World's centralised banks? Yes, that includes the UK too. Whilst we're on the subject are you aware that the square mile is not subject to UK laws and is actually a state within a state? I've made 2 seemingly incredible statements here - but look it up. It's perfectly true & there is an abundance of information to support it. There are a finite number of 'coins' generated (aka 'mined') by computer algorithms, so their values are not 'manipulated', but simply controlled by the normal rules of supply & demand - in this case, there is a capped supply, hence the strong demand. Economics 101. This has nothing to do with 'pyramiding'. Nothing whatsoever. Last I heard, there were 1300+ of these currencies, some more volatile than others. This is the bit that I REALLY don't understand, & where I gave up taking it in - but I'm assured that the increased value of these currencies is reflected by a drop in value of centralised currencies, and may well result in the ultimate demise of the centralised currencies. That is where and danger will come from. The US has dealt with any country that has tried to introduce an alternative to the petrodollar - read up on Lybia, Iraq, Syria, Iran, North Korea, Russia etc. Their present difficulty is that there is no one country to invade to maintain global control over currency & trade. No doubt they'll develop another weapon, but have to do it quickly before cryptocurrency gets too strong a foothold. It may already be too late for them.
I don't pretend to know anything about virtual currency. If you can't see or touch it, to me, its not real. One of my friends recently invested £500 in similar to bitcoins, and no word of a lie, its now above £20,000. He tells me he will not cash in until it reaches 100k upwards. Madness - sheer madness.
Lets say 30% of investors were to suddenly pull out of that particular scheme, the forecast would take a severe nosedive.
I know a few people similar to that, he’ll have to pay tax on the profit but guess he won’t care if it keeps rising. In regards to can’t touch it, what about Stocks and shares, investments trusts and pension schemes? I understand enough I could happily invest in it, if I’d have done it when I first thought about it my £1000 would be worth £5,000 if I’d have done it when we last had the other thread I’d be down to around £400 My view is this, if I lost £1000 tomorrow it would seriously piss me off. If I won £5,000 I’d be seriously happy but it wouldn’t change my life so I don’t do it. I feel the boat has been missed on turning £500 to into serious amounts but who knows. I’ve got all my accounts set up, I’ve been verified on binance which is the crypto exchange but I never pulled the trigure.
Your first line.. You seriously don’t understand, not having a dig, just pointing out that your entire post is wrong, I’ve liked WJs post as he is spot on with the facts so no point in me repeating. Did you know Virgin Galactic accept Bitcoin payments so you can pay for a trip into space? KFC Canada, Shopify, Expedia and Microsoft are all companies accepting payments in crypto.
You use a broker like Coinbase.com He buys £500 worth of bitcoin, on the day of purchase it might be worth 1/2 a Bitcoin to £1 so he receives 250 coins. Those coins increase in value to let’s say £10 a coin so the guy cashes in his 250 coins at £10 a pop Same as buying and selling foreign currency. Biggest danger is it’s all stored digitally on your computer or memory stick or online digital wallet. Lose the file, password or get hacked you’ve lost it, no security net.
DO NOT invest in Bitcoin under ANY circumstances. I am fully expecting it to totally collapse within weeks. Emmanuel Macron and Angela Merkel are set to launch a joint clampdown on trading cryptocurrencies. the rest of the world are sure to follow.
**** me I'm agreeing with tc. Ristac you made the point about stocks and shares. The difference is companies manufacture products etc and generate profits by selling stuff, that's where the rise in value comes from. Where is the added value with bitcoin? LL is right someone somewhere down the line is going to lose a lot of money. I admit I son t know much about it but it looks like a pyramid scheme to me
Firstly, I am not saying anyone should or should not invest, the majority on this thread certainly shouldn't as thery clearly know nothing about it and that's not me wishing to sound rude, I just wouldn't suggest anyone invest anything in something they clearly knew nothing about. Ellandback said, if you can't see it or touch it then it doesn't exist, I was simply pointing out that stocks and shares are the same. You buy stock in a company, you invest in a pension scheme you don't actually see it, because you can't see it then it doesn't mean it doesn't exist. People have already made a lot of money, people have already lost a lot of money, no different to people making and losing money on any form of investment. If you don't wish to understand it, fine, if you do then you need to research Blockchains and everything associated with Bitcoin and Crypto Currencies https://www.coindesk.com/information/what-is-bitcoin/ I'll end the conversation now as it is nothing like a pyramid scheme.
Any good accountant will point them to the loophole which lets taxpayers class their investment in cryptocurrency as "gambling winnings" which are tax-free. https://www.thefriendlyaccountants.co.uk/tax-treatment-of-cryptocurrency/
Again, let me state that I'm no expert on cryptocurrency, but my understanding is that you cannot 'pull out' & cause an impact. To pull out, you have to have someone buy your share, otherwise, you're still 'in'. Just like stocks, shares, currencies, precious metals etc., you're stuck with your holding until you find someone that wants to buy it from you at a price you find acceptable. I think I've made sense there, but happy to be corrected.
You thought about a more modest 'forgettable' investment? Or perhaps a consortium with like-minded people? Just a thought ...
