Posting a message to the forum will remove the above advertisement
  1. angel While you're here, woud you mind checking out our Electrician's Insurance section to see if we could save you a few quid? - Specifically our Van Insurance Deals and Public Liability Insurance Deals. Thanks for supporting the forum! angel

Discuss Bitcoin bandwagon......... in the Electricians Chat - Off Topic Chat area at ElectrciansForums.co.uk.

Please make sure you checkout our forum sponsors, many do discounts for members and, they keep the forum free to use.
  1. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    Anyone jumped on the Bitcoin band wagon? Worth under 2K a few months ago and now over 12k ATM. I don't really understand the technology behind it all but looks the fastest growing investment at present.
     
  2. mattg4321
    Offline

    mattg4321 Electrician's Arms

    Location:
    South East
    Wish I'd got in a few months ago. A mate was trying to get me involved when it was at 3-4k dollars.

    I remain a sceptic though. Can see a lot of ordinary people getting burned very shortly. Feels like a bubble is my gut feeling. Of course I could be wrong and it could be 100k next year. I'll sleep more soundly being out than in though!

    To sum up its a gamble. It seems like its probably 50/50 going to go one way or the other.
     
  3. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    Yeah that's where I'm at really...I had a mate trying to get me involved about a month a go when it was around the 5K dollars. I didn't chuck anything in the pot as I kept researching it and still wasn't much the wiser. Someone who's involved in the futures market predicted it will hit 15k dollars before she xmas which it's hit today. The same guy predicts a bit coin will be worth half a million by 2022, but if this pace keeps up one will be worth 1 million. Should of brought a load in 2009 when they were about 30cents :eek:. Branson brought a grands worth and now that investment is worth over 300 million....like he needed it:D
     
    • Useful Useful x 1
  4. Des 56
    Offline

    Des 56 Trusted Advisor

    Location:
    Gliese 581C
    I was buying my fags up till last November from Moldova using Bitcoins, until the customs started intercepting and seizing my deliveries
    During that time I was spending the equivalent of £20 a week

    I left about £20 in the account and forgot all about it
    My son recently asked me if I had any left,we looked at the rate and my £2o is now worth £240 ish

    I was pleased and yet disappointed, what I had spent over about 20 weeks of Bitcoins on fags,it would have had a value of £42,000 if I had just hung on to them:oops:
    However,I recently bought £100 of coins because they are forecast to rise until the end of 2019,here's hoping:)
     
    • Like Like x 1
  5. Rock'N'Rebel
    Offline

    Rock'N'Rebel EF Member

    Location:
    Birmingham
    How safe is it or what guarantee is there that the site will be still here tomorrow.??
    It's all in cyberspace and there is some very clever hackers.
    Easy come easy go I think. ;)
     
  6. mattg4321
    Offline

    mattg4321 Electrician's Arms

    Location:
    South East
    Nothing wrong with sticking a few hundred quid or a grand or whatever you can afford to lose, but it's a gamble imo.

    It just worries me that people are starting to see the £$ signs and rationality goes out the window. I don't see, or maybe understand, where it's intrinsic value is. At least with other fiat currency, it's ultimately backed up by a government that will try to maintain its value to a certain extent and has the ability raise funds through tax etc.

    If and when the bitcoin bubble bursts it'll happen very quickly
     
    • Agree Agree x 1
  7. Vortigern
    Offline

    Vortigern Electrician's Arms

    Location:
    England
    Business Name:
    F.H. Electrical
    The singularity has occurred. Soon we will all receive new cards that trade only on crypto currency from our banks. The future is crypto currency. Viva la Blockchain!
     
    • Funny Funny x 1
  8. Des 56
    Offline

    Des 56 Trusted Advisor

    Location:
    Gliese 581C
    Wow,this thread spurred me into checking the rate against what I hold
    I have 0.06282561 Bitcoins worth a grand total of £793.40 smackers :cool::)
     
    • Like Like x 1
  9. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    The likes of Goldman Sachs, google, virgin etc seem to be heavily investing in block chain technology. I will probably buy £300-£400 worth and just hold onto it. My pal put £1400 in a few months ago and today it's worth about £3000. Japan is going mental for it ATM....I was reading an article on the carbon footprint of bitcoin and apparently bitcoin mining, transactions etc uses around 150 terrawatt-hours a year.
     
