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Is Bitcoin the Next Big Thing?

Discussion in 'Business Discussions' started by accelerator, Jun 2, 2015.

  1. dee

    dee Active Member Acorn Supporter

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    ill pm you details
     
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  2. Domain Forum

    Acorn Domains Elite Member

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  3. ian

    ian Well-Known Member Acorn Supporter

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    As it stands SHA-256 mining is still more profitable, but the cost of entry if you want your own hardware is very high, as it requires intensive CPU power, compared to alt coins that mostly use GPU power (readily available gaming cards). Cloud mining offers the bes option for Bitcoin though the difficulty has once again gone up, making it less profitable again. Alt coin mining is an option, there are various sites that are handy for telling you which coins are more profitable at the moment based upon your PC spec, however, many of the coins are just 'miner' coins, i.e. have very little value beyond just that. I'd personally stick with SHA-256 for mining Bitcoin (via a cloud miner), or look at mining Ethereum on GPU power...the gains on Ethereum aren't great, but if you consider its value might continue to increase, then it does just about make it viable. A GPU miner would set you back about £700-£900...you'd get returns of around £1200 in the first year, so the ROI is quite a long time in this game!
     
  4. Admin Spain

    Admin Administrator Staff Member

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    I could sell you some but only if you want a bunch of them..
     
  5. scottmccloud

    scottmccloud Well-Known Member Full Member

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    Interesting take this in the Guardian, it really does seem that there is a bit of "collective insanity" going on.

    "...a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and questions in my inbox – ask whether or not to “invest” in BitCoin.

    Let’s start with the answer: No. You should not invest in Bitcoin.

    https://www.theguardian.com/technology/2018/jan/15/should-i-invest-bitcoin-dont-mr-money-moustache
     
  6. Admin Spain

    Admin Administrator Staff Member

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    I just scan read it, i think many parts of that article are REALLY bad and self contradicting...
     
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  7. websaway United Kingdom

    websaway Well-Known Member

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    11 thousand dollars and lower bottoms. For anyone going in at 20 thousand requires bitcoin to rise almost 100% to break even. I wonder if the guy who sold his house for Bitcoin was a genuine story, I know some estate agents have now banned such transactions. The mind really does boggle.
     
  8. Admin Spain

    Admin Administrator Staff Member

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    Sheesh...like the sky is falling, these comments make me laugh. :).. Right, pull up a 1 year chart of btc. Its currently 11,800 area. It had NEVER reached 11000 until last month. It was an all time high. The guy who sold his house is well and truly quids in. As is everyone else who bought more than just a month ago. No drama!

    btc.JPG
     
  9. RobM

    RobM Well-Known Member Exclusive Member

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    And the people who bought in at 20,000? Are they still 'quids in'...? What about the people who bought in at 15k? or 14k? Just because 'you' did well doesn't mean that people buying in now or higher will do well.
     
  10. websaway United Kingdom

    websaway Well-Known Member

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    That's the same with any pyramid scheme, the one's in early will always tell the losers that it's ok just stick with it. This is to encourage new money which is necessary to keep the thing going. Anyone who invested at 20,000 dollars is only interested in the history since they invested. My point was that it now has to rise almost 100% for a break even.
     
  11. Admin Spain

    Admin Administrator Staff Member

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    I never said that. Those numbers have only been reached in the last month. I never recommended anyone to buy! I've no idea what your point is with that post.
     
  12. RobM

    RobM Well-Known Member Exclusive Member

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    I'm not saying you personally did. But the general hype train is encouraging people to invest in bitcoin and when this is pointed out you come out with a 'sky isn't falling' post. For you maybe not. For all the people who *will* lose due to the hype - it will fall in. I hope you can understand this post at least.
     
  13. websaway United Kingdom

    websaway Well-Known Member

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    Have you thought this through. The company sold a house for £350,000 in bitcoins at bitcoin value $ 20,000 to a successful bitcoin minor who made an early killing on the cryptocurrency. The developer is now sitting on a major loss as half the purchase price has disappeared, he needs bitcoin to rise 100% to break even .
     
  14. RobM

    RobM Well-Known Member Exclusive Member

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    more - 9k at the moment and decreasing
     
  15. Admin Spain

    Admin Administrator Staff Member

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  16. dee

    dee Active Member Acorn Supporter

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    1f514074ae34c6f003ecc73c11060a7f.png

    Of course hindsight is a wonderful thing, and i hope no one loses their shirts over whats happening at the mo. It's not new though. Saw this somewhere else, but look at the amazon graph from end of 90s where same thing happened. Who know if crypto will stand current backlash long term, but I doubt its going away any time soon and agreed theres loads of hype and pump and dumps, but if you can hold out it will probably come out the other side. If your trading without leverage it has to go to zero to lose your stake.

    I'm well in ther red at the mo after selling some at top but getting back in far too early thinking momentum was still there. Im holding though.Hopefully will head back up.
     
  17. websaway United Kingdom

    websaway Well-Known Member

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    that explains it. I used to attend pyramid scheme seminars ( never invested myself ) the emphasise was always on people who had made money in the early days, anyone who tried to inject logic into the argument was drowned out by the people with a vested interest in keeping the think going. A little bit like EU membership.
     
  18. ausername United Kingdom

    ausername Active Member

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    But it was a bubble, and many tech stocks went to $0 and stayed there.... so if crypto is here to stay, you need to work out which ones are the Amazon and the eBay, and which are TheGlobe.com, Pets.com, and Kozmo.com and countless others.
     
  19. dee

    dee Active Member Acorn Supporter

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    Thats a valid point.... I guess I didnt look at all of them. Also the fact im in on something I think has longevity (XRP) mostly and a tiny amount of TRX and LTC.
     
  20. ian

    ian Well-Known Member Acorn Supporter

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  21. Murray

    Murray Well-Known Member

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    So what's happening in the world of Cryptos today?

    From the memes on reddit, big drops it seems lol

    But If you believe in cryptos long term, isn't this good? dips nice time to buy in.