Bitcoin... Scam pyramid
Discussion
https://www.deborahmeaden.com/blog/false-bitcoin-c...
A lot of this going around at the moment, will only be more as the price goes up
A lot of this going around at the moment, will only be more as the price goes up
Bitcoin is almost no different to any other "investment".
Buy gold in the hope it goes up, it may go down though.
Buy fine wine, classic cars, houses in the hope they go up, they may go down though.
Buy shares in a business, it may go up it may go down.
Buy currency, it might go up or down.
My concern with bitcoin is with currency (granted a country could go bust and the currency become worthless, but as long as you don't choose a risky currency like the Zimbabwean dollar or GBP you should be pretty safe), gold, wine, cars or houses you at least have something physical to show for your money, I'd rather have 100k in a nice classic car than bitcoin because if both became worthless overnight I'd have more fun in the car than I would looking at ones and zeros.
That said, so far it's a good gamble, especially if you mined for your wallet contents, that way all you have done is spend money on equipment some of which was recoverable at the end and the money for electricity to run it. Ultimately shares in businesses are a risky investment, especially at the moment.
So no I don't think it's a scam, as long as you accept that you are buying something that has no physical value, no-one can actually use the item you are buying.
I couldn't afford to build a mining rig when bitcoin started, I wish I could have, to be honest at the time I couldn't even afford to buy a few coins for cash, so it would have been a terrible decision to do so, that money was needed to live on, but I do wish I had now obviously.
Buy gold in the hope it goes up, it may go down though.
Buy fine wine, classic cars, houses in the hope they go up, they may go down though.
Buy shares in a business, it may go up it may go down.
Buy currency, it might go up or down.
My concern with bitcoin is with currency (granted a country could go bust and the currency become worthless, but as long as you don't choose a risky currency like the Zimbabwean dollar or GBP you should be pretty safe), gold, wine, cars or houses you at least have something physical to show for your money, I'd rather have 100k in a nice classic car than bitcoin because if both became worthless overnight I'd have more fun in the car than I would looking at ones and zeros.
That said, so far it's a good gamble, especially if you mined for your wallet contents, that way all you have done is spend money on equipment some of which was recoverable at the end and the money for electricity to run it. Ultimately shares in businesses are a risky investment, especially at the moment.
So no I don't think it's a scam, as long as you accept that you are buying something that has no physical value, no-one can actually use the item you are buying.
I couldn't afford to build a mining rig when bitcoin started, I wish I could have, to be honest at the time I couldn't even afford to buy a few coins for cash, so it would have been a terrible decision to do so, that money was needed to live on, but I do wish I had now obviously.
wildoliver said:
So no I don't think it's a scam, as long as you accept that you are buying something that has no physical value, no-one can actually use the item you are buying.
The definition of a scam!?!? - Here buy this it's worth a fortune...
- what is it?
- oh that doesnt matter, I'll look after it for you and you'll be rich. Tell your friends so they can get in on the action too!
I admit I don't know much about bitcoin, but it feels to me like its a scam in the way it is presented, pushed and worked. I have no doubt that some people make a fortune on it, but I bet there are (or will be) many many more that lose out.
I think It's been around long enough (12 years) that it's not a scam.
I certainly makes me think about what 'money' is, and it's value. There's nothing to back it, no sovereign nation, no gold in some massive vault to guarantee it's value or anything like that.
As for an investment, I'm not an investor, it's just not my thing. Saying that, I bought some bitcoin a year ago, I was having a bit of a mid-life crisis and wanted to buy some weed. I bought £50 worth of bit coins, spend £30 or so of in on some, which amazingly actually turned up in a air tight container the next day in the post. I didn't enjoy the weed, best left to my 19 year old self I think, and forgot about the £20 worth of Bitcoins I had until it was in the news again a month ago. They were now worth £50, knowing I'd probably forget about them again, I sold them. Now they'd be worth about £100.
They're big news again at the moment, looking at my little app, they're up 10% today, 100% in a month, and 300% in a year, at a time when the World is on it's arse.
So this intangible currency with no guarantee from a sovereign state or Bank with diversified assets or intrinsic value is massively out performing pretty much any investment that I can think of (not that I'm an expert), which just screams dangerous bubble to me.
I certainly makes me think about what 'money' is, and it's value. There's nothing to back it, no sovereign nation, no gold in some massive vault to guarantee it's value or anything like that.
As for an investment, I'm not an investor, it's just not my thing. Saying that, I bought some bitcoin a year ago, I was having a bit of a mid-life crisis and wanted to buy some weed. I bought £50 worth of bit coins, spend £30 or so of in on some, which amazingly actually turned up in a air tight container the next day in the post. I didn't enjoy the weed, best left to my 19 year old self I think, and forgot about the £20 worth of Bitcoins I had until it was in the news again a month ago. They were now worth £50, knowing I'd probably forget about them again, I sold them. Now they'd be worth about £100.
They're big news again at the moment, looking at my little app, they're up 10% today, 100% in a month, and 300% in a year, at a time when the World is on it's arse.
So this intangible currency with no guarantee from a sovereign state or Bank with diversified assets or intrinsic value is massively out performing pretty much any investment that I can think of (not that I'm an expert), which just screams dangerous bubble to me.
Although bitcoin isnt a scam in itself, IMO its become like Western Union and pretty much a great platform for scammers and thieves.
Couple of years ago it was banded around as the next big thing but seems to have pettered off and become just as irrelevant as all the other crypto currencies.
Couple of years ago it was banded around as the next big thing but seems to have pettered off and become just as irrelevant as all the other crypto currencies.