  10. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    Happy days...is that from the £20?
     
  11. static zap
    Offline

    static zap Regular EF Member

    Location:
    west midlands
    An expensive recent cock-up. May have caused a flutter.
    ( in some competing crypto )
     
  12. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    Cut the power to some servers did we?:D
     
  13. Des 56
    Offline

    Des 56 Trusted Advisor

    Location:
    Gliese 581C
    The £20 was what was in there in October,a few weeks ago it was valued at £240 after it had been lying there for a year

    When I saw how much it had risen,I chucked another £100 into buying more coins,its that combined amount now worth almost £800
    I will take a chance that it continues to rise :praying:
     
    • Like Like x 1
  14. static zap
    Offline

    static zap Regular EF Member

    Location:
    west midlands
    --No !
    A programming nerd ,moved some Emperium about ..
    ..and made a mistake ,so they evaporated into thin air !!!
     
    • Like Like x 1
  15. Leesparkykent
    Offline

    Leesparkykent You Rock Gmes Staff Member Trusted Advisor

    Location:
    Kent
    $100 in 2012 would be worth around $4000000 today :eek:
     
  16. Madocks
    Offline

    Madocks Regular EF Member

    Location:
    Pontypridd
    Buy a few mining machines, bypass your meter and watch the coins role in :)

    Joking of course
     
    • Like Like x 1
    • Funny Funny x 1
  17. PEG
    Offline

    PEG Trusted Advisor

    Location:
    Manchester
    Radio 4 did a good piece on this,today. The biggest rise,has obviously passed,and there are issues with trading rules and FCA oversight on purchasing.

    I suppose it is the same as any other exponentially increasing investment...spend only what you could stand to lose :)
     
    • Agree Agree x 2
  18. Gavin John Hyde
    Offline

    Gavin John Hyde Regular EF Member

    Location:
    Somerset
    bitcoins are mathematically limited by the formulae used to mine them. so have a certain value but you can in theory mine them on your computer, that is why the Japanese are going mental for them at the moment. they are all sitting there trying to unlock the encryption for a coin to then claim it, they then get the chance to sell the coin making mega money. some Japanese universities have seen their computer systems crash under the workload and systems crash from over heating! Bitcoin can also be stolen, so just because you have them in your e-wallet it doesn't mean a hacker wont take them from you. buyer beware as they say
     
    • Agree Agree x 1
    • Informative Informative x 1
  19. Vortigern
    Offline

    Vortigern Electrician's Arms

    Location:
    England
    Business Name:
    F.H. Electrical
    The thing I don't like about crypto currency is it puts up the price of graphics cards. As people use the GPU to mine crypto currency. So if a shop gets 10 high end graphic cards someone comes in and buys them all so there is none for me. And the price rockets up.
     
  20. Wilko
    Offline

    Wilko Electrician's Arms

    Location:
    Berkshire
    Business Name:
    Wilko Electrics
    By experience I can guarantee you that I can make bitcoins worthless. It's very simple. I just buy some, and they will be worth diddly in a week...
     
    • Like Like x 4
    • Winner Winner x 2
  21. PEG
    Offline

    PEG Trusted Advisor

    Location:
    Manchester
    ....I'm still getting over how fast those looms make cloth...;)
     
    • Funny Funny x 4
  22. HandySparks
    Offline

    HandySparks Trusted Advisor

    Location:
    Hampshire
    Business Name:
    Neish Electrical Services
    I don't think I'm going to jump in on this one, partly because I don't really understand it. It may have a long term future (or maybe another cryptocurrency will prevail), but in the short term I'm sure we're in bubble territory, otherwise we wouldn't have this thread!

    I fully expect to see a pretty large and rapid drop in the value of bitcoin in the not too distant future (or maybe I'm hoping for an opportunity to say 'I told you so', as I'm not invested myself). If (when) the price starts to drop, how quickly can you sell bitcoin in exchange for pounds, especially if everyone else is trying to do the same? In the end, what matters is being able to convert your 'profit' into something that you need or want.

