Off Topic Bitcoin.

Minermike wrote:He should check on his  "Bitcoins "   .    As far as I know you cannot get a physical Bitcoin.    He might have been scammed .

2nd that.

Last time I looked at buying them they were around the $400 mark,wish I did now.

It is still not too late, in my opinion , buy half a Bitcoin ? Some people say they will go to $50-100,000 each. Last year they doubled in value , they have done more than that this year , it has surprised me.

gday minermike, i have stated previously i wouldnt touch this stuff with a ten foot pole. but the forum is a bit slack these days and i have continued to read your story about bitcoins, ethereum, and the other 750 to 800 similar cybermoney on offer.

during the last week i have come across information that says a issue of 16 million - onegram - GOLD BACKED (by chinese gold) coins were issued in dubai and sold out within thirty minutes.

being gold backed has me interested, and there is another one being offered in the next month or so of 26 million units also GOLD BACKED by chinese gold, and approved by shari law and available for muslims to invest in. picture is starting to get interesting.

at my age i have no need to be involved in cyber money, but i see the value in them if they are gold backed, to be used as currency. if the trend continues it can only be positive for the gold price.

i will stick to my hobby of metal detecting and hope all this hype has a positive impact on gold

On May 1 st. the close price for 1 Bitcoin was AUD$1,834 close price for 1 Bitcoin on June 5 th. was AUD$3725 An increase in value of 100% . Data taken from Independent Reserve.

FYI...You could chisel what I know about bitcoin on the head of a pin with a crowbar , its a lot to get your head around    but I am finding the topic interesting, the figures being talked about certainly get ones attention    I continue to watch with some interest, thanks for the heads up, here lies a good example of Off Topic conversation, , as with all things ....time will tell

Wayne.

I also find it difficult to get my head around , like the distances  to the stars and planets.  I knew next to nothing about Bitcoin  12 months ago.   Only heard of the name ,  still learning ,  reading stuff on Google helps.    It is here to stay,  you can now buy an airline ticket  ,with Bitcoin  , in Japan.

Last sale of 1 Bitcoin AUD$3,888 .

Not saying right or wrong, however another view.



https://barefootinvestor.com/blog/

I wont be investing in bitcoin anytime soon, this sort of thing pops up every now and again!

http://tinyurl.com/ybc386sr

Due to the increase in value of Bitcoin it is now very hard to buy an Antminer S9 . If you got 0.3 Bitcoin per month , that would be about $1,200 per month. Deduct $200 for electricity and $200 for loss of value of machine. Net profit $800 per month. This is not allowing for increase in value of Bitcoin.

If you have never bought a Lottery ticket or had a dollar on a horse in the Melbourne Cup , then Bitcoin is not for you.

Nothing ventured , nothing gained . Some of the richest people in the world are the ones that have taken a risk. They might have failed once or twice but they had the guts to have another go.

Nero is too busy trading Bitcoin to put up a comment . We all respect his comments .

I am not trying to promote Bitcoin. Just trying to point out a way of making a few dollars with little work . I know it is a risk , you have to work out what you want to risk. You can remove your stake or part of it every month. You can then play with the profit . In my opinion Bitcoin with go to $35 -55,000 Let me know if it does not.

Minermike wrote:I am  not  trying to promote Bitcoin.   Just trying to point out a way of making a few dollars  with little work  . I know  it is a risk   , you have to work out what   you want to risk.  You can remove  your stake  or part of it every month.    You can then play with the profit . In my opinion   Bitcoin   with go to $35 -55,000    Let me know if it does not.

Gday Mike, I have to say that makes it a very tempting investment but also falls into the "sounds too good to to be true" category, what kind of time frame do you see this happening in?

Wayne.

Impossible to say when it will get to AUD$35 -55, 000 , lets say end of next year ????

Ethereum is the other one I look at, on Jan. 1 st . 2017 it was AUD$11.75 in the last 24 hrs. it has been selling for AUD$485.86 !!! Data from Independent Reserve. My mate paid AUD$127 for his, so he is pretty happy .

I had no problems using Independent Reserve . They are based in Sydney and approved by ASIC . I still have my account and hope to use it again soon.

Hey mike,

Was talking to my mate the other day who has a bit of crypto currency his portfolio in now over $260K he is doing very well

I wish I could say the same .

1 Bitcoin was $2,600 on 17 th. May. On June 17 th. it was $3,455 + 32.8 % increase .

1 Ethereum was $137 on 17 May. On June 17 th. it was $526 + 283.9 % increase .

Data from Independent Reserve . I hope to have funds next week to buy some of each.

Sounds like a too good to be true scenario to me. Why not invest as much as your budget can allow to to make lost of dollars in a short period of time.....
Or you could dig a little deeper into it first:
Stay away from bitcoin — it’s complete garbage

Bitcoin is suddenly on pace to have its worst week since 2015

No brainer to me

Minermike wrote:I wish I could say the same .

Mike there are a few ground floor opportunities about, especially new ICO's but be warned, some like all investment opportunities, can be dodgey and warrant thorough investigation.
I know of a couple of good ones but I wont name them here but happy to share via pm.
I've been investing in crypto and serious mining setups for numerous years now so have a good idea on whats what.
Again my advice is dont even think of mining as one or two machines is just a muppets game.
Save your coin for investing as plenty of opportunities in crypto to make some good coin.

"Worst week since 2015 "   can you explain that  ?

       The highest Bitcoin has been is  about  AUD$4,000    last sale was   AUD$3,626 .

If you want it in USD the highest it has been is around USD$3,000 last sale was USD$2701.24 Bitcoin is volatile , we all know that , so what is the problem ?

Sold my excavator and have bought some Ethereum and a bit of one Bitcoin.

Shells, tulips , paper have all been tried.
Rekon paper has become a crypto currency as its now created on a keyboard.

Crypto currency is here to stay. There are Bitcoin ATM's in Sydney , Melb. and Tasmania. Buy some now as the price is down !

If you do not understand  crypto  currencies   talk to a computer programmer .   He might be able to explain  but talking to brick walls is hard !   It is called block chain technology ,it is here to stay.

At the present time there are 667   crypto currencies , most are spin offs from Bitcoin .  Here is a good place to go to see them all  http://mapofcoins.com/bitcoin

N.B. A lot are now defunct, they did not get off the ground. You can check those on the mapofcoins web site . Stay with the strong ones , like Bitcoin, Ethereum , Lite coin .

Some people say that there is a down turn but Ethereum will have a higher value than Bitcoin by the end of the year . Buy Ethereum now !

I had a Mate who is fairly knowlegable in finance and investment look at Bitcoins.
After many hours of research he came back and said no body knows who the issuer is?
Being a digital derived thing, IT IS POSSIBLE AT SOME POINT IT WILL BE TURNED OFF, and all your real paper dollars you paid for it will be worth nothing!

With the recent decline in Physical gold i would be buying that, but thats my opinion, good luck with your bitcions but be wary digital wealth can be wiped out in an instant.

Had a tip from a mate, if you buy and sell shares. Monadelphous code MDN , check them out. Buy when the price is low and sell when it is high. He has made good money with this stock.

At present I do not own any shares in this company.

For the naysayers of Bitcoin, well now you can turn your profits in Bitcoin into physical Gold or Silver or sell your Bullion for BTC all through a reputable Australian Bullion dealer.
https://www.ainsliebullion.com.au/FAQ/WhyBitcoin.aspx