Bitcoin. Anyone on here hold some?

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gogo419

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Does any of the AFF community hold some Bitcoins?

Were you an early adopter? Or did you buy some recently? Are you planning to hold for the long term and see where the valuation ends up in say 10+ years?

I am quite intrigued by it and have been thinking for a while to purchase a few hundred dollars.

Look forward to hearing any advice/tips about buying and storing it from experienced users.

Or even discussion on why you chose to buy or NOT buy some...

Cheers gogo
 
I'll be interested in the discussion. I've been reading some info on it over the last few years.
 
gogo419 said:
Does any of the AFF community hold some Bitcoins?

Were you an early adopter? Or did you buy some recently? Are you planning to hold for the long term and see where the valuation ends up in say 10+ years?

I am quite intrigued by it and have been thinking for a while to purchase a few hundred dollars.

Look forward to hearing any advice/tips about buying and storing it from experienced users.

Or even discussion on why you chose to buy or NOT buy some...

Cheers gogo
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I'm still on the sideline on Bitcoins.

I looked into building a bit con generator 6 years ago. Jump on YouTube for the how to guides. In my opinion, unless you live in super cold climate with plenty of sun for solar power, it's too prohibitive.

There's plenty of interesting reading out there regarding bitcoins and the shady people and their dealings. There have been Bitcoin crashes, hacking and Bitcoin theft, market manipulation, allegations of fraud and missing people. All of which is comparable with the Stockmarket or other regulated financial products and their respective industries. Here is the latest interesting headline: http://www.brisbanetimes.com.au/bus...-reports-of-ponzi-scheme-20151105-gks3xq.html

The governments of the world will tax Bitcoins as soon as they figure out how to.
 
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Russian mafia and hackers, Chinese money being laundered out of China and throw in some Greek pensioners - what could possibly go wrong? :rolleyes: :shock:
 
I used to generate bitcoins early one. Not worth doing now as the cost of production far exceeds the value generated (this is the nature of bitcoin or any chain-block crypto-currency).

Also purchase a couple of hundred dollars worth to just sit and see what happens. For me, it was a gamble, not an investment. I expect to get nothing back. If I do, winning.
 
I buy via a BTC exchange and onsell as a side hobby. The price per bitcoin peaked at about $US1100 in November 2013, before falling and sitting at circa $AU320 in the first half of 2015.

https://blockchain.info/charts/mark...ageString=1&show_header=true&scale=0&address=

It's currently sitting at about $AU530... predictions are it will drift down again, following the auction of some 44,000 BTC by U.S. Marshall's, within the next 18 hours. It's been speculated that the auction (announced on October 5th) has been a contributor to the rally over the past 2 - 3 weeks.

US Marshals to Hold Final Auction of Silk Road Bitcoins
 
Bitcoin is an interesting one. While it is possible to make some pretty significant gains in a short period of time, you also stand to lose a lot as it is so volatile as a currency.

Any kind of money/currency has three main purposes - to be a store of value, a medium of exchange and a unit of account (i.e. it makes it easy to compare the value of two items by using a common denominator). I'm not convinced that Bitcoin meets most of that criteria. It is not widely accepted, so largely fails as a medium of exchange. And in terms of being a store of value, the currency is so volatile that it's no more of a store of value as a highly risky investment.

I'd personally be staying away for the time being.
 
Mattg said:
Bitcoin is an interesting one. While it is possible to make some pretty significant gains in a short period of time, you also stand to lose a lot as it is so volatile as a currency.
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In practice (if not definition), it's probably more like small-cap stocks than fiat.

I'd personally be staying away for the time being.
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Said those in 2010, when it was about 0.08 US cents per BTC ;)
 
I knew someone who bought a reasonable (cheap at the time) chunk when they first launched. Then promptly forgot about it for a few years. Needless to say, they were a bit chuffed with the profit.
 
GPH said:
I knew someone who bought a reasonable (cheap at the time) chunk when they first launched. Then promptly forgot about it for a few years. Needless to say, they were a bit chuffed with the profit.
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Enough to retire?
 
samiam said:
It's currently sitting at about $AU530... predictions are it will drift down again, following the auction of some 44,000 BTC by U.S. Marshall's, within the next 18 hours. It's been speculated that the auction (announced on October 5th) has been a contributor to the rally over the past 2 - 3 weeks.
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So, BTC hit $AU570 yesterday and is now down to $AU473 within 24 hours, supporting the statements of others in this thread, how volatile the currency is.
 
samiam said:
So, BTC hit $AU570 yesterday and is now down to $AU473 within 24 hours, supporting the statements of others in this thread, how volatile the currency is.
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Don't worry, it'll go up again...

...then down again, then up some more, and so on in an endless cycle of volatility. ;)
 
An acquaintance got in at ~ USD $62 in early-mid 2013 and sold a few weeks prior to the peak of the boom in November 2013 at over $900, so still over $220 less than the top historical price. But still, 1500% increase in less than a year is not a bad effort. It paid for F return to JFK so an even better investment than AA points. But this just demonstrates the absolute volatility. It's a gamble and should be treated as such.
 
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