The front page on this site talks about Bitcoin. I wrote that in March 2011; I think it was. See date on post. With hindsight if you had come to this website and acted on my thinking, and bought $10,000 of Bitcoin that month, well shall we say, well let’s not say anything let’s work a real example. Sadly for me, I didn’t have hindsight and the benefit there of, so I only put $10 into Bitcoin. A few months later I found my email address on the Mount Gox hack list but all my coins were actually on my hard drive and very carefully hidden on the Internet. No problems there.
Last year everyone was telling me about the rise of Bitcoin, I checked the value of my Bitcoins and they had risen to about $10,000 in value. I decided that I would let it ride but in case Bitcoin failed, I decided to take a little out to play with. I spent about 3000 Euros, I forget exactly how much and bought real tangible products that arrived at my door like as if they had been ordered by Amazon. Next the Bitcoin price started to fall, so I decided that something should be done now to try to protect the gain I had acquired. One option was to sit tight. Anyway, I decided to open an account with https://cex.io/r/0/gsn2dd/0/ CEX.IO – don’t know much about them other than they seem to be London based. When the Bitcoin price dropped to about $300, I made my move. My portfolio is now zero Bitcoins, 15% Litecoin and 15% Darkcoin (difference?) and 70% GHS (Bitcoin mining hash stuff).
It seemed to be working very well until the price fell to about $300, when my new Bitcoins created in the mine, were suddenly sucked away leaving me wondering if once Bitcoins are made, I should move them to my hard drive? The price is at new low today about $220. Is it time to buy again? Rule number one of gambling club is don’t risk money you can’t afford but rule number 2 is if you are not in it you can’t win it. I think I may cautiously start to buy. Do some pound or dollar cost averaging . There is the potential for each Bitcoin in the foreseeable future to be worth $100,000 per coin. With hindsight, we would say if only I’d spent $500 on Bitcoin 3 years ago before it became the accepted norm. But, I think 2015 is the make or break year for Bitcoin because there is also a risk that the technology will stay alive but the Bitcoin BRAND may die out. We have heard rumblings of fiat currency sheep putting on Bitcoin clothing in countries like Ecuador, we have also heard that Microsoft are set up for Bitcoin and perhaps other cryptocurrencies. On the other hand we have had Bill Gates talk about Bitcoin not being stable enough to be taken as a serious currency (or words to that effect). So for what it’s worth, here is my evaluation of the current situation from a Bitcoin speculators view point. I think it is 50 50, right now as to Bitcoin succeeding or failing over the long term. This is what I think today: Bitcoin is worth buying in small quantities, this makes sure you have your systems in place if you suddenly find there is a bull market type fluctuation and you suddenly want to risk some more money. My gut feeling is that if Bitcoin succeeds, then Bitcoin will enjoy a good rise followed by stability. This is because Bitcoin is designed to do exactly that. Don’t quote me as an expert and please don’t take this as investment advice. This is just my analysis of the current situation given away freely.
A few weeks later … I am a slow blogger!
Does it come as a surprise that XX% of Bitcoin belong to the wealth? I read it somewhere; probably at my usual watering hole.
For Bitcoin to be accepted it has to be stable, for the masses to buy it then it has to rise quickly in value. For this reason my personal position, I have moved Darkcoin and Light Coin. In this position I will gain if these are the currencies that could hold the magic growth we are all looking for? All this stuff is really gambling so watchout. I could very easily be wrong. This is just my reasoning.
I have just started writing this today so there are a number of silly errors that will come out in the next iteration later on.