How do we fund our toys

Swedish Paul

Member
Messages
1,807
But if bitcoin crashes, at the start when folks try to get out, they probably won't be able to sell. If you bought low who cares. If you bought at anything involving 4 digits, I can see a huge loss.
 

Wattie

Member
Messages
8,640
No different then to potentially not being able to get your money out of a bank!

http://www.zerohedge.com/news/2017-11-14/preemptive-strike-euro-savings-protect-your-savings-gold-ecb-propose-end-deposit-pro

cheers wattie
 

bigbob

Member
Messages
8,952
Yours is a bizarre statement.....define collapse? Given that you're barely earning 1% in the bank and bitcoin is up several thousand a lot of people would have to suffer a mammoth collapse to be worse off.
Some people thought the internet was “fluff†and now we can't live without it.
Cheers Wattie

How much of your wealth would you put into bitcoins at the current level?
 

Wattie

Member
Messages
8,640
How much of your wealth would you put into bitcoins at the current level?
I really don’t know, I’ve a small holding but iVe avoided adding more at this level.... have gone elsewhere.
I thought it was pricey at 2k....I was wrong......if it goes to 20, 25......100k I was wrong too.
I got lucky on the others and pulled the profit money out and bought a car....
It’s maybe worth a punt tho.....if it keeps climbing you,re laughing.
If it doesn’t as long as you invested an amount you were prepared to lose it doesn’t matter.overtime if you hold you may even sell out even.
If it only makes 3% you beat the bank!!
Cheers Wattie
 

bigbob

Member
Messages
8,952
It's a tough one with specialist asset classes. It's like Hedge funds when most started 15-20 years ago and people did not know what to do with them. You have to look at all investments on a risk adjusted basis so, for example, 3% growth on bitcoins is a big fail as it's really a large negative return once you adjust it for the massive risk you have been carrying,
 

hilts uk

Member
Messages
945
I worked in the city for nearly 15 years and now manage investment funds - mainly hard assets like property. Bitcoin is without doubt a bubble but it could continue for a long time. Unlike real money there is no policy response when things go wrong. Look at financial crisis in 2008, the banks didn't crash as the central banks stood behind the system and people had enough confidence to believe that their intervention would work. There will be no such saferty net for bitcoin. It could (and probably will) drop 90%+ at some point. The best historical example is Tulip mania or the South Sea buble. As the saying goes when the elevator man starts giving you stock tips its time to sell - thats what is happening right now with Bitcoin. But.... I expect it could double, triple or more from here before the collapse- it just depends on how long people are prepared to fail to notice the emperors ball sack is on show.
 

Wattie

Member
Messages
8,640
I worked in the city for nearly 15 years and now manage investment funds - mainly hard assets like property. Bitcoin is without doubt a bubble but it could continue for a long time. Unlike real money there is no policy response when things go wrong. Look at financial crisis in 2008, the banks didn't crash as the central banks stood behind the system and people had enough confidence to believe that their intervention would work. There will be no such saferty net for bitcoin. It could (and probably will) drop 90%+ at some point. The best historical example is Tulip mania or the South Sea buble. As the saying goes when the elevator man starts giving you stock tips its time to sell - thats what is happening right now with Bitcoin. But.... I expect it could double, triple or more from here before the collapse- it just depends on how long people are prepared to fail to notice the emperors ball sack is on show.
So it’s worth a punt with an amount we all deem sensible.....you gotta be in it to win it.
Cheers Wattie
 

conaero

Forum Owner
Messages
34,593
Just thought I'd add, I flip a few cars (mainly Alfas) and do pretty well out of that too. I enjoy taking something that is on the edge and making it wanted and in turn adds to my car fund.

If I could do that till my times up, I'd die a happy chap.
 

allandwf

Member
Messages
10,958
I'm sure i'm in the minority here, but I buy everything with cash, I have no credit cards! If I could find a way to get my wages paid directly to me with no bank involved I would. I also prefer to have assets, I can enjoy, rather than a large cash pot and if needs must then I will sell something.
 

JonW

Member
Messages
3,259
I worked in the city for nearly 15 years and now manage investment funds - mainly hard assets like property. Bitcoin is without doubt a bubble but it could continue for a long time. Unlike real money there is no policy response when things go wrong. Look at financial crisis in 2008, the banks didn't crash as the central banks stood behind the system and people had enough confidence to believe that their intervention would work. There will be no such saferty net for bitcoin. It could (and probably will) drop 90%+ at some point. The best historical example is Tulip mania or the South Sea buble. As the saying goes when the elevator man starts giving you stock tips its time to sell - thats what is happening right now with Bitcoin. But.... I expect it could double, triple or more from here before the collapse- it just depends on how long people are prepared to fail to notice the emperors ball sack is on show.

^^^^^^^^ Brilliantly explained.
 

outrun

Member
Messages
5,017
Welcome to Wayne Rooney

Never knew he had a Maser

Speaking of Wayne Rooney, I won this at a charity auction over the weekend. Shame Man U are not my team, I'd have much preferred a Rooney Everton shirt. It will look nice in my garage, which is currently being converted into a home office. Pics to follow on that next month when it's done.

IMG_1139.jpg
 

midlifecrisis

Member
Messages
16,102
As a United Fan, I would have it off you but Rooney isn't one of my favoured players despite being a class player/record goal scorer, (it might be the fact that he's a scouser!) .

Reference Bitcoin, they were trading below £1000 in April, so we're not talking that long ago. They are now trading around £11k. So I'd sell, sell sell. They've lost 7% today alone. If they weren't so much I'd go short on my spread betting account but I would need a deposit of around £2000, for a pound a point drop and I'm not prepared to do that sort of money as a hobbyist better...
 

GeoffCapes

Member
Messages
14,000
As a United Fan, I would have it off you but Rooney isn't one of my favoured players despite being a class player/record goal scorer, (it might be the fact that he's a scouser!) .

Reference Bitcoin, they were trading below £1000 in April, so we're not talking that long ago. They are now trading around £11k. So I'd sell, sell sell. They've lost 7% today alone. If they weren't so much I'd go short on my spread betting account but I would need a deposit of around £2000, for a pound a point drop and I'm not prepared to do that sort of money as a hobbyist better...

They were trading at $17,000 today!

Edit. Just seen you were talking £'s not $'s
 

GeoffCapes

Member
Messages
14,000
Speaking of Wayne Rooney, I won this at a charity auction over the weekend. Shame Man U are not my team, I'd have much preferred a Rooney Everton shirt. It will look nice in my garage, which is currently being converted into a home office. Pics to follow on that next month when it's done.

View attachment 46396

I know a few guys at Everton and will ask them for a signed Rooney shirt for a Charity auction next year.
I'll let you know when the bidding starts.