Generally all of these stories begin circulating just to pump up the price, it then normally flops when it's risen up a bit.
If you have a bit of spare time have a listen to this series and just how easy it is to convince people to invest in nothing and steal their money.
https://www.bbc.co.uk/programmes/p07nkd84/episodes...
I personally think the time for rapid, easy profit from Bitcoin has passed.
There was a large rise on the news that you could spend Bitcoin with Paypal until people realised you could only use Bitcoin you bought through Paypal and you can't transfer them out of Paypal or into cash.
If you have a bit of spare time have a listen to this series and just how easy it is to convince people to invest in nothing and steal their money.
https://www.bbc.co.uk/programmes/p07nkd84/episodes...
I personally think the time for rapid, easy profit from Bitcoin has passed.
There was a large rise on the news that you could spend Bitcoin with Paypal until people realised you could only use Bitcoin you bought through Paypal and you can't transfer them out of Paypal or into cash.
Edited by Smiljan on Thursday 14th January 10:18
https://www.bbc.co.uk/news/technology-55645408
$140 billion worth is lost or left in wallets that can't be accessed
$140 billion worth is lost or left in wallets that can't be accessed
Smiljan said:
https://www.bbc.co.uk/news/technology-55645408
$140 billion worth is lost or left in wallets that can't be accessed
Isn't there a urban legend that a person who started bitcoin or an early investor died with a huge amount in his bitcoin wallet and is lost forever$140 billion worth is lost or left in wallets that can't be accessed
silverfoxcc said:
Reading and article about Dragon Deborah Meaden and her success in Bitcoin where Holly Willoughby mad a packet in seconds
To good to be true or more snake oil being refined
Her success?To good to be true or more snake oil being refined
What did she do to drive that success?
Also I’ve seen those ads of which an identical advert has Martin Lewis claiming he too made loads in minutes during an interview. Well last week on his ITV show he stated that it is not true he has never invested in such a thing and has never endorsed it. So don’t believe it.
He did flag clearly it’s an investment like anything but are you prepared to lose everything or not. What is
"Bitcoin Death Signal? What the UK and HSBC Clampdown Really Means for Cryptocurrency"
https://www.youtube.com/watch?v=dNTbTsCCmSI
Highly recommend following this channel for some good Crypto content, Daniella is a great interviewer.
or it will be worth zero, in a couple of years! I don't see the price as the issue, I see the physical number of coins as the issue.
There are only c20M coins. People argue that coins are divisible to 100,000,000 units. But I still don't think that's enough.
I just cant see it being a system that could be used globally. IIRC I read somewhere that each coin would need to be worth around $1-1.5M to work as a global currency. And I doubt any country would ever take it on as their own currency. I just cant see it lasting. Could I see virtual currency taking over, yes maybe in 100 years or something but I dont think bitcoin has the technical capability (from what I have read anyway).
There are only c20M coins. People argue that coins are divisible to 100,000,000 units. But I still don't think that's enough.
I just cant see it being a system that could be used globally. IIRC I read somewhere that each coin would need to be worth around $1-1.5M to work as a global currency. And I doubt any country would ever take it on as their own currency. I just cant see it lasting. Could I see virtual currency taking over, yes maybe in 100 years or something but I dont think bitcoin has the technical capability (from what I have read anyway).
wildoliver said:
Bitcoin is almost no different to any other "investment".
Buy gold in the hope it goes up, it may go down though.
Buy fine wine, classic cars, houses in the hope they go up, they may go down though.
Buy shares in a business, it may go up it may go down.
Buy currency, it might go up or down.
My concern with bitcoin is with currency (granted a country could go bust and the currency become worthless, but as long as you don't choose a risky currency like the Zimbabwean dollar or GBP you should be pretty safe), gold, wine, cars or houses you at least have something physical to show for your money, I'd rather have 100k in a nice classic car than bitcoin because if both became worthless overnight I'd have more fun in the car than I would looking at ones and zeros.
That said, so far it's a good gamble, especially if you mined for your wallet contents, that way all you have done is spend money on equipment some of which was recoverable at the end and the money for electricity to run it. Ultimately shares in businesses are a risky investment, especially at the moment.
So no I don't think it's a scam, as long as you accept that you are buying something that has no physical value, no-one can actually use the item you are buying.
I couldn't afford to build a mining rig when bitcoin started, I wish I could have, to be honest at the time I couldn't even afford to buy a few coins for cash, so it would have been a terrible decision to do so, that money was needed to live on, but I do wish I had now obviously.
Buy gold in the hope it goes up, it may go down though.
Buy fine wine, classic cars, houses in the hope they go up, they may go down though.
Buy shares in a business, it may go up it may go down.
Buy currency, it might go up or down.
My concern with bitcoin is with currency (granted a country could go bust and the currency become worthless, but as long as you don't choose a risky currency like the Zimbabwean dollar or GBP you should be pretty safe), gold, wine, cars or houses you at least have something physical to show for your money, I'd rather have 100k in a nice classic car than bitcoin because if both became worthless overnight I'd have more fun in the car than I would looking at ones and zeros.
That said, so far it's a good gamble, especially if you mined for your wallet contents, that way all you have done is spend money on equipment some of which was recoverable at the end and the money for electricity to run it. Ultimately shares in businesses are a risky investment, especially at the moment.
So no I don't think it's a scam, as long as you accept that you are buying something that has no physical value, no-one can actually use the item you are buying.
I couldn't afford to build a mining rig when bitcoin started, I wish I could have, to be honest at the time I couldn't even afford to buy a few coins for cash, so it would have been a terrible decision to do so, that money was needed to live on, but I do wish I had now obviously.
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