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Bitcoins (and other crypto currencies)



  Black 197
I bought $200 worth, they fluctuate massively day to day, on average they rise and fall daily from -2% to 10/15% growth per day.
It's about being brave and pulling out at the right time.
My 200 is now worth around 600 after 5 months. I own around 0.75 of a coin.
 
  Clio 197
After a bit of research i've figured out pretty much everything I needed to know but still have one question. How exactly do people plan on cashing in on their cryptocurrencies? I've found a site called bittylicious, but am unsure if you can sell bitcoins on there without being a broker. Either way it seems like buying coins is the easy part, selling them seems to be a PITA if you're in the UK.
 

R3k1355

Absolute wetter.
ClioSport Club Member
Are there any fee's?

I heard one of the main issues with Bitcoin transactions are the fee's that needed to be paid if you want it done in less than 2 weeks.
 

The Psychedelic Socialist

ClioSport Club Member
What is the actual point of all this bitcoin stuff?
It's like virtual gold. It has no real value of it's own (well, gold's shiny I suppose), but it's hard work to get it.

Gold requires a lot of mining and the supply of it is steady so people feel confident to assign it an arbitrary value and invest in it.

Bitcoins are the same. It requies a lot of computer work to 'mine' so the supply is steady and it can't be forged, so people feel confident to give it a value and invest in it.

It's not as well established as other currencies / commodities so the value fluctuates quite a bit still, but it's not a bad store of value if you're prepared to gamble on the risk.
 
  330i. E30 Touring.
It's f**king insane, really. Invent something that a computer can mine? That doesn't exist?

Not for me, thanks.
 

Gally

Formerly Mashed up egg in a cup
ClioSport Club Member
Making a fortune is second to the fact it doesn't exist. It's okay taking advantage of a scam. Doesn't really change the fact a guy made the idea in his bedroom.
 

Sir_Dave

ClioSport Trader
You can make a fortune though if you play it right. I've made £1.26 on my £50 investment in just 3 months...

Doh!!

Conversely, my purchase of 1 Ethereum & 5 Litecoin on Coinbase has gone from £485 to £560 since August (3 months).

In addition, dabbling in Bitcoin/Ethereum/Bitcoin Cash has turned £700 into £1k on Trading212 since May, although admitedly, i was £200 down until 10 days ago when i made £500 on BCH in about 2 hours on a Saturday afternoon. Mega volatility FTW lol.

So all in all, im £375 up since May, or circa 30% on my investment. Long may that continue!!!
 

adamlstr

ClioSport Club Member
Making a fortune is second to the fact it doesn't exist. It's okay taking advantage of a scam. Doesn't really change the fact a guy made the idea in his bedroom.

‘Professional gambling’, sorry.. ‘Trading’ on things with no physical entity is what most of our economy is based on.

Plenty of the best ideas are made in people’s bedrooms.

I’m sure Mr Zuckerberg agrees!

I’ve made similar gains to Dave, bought some bitcoin when it dipped to 2900 a few months back. Might tap out now it’s 6000+.

Ethereum I’m about level.

Lite coin I went in at 39, so a small gain there too.
 

The Psychedelic Socialist

ClioSport Club Member
Making a fortune is second to the fact it doesn't exist. It's okay taking advantage of a scam. Doesn't really change the fact a guy made the idea in his bedroom.
Most money doesn't exist:

http://www.bankofengland.co.uk/statistics/Documents/ms/articles/art2jul03.pdf

The supply of money that is physically real and can be help in your hand is just a small fraction of the total 'money' in the system that is represented by 0s and 1s.

Since we abandoned the gold standard, GBP has been a fiat currency, i.e. it's value is effectively propped up as a combination of faith in the system and the legal ability to settle debts using it.

Bitcoin has a lot of faith which is why it has such a high value. You can't directly settle debts with it with your government (e.g. paying your taxes) but as it's highly liquid you can reasonably easily trade it into GBP should you need to.

I was a miner back in the day and managed to take about £6k out from an investment of a few hundred quid in a graphics card.
 

Gally

Formerly Mashed up egg in a cup
ClioSport Club Member
You do realise a bank is behind your money? The hole in the wall still exists.

I get that you can invent a currency, I totally get that. Sadly if I have 30 grand in bitcoin savings and it dissapears you're fucked. When that happens at a bank you have clawback. That's my point.
 

The Psychedelic Socialist

ClioSport Club Member
You do realise a bank is behind your money? The hole in the wall still exists.

I get that you can invent a currency, I totally get that. Sadly if I have 30 grand in bitcoin savings and it dissapears you're fucked. When that happens at a bank you have clawback. That's my point.

Yeah, sorry I'm confusing it a bit by comparing it to currency but that's why I initially compared it to gold i.e. it's more of an investment than a currency (at the minute).

The hole in the wall exists, but there isn't enough money in the bank for everyone to withdraw it all. The bank has already 'spent' a large percentage of your money on investments for their investment banking customer / mortgages / loans etc., hence the term 'fractional reserve banking'.
 

R3k1355

Absolute wetter.
ClioSport Club Member
People compare it to more established currancy all the time, quite frankly it's a stupid comparison.

Trading money, investments etc are governed by strict rules, stuff that tries to keep people in check.
Crypto trading is like the wild west, totally un-regulated and obviously anonymous.

The market is very volatile, thats probably not without reason - people will be manipulating the market to their advantage.
Thats before you get into the obvious criminal activity like hacking and fake businesses/ICO's and such
 
  Clio 182
Any one in ethereum must be happy at this moment in time.

I swapped my ETH to LTC so hoping that's the next one due for a run up!
 

Herr Flick

aka Herman Ze German
How do I sell my BTC? I use bitcoin wallet but when I try to sell, it asks me for my bank IBAN number and bank identifier code which I know neither of.
 

The Psychedelic Socialist

ClioSport Club Member
How do I sell my BTC? I use bitcoin wallet but when I try to sell, it asks me for my bank IBAN number and bank identifier code which I know neither of.
It's all a bit of a pain in the arse. I cashed out about £2k yesterday by transferring the bitcoins into a localbitcoins.com account and then finding a buyer who paid the money into my bank account directly.
 


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