Crypto currency

Discussion in 'Bulletin Board' started by Ianharifax, May 2, 2021.

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  1. Ian

    Ianharifax Active Member

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    What’s everyone’s thoughts on crypto currency
     
    Ianharifax, May 2, 2021
    #1
  2. orsenkaht

    orsenkaht Well-Known Member

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    No underlying asset value. Hugely risky if you're the one holding the baby when it all crashes in!
     
    orsenkaht, May 2, 2021
    #2
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  3. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    I don’t understand what it is. I don’t really get how it’s mined. And I’m not sure what drives the value up and down.

    I made £500 on doge coin a couple of weeks ago though and have some Ethereum and Bitcoin. The former doing really well. It could all crash at any point though.
     
    Loko the Tyke, May 2, 2021
    #3
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  4. Ian

    Ianharifax Active Member

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    I have ethereum too it’s doing really well too
     
    Ianharifax, May 2, 2021
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  5. Red

    RedVesp Guest

    Seems a niche market and niche markets tend to end one way...
     
    RedVesp, May 2, 2021
    #5
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  6. ronnieGlavinsB@stardSon

    ronnieGlavinsB@stardSon Well-Known Member

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    I found this article on the adventurous investor blog a good insight into bitcoin specifically. Link

    The ownership and ESG factors are truly bonkers.
     
    ronnieGlavinsB@stardSon, May 2, 2021
    #6
  7. kestyke

    kestyke Well-Known Member

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    kestyke, May 2, 2021
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  8. Jam

    Jamo Well-Known Member

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    For virgins and nonces
     
    Jamo, May 2, 2021
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  9. Ian

    Ianharifax Active Member

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    Bet you’re loaded then
     
    Ianharifax, May 2, 2021
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  10. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    Asset value is coming though. Doge coin in particular is now used as a currency with a handful of companies and more lined up to get on board with it.

    Marc Cuban, owner of the Dallas Mavericks and a ‘Shark’ on Shark Tank (think Dragon’s Den but actually fun and enjoyable to watch) has sold lots of Mavs merch through crypto.
     
    Loko the Tyke, May 2, 2021
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  11. Marc

    Marc Administrator Staff Member Admin

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    Massively risky. Could make a fortune or lose the lot. Most people have no idea about the economics of it. I’ve made a few quid, but the market crashed a few weeks ago and my holdings are currently about 40% down. My best advice on crypto would be if you can’t afford to lose your money, stay away.
     
    Marc, May 2, 2021
    #11
  12. Brush

    Brush Well-Known Member

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    Numbers on a screen that you buy with real money. No different in principle to buying credits on an online game for example. The only difference is that enough people recognise them as being of value, therefore they are of value and can be traded for real money. One day somebody will decide that they will soon be worth less and sell loads which will become a self-fulfilling prophesy. In fact it's very much like real money for those that remember Black Wednesday in 1992......
     
    Brush, May 2, 2021
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  13. Jam

    Jamo Well-Known Member

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    Fair play, I giggled
     
    Jamo, May 2, 2021
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  14. Sup

    SuperTyke Well-Known Member

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    I genuinely don't understand it. Why does it have to be mined? Surely it either exists or doesn't?
     
    SuperTyke, May 2, 2021
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  15. StatisTYKE

    StatisTYKE Well-Known Member

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    I'm sticking with tulips. What could possibly go wrong...
     
    StatisTYKE, May 2, 2021
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  16. Red

    RedVesp Guest

    Something as simple as currency shouldn't be complicated.
     
    RedVesp, May 2, 2021
    #16
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  17. orsenkaht

    orsenkaht Well-Known Member

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    I can see that it can be accepted. But how does it tie to any underlying asset which preserves it's value? If it ceases to be accepted, then doesn't it become worthless?
     
    orsenkaht, May 2, 2021
    #17
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  18. dreamboy3000

    dreamboy3000 Well-Known Member

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    dreamboy3000, May 2, 2021
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  19. Jay

    Jay Well-Known Member

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    Just read an article on mining crypto currency. The noises the washing machine makes on the spin cycle makes more sense.
     
    Jay, May 2, 2021
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  20. orsenkaht

    orsenkaht Well-Known Member

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    Same here. It doesn't physically exist, right? Is it an April fool or something?
     
    orsenkaht, May 2, 2021
    #20
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