Quote Originally Posted by Vindec View Post
These virtual currencies will come unstuck one day. The aim is to buy something for nothing in return just like the South Sea Bubble, various PONZI schemes and others which were all driven by greed. The price of Bitcoin has rocketed but profits are on paper. I've yet to know of anyone who has cashed in their paper profits as the whole thing is motivated by the uninitiated thinking their profits will increase. They might in the short term but eventually it will go wrong. If anyone has made money I would cash in as soon as possible.

I've lost money in the past speculating on so called investments by buying small stocks that were forecast to rise; they did sharply in the short term but fell even more sharply. I kept the best one which was forecast to rise but it managed to turn my £1000 investment into £12 but was still my best performer. I lost money but it was no more than I could afford to lose.

Throughout history people have been investing in the next big thing. Virtual currencies are the current trend. I wouldn't touch them with a bargepole. If history is a guide to the present the whole bitcoin thing will go seriously t-ts up.
It does seem to have the classic hallmarks of a bubble.
Like 99% of people buying or holding any kind of cryptocurrency is because they think the value will go up. Nobody is using it for anything other than speculating, so there is no real floor to how low it could go.


Watch it go through the roof now I've said that