Crypto Currencies

[sandyRoe]

A friend invested a little in Bitcoins as extra Christmas presents for her grandchildren. The news of this got me wondering if these are anything other than a latter day south sea bubble that's yet to burst.
Has anyone ever bought and sold any and made a profit from the deal?

[davebro]

I've been tempted but not got involved - Bitcoin of course is massively up since its inception so some people will have become rich off it. If you bought at this year's peak though you would now be well down. I saw an article recommending Ethereum (or one of its derivatives) as being a good bet for future profits. There are scores of other lesser-known ones.

[sandyRoe]

I wouldn't touch any if them with a barge pole. If I had any spare money I'd buy premium bonds. Inflation might nibble away at their value but there's always the remote chance of a jackpot.

[sandyRoe]

I know they're hardly the thing for widows and orphans. Any fresh thoughts?

[davebro]

It's like betting (as is much of the stock market) - don't "invest" what you can't afford to lose.

[Buenchico]

One or two AB members (e.g. Ukanonymous) have stated that they've made big money from cryptocurrencies. It's certainly possible if one is prepared to take a risk with one's investments. For example, one bitcoin was worth $0.09 in mid-2010. In November of this year it was worth $67,549.14. However it's now down to £50,086.20. So anyone who bought a month or so back has already lost 26% of their investment but someone who bought back in 2010 has seen their money grow by a factor of over half a million fold!

I might get tempted one day but, if I do, I'll probably invest in a newer cryptocurrency. Ethereum has been touted by many as a good investment but I suspect that it's already far too late to get on board for the biggest gains. Dash might be worth a flutter though.

[SnehaMshr]

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