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The bitcoin thing

Discussion in 'Leeds United' started by Eireleeds1, Jan 20, 2018.

  1. Whitejock

    Whitejock Well-Known Member

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    Didn't know Bitcoin was accepted by some businesses now. Interesting.

    I was also thinking about this cryptocurrency thing. Remember when PayPal popped up. 'Clever' people saying "why on earth would I want to use that for?"
     
    #21
    ristac likes this.
  2. ristac

    ristac Well-Known Member Forum Moderator

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    I've done a few investment ISA's that have all made in excess of 25% since I brought them, I would love to get in on the crypto currency and make a packet but I don't believe I ever would.

    Ellands friend is the prime example of why I wouldn't make big money, if I invested £500 I'd have cashed in long before they hit £20k, it's having the bottle to stay with it.
     
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  3. ristac

    ristac Well-Known Member Forum Moderator

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    Governments are looking to clamp down on Bitcoin, no idea how extreme they will be able to get but an uncertain time ahead in regards to price. Might be worth researching as much as you can for the next few months, allowing legisaltion to come in, watch the price plummet and then jump on in the future when the dust settles. Ripple or XRP is the one to read up on.
     
    #23
    Whitejock likes this.
  4. Whitejock

    Whitejock Well-Known Member

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    I just leave it to my youngest. I could afford to lose the £1k, so happy to use it to buy 5% of his holding. Meant that he got some useful cash back without trading costs or tax. If he needs more cash & if the market stays low, I'd think about going in with another £1k, but can't see me investing any more than that. So for me it's not just about making money (though it would be nice!!), it's also about protecting his interests, as he was in for £5k, and less able to afford a hit than me.

    I'm at the stage now where my investing has been done, & I'm trying to spend the proceeds instead of leaving the kids an inheritance. :D Sounds brutal, but we actually gave them each an advance on their inheritance so that they had deposits to buy houses. That has saved them a huge amount of money on extortionate rents - I believe their mortgages are presently about 25% of the cost of renting similar property. So no guilt in my spending. We've done our bit - and it's more than we ever got. :D
     
    #24
    ristac and lifecheshirewhite like this.
  5. LeedsLover

    LeedsLover Well-Known Member

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    Digital currency is invisible money, stocks and shares are invisible money, untill you sell or crash on both counts.

    I've read the stories where people have paid off their debts, bought houses and cars etc with Bitcoin. My problem with that is, if you buy anything within the real world with real money or Bitcoin, it attracts taxes and yearly rates in regards to a house or property etc.

    Even if these people did by a house, taxes will be due, and the Government / s, as far as I'm aware only deal in real and recognised currency of that country,
    and they'll want, and get it in real money.

    Not berating what you write, you seem to know a bit about it, but if I went into KFC Canada and paid with Bitcoin, would I get any change, and would it be in Bitcoin. According to the PR, if it is PR, one Bitcoin in Canada can be worth $15,761.45 cents Canadian, that's a hell of a lot of Kentucky Fried Chicken you'd have to order for 1 Bitcoin......and the Bitcoin currency don't have pence or cents etc.

    Similarly, if I bought Microsoft software online using Bitcoin, it makes for very expensive software, do these type of companies give change in real money, ie, transfer the change into your bank account, cos Bitcoin only have 1 coin, and that coin is valued at whatever value it has in a certain country.

    Brings me back to, who evaluates the value of the Bitcoin coin? someone would have to be manipulating it's value online, cos it wouldn't do it itself, even the stock market is operated by humans. If Bitcoin is on the stock market, then someone is definitely manipulating it's value.

    In all honesty, in this day and age, who's going too, and who has $15,761.45 cents to buy 1 Bitcoin, granted the buy in price would probably be lower, and who would you sell it too, only the medium to very rich have that type of money, and they'd have to pay with real money.

    The way it works is, the more of an item / product / currency there is, the lower the value, the rarer an item the higher the value. Bitcoin seems to be more valuable than gold, except you can't wear Bitcoin around your neck, or give it too your wife or girlfriend in ring form.

    Has jock mentioned how many Bitcoins, or it's equivalent he's bought?

    TBH, if it sounds too good to be true, chances are it is.....as the saying goes....:emoticon-0148-yes:
     
    #25
  6. Whitejock

    Whitejock Well-Known Member

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    Absolute pish.

    So little knowledge, yet so many assumptions.

    Can I suggest a little bit of research before you try to try to rubbish anyone or anything? Or do you just like looking like a tit?
     
    #26
    FORZA LEEDS likes this.

  7. ristac

    ristac Well-Known Member Forum Moderator

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    @LeedsLover if you are self employed, HMRC trust you to put through true accounts and they spot check randomly. If you make any profit on Bitcoin they are trusting you to declare how much as you will need to pay tax on it. I’m not sure of the loopholes, I’m not sure what powers they have at present, the governments obviously want more powers and legislation in place as a lot of serious money has been made.

    In regards to buying and selling Bitcoin you can deal in .0000s you don’t have to use one whole unit.
     
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  8. LeedsLover

    LeedsLover Well-Known Member

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    Fair enough Ristac, so the Kentucky Fried Chicken is buyable then....:emoticon-0105-wink:

    Just not for me, to many unexplained angles....:emoticon-0148-yes:
     
    #28
  9. ristac

    ristac Well-Known Member Forum Moderator

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    To invest now, so late to the table, it would take some serious monitoring. There is still money to be made put probably a lot more to be lost.

    I wouldn’t touch Bitcoin with a barge pole myself (too volatile, feel boat has sailed) but a dabble in one of the others like Ripple is tempting, not enough to do anything other than talk about it mind you.
     
    #29
  10. 2020VisionofLeeds

    2020VisionofLeeds Well-Known Member

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    Price has been plummeting again recently.

    As I’ve already said, I would not buy something I did not understand, and I still don’t understand it so I’m remaining a bystander.

    Interested though if anyone does have a take on what is the significance of the latest falls. South sea bubble or just a periodic correction?
     
    #30
  11. wasper

    wasper Active Member

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    Its a scam. Granted many will make money but more will lose. If its a replacement for money then why do people cash out, specially the big boys?
     
    #31

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