For some perspective the world's Bitcoin in circulation is currently worth approx £115bn.
This is the same as British American Tobacco (BAT), the 2nd most valuable company in the UK.
BAT generates approx £6bn pa in profits and pays approx £4bn in dividends to shareholders every year and will likely continue doing so (or more) for the forseeable future.
By all means put some money you can afford to lose into it for some fun (indeed I have too) but don't be surprised one day to wake up and find you've lost all of it.
They're the guys who claim to have come up with the original concept for Facebook. They sued Mark Zuckerberg, and were portrayed in the film 'The Social Network'. They got into bitcoin in the early days and have been talking it up ever since.
And yes! My mate from work at the time borrowed some money from his dad and bought about 100 bitcoins!
People have and will make money from speculating in cryptocurrencies, just like people made money from pyramid selling, just like people made money selling their “fintech” businesses that valued their bedroom at £10m.
Classic Emporer’s new clothes. Will continue to rise while someone knows someone who bought them and made money without a clue what a Bitcoin is.
Will crash when more people start selling than buying, leaving it to the price suported by its utility value - trading on the dark web.
People have and will make money from speculating in cryptocurrencies, just like people made money from pyramid selling, just like people made money selling their “fintech” businesses that valued their bedroom at £10m.
Classic Emporer’s new clothes. Will continue to rise while someone knows someone who bought them and made money without a clue what a Bitcoin is.
Will crash when more people start selling than buying, leaving it to the price suported by its utility value - trading on the dark web.
So just to recap, the price will keep going up all the while people keep buying it and that as soon as there are more people selling it it will go down.
I think what Dippenhall is saying is that when there are more sellers than buyers the thing is going to crash as people think its reached the top and most scramble to sell.
Blimey, over 9k, think i'll cash out! Why the sudden surge?
Because it's in the mainstream consciousness now creating increased demand. Won't be long before some kind of capital gains tax is implemented I'd imagine.
Blimey, over 9k, think i'll cash out! Why the sudden surge?
Because it's in the mainstream consciousness now creating increased demand. Won't be long before some kind of capital gains tax is implemented I'd imagine.
Policy paper Revenue and Customs Brief 9 (2014): Bitcoin and other cryptocurrencies
Published 3 March 2014
Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual or, for CT on chargeable gains if they accrue to a company.
Blimey, over 9k, think i'll cash out! Why the sudden surge?
Because it's in the mainstream consciousness now creating increased demand. Won't be long before some kind of capital gains tax is implemented I'd imagine.
Bought some bitnotes in a pub in Hull, £5 for a tenner, there's a rasta in the watermark and they smudge so only use them for taxis and sending friends to the bar for rounds.
I bought some litecoin earlier this week. Price of that is going up. From my very basic understanding people describe litecoin as silver to bitcoin being gold.
I bought some litecoin earlier this week. Price of that is going up. From my very basic understanding people describe litecoin as silver to bitcoin being gold.
Price of all crypto currency is going up. It’s definitetly a bubble like the dot com boom. However doesn’t mean you shouldn’t put money into individual crypto currencies like bitcoin, just as if you weren’t an idiot if you invested in google during the boom, would still be worth a bomb more now.
I bought some litecoin earlier this week. Price of that is going up. From my very basic understanding people describe litecoin as silver to bitcoin being gold.
Price of all crypto currency is going up. It’s definitetly a bubble like the dot com boom. However doesn’t mean you shouldn’t put money into individual crypto currencies like bitcoin, just as if you weren’t an idiot if you invested in google during the boom, would still be worth a bomb more now.
If the price does fall, it's unlikely to be off a cliff.
If you set yourself a reasonable 'stop loss' then why not. Will it go higher - almost certainly. Will it eventually peak and then fall - almost certainly.
Comments
This is the same as British American Tobacco (BAT), the 2nd most valuable company in the UK.
BAT generates approx £6bn pa in profits and pays approx £4bn in dividends to shareholders every year and will likely continue doing so (or more) for the forseeable future.
By all means put some money you can afford to lose into it for some fun (indeed I have too) but don't be surprised one day to wake up and find you've lost all of it.
The only thing is, I can't remember much about my purchase and I'm not sure where it is, how to sell it, or even if it still exists
Yes, I'm an idiot. (Albeit a lucky one for buying it for £250 to start with!)
I bet you wish you'd bought 10.
And yes! My mate from work at the time borrowed some money from his dad and bought about 100 bitcoins!
Classic Emporer’s new clothes. Will continue to rise while someone knows someone who bought them and made money without a clue what a Bitcoin is.
Will crash when more people start selling than buying, leaving it to the price suported by its utility value - trading on the dark web.
Is that what you're saying?
Can’t help but feel it’s too good to be true, but will probably put in more that I can afford to lose and see how that does.
Policy paper
Revenue and Customs Brief 9 (2014): Bitcoin and other cryptocurrencies
Published 3 March 2014
Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual or, for CT on chargeable gains if they accrue to a company.
I wish I'd put £24k in now!
If you set yourself a reasonable 'stop loss' then why not. Will it go higher - almost certainly. Will it eventually peak and then fall - almost certainly.