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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.
 
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)
 
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.
 
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.
 
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
 
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.
 
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.
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
 
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.
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
 
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.
 
Small update - Chinese have spotted the flaws,one of which,is the massive waste of energy,and are shutting supplies down to known "mining servers" :eek:
 
There are loads of other crypto coins out there. A couple of my friends invested in iota a while back and made very nice returns.I have iota currently and hoping it takes off again this year. The amount of different crypto coins available now is huge.

Buying them is a big of s ball ache though. It's all a gamble really.
 

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