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Anyone else involved? Been kinda distracting me recently before BGT gets started. Making a fair bit of money. How long this will last is uncertain as it's widely believed to be a bubble.
Current price is: £113 for 1 Bitcoin
5 days ago: £86
10 days ago: £58
It's mad that anyone who invested money 10 days ago could be worth twice as much by now. I invested a significant sum on Saturday afternoon and by Sunday evening it was worth 2k more. It's under half of my overall gambling winnings so I don't mind losing it but I'm interested to see how high this rollercoaster will go. The media coverage because of the 20% rise over 24 hours on Sunday should keep the price rising.
Current price is: £113 for 1 Bitcoin
5 days ago: £86
10 days ago: £58
It's mad that anyone who invested money 10 days ago could be worth twice as much by now. I invested a significant sum on Saturday afternoon and by Sunday evening it was worth 2k more. It's under half of my overall gambling winnings so I don't mind losing it but I'm interested to see how high this rollercoaster will go. The media coverage because of the 20% rise over 24 hours on Sunday should keep the price rising.
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It will all end in tears.
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Tears of joy ;)
Hit £127 today. Fell to £116 an hour ago and recovering to £122. |
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Have to admit I can't quite get my head round bitcoins - although I find it interesting at the same time.
Surely there's a chance that somehow the plug can be pulled on all this and they will be worthless? |
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Hubble bubble toil and trouble
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Stick it all on Denmark for Eurovision. You'll get the same return in the end...
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It'll all end in teardrops
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Price has just settled at £151 after hitting a high of £154. I invested on the afternoon of the 6th, it's now just gone into the morning of the 10th and it's worth 7k more.
I'm surprised there isn't more interest in this, using an exchange is identical to Betfair, and it's great because the price rises 99% of the time, just buy in the dips and sell for profit when it rises. I do a bit of trading on Tennis and find it's often a case of knowing when a bubble will burst and getting out before it does. |
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It's usually time to get out when threads on forums start appearing about these things.
I remember the tech bubble and making a killing at the start. When everyone started talking about it and investing, the bubble burst and most of my previous profits. In your position Danzaa I would take my profit and run. You might miss a little on the upside, but better that than potentially losing all your profit and more. |
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See...
http://en.wikipedia.org/wiki/Tulip_mania http://en.wikipedia.org/wiki/South_Sea_Company http://en.wikipedia.org/wiki/Ponzi |
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Got most in common with Tulip Mania imho
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It makes not a lot of sense, money obviously only exists to simplify the exchange of goods and/or services that have an intrinsic value. The perceived value may be under or over inflated, but it's based on something that exists. In this case there appears to be value being attached to thin air.
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Basically it's virtual money created from thin air
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Russians bailing out of Cyprus love it
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hope you got out in time Dan, thats a big crash
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Presumably when a major economy or financial institution declares it as nothing more than monopoly money, it will become worthless overnight.
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Heard first of Bitcoins just today but some experts have already declared it as worthless, at least in the last 24 hours.
I guess a modern currency's worth as much as people's belief in it - no different in essence from paper money, which used to have a guarantee of gold exchange at any time, but is now just paper. And then what is gold? Just a shiny metal too soft to be of any real use. |
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gold, to soft to be of any real use.???? if it was not popular for jewelry is would still have a high value for use in electronics,
copper £3,400 per ton lead £2,000 |
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I know, I think it has lower resistance than copper (but it may not be so usable).
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Anyway the point is that almost all its current price is as a "currency of last resort".
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paper money can be printed... QE, gold is finite, gold as an investment in times of strife and uncertainty is unparalleled.
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Land is finite.
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All assets are invaluable if faith in the currency is lost (inevitable imo, the liquidity bubble we have currently will burst with a massive spike in company activity and a ferocious spike in velocity of money leading to inflation), both gold and land will look like good choices.
As for bitcoins, touched $55 an hour ago  were $260 a couple of days back, now at $72 |
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Gold price under pressure now as well:
http://www.guardian.co.uk/business/2013/apr/12/gold-selloff-cyprus-eurozone-crisis Time to get a bigger mattress? |
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Yeah I got bitten, luckily in comparison to others I bought relatively early and am confident I' walk away with a profit in the long run (and by long run, I mean less than a month). The saddest thing is that it wasn't even a lack of faith in the currency that did it, the main exchange used by 80% of Bitcoin owners was DDOS-ed, morons started panic-selling as a result of that.
The SysAdmins of the exchange are an utter joke, their incompetence wiped a billion pounds off the value of their own livelihood. Anyway, the price hit rock bottom and is now on it's way back up having risen from £39 to £61 today so far. |
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Sounds like a Ponzi scheme to me and the fact it can lose a billion quid in a panic because it goes down says it all.
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Ponzi schemes also benefit the creators whereas there is no central authority with Bitcoin. It went into a panic because the main exchange went down and people wanted to cash out their Bitcoins in case the site died, the concept does have value for many reasons.
If thought of as a commodity, when the news about Cyprus came along, the price shot up, when Japanese QE came in, the price shot up, it's like gold in that it can be used to hedge against the real situation with fiat currency (which really IS a ponzi scheme and backed by nothing). It has the additional benefit of being unregulated and anonymous and it's impossible to seize Bitcoins. It's also completely free and instant to transfer any amount of money to anywhere in the world, even countries that have had traditional methods of payment blocked by governments. And it has a big use for those wishing to buy illicit drugs, may not be moral, but hey, since when has money ever been. This makes it valuable to all kinds of people, particularly those in Finance who need to transfer money. More and more websites are introducing Bitcoin payments. I'm confident the price will rise again because it is simply a product that works. More exchanges are coming along and the one that was attacked is improving it's infrastructure. Not concerned. |
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The last thing I'd want to hold is sterling, as I'd estimate we are on the precipice of monster inflation.
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I said it's got more in common with Tulip Mania which wasn't a ponzi scheme. Attaching value to something that has no value other than the value of a tulip bulb
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No its not a Ponzi I was just using that in general terms as something to avoid. But like Ponzi schemes there will be winners and losers.
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To resurrect, Bitcoin approaching £250, they were £50 6-7 months ago.
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Jesus, wouldn't go near it with a barge pole at these levels. Might miss out on fantastic gains but there's also a reasonably high chance of a most spectacular text-book bubble bursting.
Read an article about someone who invested $27 in bitcoin near their launch, forgot about it, and has just found out they're now worth $800,000 |
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Yes, it was mentioned on HIGNY.
I wondered how they were doing now I agree jack I wouldn't touch them at the price now. A nice profit for anyone who got in when Danzaa started the thread and an even better one for anyone who was brave enough to have bought when they slumped |
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I sold at a profit and am now hoping/praying for a crash to around $200 but now with so many exchanges and China involved (who weren't really so much back in April), my hope for that price level is diminishing...
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.http://www.ibtimes.co.uk/articles/517998/20131029/norwegian-kristoffer-koch-bitcoins-value-interest-appreciation.htm
Link to the story jack alluded to. It also says they were far less than the price quoted in the OP at time of writing! OK if you can invest and not worry about getting it all back at any given point! |
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Yes my OP was a little later in the year. Bitcoin in January 2013 were worth $13 (£8). So even a £1000 investment would be worth £30000 today.
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Just a quick update, Bitcoin are now worth £415 each. They started the year at £13.
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Sorry, $13 (£8)
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Very nice Danzaa. Ignore my Nov 9 post
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The bubble will eventually burst - but fun and games whilst someone else is prepared to pay you more.
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