Anyone else got involved? I finally decided to chase the horse down the field after it bolted and bought into Ripple yesterday and it's done 37% today... Fully roped in and started studying upcoming ICO's...
In on Telcoin, and will get in on Nucleus Vision in Jan. Anyone else had a crack at trading them? All seems a bit too good to be true... The bubble will burst, but still feels like it has legs
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Bought some iota as well, which is partnered with PwC and will be what we use to pay for electric car charging stations. Unlike bitcoin and other cryptos it doesn’t suffer from the future problems of the larger the network gets the slower transactions will take, as all iota that will ever be are in existence, if you want to sell or buy an iota you will have to validate two other transactions. So the blockchain gets quicker the more people are on it.
Do your due dillegence and invest in what excites you, don’t expect immediate or bitcoin like returns.
Block chain technology is going to be as big as the internet. It’s worth remembering crypto isn’t a replacement for money like bitcoin is trying to be, its much more of a technology. Think of the tokens of a crypto as just that, tokens of your shares in a technology.
I’d say the max you would realistically expect most coins will get is probably $100-200 for one coin, so 50 quid on ripple would get you roughly 70 odd ripple, you’d make 7 grand or so. That’s if ripple gets adopted by every bank in the world for their international transfers.
Having said that, some might get a lot bigger, some might get a lot smaller. Don’t expect to become a multi millionaire any time soon. Bitcoin took years to get to $100 per coin and years to get to $1,000 after that, it’s now worth 14 odd thousand.
Be realistic, but this is the dawning of an exciting technology. But I’m talking 10-20 years from now it will be at those prices
You've obviously done your homework on all this stuff. Thanks for sharing those insights. If this isn't too tricky a question to answer quickly, where would you recommend a novice to start reading up on all these "cryptos" you've mentioned.?
I would be looking for a reputable exchange bureau (so to speak)
If it's a currency to replace regulated coinage, here's the problem. If I can buy a TV for 1% of a Bitcoin today, but next week i can buy two TVs for the same Bitcoin, or perhaps half a TV, how do i decide when to but my TV. If it's not a practical instrument of barter, what is it's use - apart from illegal transactions between criminals?
I trust those bitching about a fluctuating pound exchange rate are not piling into Bitcoins.
The winners when the inverted Bitcoin pyramid collapses will be funded by the losers. The winners have already sold off enough to repay their initial investment and are now playing with other peoples money. That's all you need to know about dabbling in crypto currency.
The reason many are intelligent enough to say they don't understand crypto currency is that there isn't anything to know that advances understanding of why people are buying it.
I know as much about gaming software as I know about Bitcoin software. I don't need to understand gaming software to know if I should buy a game, but feel I do if I want to buy a Bitcoins. People buy games because it keeps the kids quiet, they buy Bitcoins because other people buy Bitcoins and Bitcoins keep going up in price.
If I bought a loaf of bread for £1 and didn't eat it because it was going up in price people might think me a bit odd. If I bought an indelible loaf of bread for £1 that I couldn't eat, but kept it because it was going up in price as more people wanted to buy inedible bread, people might think the World has gone mad.
If you read up on blockchain it’s incredible it’s potential as a technology. It will transform the financial sector for sure (making international transactions take seconds rather than days at a cost of almost nothing) but also other sectors and industries as well.
@PragueAddick I’d also recommend watching “banking on bitcoin” on Netflix, it certainly has libertarian leanings as a documentary and I’d take most political comments in it with a grain of salt, but it gives a very clear background to bitcoin and blockchain in general and interviews some quite brilliant people who were involved in the concept and development of blockchain.
We’re not even in the dawn of the age of blockchain, we’re at the Big Bang of the age of blockchain, things are expanding at rapid pace and no one quite knows what will lead markets in certain things. But it’s definitely going to be massive.
Bitcoin and other cryptos are very different, to use my analogy earlier, it’s like comparing amazon to Facebook, they use the same fundamental technology in the internet but are serving a very different purpose and have different aims. Read about ethereum, which is what most cryptos are based off, which is essentially digital contracts, not anything to do with money per say.
I will definitely read up on it, as I already came across it last night when dipping my toe in the water of articles about this stuff, thanks to this excellent thread.
Your Amazon vs Facebook analogy though goes to the heart of what @Dippenhall is saying, i think. Before investing in something, we punters need to be sure we understand what the thing we invest in, is actually for. So if I look back, I should have invested in Amazon in the early days. I understood what it was for and why it had a competitive advantage. It flogged books, a previously unfashionable biz, got them to your hands in a very new way, and had great customer service. I am glad however that i never went near Facebook, because here is a business that feels it must disguise the real nature of its biz. It still claims to be a "tech company", whereas it is now apparent to most of the world that as a business it is a "media owner" like News International is, and so is Google. That is their business.
So I would want to work out what say Ripple, which you mentioned, is for, in the minds of those who have created it. I see the argument that you are not buying a currency, but rather a share in the thing, partly as a stake in something that may develop in various ways in the future (as Amazon has done of course), but I need to get my brain around the initial "vision" first.
My response was more because the way I read it was dippenhall was lumping all crypto in with bitcoin, and although bitcoin was the first ever blockchain, people have found different applications for block chain technology and have addressed the big drawbacks that they see bitcoin has (slow, not quick at adapting and correcting its problems, decentralised etc).
I’d recommend googling the crypto you’re interested in and it’s tech. You are investing in technology which could take 10-20 years or more to even begin to become mainstream.
Like any kind of investing in high risk high reward investments, do your research and don’t invest more than you can afford to lose.