Bit coins?

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I am being bombarded by Bit coin E Mails lately, all go to my Spam folder as that is were I send them, all are offering to make me millions of pounds, I wonder if that is true, if it is why do the senders of these E Mails just stop sending these E Mails and make the millions for themselves, SO I have to ask, should I in fact buy some of this magic money? am I missing out ?


 
It's because they are such nice people they want to share ;)

I have no doubt it is just like every other MLM scheme where all you get after paying for the "free access" is something like a mailing list to send out an identical email to sucker people into paying YOU for their 'free' access.
 
Ron has :) he has £20 pounds in two different accounts and he has made £7. It amuses him and when it went up he took it out he has only been doing it a couple of months.
 
Bitcoin isn't regulated under the FCS compensation scheme so if (when?) it all goes tits up, there is no compensation.

I think there are reputable traders out there and there is talk of money to be made as the supply of coin is fixed. Certainly the price did rise dramatically and those who got in early did make some dosh on it. However there are also stories of coins disappearing etc.

Personally I think it's the kind of gamble where you take a punt if you have a few spare quid that you are prepared to lose entirely. After that if you keep it and if it goes up then its a bonus.
 
It’s an interesting concept and people have made money.... But, it’s an unregulated investment in a purely digital product. I suspect it will run on for some time yet, may even become a truly valid currency/commodity. Being of both a fairly frugal and sceptical nature, it’s not for me. Maybe it’s just that I’m old....
 
I read a MoneySavingExpert thread on Bitcoin in which someone claimed he was making 1% per day profit. Others suggested it was a Ponzi scheme, which is where those in first are paid by those coming in later. It's like an inverted pyramid which requires more and more new mugs, sorry, "investors" to create the profits for early joiners. There are no "real" profits. It later transpired that the company referred to collapsed and the author of the scam disappeared with the loot.

Two of the most important warning signals are, 1, if something seems too good to be true, then it probably is; 2, if you don't understand an investment then steer clear.

Keep sending the emails to your spam folder.
 
I remember a Ponzi scheme doing the rounds when I was at school.
It was popular in, IIRC, 1978, 79, or 80.
Can't recall the name but it was basically a list of 10 or 20 names, and you would get your name on the list by paying each person £1 - something like that. and then you would make your money by the list carrying on and being sold - so each time the list was sold, you would drop one place futher down but get a payment.
Somethinng like that, I don't recall the details, but I do recall that it was obviously a rediculous idea and that by the time the list went round a few times, the only way to make money was if every person in the world was involved and the next step would have to involve ETs coming in to join in.
My Schoolmates didn't get it though and quite a few joined in. a couple made £20 or something from the first selling on but most just threw away their cash doing it.

going to have to see if I can find this now! wikipedia here i come ...
this is a good description here of the same kind of game - https://activerain.com/blogsview/4335257/pyramid-scheme-was-very-popular-in-the-1970-s
so in fact you get pushed UP, not down and then after a while you (if it keeps running), make your money.
 
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I remember that, or similar, and that was in the 60's. The most (in)famous Ponzi, apart from Ponzi himself, was Bernie Madoff, who made millions but ended up in jail having defrauded many famous and not so famous people as well as charities of billions in total, most of which was never recovered.
 
Utility warehouse are today's pyramid scheme.

Bitcoin, I have some money in. It went up a lot quite quickly (2 months), and down again (to less than I put in) and is currently up by 1/3rd. That's around 2 years later.

I don't really know what's best to do with it....
 
If you have 8bit coins does it count as a byte?
Windows is now maimly 64 Megabytes Not sure how many apples that buys

I might have to check under the floorboards again.

But seriously surely safer somewhere else
If you want to plat stocks and shares then investmrnt trusts give a reasonable return.
I put money in and got a bot more out after 3 years..
I got cold feet in January (brexit) and sold the lot.
Much happier now all my cash is protected..
I do not need huge income from investments and the "drip feed" is good enough for us !
will not divulge more !
 
Ardachaidh said:
Another maxim "Only invest (in risky assets) if you can afford to lose the lot".
Click to expand...
Very true, I just wondered if any one was into it, we put money into Premium Bonds and are doing well with them, no tax on prizes either,
 
We bought gold sovereigns several years ago, as a long term investment ( and money does not count on inheritance tax!) The price dropped dramatically and I would have lost about 25% then it went up steeply at which time I got 25% more, so cashed them in. Worked it out and it was not a lot different than a high rate account, but if I had kept my nerve would have been great!
 
Not sure what you mean by money does not count on inheritance tax. Virtually everything above the tax free amount is counted apart from a few exemptions such as some business relief and leaving money to charity.

We put some money into NS&I Bonds a few months ago after MoneysavingExpert recommended. Then a few weeks later they announced the interest rate was being slashed in November to virtually zero. So we moved the money out. NS&I is the safest there is as it's money saved with the Government, but with interest rates so low some people look for things supposedly giving high returns, which are far riskier and don't understand that they might lose their money.
 
i see Amazon prime are selling bitcoins now £250 initial lnvestment , but not for me as someone else said if you don’t understand stay clear , although you can never have too much money i’m happy with my situation our pensions almost total our work income & isnt the conmans maxim you can only con a greedy man though some of the scams being run nowadays are very believable
 
I've had bitcoin for just over 2 year now, i bought £250. Has delboy said this time next year I'll be millionaire. Well anyway atfer the 1st year. It was worth an incredible £35. Not that incredible. It's back up to about £140 now after 2 year so it looks like I'll have to stay the course and hopefully get my £250 back. My advice is stay well clear. Someone's making a lot of money 💰 but it's not me.
 
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