What is Bitcoin for?

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JohnD is quite rightly not bothered with Bitcoin as an investment vehicle. Why should he when everything else he touches turns to gold?

"As Mottie knows, my European pooled investment, bought shortly before the Brexit referendum, has grown in value by 70%, and also pays a dividend just over 2% a year"

How much is it up by now JD? 200%. 300%?
 
Justin Passing said:
If you really wanted to know what cryptocurrencies are for you'd google it and not just set up a thread to take the ****.
You'd need to understand how a blockchain works, which is probably beyond the person who has to ask.

"It appears to be subject to the whims of the currency market and without any reserve of Gold to back it up is a very risky way to invest real money."
Major currencies stopped working like that (Gold Standard) about 50 years ago, or more. We now use a "Fiat" system based on faith, there's nothing physical backing them up - as pointed out vigorously by crypto advocates.
I bought 1k's worth way back, but it was a scam and I lost the lot. I had another go with more when a reputable agent established. Sold the lot before last xmas. It had been very volatile and was dropping but still high enough. Bought a house with it about 3 weeks ago.
Click to expand...


Who was the reputable agent you used?
 
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So nobody knows what it's for

Though one person says they used it for gambling, and after losses, had a lucky win.
 
JohnD said:
So nobody knows what it's for

Though one person says they used it for gambling, and after losses, had a lucky win.
Click to expand...

I use it to transfer funds to my drug dealer & favourite terrorist organisation, tax free.
 
So purposes already known (see post no. 1)

Interesting that no "good" purposes have been stated yet.
 
JohnD said:
So purposes already known (see post no. 1)

Interesting that no "good" purposes have been stated yet.
Click to expand...
So, you’re an 'ethical investor' then, are you? And you still made 70% on your investments?
 
yet another worthless contribution that adds nothing to the topic.

"What is Bitcoin for?"
 
JohnD said:
"What is Bitcoin for?
Click to expand...
Are you well JohnD?

Asking "what is Bitcoin for" is like asking "what is water for".

It has very many uses both in the present & the future.

It wasn't invented so folk could gamble, it's primary feature is it does not need a central bank. If you cannot imagine any situation where bypassing the need for a central bank is a very good thing then you lack an imagination.
 
Dork Lard said:
"what is water for".
Click to expand...
I'm glad you explained why you fail to grasp the question.

Nobody invented water for a particular purpose.

however, investment in clean piped water has the most important purpose that it can be drunk, and is safe, does not carry disease or pollution. other important purposes of piped water supply are for cleaning and washing, and for use in industry, and money is spent on developing piped water supply for these purposes. So the question "what is piped water for" can be answered.

Can you give me examples of purposes that led people to "manufacture" bitcoin, and spend money on it?
 
The only thing I wish re Bitcoin is that I'd followed through on some thoughts I had around 2017 to risk buying a few thousand worth. I don't recall expressly deciding not to invest, for whatever reason I just didn't. If I'd then had the sense to sell 2021 would have netted myself a nice little profit. Regardless, that's hindsight and rightly or wrongly I won't be buying at current levels (even though they've dropped) in the hope future prices will significantly increase.
 
diy_fun_uk said:
The only thing I wish re Bitcoin is that I'd followed through on some thoughts I had around 2017 to risk buying a few thousand worth. I don't recall expressly deciding not to invest, for whatever reason I just didn't. If I'd then had the sense to sell 2021 would have netted myself a nice little profit. Regardless, that's hindsight and rightly or wrongly I won't be buying at current levels (even though they've dropped) in the hope future prices will significantly increase.
Click to expand...


You don't know the top of the graph, or the bottom, until after it's too late.

When you invest in a business, you (should) have some idea of how well it's run, is it profitable, is it sustainable, is it based in an honest country, is it run by a crook, is it growing, and enough to start taking a real view of its future worth.
 
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