Bitcoin

#1

I remember about 6 or 7 years ago talking to a friend in work about bitcoin. I had been reading articles about it and how it could be the “next big thing” but it was highly risky and unpredictable. Needless to say I never bought any and it was I think only a couple of quid each at the time. I remember there was the article about the guy who bought pizza with some etc and how this could be the way forward (I had no idea about Silk Road etc) so wasn’t aware of anywhere that you could’ve used them especially in UK. Almost daily now it goes up and up and the price is ridiculous but people are forecasting that it could easily reach £1m per bitcoin.

In hindsight my decision back then to not buy some may have been a bad choice. And to be honest I didn’t really pay much attention to the price until about a year ago. But by that stage it it was a fair chunk of money to buy 1 btc and I just didn’t have the disposable income to invest. But I’m thinking about maybe investing some money into it - knowing il only get a small fraction of a bitcoin - in the hope to see its prices go through the roof and make a profit.

So my question is… has anyone on here invested? If so, can you recommend some reliable places where I can buy from and also store my wallet. And I suppose a follow up question … did you get in at a good price?

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#2

I have 1 bit coin in an old hard drive that is failing, been trying to get it for past 2 years and can never get the drive to last longer than the boot screen so I may never see it again. My crypto key and everything was in it.

I do have a friend who brought a half a million dollar house with all he had last year. He says he’s currently sitting on 2 bitcoins now and is waiting to cash them in

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#3

Happy days atleast he has something to show for it :slight_smile:

Does he regret selling them too soon? I know it’s a gamble as he could’ve just as easy waited another day and the price crashed.

No way you can clone it to another? There was a guy who accidentally dumped a hard drive with his wallet on it - think it’s worth a few million now. I’d be getting a shovel out if it was me lol

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#4
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#5

Even at a minimum based on the value of a bitcoin, a professional service could be a hassle free way that would perhaps be safer than utilizing a DIY approach. My company has used services such as the one below.

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#6

Ouch…I guess you can’t load or access without having to boot into your OS either?

Could be worse though;

http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-value-james-howells-newport-landfill-hard-drive-campbell-simpson-laszlo-hanyecz-a8091371.html

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#7

I switched the circuit board with another as I have recovered drives doing so in the past but no dice with this one. Magnetic resonance doesn’t work as you have to physically boot the os in order to enter my encryption key to access my wallet to recover the files. Not a 100 percent guarantee it’s recoverable, can’t risk spending money on such services if it’s not a guarantee to be recovered

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#8

That’s the guy I was talking about - it’s upto £80m :scream:

:thinking: … what’s the laws on digging up rubbish, as I’d do it for a 50:50 split lol

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#9

So now that home is technically a $1,000,000 home now. Yikes :cold_sweat:

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#10

As for bitcoin I got in when the getting was low. I bought 300 bitcoin. Still have them. Not bad for a $600 investment. I’m not greedy though and will glady redeem them here in the next few days. As I do not forsee the bubble flying any higher :joy:

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#11

Drinks on you then lol

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#12

How about Pizza on me. In honor of stupid stuff people have bought with Bitcoin. 10,000 Bitcoin for a pizza I bet that man feels stupid now.

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#13

Pepperoni for me thanks.

All jokes aside if you got in at $2, congrats :clap:t2:

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#14

As for your original question NO do not get in at this price point. Waaaay to volatile at the moment, if you have spare money to invest then invest it in maybe your home to raise its value. Anywhere other than Bitcoin currently is probably the smartest idea. I have been investing all of my adult life and know a thing or two about it.

#15

I wish I would have got in when it was pennies. Don’t we all? :grinning:

#16

Yeah I have seen a few like etherum and litecoin etc but don’t know if they will have same traction

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#17

This is a good question. A lot of people have been talking about it, not sure if I want to invest. Worried about when tax season comes around.

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#18

From what I’ve been reading, the Bitcoin price chart is fast approaching Tulip Mania status. Those who invested early can get a good return if they liquidate about now - as @elmo41683’s friend did. Those who wait, though, might be in for a free-fall.

I first heard about Bitcoins five years ago. I was about to move to another country and wanted all my money - which wasn’t much - at hand. Had I invested at the time I could be buying the half-million dollar house too. I guess the fate of those who don’t invest is always to dream of having done it.

As for investing now, I would wait. As I said, analysts are predicting a severe price drop - some say it will go back to the early days of the Bitcoin - and some big investors are already pulling out. But what do I know, right?

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#19

Booting is much harder than mounting, boot say a Linux LiveCD off CD or USB and then try to mount the drive and copy the files off?

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#20

Ok, I guess I’ve been living under a rock… but what exactly is Bitcoin? I’ve heard and read it’s name in passing but never understood the concept. Is it just virtual coin that you never actually see? A friend asked me recently about investing in Bitcoin and I told him that I didn’t know much about it and it sounded too risky. Now, I hear the term CryptoCurency. Is that anything like BitCoin? Please explain to me what they are and what all the hoopla is about. :stuck_out_tongue:

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