My brother in law bought 200 bitcoins for a couple of grand. Now worth 200k. He seems to think they'll be worth 2m in a few years time. Anyone know much about bitcoin and digital currency?
Spoke to him tonight mate, he has no plans of the sort! Convinced they will reach 1000 sterling by Xmas then 10000 in 10 years time! I'd sell half now personally. Its jimmy viz isn't it? It's Tom here, johns brother from better red than dead days..
They will crash like a zeppelin. People will get greedy and lose a lot of money Sent from my iPhone using Tapatalk
Talking of Bitcoins, did you see this http://www.bbc.co.uk/news/technology-25146685? (Personally, I'd sell half now)
It's a bubble and it will burst at some point, maybe at £10,000 but maybe at £1000. I'd guess it still has a way to go as there are still coins to mine and it has only just started to get mainstream media attention, but who can say how long before it goes kaboom.
Why doesn't he sell enough now (say 10) to pay back his initial investment and treat himself to a nice holiday or something, and keep the rest to see what happens. Worst case he's made a decent profit even if the price falls back to 0.
That's definitely the way to do it, IMO. As soon as you make a "paper profit", take out what you put in in the first place, and the rest is a bonus. It's what most (decent) financial advisers will tell you.
I'll buy one off him if he wants. Fancy a dabble on something risky and new, better than giving it Ladbrokes.
I just can't get my head round that people have/had 2 grand knocking about to buy digital, made up coins.
Most money is made up and digital now mate. The banks don't have vast vaults of cash equal to what they have in everyones accounts. Its no different really. Lots of people have 2 grand as well, although they do spend it on other things normally.
I know that mate, but having a 'spare' 2 grand to have a gamble on a made up currency is just something that I can't comprehend.
Yeh, I know what you mean, but it looks like the people that got in early were true visionaries. I guess if these virtual coins have been so successful, and they are mainly spent in the deep internet, it might be worth investing in the companies that trade in them? All morally questionable of course but whenever has morals been the over riding factor of commerce?
