Talk Morgan Forums Community The Malvern Arms Bitcoins

Bitcoin is so far over my head I can see the vapour trail.

I see cryptos as a long awaited and refreshing change. Bumpy and chaotic certainly but a breakaway from our dire dept based manipulated currencies. They are here to stay whether we like it or not. I’m not convinced that converting back is a given considering how fragile some of the major currencies are. Having a foot in both camps is not a bad thing.

Hindsight is a wonderful thing, you could mine these for free with relative ease when it first started - you need a supercomputer now!

To explain:

"Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. ... The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle."

I'd rather play with Kruger Rands I can understand them .

I view bitcoins a little like .coms 20 years ago a few people cleaned up but far more got wiped out. Time will tell us as always.

At the moment there are probably dozens of schemes and all sorts of people touting investment in Bitcoins. Given that they don't represent any material value it is a bit like buying shares in asteroid mining. Great for those who jumped on the bandwagon in the early days with a small investment but investing now would seem very risky.

My impression was that the Bitcoin was originally developed for trade in software but quickly went much beyond that. It was never intended to be traded as speculative investment. Good luck to those who have made money and got out. Sooner or later the bubble must burst.

Aren’t the numbers in our bank accounts only virtual anyway? What if it transpired that there was very little or no material value left in a Pound Euro or Dollar and they were actually only units of somebodies else’s dep’t? That would be scary too.

It seems a bit like a Pyramid selling scheme to me.
Possibly good for the early joiners but at what stage will it collapse?
How do you cash in your Bitcoins? Does an "investor" have to buy them?
Maybe we could set up a parallel scheme called "TMGoldbits"?

Sospan,
After reading your post, decided to check my bit coins. I prized the rubber bung out of the bottom of my ceramic Aero 8 money box, totted everything up and it comes to £7.47. Now I can either go and buy a new bottle of Autoglum, or buy you a pint at the Christmas Noggin. Decisions. decisions.....(happy days).

Aerotaff

Very good advice on Bitcoins on Martin Lewis's web site.

My son was v keen when they were launched. IF I had listened to him I would now have made a small fortune.

BUT as Martin advises " do not invest in something you do not understand"!!

Just checked some data and it shows that in the last 24 hours a total of 1325 Bitcoins have been created. As the current value is around $16250 that equals $21.5million. This is crazy!