MC RISK77 Posted June 15, 2018 Report Share Posted June 15, 2018 So I watched Dragons Den last week where Peter Jones invested 2m into this company in the biggest deal ever on the show. deborah also invested 250 quid while they were doing the pitch and during those 8 mins that had increased to £398. I have no concept of what bitcoin is but have done some research and some people are making serious money on this thing. Anybody have any thoughts, is it legit? Anybody tried it even? And what are the potential pitfalls? thanks Link to comment Share on other sites More sharing options...
Erithacus Posted June 15, 2018 Report Share Posted June 15, 2018 From what I understand, a 'Bitcoin' is merely a string of complex computer codes. The creators are making a fixed quantity of these codes and keep them in a safe system. It is little more than that. However, they have also created a 'market' around them and by restricting access have made them 'collectable' to those who are drawn to it. It seems rather odd, but the logic is undeniably causing a market price for them - and that's the power of it, like rare paintings or cars, they are desirable. Certain people and companies will take them as valuable. What is not in doubt is that the current state is that Bitcoin and other similar systems are capable of making real cash quickly, or crashing just as rapidly. Is it legit? Not specifically illegal but roundly being disparaged by the major banks and financial institutions - for the moment. They are dismissive but recognise that there are people who do accept them as collateral, just like cash. This cleft in the world's regard is something that may well be a boon for some, a noose for others. You pays yer money... Link to comment Share on other sites More sharing options...
nebristolred Posted June 15, 2018 Report Share Posted June 15, 2018 I'd really recommend doing some research if you're serious about it, but there's no doubt in my mind, the world is going this way. Just to be clear, Bitcoin is a type of Cryptocurrency, that's what you should be researching. In fact, it's not a very good cryptocurrency, but it is the most famous and therefore the gateway to buying others for most people, hence its high price. Some of these crypto's are vastly superior to 'money' in every way, and one day the whole world will run on them, whether in our lifetime or not is debatable, but it's nailed on imo. Banks and politicians may well talk them down, but of course they would, it's the single biggest threat to their business. Link to comment Share on other sites More sharing options...
screech Posted June 15, 2018 Report Share Posted June 15, 2018 The biggest reason not to do it is that any investment you make is not protected by any bank. There have been cases where multiple accounts have been hacked and you have no comeback, all is lost. I still think it's far too volatile to get involved, maybe when there are signs that major banks want in then I would be tempted, but I'm in no position to risk real money against it at the moment. Link to comment Share on other sites More sharing options...
nebristolred Posted June 16, 2018 Report Share Posted June 16, 2018 On 15/06/2018 at 20:08, screech said: The biggest reason not to do it is that any investment you make is not protected by any bank. There have been cases where multiple accounts have been hacked and you have no comeback, all is lost. It's practically impossible to 'hack' Bitcoin. It is possible to download the 'ledger', which is basically a list of every transaction ever made. When you transfer money to someone else, random people on the network have to verify that transaction, and update the ledger. In order to hack it, you would need to hack every instance of the ledger, on the planet, in the same way, at the same time. It's possible for your account to be hacked of course, but that's no different to a usual bank account. And similarly to a usual bank account, you can decide to store your money yourself, either in cash form for standard money, or by storing it on an offline wallet for cryptocurrency. Link to comment Share on other sites More sharing options...
screech Posted June 16, 2018 Report Share Posted June 16, 2018 1 minute ago, nebristolred said: It's practically impossible to 'hack' Bitcoin. It is possible to download the 'ledger', which is basically a list of every transaction ever made. When you transfer money to someone else, random people on the network have to verify that transaction, and update the ledger. In order to hack it, you would need to hack every instance of the ledger, on the planet, in the same way, at the same time. It's possible for your account to be hacked of course, but that's no different to a usual bank account. And similarly to a usual bank account, you can decide to store your money yourself, either in cash form for standard money, or by storing it on an offline wallet for cryptocurrency. I meant there have been breaches within the system which when/if it happens you will lose all because governments are not coming to your rescue. https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck https://www.theguardian.com/technology/2017/dec/07/bitcoin-64m-cryptocurrency-stolen-hack-attack-marketplace-nicehash-passwords Link to comment Share on other sites More sharing options...
nebristolred Posted June 17, 2018 Report Share Posted June 17, 2018 14 hours ago, screech said: I meant there have been breaches within the system which when/if it happens you will lose all because governments are not coming to your rescue. https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck https://www.theguardian.com/technology/2017/dec/07/bitcoin-64m-cryptocurrency-stolen-hack-attack-marketplace-nicehash-passwords Yep absolutely, but as I said, if you store your Bitcoin (or any other crypto) locally then you avoid all of those hacking issues Link to comment Share on other sites More sharing options...
