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Bitcoin - Anyone Holding Any?


David
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With the price of Bitcoin still operating at a much lower level than it was Q4 of 2017, does anyone here hold any? Maybe you bought in during the slump hoping for better things ahead?

Perhaps of more interest, did any of you buy in early doors 2017 and sell off for a good profit at the end of the year?

What's the general thoughts on Bitcoin? A lot of new-fangled shit? Or the future of money?

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I looked into crypto-currency a few months ago and honestly did not understand one iota of it and promptly gave up. It still sort of interests me but trying to find a guide out there that talks you through every step of how it all works is impossible.

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I bought about a hundred quid’s worth at ~£3.3k last year and then sold it at ~£9k when it was having that stupid period of growth. I didn’t re-invest though. The profit I made was my first dabble in cryptocurrency (and investing in general) and put it down to beginner’s luck.

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11 minutes ago, Your Fight Site said:

I bought about a hundred quid’s worth at ~£3.3k last year and then sold it at ~£9k when it was having that stupid period of growth. I didn’t re-invest though. The profit I made was my first dabble in cryptocurrency (and investing in general) and put it down to beginner’s luck.

You blinked too early mate, if you'd held longer you could have cashed out at close to $20,000 instead. Still, not a bad profit made.

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I've bought and spent probably thousands in Bitcoin over the years, but never actually invested in it. I'm pretty sure I have a wallet somewhere that may actually have 2-3 BTC in it but fucked if I can find the seed.

Edited by SpursRiot2012
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3 hours ago, David said:

You blinked too early mate, if you'd held longer you could have cashed out at close to $20,000 instead. Still, not a bad profit made.

Just checked my account and sold @ £10,334 GBP in December 2017. It was a three-fold profit on the most casual of investments, so I’m not grumbling.

Edited by Your Fight Site
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2 hours ago, Your Fight Site said:

Just checked my account and sold @ £10,334 GBP in December 2017. It was a three-fold profit on the most casual of investments, so I’m not grumbling.

Not too bad a profit at all. I don't think it's going to hit those heights again any time soon, although the price will settle over the next six months or so I think.

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7 hours ago, Devon Malcolm said:

I looked into crypto-currency a few months ago and honestly did not understand one iota of it and promptly gave up. It still sort of interests me but trying to find a guide out there that talks you through every step of how it all works is impossible.

This.

I had a mate a couple of years back who was trying to get me to invest and sent me loads of paperwork but no matter how many times I read it I had no fucking clue what it was and I have an A level in Economics. Just as well because I think he lost a bit of money. For now I'll stick to betting on non league football.

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It’s definitely not the future of money, given how much electricity is required to resolve blockchain entries. This will only increase over time. Also, no government is going to ratify something they can’t tax as an official currency.

I do believe we may see currency go all-digital in our lifetime, though. I seldom use a cash point or have cash in my wallet, as all my purchases are done either online or using contactless/chip and PIN. There is a generation who still prefer cash, but they’re not going to be around forever…

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5 minutes ago, Your Fight Site said:

It’s definitely not the future of money, given how much electricity is required to resolve blockchain entries. This will only increase over time. Also, no government is going to ratify something they can’t tax as an official currency.

I do believe we may see currency go all-digital in our lifetime, though. I seldom use a cash point or have cash in my wallet, as all my purchases are done either online or using contactless/chip and PIN. There is a generation who still prefer cash, but they’re not going to be around forever…

I actually get paid my salary in crypto, and find it much easier to deal with than normal banks to be honest, as my employer is based in another EU country.

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52 minutes ago, Your Fight Site said:

I do believe we may see currency go all-digital in our lifetime, though. I seldom use a cash point or have cash in my wallet, as all my purchases are done either online or using contactless/chip and PIN. There is a generation who still prefer cash, but they’re not going to be around forever…

Please let this happen sooner than later. Is there anything more annoying than being a man (that doesn't carry a purse) and bloody coins? Drives me nuts. The ice cream van in my local park now takes contactless payment! It's time we moved on.

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1 hour ago, Your Fight Site said:

It’s definitely not the future of money, given how much electricity is required to resolve blockchain entries. This will only increase over time. 

That's not the blocker anymore actually. There are crypto currencies that don't have that issue because their proof is resolved in a different manner. Ultimately though, it's not the future because a completely decentralised currency will never have mainstream consumer confidence. As much as people love to hate banks, and have been given plenty of reasons not to, they overwhelmingly do still have confidence in the institutions.

I think the prize will go to whichever banks can find a way to harness blockchain technology to deliver security and efficiency as part of their wider overall business model.

So it's both a stupid speculative gamble and fad, and also the future of currency.

 

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I still think cash will exist for a good while yet. I know at some point in the last few years that more cash was being spent year on year despite the technology. I think at best we will see cash reduced so you may lose coppers (there was something in the news about this recently) to simplify things. There is also a part of society that will withdraw cash and spend it because they don't want the banks to see what they are spending on as everything is so big brother these days so even something like spending £100 on online gambling a month will mean your bank see's this and has this on record.

Edited by Briefcase
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