    It's a pity that it takes this sort of 'fast buck', headline-making 'investment' to make people sit up and take notice, when most of the population keep their savings in a bank or building society account earning one or two percent.
     
  23. static zap
    Offline

    static zap Regular EF Member

    Location:
    west midlands
    It's like the advice , you can't go wrong with stocks and shares .
    ( Till the 1st big crash )
    Has to be better than putting it in a bank ! (or on a horse)
     
  24. HandySparks
    Offline

    HandySparks Trusted Advisor

    Location:
    Hampshire
    Business Name:
    Neish Electrical Services
  25. SWD
    Online

    SWD Gender neutral Electrician's Arms

    Location:
    London
    Bit like the Tech Boom, I think a mate of mine only finished paying the loans he took to buy in last year, lost about £30k.

    Its a virtual currency what can go wrong eh, in the early days you could mine for Bit Coins with a home PC but the power and the costs required now to drive a PC will cost you more then you make thats why companies have set up server farms to do the mining for you, you just need to buy in.
     
  26. Midwest
    Offline

    Midwest Electrician's Arms

    Location:
    Oxfordshire
    There was a piece on bitcoins on the Vine show a week or so ago. Can't remember much detail, couple of experts on there, including one guy who runs a company advising people on investments in cyber currency! Apparently there is a limit to the amount of bitcoins up for sale, and its quite hard to buy any now, and the jury's out on whether it burst like a bubble. The same as any such investment, only invest if you can afford to lose that money.
     
  27. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    • Like Like x 3
  28. Judd
    Offline

    Judd EF Member

    Location:
    Liverpool
    I believe crypto to be the future I invested some money in Bitcoin and others in 2016 and I Have had very generous returns although I wouldn't put fresh fiat currency into it at the moment because every Tom dick and Harry is jumping on the bandwagon just trying to earn a quick buck.
    Having said that you could argue any
    Correction is limited because of it's finite supply, it costs a heck alot of money to run the Gpu's just to mine a small amount of Bitcoin, you could argue it's more like gold than money, a store of value rather than a medium of exchange,
    I nearly bought some Bitcoin in 2013 they were just under £100,
    never mind hey
     
    • Like Like x 1
  29. SparkyChick
    Offline

    SparkyChick Making a banana smoothy for my fave gorilla Electrician's Arms

    Location:
    South Wales
    Business Name:
    SparkyChick
    GPUs aren't the best way to mine. If you're serious about it, you should consider dedicated mining hardware based on application specific integrated circuits.

    The Antminer S7 for example, costs $500 (last time I looked) and achieves a hash rate of over 4 tera hashes per second. As far as I know, unless you spend lots of money you're not going to get near that with GPUs as the hash rates I've seen are all in the mega hashes per second range.
     
    • Like Like x 1
  30. SWD
    Online

    SWD Gender neutral Electrician's Arms

    Location:
    London
    It we ever meet at a party/function I will be the guy with his fingers in his ears singing la la la la da di la ................ :p:p:D:D:D:D
     
  31. SparkyChick
    Offline

    SparkyChick Making a banana smoothy for my fave gorilla Electrician's Arms

    Location:
    South Wales
    Business Name:
    SparkyChick
    And that's fine by me as I like intellectually stimulating conversation. Based on that post it's something you probably wouldn't be able to offer me :D
     
    • Funny Funny x 2
    • Like Like x 1
  32. conrad
    Offline

    conrad Regular EF Member

    Location:
    North wales
    Around four to five years ago i was doing a eicr in a commercial office property and one of the tennants had bitcoin miners... He was a crazy science bloke and really pushed me to invest in some small miners of my own and insisted this would happen... I nevet did and my guess is he is a very wealthy man now... He was also running them for the welsh government who were trialing it... Im a xxxx
     
  33. Paignton pete
    Offline

    Paignton pete Regular EF Member

    Location:
    Over the rainbow
    Beware the Bitcoin piramid type scam.
    The bubble is about to burst and lots of people are going to get burnt, but a few are going to come out of it very well.
    A friend of mine has just sold his stash for this reason.
     

Share This Page

Electricians Directory Post a Domestic Job Post a Commercial Job