Bitcoins

It will all end in tears.

Tears of joy ;)
Hit £127 today. Fell to £116 an hour ago and recovering to £122.

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?

Hubble bubble toil and trouble

Stick it all on Denmark for Eurovision. You'll get the same return in the end...

It'll all end in teardrops

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.

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.

See...

http://en.wikipedia.org/wiki/Tulip_mania

http://en.wikipedia.org/wiki/South_Sea_Company

http://en.wikipedia.org/wiki/Ponzi

Got most in common with Tulip Mania imho

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.

Basically it's virtual money created from thin air

Russians bailing out of Cyprus love it

hope you got out in time Dan, thats a big crash

Presumably when a major economy or financial institution declares it as nothing more than monopoly money, it will become worthless overnight.

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.

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

I know, I think it has lower resistance than copper (but it may not be so usable).

Anyway the point is that almost all its current price is as a "currency of last resort".

paper money can be printed... QE, gold is finite, gold as an investment in times of strife and uncertainty is unparalleled.

Land is finite.

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

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?

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.

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.

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.

The last thing I'd want to hold is sterling, as I'd estimate we are on the precipice of monster inflation.

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

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.

To resurrect, Bitcoin approaching £250, they were £50 6-7 months ago.

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

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

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...

.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!

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.

Just a quick update, Bitcoin are now worth £415 each. They started the year at £13.

Sorry, $13 (£8)

Very nice Danzaa. Ignore my Nov 9 post

The bubble will eventually burst - but fun and games whilst someone else is prepared to pay you more.

On one exchange site, Mt. Gox, the value of the currency rose to $900 (£559) on Monday before falling back to $727 (£452). This compares with a price of $200 (£124) in late October.

Asia is known for being an area where people emphasize savings, so when Asia moves it's big regardless of whether it's real estate, gold, stocks or bitcoin. I think that's what we're seeing right now," he said.

Zennon Kapron, managing director of research firm Kapron Asia, agreed: "The current run-up in price that we're seeing is due to increasing awareness and understanding of bitcoin both inside China and out."

"Anecdotally, in the past week, I've had a number of both professional and personal friends who had never heard of bitcoin before, come to me, ask how it works and what we think all because they read an article or saw a news segment," he said.

"As they start to understand bitcoin and see its potential in the future, they want to be part of that, which is driving up demand. You could think of it as the next segment of the adoption curve coming online," Kapron added.

Another factor at play could be BTC China's announcement Monday that it received $5 million in Series-A financing – the first round of financing undergone for a new business venture after seed capital – from institutional investors Lightspeed China Partners and Lightspeed Venture Partners.

BTC China's Lee said the exchange saw a dramatic increase in volume following the announcement, as investments of this nature further underscore bitcoin's status as a legitimate investment option.

Bitcoin has appreciated rapidly over the past year; as of Monday, the value has increased more than 50-fold from $11.00 in mid-November 2012. Three years ago, when the currency was unveiled in February 2010, one bitcoin was worth just $0.03. For months it stayed that way so you can see how things have changed in such a short timespan.

things looking bad now

Bitcoin Setback: New Central Bank Warning
http://news.sky.com/story/1187482/bitcoin-setback-new-central-bank-warning

They shutdown something similar last year - saying a high percentage of criminals were using it - but criminals use dollars too. They'll step in when it competes with real banking money.

Just thought I'd revive this thread for a quick told-you-so.

I originally posted when Bitcoin was 113 quid, 4 years later it's over 1000. The SEC is ruling today on whether or not to allow a Bitcoin ETF which, if approved will probably push the price to around 1500 quid in the short-term.

Bet you wish you hadn't cashed out in 2013 now

Bought back in last year, price has doubled since.

course you did.

Ignore him Danzaa; he`s a bullying troll from Horse Racing who has half a dozen usernames which he regularly uses to big himself up, trying to give the impression that he`s popular and liked. He isn`t.

Please try and be more welcoming to newbies Tim. They are the lifeblood of the forum and as a former Foty you really should Know better.

I`m assuming you don`t read Horse Racing? This is a very friendly and helpful forum; anyone acquainted with him will know we don`t need such `lifeblood` on here. As evidenced by his friendly, insightful and knowledgeable introductory misplaced sneer at Danzaa.

