If you (not you bradders but you as in one) take an unmitigated and unregulated risk, chances are you’ll get your fingers burnt. Andy
Having had crypto currency explained to me several times I still don’t get it. My neighbour Dan, who’s an IT consultant/whizz, bought £3k worth of bitcoin a few years ago apparently. He reckons he could now pay his mortgage off if he cashed them in right now. But he said he’d only sell when their value either reaches £1m or drops to the £3k he paid for them.
Which is utter nonsense, isn’t it. I’ve still yet to see the output of anyone actually taking money out successfully. A few have said so but not sure I believe them….
Agreed. I don’t know of anyone cashing in yet either. Though I seem to remember something about MotoRapido taking bitcoins on a sale a couple of years ago. Or did I dream it?
In finance and economics, the greater fool theory states that the price of an asset is determined by whether you can sell it for a higher price, at a later point in time. On assets where the theory applies, it is implied that the asset's intrinsic value is less important than the increase in demand, however irrational it might be. Any person buying the asset might be a fool, but a person buying the overpriced asset later on, for a higher price, is deemed the greater fool.
When I see the type of people who are starting to pile into Bitcoin and similar currencies I can’t help thinking of magic beans, or at best, tulip bulbs and the South Sea Company. As the saying goes “If you spot a bandwagon then it’s already too late”. Plus, no matter how many times I have cryptocurrency explained to me I can’t understand it, and so I view all this blockchain and data-mining stuff with the same suspicion I reserve for witchcraft and quantum mechanics.
I guess he could only pay his mortgage off if that lender dealt in Bitcoin I don’t think we are there yet even after all this time How long has Bitcoin been going 8 years? I thought it was finite now it’s seems infinite I don’t understand it either
All I know about it is 'mining' bitcoin - and presumably the others - is computer intensive creating waste heat and - in most cases - CO2 and is kind of like throwing your rubbish out the car window and being paid for it; and is also high-end graphics card intensive which plays a considerable role in there being no such graphics cards for anyone else.
I built five computers when the chip shortage was in effect. No particular difficulty getting up-to-the-minute processors, memory, SSDs - but graphics cards suitable for serious computation were non-existent because cryptocurrency speculators buy them up.
I like the idea of it, as it operates outside the traditional banking regimen/club/fat bonus/shaddy illicit public school boy's coke club. But, when ones (that's posh) window cleaner is telling one to get into it, the boat has probs already gone/sinking. .COM
