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  #11  
Old 04-11-2013, 03:26 PM
Patty Flowers Patty Flowers is offline
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Originally Posted by Vendredi View Post
What investment is not hazardous really.
He said Highly, highly hazardous .. in which case he is correct.

Bitcoin transactions are not regulated in the UK (they are in the US) and therefore not subjected to the same scrutiny and rules a normal FX trade would be.

So if you trade here then your backside is exposed big-time.
Try coinfloor.co.uk if interested. Just launched a few days ago.

There have also been repeated DDoS attacks on bitcoin exchanges and incidences of malware siphoning off 'virtual currency' from those who hold interests in bitcoin.

As the saying goes, only invest what you can afford to lose.
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  #12  
Old 04-11-2013, 03:42 PM
How bad boy How bad boy is offline
 
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Not only that. Bitcoins have nothing behind them. No physical presence, no revenue, no return on investment, no government, no history.

Their value is purely a function of demand. If that demand drops, so does their value. And their value is the reason behind their demand.

It is very pyramid-scheme-like, it's not a pyramid scheme, at least, not yet, but it has the characteristics. If it grows big enough, it may well be the first global pyramid scheme.

Or it could be the first truly global currency.

Who knows?
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  #13  
Old 04-11-2013, 03:55 PM
Patty Flowers Patty Flowers is offline
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Originally Posted by How bad boy View Post
Not only that. Bitcoins have nothing behind them. No physical presence, no revenue, no return on investment, no government, no history.

Their value is purely a function of demand. If that demand drops, so does their value. And their value is the reason behind their demand.

It is very pyramid-scheme-like, it's not a pyramid scheme, at least, not yet, but it has the characteristics. If it grows big enough, it may well be the first global pyramid scheme.

Or it could be the first truly global currency.

Who knows?

It's got a way to go before it knocks the Dollar of it's perch.
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  #14  
Old 04-11-2013, 03:57 PM
i_didnt_do_nawtin i_didnt_do_nawtin is offline
 
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Quote:
Originally Posted by How bad boy View Post
Not only that. Bitcoins have nothing behind them. No physical presence, no revenue, no return on investment, no government, no history.

Their value is purely a function of demand. If that demand drops, so does their value. And their value is the reason behind their demand.

It is very pyramid-scheme-like, it's not a pyramid scheme, at least, not yet, but it has the characteristics. If it grows big enough, it may well be the first global pyramid scheme.

Or it could be the first truly global currency.

Who knows?
I wouldn't put it up there as a pyramid scheme, there is some mathematical basis behind the currency (something to do with the number of zeroes in hashes, or something). It's easy to verify if one is fake or not and they're hard to 'mine' so their value is a function of the difficulty of discovery, like gold I suppose.

Fiat currency has nothing behind it only promises.

Having said that, I've never owned any.
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  #15  
Old 04-11-2013, 04:21 PM
Enola Gay Enola Gay is offline
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The only way someone is going to make money from something like this is if you got in at the start, like that guy spending about 30 quid on 5000 coins.
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  #16  
Old 04-11-2013, 04:52 PM
How bad boy How bad boy is offline
 
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Quote:
Originally Posted by i_didnt_do_nawtin View Post
I wouldn't put it up there as a pyramid scheme, there is some mathematical basis behind the currency (something to do with the number of zeroes in hashes, or something). It's easy to verify if one is fake or not and they're hard to 'mine' so their value is a function of the difficulty of discovery, like gold I suppose.

Fiat currency has nothing behind it only promises.

Having said that, I've never owned any.
Well, yes, there is an algorithm behind it, supposedly solid (although the source is...interesting...) .

But at the end of the day, its little more reliable than Facebook Credits or gold.
Gold has a reasonably fixed supply too, as do most commodities. But they're longer established and although they won't be going away, they won't earn you thousands of percent of capital appreciation.

Which, lets be honest, is the reason 99.99% of people are buying bitcoins. An investment that solely relies on people coming in behind you to make money is a pyramid scheme. It's not completely like that but close enough to be of concern. The mathematical basis is nigh on a MacGuffin.

But it could also be the one reason other turns into the global currency in 30 years time. Hard to tell.
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  #17  
Old 04-11-2013, 04:57 PM
CaptainSensible CaptainSensible is offline
 
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Quote:
Originally Posted by How bad boy View Post
Not only that. Bitcoins have nothing behind them. No physical presence, no revenue, no return on investment, no government, no history.

Their value is purely a function of demand. If that demand drops, so does their value. And their value is the reason behind their demand.

It is very pyramid-scheme-like, it's not a pyramid scheme, at least, not yet, but it has the characteristics. If it grows big enough, it may well be the first global pyramid scheme.

Or it could be the first truly global currency.

Who knows?
They are gaining legitimacy in the sense that some restaurant and bars in the US are accepting them, however due to the fact they are hard to trace it is only a matter of time before the US government launches an all out war on them on potential money laundering grounds and hence they could become worthless overnight much as they did with the betting exchange in-trade when they banned all US citizens from having an overseas gambling account.
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  #18  
Old 04-11-2013, 05:03 PM
How bad boy How bad boy is offline
 
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That's it. Not sure it'll happen tho.
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  #19  
Old 04-11-2013, 05:53 PM
casúr casúr is offline
 
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Quote:
Originally Posted by How bad boy View Post
Currently worth €161.3, so you'd be on a tidy profit now if you invested when this thread was started, to be fair.

Still not sure what to make of them. Highly, highly hazardous investment, IMO.

But considering the momentum behind bitcoins, I suppose there's no reason why they couldn't continue to appreciated for at least another few years at the current rate.
At €171 now https://www.eircoin.net/Order

Madness WTF
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  #20  
Old 04-11-2013, 06:03 PM
How bad boy How bad boy is offline
 
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Quote:
Originally Posted by casúr View Post
At €171 now https://www.eircoin.net/Order

Madness WTF
This is not a graph of a stable commodity:


Risky as fuck. But it could well keep going, and the recent crash and re-emergence could be an insignificant blip in a few years time...
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