Romans 14.1

I`m impressed bear! Was going to quote 2nd Corinthians 2; 5-6, but then saw 7-8!

O/T but there`s a bit of fun going on in tonight`s Spanish Second Division match between Girona and Zaragoza; both teams more than happy with a draw, 0-0 is currently 2.46, been matched down to 2.0 and the draw is at 1.36. These seemingly r1gged games do tend to end as draws, but often not with 0-0. Also, when there has been a goal in previous such games, the market tends to go crazy at this unexpected twist in the script, leading to huge, if temporary, over/under rounds. Still think I`ve probably lost on these games over the years, but can`t resist laying the 0-0, and hope to capitalise further if there`s a goal.

I havn't seen them leave the centre circle yet

No. Half time, 0-0, 1.17

It's embarrassing

Right, that`s it; I hereby undertake to post no more tosh on here at least until BB starts.

Cant't wait  .....

Can't wait  ...

Boss - Of course I listened to ya - re : Tokio ...

But then I simply got chicken as the drift reached 12+  [ semi ]

RE : BB ...  Hope your gonna ... 

..... [ WinkWinkWinkWinkWink  ].....

[ let me know ]

....[ LaughLaughLaughLaughLaugh ].....

ttt, after tonight`s discussion.

Cheers

buying litecoin @ $54 ish, lots of room to go up.

bitcoin is pumping tonight, priming for new all time highs again soon. it  looks very bullish right now.

Incredible

I only bought 20. How are they doing?

Why didn't I see this post in 2013 haha. Only came across it all in 2018. Had 10 BTC at one point. Lost it all.

Current Price: $66,688.22     Today: +0.46%  +$302.50

Period	Dollar Change	Percent	Change
Today	+$302.50	+0.46%	↑
Last 7 days	-$2,253.44	-3.27%	↓
Last 30 days	-$773.82	-1.15%	↓
Last 6 months	-$45,349.71	-40.48%	↓
Last 1 year	-$17,706.45	-20.98%	↓
Last 2 years	-$4,080.51	-5.77%	↓
Last 3 years	+$39,413.32	+144.50%	↑
Last 5 years	+$10,907.21	+19.55%	↑
Last 7 years	+$62,651.77	+1,552.15%	↑

Pi Network - Currently 12.6p

Bitcoin was originally designed to be a currency to use for the masses peer to peer, without the need for trusted third parties like banks. It is now a store of value, digital gold basically for the rich. Not being used as intended, it should of been a way to transact with retail, universally across borders with minimal fee's.

Pi Network was designed by Stanford professors to fulfil this dream, having recently touched its ATL of 9.6p and fully incorporating AI into functionality. I'm expecting big things over the next few months with massive updates and upgrades happening soon.

I think Bitcoin was the only hope for a digital currency and yet it still can't be used for purchases. After Bitcoin all the other crypto offerings have all been a total con / rip off with the people running the software/exchanges/brokers just crashing markets and stealing people's money. Gold, is now like Bitcoin, only as valuable as the next person who wants to buy it. It's just that people don't realise that yet. It used to be currency, then it used to back currency, now not even that. Coins/notes/bank accounts are backed by governments - to some extent - fairly solid but not solid as property - there's not enough property and everybody needs to live somewhere.

Yeah major manipulation happens all the time with CEX's, Pi will soon be launching its own DEX where rug pulls will be virtually impossible to pull off. The coreteam are not vying to lead the web3 space, they are reshaping it.

Surprised and glad to see my "Bitcoins" thread re-surface. Worked out pretty well for me.

very well done Danzaa - fortune favours the brave! :)

I got into doing the casinos around 2002 - 2003, that set me off. I always think I'd have been all over btc if I'd actually started 10 years later, but the reality was probably I would have been too risk averse. Can't complain anyway

Well done Dan

May 12, 2026 -- 8:26PM, Danzaa wrote:

Surprised and glad to see my "Bitcoins" thread re-surface. Worked out pretty well for me.

Was this sent from your superyacht in the Caribbean? £58 a coin when you posted, x1000 since! £1k turns into £1,000,000!