localman Posted August 2, 2021 Report Share Posted August 2, 2021 Does anyone in Shetland work with bitcoin? if so what are your opinions of it? is it a total scam or legit? I have never worked with bitcoin so just looking for opinions on it. Some sites on the internet claim people are making thousands of pounds and in some cases becoming millionaires. Other sites say it's a total scam and to avoid at all costs. Link to comment Share on other sites More sharing options...
cicero Posted August 2, 2021 Report Share Posted August 2, 2021 Be very careful. There are lots of scams out there. I was lucky as I got my money back, most do not. Link to comment Share on other sites More sharing options...
George. Posted August 3, 2021 Report Share Posted August 3, 2021 (edited) When Aldaniti beat Spartan Missile in the 1981 Grand National, I made a fortune. Made a good bit out of bitcoin too in 2010/2011, but I'm back on the cuddies now. Edited August 3, 2021 by George. Link to comment Share on other sites More sharing options...
Davie P Posted August 4, 2021 Report Share Posted August 4, 2021 As George alludes to, it's akin to gambling so it depends on your 'risk appetite'. There's winners and losers, but you tend to hear more about the winners. On the whole, the trend has been for the value of BitCoin to be on an upward trajectory, but it's a currency so isn't underpinned by anything 'tangible' (such as the value of a company or a commodity) so the value is based on perception. The bigger financial institutions are now trading in crypto currencies, and it's coming under increasing regulation, so I expect the heady days of early adopters getting-rich-quick are gone. It is, however, still quite volatile so can swing up and down in value dramatically, so there's still significant returns (and losses) to be made. From my understanding, you need to be either be lucky or invest a lot of time and effort into following the markets if you want to make a return on your investment. There's loads of misinformation, hype and 'info-mercials' re: cryptocurrencies on the internet, so it's best to proceed with an element of suspicion and cynicism! Link to comment Share on other sites More sharing options...
Frances144 Posted August 5, 2021 Report Share Posted August 5, 2021 It scares the turd out of me tbh Link to comment Share on other sites More sharing options...
cicero Posted August 5, 2021 Report Share Posted August 5, 2021 Well said Frances. Stay away from it. Link to comment Share on other sites More sharing options...
George. Posted August 5, 2021 Report Share Posted August 5, 2021 Paying with cryptocurrency: These are the major companies that accept Bitcoin as payment Link to comment Share on other sites More sharing options...
Colin Posted August 5, 2021 Report Share Posted August 5, 2021 Somebody is probably going to make a fair bit of money out of it. Odds are that it will NOT BE YOU. To many cash savvy crooks in there for comfort I think. Link to comment Share on other sites More sharing options...
cicero Posted August 5, 2021 Report Share Posted August 5, 2021 Again from me, well said Colin ,you are correct. Link to comment Share on other sites More sharing options...
George. Posted August 6, 2021 Report Share Posted August 6, 2021 Bank of England Blockchain structure and cryptocurrency prices Of course, it's the Bank of England so it's not worth a sook but we always knew that Link to comment Share on other sites More sharing options...
Colin Posted August 11, 2021 Report Share Posted August 11, 2021 https://www.bbc.co.uk/news/business-58163917 Food for thought... ? Link to comment Share on other sites More sharing options...
George. Posted August 11, 2021 Report Share Posted August 11, 2021 Lloyd’s has launched a new insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. Worth having....... Link to comment Share on other sites More sharing options...
George. Posted August 15, 2021 Report Share Posted August 15, 2021 On 11/08/2021 at 09:48, Colin said: https://www.bbc.co.uk/news/business-58163917 Food for thought... ? Crypto hacker offered reward after $600m heist Link to comment Share on other sites More sharing options...
Colin Posted August 15, 2021 Report Share Posted August 15, 2021 (edited) Trying to buy their money back, I guess... To me, the worrying thing about all these fancy virtual currencies is that they are just that, "virtual" in so much as they do not really exist as anything more than a "concept". If the power goes off, you're broke.... In fairness, most other currencies are the same. Just promises on bits of paper. Where is the "real" wealth, I wonder. Edited August 15, 2021 by Colin Link to comment Share on other sites More sharing options...
George. Posted August 15, 2021 Report Share Posted August 15, 2021 (edited) ^They made the offer after the return of the majority of their money. That's probably because the theft was carried out by a white hat, and they've learnt a lesson. White hat Edited August 15, 2021 by George. Link to comment Share on other sites More sharing options...
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