Any of you guys speculated on these new currencies like Bitcoin that are springing up? Or are you as confused about it all as I am? My youngest has been hugely interested in it for some time, and took the plunge 4 months ago. His £5k stake is now worth just over £20k. Impressive, eh? He's tried to educate me on the ins & outs, but has failed miserably. It's not so much the complexity, it's more my complete disinterest. Well yours truly has taken the plunge now! I'm assured that I've not missed the boat, not by a long way, but I confess to being hugely sceptical. Not too sceptical though, as I've bought (a scaredy-cat) 5% of his portfolio & left him to it. He checked it an hour after I'd taken the plunge, & I've made 5% on my 5%! Whoopee! Gawd knows how it'll turn out, but I can afford the grand gamble & who knows what's going to happen. Would love to hear if anyone else has taken the plunge & how they're doing with it..
Other crypto currencies are also available - apparently My daughter tried to get me involved in Bitcoin a couple of years ago and like you WJ it wasn't so much the complexity but complete disinterest on my part that prevented me from delving deeper - might have another look when I have a few days to spare Did come across one report that in the 13 trading days up to 4/12/17 the digital currency plunged 50% so it's obviously not a sure bet, but then if it was everyone would be involved already I guess
Been doing quite a bit of research since just before Christmas with the help of a friend who has turned £4K into £52k He told me to get on XRP which is Ripple a month ago, since that day it has increased something like 600% It’s exactly like the stock exchange but ten times more volatile. Start off by having a read of what Ripple is and how it works. Big problem for many is you have to buy something like Bitcoin or Litecoin or erithium on a reputable governed site and convert it on a crypto exchange. The difference is, it isn’t stored in a bank it’s all stored on your own pc in a digital wallet. Binance - An exchange where you convert well known (ship has maybe sailed) currency to lesser known. Coinbase - Best place to buy and regulated Toast Wallet - To store your currency Third quarter of this year, Coinbase are going to have XRP (Ripple) as a direct option to buy, many are speculating that this will see it sore like Bitcoin Why are currency’s likeBitcoin doing well... Genuine investors, money laundering, ability to transfer funds in and out of countries banks and PayPal wouldn’t touch.
Yup! As you're my pals, I'm letting you in on the start of my dynasty, to save you buying the autobiography! Once my lad had made me my fortune, we're going to take over Leeds & spend silly money on it. Enough to make Real Madrid look as though GFH was running it. Then we're going to buy scum & asset strip, allowing them to go bust in the slowest, most excruciating manner, & giving their supporters the maximum embarrassment & pain. Happier now?
You sound like me, Forza. I only invested as part of me was jealous that there was money to be made & I wasn't playing, and probably more relevantly, I'm hoping it'll shut son #2 up a bit as it's all he seems to bloody talk about these days. Ristac, I recognise some words you used there. I usually hear them when my lad visits, just before my eyes glaze over & I can see his lips move but not hear anything. I haven't a clue about the detail. He seems to be focussing on newer currencies, in the hope he'll catch a few before they explode. I hope so too, now, but hopefully without getting too much detail Sounds like the pair of you should perhaps be thinking about a modest dabble, if you can find a mug to do it for you, like I have
The trick with bitcoin will be to get out at the right time If you can’t understand it and can’t see why it is valued as highly as it is, then it’s value is based on sentiment and market expectations. Like the South Sea bubble I’m not saying it is over valued, as I havnt bothered to understand it. I’m just using the simple principle that, as some have already made fortunes, either it’s got an extremely high and real value to someone or its a bubble Take care to get out at the right time, ask yourself if you really understand it, and why it has worth so much more than even a year ago My gut feeling is buying now is too late, but I could be wrong, as I admit I don’t really understand it
You got to be in it to win it im a coward when it comes to stocks and shares, gambling or this, but one thing I do know is that if you make sure you wont be damaged if you lose the money you will be ok and might even enjoy the ride. You guys who have looked at it know way more than me, but have seen the rise of Bitcoin, the fall, the rise and fall again. Yes massive rise with a not so massive fall. Many experts are saying it falls but it never falls all the way and will rise again. The secret is getting in when it hits its new floor. The second secret is knowing how long you can afford to stay in the game, you could get out at the next high and make lots of cash, but could make much much more by staying in a couple of years, but in a couple of years it may be dead? Unlikeley though
I've only listened to part sentences from my lad, but as I (roughly) understand it, it's a whole new concept of money supply, and the funding for the increase is actually coming from the very slow demise of the current currencies, which are expected to fold at some point in the future. Something like that, and loads more gobbledegook. TBF, the bits I've heard & the even smaller bits I've understood, all seem to be part of a very cogent & plausible scenario. And a lot of the source material seems to come from some very respected and high profile experts. It's not like a traditional Stock Exchange bubble. It's a bit like the birth of its replacement, in effect. The huge profits are being made not so much with bitcoin now, but the rash of new and similar currencies. I'm guessing a lot of them will fail, but there's a long way to go before that (I hope). Just read that back & I've prolly totally misrepresented the situation. I'm going to give up trying to give any insight because I'm prolly lucky if I understand 1% of it. It's my lad that's the family's brains in this area, & he's always been cautious in all things financial. I think that's why I'm interested - the fact that Mr Cautious is excited about this. Personally, being retired, I don't need to make money now - I'm in the process of spending all I've got before I pop my clogs, but if there's going to be a revolution, I'd like to be involved in it. Partly greed, and partly the teenage rebel in me that's never been subjugated.
See what happens when you try to cash them in ........... Obviously they are very volatile. The trading platforms can take days to take out your cash, unlike other investments, and the value can fall dramatically before the transaction goes through.
Ignorant old me,but I can't see the value here. Could you convert it into hard cash? If not, what do you do with it? What are it's assets? What is it's price against the gold standard?
Ignorant old me - Yup I can't see the value here - people making money hand over fist. Other than that, I have no idea. Could you convert it into hard cash? Yup If not, what do you do with it? N/A What are it's assets? No idea. Don't think it's based on assets. Something about a limited number of bitcoins being 'mined', whatever that is. What is it's price against the gold standard? Don't think there is a gold standard any more. Everyone's sold theirs off! Troo dat! Believe the Petrodollar is the standard these day, but prolly quite wrong.
Different Crypto currencies offer different solutions, personal opinion is that Ripple could make you very rich, it has a long way to go before it peaks https://en.m.wikipedia.org/wiki/Ripple_(payment_protocol) It lost 13% on Friday, expect it to fall further but watch it go towards the end of the year http://markets.businessinsider.com/...mbling-while-bitcoin-climbs-2018-1-1012531949 Today’s price US 2.45
