Bitcoin / altcoin / crypt currencies

Stevoox

Stevoox

Any one else here into this out of interest?

Complicated at first but pretty much have my head round it now. Seems like quite a good investment for years to come, risky yes but with the way technology goes i think it will only grow.

Trading in the alt coins is quite interesting too, can become time consuming but easy way to make quite a few £££ (mate made £3000 last weekend, ive only dabbled a little bit but made a nice bit so far) but also run the risk of loosing
 
Your best bet is to do work for X bit coins and trade when the price is right.
 
Anyone care to offer up an explanation of what the hell this is

I hear it floating around. Cant you mine for bit coin too?
 
Ashton said:
Anyone care to offer up an explanation of what the hell this is

I hear it floating around. Cant you mine for bit coin too?
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I couldn't do it much of a justice in terms of explanation, best to skim read this http://en.wikipedia.org/wiki/Cryptocurrency .

And yes you can 'mine' them, which is basically printing your own money. But to avoid getting excited about it, it's generally not that easy to turn any real profit with mining these days.
 
Ashton said:
Anyone care to offer up an explanation of what the hell this is

I hear it floating around. Cant you mine for bit coin too?
Click to expand...

Basically trading in currencies that do not physically exist. There was something in the press recently where one of the big players in this industry was arrested as a few million dollars went missing.
 
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Fernandez said:
Basically trading in currencies that do not physically exist. There was something in the press recently where one of the big players in this industry was arrested as a few billion dollars went missing.
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Yeah, think i guy used it ti hide millions when he got divorced so his wife couldnt get it. Its all anonymous so has no trace
 
From a FX point of view its quite interesting. But in my opinion the negatives far outweigh the positives of it. Not being a fully regulated product being the biggest downside.

At the end of the day you can't beat the dollar.

The money going missing you are talking about was with a guy called Mark Karpeles who was "CEO" of a bitcoin exchange called MtGox. Long story short he was selling something that he couldn't and wouldn't ever provide. Hence why I'm never going to get involved in it.
 
One issue is you can loose everything if a hard drive dies or gets wiped lol
 
Gotta take risks to make £££ :wink:

Personally can't see bitcoin just fizzling out or going to poop - technology is always moving forward and I think it will only continue to grow

Would't trust it fully to put a good few thousand into like my mate has done, but I have a few hundred sat in it on an exchange just waiting to be sold out at a profit to make some £
 
Stevoox said:
Gotta take risks to make £££ :wink:

Personally can't see bitcoin just fizzling out or going to poop - technology is always moving forward and I think it will only continue to grow

Would't trust it fully to put a good few thousand into like my mate has done, but I have a few hundred sat in it on an exchange just waiting to be sold out at a profit to make some £
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Your mate might not be telling you the whole picture though.

As with any trading. You can sit and scalp £50 here one day, £200 the next in small swings but then you have one bad punt and that wipes out everything you've made. Trust me I know what they are like and they aren't fun with your money or your company's.
 
Gam said:
That's awful haha.

I know think its a laughable gimmick that will soon be gone.
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Personally don't think so, IIRC it has now been signed off in Canada, business use it to trade and I also read something about them in talks with Visa / Mastercard.

Everything now days moves to being online/wireless, its just evolution.

I'll take the risk, ive make a bit so far trading in all the crypt currencies, friend has made thousands in the last few weeks. Even if i didn't buy/sell on the exchange in the currencies, i'd just leave one or two hundred in bitcoin as an investment. If...IF it fudged up in a couple of years or so then isn't much to loose, but IF it rose as some have speculated then there is serious ££ to be made.

Currently is US$640.6/BTC and there has been speculation of it going to US$40,000/BTC in the future
 
Gam said:
Your mate might not be telling you the whole picture though.

As with any trading. You can sit and scalp £50 here one day, £200 the next in small swings but then you have one bad punt and that wipes out everything you've made. Trust me I know what they are like and they aren't fun with your money or your company's.
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Can screen shot you balances/history so i can see what hes made/lost

Any info each of us find is shared so we both know what going on, who looks good to invest in etc. He lost about £200 last week but thats because he purposely sold out at a loss as he couldnt be bothered to hold in that coin any longer but i know on a few other occasions he's made WELL into 4 figs

Know what you are saying though, not guaranteed to do well 100% of the time but is why it pays to research. In one particular coin id say ive got £400, has recently been manipulated and dropped so now im sitting at a loss, but they have releases coming up, which will cause a spike in interest, rise in value and so allowing me to sell out at a profit. Is currently at +5% but am waiting for it to shoot up before i sell out
 
Signed off?

If it wants to get bigger it will have to be regulated and the community has said they don't want that. Unless set financial rules that other currencies play by are enforced it has no chance of being even considered a fully fledged currency.
 
How are you making money on it, usual buy some at X gbp and then sell at X more? Where do you buy and who determines it's exchange rate though?

Sounds just as risky as spread betting really or any share dabbling really??
 
Like i say rather than buy them your better off doing odd jobs for mates and getting paid in them.

No tax etc to declare
 
Mentalpen said:
Like i say rather than buy them your better off doing odd jobs for mates and getting paid in them.

No tax etc to declare
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Work mon-fri 9-5 and have that career to focus on (plus starting professional qualifications) so evening/weekends I wouldn't want to be doing odd jobs.

Hence I'd look to invest some spare cash and make a few hundred quid here and there which is what i've done :smile:
 
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