221 replies to this topic

[kitcar765]

Anyone else a supporter/investor in bitcoin?

[slindborg]

Looked at it, not sure tbh. Litecoins might be a new way forwards. Need to purpose the raspi for something

[Rudy]

Anyone else a supporter/investor in bitcoin?

Nope. Can't see it myself. Always in the news for the wrong reasons, being stolen etc.

[Tony H]

Think it's very interesting and a real threat to state currencies. Governments are going to do all sorts to suppress it.

[kitcar765]

i bought in at £30 a coin. recently peaked at £250 a coin.   

With the Governments having to either default or inflate away debts, a currency with built in deflation will definitely catch on.

I can only see more QE and forced inflation as interest rates will never be allowed to rise as that would cause a massive massive house price crash. (Although this will lead to an eventual currency collapse as wage inflation is not following as it did in the 70's) The news stories never seem to actually understand what a bitcoin is. Its as safe as using a bank uses the same cryptology. The only weak point is the exchanges, which you do not need to use with bitcoins. with the inevitable pension fund confiscations, and "bail ins" coming from all across the world i can only see bitcoin going up and up.  Im just starting out with bitcoin, i see it as a good way to escape fiat currency. 

[kitcar765]

Think it's very interesting and a real threat to state currencies. Governments are going to do all sorts to suppress it.

i think the goverments are going to be too slow to react to it. was reading even part of the U.S Fed has taken a "pilot" position with bitcoins.  with the youth of today getting the sh*t end of the stick i can see them turning away from the housing ponzi and pensions. Bitcoin is a pefect way forward.  As a young guy i see gold and bitcoins as a great long long term hold. (although i dont have much!)  I also got a VX as i also see the values starting to creep up in a few years! and its as cheap to run for me as other vehicles and 100 times more fun! haha  

[Tony H]

Yes these virtual currencies are certainly an exciting prospect for libertarian nutcases like me.

[mark moyz]

I watched a programme on tv about bitcoin and in which the founder/creater claimed to have travelled round the world using only bitcoin to achieve this. There was a three way discussion with him and two financial boffins in the USA. One said it could be good the other would not even entertain it and argued the very existance of it and its finacial backing. Surely the increases in the value of each Bitcoin must slow as more people try to join. I don't know enough about this yet to risk any money.

[kitcar765]

i only took a small punt. and its definitely paid off. Although i would wait a few weeks for the price to settle again after the recent bubble. Only issue with waiting a few weeks for the price to settle is that with bitcoin, every time a government devalues its currency (currently the euro interest rate drop) or confiscates funds it takes off again. And such events seem to be happening more and more now that presidents have been set. Im actually a big fan of capitalism, would be great if the overextended people buying houses in the boom got burnt (so i could buy cheaply!). But currently we dont have true capitalism with the goverment trying to pick and choose which asset classes to inflate (help to buy) I think a lot of vested interests hate the idea of bitcoin, its soo new and revolutionary. Definitely a threat to the status quo. If anything, its deeply interesting! i can see sterling taking a huge drop in value after the election.

[jonnyboy]

I thought people just used it on silkroad (or did) Quite interesting seeing in the mainstream news and stuff. A guy has a few million quids worth stolen by hackers so its not totally infallible/safe.

[dave_dub86]

I sold all my bitcoin for litecoin a few months ago, I'm now waiting for LTC/BTC to get to 0.015 and I'm selling 50% of my litecoin for bitcoin again as there's a good chance it's going to continue going up now the Chinese seem to be buying whatever they can't regardless of cost

[kingwowns]

I think I'd rather hold gold. Good track record for the last 3000 years and should society fall apart everyone recognises it as wealth. I did see that a Norwegian guy bought $27 worth of bitcoin in the early 2000's and forgot about it. It's now worth enough to buy him a flat in the nicest part of Oslo!

[jonnyboy]

Yeah with appreciation like that you just think bubble/crash. wouldn't be investing now. 

[siztenboots]

if its already in the media , you've missed the boat

[TheRealVXed]

I have about 15 left... bought them about 5 years ago when they were £1 a coin... tidy

 

My mate has around 500, he introduced me to them ages back for *ahem* purchasing goods... 

[VX Boyd]

So is it worth jumping in on and buying Lite coin given the press Bit is getting atm? Is there a chance Lite coins will boom in value if/when bitcoin goes tits up?

[slindborg]

So is it worth jumping in on and buying Lite coin given the press Bit is getting atm? Is there a chance Lite coins will boom in value if/when bitcoin goes tits up?

 

did a spot of reading and it seems LC's are easy to mine with simple kit so I guess there is no harm in doing so

[dave_dub86]

The difficulty is getting too high to mine LTC profitably, you're better off mining a smaller coin like NMC or FTC and swapping them for LTC if you're interested in mining.

[Tony H]

What is the source of the bitcoin's value? Is it backed by any physical commodity?

[slindborg]

What is the source of the bitcoin's value? Is it backed by any physical commodity?

 

what is the source of Golds value?

sure its pretty, its mostly inert, its got a finite quantity on the planet etc, but what makes it worth more than Tin, Lead, Clay etc ?

 

So LTc's are hard to mine... FFS The internet is a liar