Erithacus Posted June 20, 2018 Report Share Posted June 20, 2018 Here's another little example: https://www.bbc.co.uk/news/technology-44547250 Link to comment Share on other sites More sharing options...
nebristolred Posted June 20, 2018 Report Share Posted June 20, 2018 14 minutes ago, Erithacus said: Here's another little example: https://www.bbc.co.uk/news/technology-44547250 Yeah, I'm absolutely not disputing the fact that it happens. All I'm saying is that it's possible to have Bitcoin (or any crypto) and not store it in an online exchange or 'bank'. In that case, your BTC is far, far harder to hack. There are 'reputable' exchanges you can store your cryptocurrency on anyway. Places like Coinbase, though they do have lots of bad reviews (those with bad experiences are always the most vocal), are pretty safe. Link to comment Share on other sites More sharing options...
Admin Ian M Posted June 22, 2018 Admin Report Share Posted June 22, 2018 On 15/06/2018 at 05:51, MC RISK77 said: So I watched Dragons Den last week where Peter Jones invested 2m into this company in the biggest deal ever on the show. deborah also invested 250 quid while they were doing the pitch and during those 8 mins that had increased to £398. I have no concept of what bitcoin is but have done some research and some people are making serious money on this thing. Anybody have any thoughts, is it legit? Anybody tried it even? And what are the potential pitfalls? thanks So did you watch it or see the advert for the company on social media like I did? Link to comment Share on other sites More sharing options...
LondonBristolian Posted June 23, 2018 Report Share Posted June 23, 2018 8 hours ago, Ian M said: So did you watch it or see the advert for the company on social media like I did? I was just about to post this - similar statement from Peter Jones' own website: http://www.peterjones.com/news-entry/_/false-bitcoin-claims/127/ Not getting at the original poster at all because it is disturbing how we can all do it but it is genuinely amazing how someone can remember watching something that didn't ever exist. It should give us all pause for thought about what we see and what we believe. Regarding Bitcoin in general, some people appear to have made lots of money on it but personally I think there is always a massive risk in investing in anything that you don't fully understand... Link to comment Share on other sites More sharing options...
nebristolred Posted June 23, 2018 Report Share Posted June 23, 2018 1 hour ago, LondonBristolian said: Regarding Bitcoin in general, some people appear to have made lots of money on it but personally I think there is always a massive risk in investing in anything that you don't fully understand... This is exactly the case. Never put in money without doing your research, and never put in money that you can't afford to lose. For most, it's worth a small amount to get to grips with the technology and generally as a punt. Personally, I think those with Bitcoin, and subsequently the better crypto's which come along, will become astronomically wealthy one day. It's a case of when, not if. Everything has been digitised and improved as a result of it, except for money. Money has so many problems it's impossible to list the real fundamental issues in a simple forum post, but when the existing fiat currencies fail, and they will, cryptocurrency is the perfect solution (and an all-round better solution anyway) to step in. It's moral uses as a method to help crippled third-world economies are great as well. It's far faster, is more secure, is far cheaper, has far more uses than simple currency we use today, and is truly decentralised. Everything in the technology world that has made life more simple has taken off. This is still in its infancy, and when it takes off, I don't think it's exaggerating to say that it will be as big a thing as the birth of the Internet. Link to comment Share on other sites More sharing options...
marshy Posted June 27, 2018 Report Share Posted June 27, 2018 It's just a gamble. The price is extremely volatile; a 52 week price range of 1374---15339. Warren Buffett says 'it will all end in tears'. He's probably right. The energy usage of bitcoin mining would put me off too: Bitcoin’s electricity usage is enormous. In November, the power consumed by the entire bitcoin network was estimated to be higher than that of the Republic of Ireland. Since then, its demands have only grown. It’s now on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru, according to estimates from Digiconomist. That’s commensurate with CO2 emissions of 20 megatonnes – or roughly 1m transatlantic flights. Link to comment Share on other sites More sharing options...
nebristolred Posted June 27, 2018 Report Share Posted June 27, 2018 5 hours ago, marshy said: It's just a gamble. The price is extremely volatile; a 52 week price range of 1374---15339. Absolutely. But check out the 52 week price ranges that precede that... 5 hours ago, marshy said: The energy usage of bitcoin mining would put me off too: Not all coins need to be mined. Bitcoin won't be the one that changes the world, it's just the most famous. It's actually one of the crappier cryptocurrencies. Link to comment Share on other sites More sharing options...
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