Crypto currency

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

  1. Ian

    Ianharifax Active Member

    Joined:
    Mar 24, 2021
    Messages:
    134
    Likes Received:
    137
    Trophy Points:
    43
    Location:
    Halifax
    Style:
    Barnsley (full width)
    What’s everyone’s thoughts on crypto currency
     
  2. orsenkaht

    orsenkaht Well-Known Member

    Joined:
    Nov 7, 2009
    Messages:
    11,240
    Likes Received:
    10,618
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    No underlying asset value. Hugely risky if you're the one holding the baby when it all crashes in!
     
    Donks likes this.
  3. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

    Joined:
    Oct 4, 2005
    Messages:
    16,663
    Likes Received:
    17,654
    Trophy Points:
    113
    Gender:
    Male
    Style:
    Barnsley (full width)
    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.
     
    SuperTyke likes this.
  4. Ian

    Ianharifax Active Member

    Joined:
    Mar 24, 2021
    Messages:
    134
    Likes Received:
    137
    Trophy Points:
    43
    Location:
    Halifax
    Style:
    Barnsley (full width)
    I have ethereum too it’s doing really well too
     
  5. Red

    RedVesp Guest

    Seems a niche market and niche markets tend to end one way...
     
    Sithi in no.7 likes this.
  6. ronnieGlavinsB@stardSon

    ronnieGlavinsB@stardSon Well-Known Member

    Joined:
    May 30, 2012
    Messages:
    2,445
    Likes Received:
    3,415
    Trophy Points:
    113
    Location:
    Glasgow
    Style:
    Barnsley
    I found this article on the adventurous investor blog a good insight into bitcoin specifically. Link

    The ownership and ESG factors are truly bonkers.
     
  7. kestyke

    kestyke Well-Known Member

    Joined:
    Jul 26, 2005
    Messages:
    3,282
    Likes Received:
    1,552
    Trophy Points:
    113
    Location:
    In the chestnut tree cafe, waiting
    Home Page:
    Style:
    Barnsley
  8. Jam

    Jamo Well-Known Member

    Joined:
    Aug 17, 2014
    Messages:
    6,192
    Likes Received:
    6,027
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    For virgins and nonces
     
    cudeth red likes this.
  9. Ian

    Ianharifax Active Member

    Joined:
    Mar 24, 2021
    Messages:
    134
    Likes Received:
    137
    Trophy Points:
    43
    Location:
    Halifax
    Style:
    Barnsley (full width)
    Bet you’re loaded then
     
    Archey and Jamo like this.
  10. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

    Joined:
    Oct 4, 2005
    Messages:
    16,663
    Likes Received:
    17,654
    Trophy Points:
    113
    Gender:
    Male
    Style:
    Barnsley (full width)
    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.
     
  11. Marc

    Marc Administrator Staff Member Admin

    Joined:
    Aug 10, 2012
    Messages:
    26,403
    Likes Received:
    19,046
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    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.
     
  12. Brush

    Brush Well-Known Member

    Joined:
    Aug 16, 2005
    Messages:
    15,309
    Likes Received:
    13,884
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    Ex-IT professional
    Location:
    Swadlincote, South Derbyshire
    Style:
    Barnsley (full width)
    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......
     
  13. Jam

    Jamo Well-Known Member

    Joined:
    Aug 17, 2014
    Messages:
    6,192
    Likes Received:
    6,027
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    Fair play, I giggled
     
    Ianharifax likes this.
  14. Sup

    SuperTyke Well-Known Member

    Joined:
    Oct 12, 2005
    Messages:
    52,896
    Likes Received:
    25,954
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    I genuinely don't understand it. Why does it have to be mined? Surely it either exists or doesn't?
     
    RedVesp likes this.
  15. StatisTYKE

    StatisTYKE Well-Known Member

    Joined:
    Oct 12, 2011
    Messages:
    1,973
    Likes Received:
    4,871
    Trophy Points:
    113
    Occupation:
    Rodent Disposal Operative.
    Location:
    In basket by the fire, having a think.
    Style:
    Barnsley (full width)
    I'm sticking with tulips. What could possibly go wrong...
     
  16. Red

    RedVesp Guest

    Something as simple as currency shouldn't be complicated.
     
    SuperTyke likes this.
  17. orsenkaht

    orsenkaht Well-Known Member

    Joined:
    Nov 7, 2009
    Messages:
    11,240
    Likes Received:
    10,618
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    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?
     
    Redhelen likes this.
  18. dreamboy3000

    dreamboy3000 Well-Known Member

    Joined:
    Oct 20, 2005
    Messages:
    53,974
    Likes Received:
    21,380
    Trophy Points:
    113
    Location:
    DB3K Towers
    Style:
    Barnsley (full width)
  19. Jay

    Jay Well-Known Member

    Joined:
    Jul 18, 2005
    Messages:
    40,987
    Likes Received:
    26,876
    Trophy Points:
    113
    Location:
    On Sofa
    Style:
    Barnsley
    Just read an article on mining crypto currency. The noises the washing machine makes on the spin cycle makes more sense.
     
  20. orsenkaht

    orsenkaht Well-Known Member

    Joined:
    Nov 7, 2009
    Messages:
    11,240
    Likes Received:
    10,618
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    Same here. It doesn't physically exist, right? Is it an April fool or something?
     
    Redhelen likes this.

Share This Page