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Investing some of my own money to see if there's any truth to the 'Daily Interest' types of investments!
https://youtu.be/3apBusVHZgU
Hope you guys enjoy! :thumbs
don simon
01-11-2017, 07:55
Investing some of my own money to see if there's any truth to the 'Daily Interest' types of investments!
https://youtu.be/3apBusVHZgU
Hope you guys enjoy! :thumbs
Sounds like a ponzi scheme to me. 1% per day is significant and I can't think of any business/economy that can pull those sort of numbers and sustain it.
I'm sure there are people who will make money from the scheme though.
I'm so far oot that I'm in a different time zone.
My exact gut reaction!
Time will tell! :thumbs
don simon
01-11-2017, 09:08
My exact gut reaction!
Time will tell! :thumbs
It''ll make money for some, but it'll cost others. Essentially the Bitcoin is intangible and wholly dependant on supply demand, and like the banks, Bitcoin can flood the market and ultimately devalue any "investment" to zero. Currently there is growth in this type of industry and people are investing, demand is high, but competition is growing (thus diluting the market and weakening any value).
We live in times where people believe that making a fortune is easy, I suppose we've always had this, but to me, investing in an intangible is always a much higher risk and more open to fraud. Here we can ponzi the money in until we make enough, then devalue. Investments can go down as well as up and in this case 1% per day is totally unrealistic unless the money of other investors is used.
I'm sure that you can afford to lose the £100, and I'm sure that you'll make money. But the fact that you make money will not convince me that it is a viable (or even 100% legal) business model. It's not.
As a side note, I won't crowd fund without due diligence either.... :rolleyes:
Yours
don simon Ba(hons) Business Management.
jims-terrano
01-11-2017, 09:20
I agree with points made and understand Jay has gone into this with his eyes open. It’ll be interesting for curiosities sake so keep the updates coming. I watched the video before I came to the forum.
Not worth it mate, got family doing it from a data centre out on the isle of man with an array of Antminer S5's and they say that it's just not profitable anymore to mine Bitcoins
The only way you'll make money with Bitcoins now is if you buy them but take a look at the price :eek:
macabethiel
01-11-2017, 10:17
It is not just Bitcoin that is in the Market Place of virtual currencies there are quite a few and they all smell of Scam.
Trouble is you have no physical coin in your hand and Banks will not take them. Easy to buy but try selling them it's a bit like Time Shares Apartments there are more losers than winners. In fact I do not know anyone who has gained from either.
Whatever you "Invest" take it as if you have bought a lottery ticket that will not pay out. You may get lots of statements saying how much your investment has gained but try turning it into a real currency of your choice.
macabethiel
01-11-2017, 17:31
In January 2017 Bitcoin dropped to 750 US Dollars by October 2017 it was 6180 Dollars that is a very turbulent market to say the least. They dropped when China imposed new rules.
https://en.wikipedia.org/wiki/History_of_bitcoin
There was also a big fall when a huge amount of Bitcoins were stolen even though it uses Block Chain Security.
I suppose thats the trouble with online stuff... Very susceptible to hackers! :doh
Anyway... This isn't really about making a ton of money with BitCoin.
I suspect, and this is my early prediction... The software will show a profit being made, and theres the potential of a lot of theoretical money kicking around. But it's not real money until its in your bank... And I think getting it out of the system is where it will get tricky!
I agree with points made and understand Jay has gone into this with his eyes open. It’ll be interesting for curiosities sake so keep the updates coming. I watched the video before I came to the forum.
I appreciate you watching my videos... Thank you! :bow
No such thing as a free lunch lol?
There is always a catch.
Find the catch first, before considering investing.
:thumb2
Have you found a pool that will allow you to join yet to start mining? How much processing power do you have?
don simon
03-11-2017, 20:08
Having had a bit of a read it looks less like a ponzi scheme, but nothing to clearly define that it isn't. And that, of course, brings in another problem. There is NO regulation. You will not know where your money goes, nor how it is being used.
The investment is intangible and uncontrolled and like all markets dependant on supply and demand.
Think about the fella who bough the last two remaining stamps of their type and immediately destroyed one of them.
What will happen when Bitcoin decide to issue another 21m bitcoins? There are no governing bodies to say that they can't.
What will happen when other folks decide to join the game and take their share of the demand.
It's like most markets, but a lot easier to destroy, and without any protection for investors.
As Banshee says, I understand that you need significant resources to go mining which will eat into any profits.
Finally there is the ethical aspect.
You haven't a clue which drug cartel, slave labour or terrorist organisation you're ultimately funding.
A definite no, no for me.
Have you found a pool that will allow you to join yet to start mining? How much processing power do you have?
I've not looked into the mining side of it...
This is just more of a 'put your money here and it will make interest' thing.
You haven't a clue which drug cartel, slave labour or terrorist organisation you're ultimately funding.
A definite no, no for me.
Most of what you have said doesn't concern me too much as this is just an experiment and I'm not expecting that much to come of it!
Your last comment however, is a good one... A one I'm ashamed to say I'd never really thought of.
Saying that, our government spends our money arming countries under the table who their in favour of... Maybe worse things that we never get to hear about. :(
don simon
03-11-2017, 23:43
Most of what you have said doesn't concern me too much as this is just an experiment and I'm not expecting that much to come of it!
Your last comment however, is a good one... A one I'm ashamed to say I'd never really thought of.
Saying that, our government spends our money arming countries under the table who their in favour of... Maybe worse things that we never get to hear about. :(
It's OK, most of my observations aren't directed at you.
While highlighlighting that governments do do under the table deals, I can't see any direct comparison between them and terrorism/drugs/slavery or being a justification for making a few quid.
At least I can vote if I disagree with the government, when is the Bitcoin AGM?
I completely agree with you... At least we get some say.
I'm not much into the business side of things, but I couldn't tell you when they would have an AGM... I couldn't tell you when any company has an AGM.
My company doesn't even have one...
I can't even get them to sit down together to talk about who used the last of the milk! :lol
macabethiel
04-11-2017, 10:47
Most of what you have said doesn't concern me too much as this is just an experiment and I'm not expecting that much to come of it!
Your last comment however, is a good one... A one I'm ashamed to say I'd never really thought of.
Saying that, our government spends our money arming countries under the table who their in favour of... Maybe worse things that we never get to hear about. :(
You could put a few quid a month into a Private Pension fund, firstly you get a 20% gain immediately if you are a basic rate tax payer. Many modern funds will let you choose an investment option and move your funds about online free for a few changes each year. Lastly it is governed by the FSA. That said it is long term. My wife opted into a scheme a few years back when the government were pushing them back in around 1994 ish. She only stayed in the scheme for just under two years due to moving job and getting into a NHS scheme. We pretty much forgot about the old pension pot originally with a firm called Gan. This changed hands over the next 20 years about 4 times eventually being called ReAssure. Now they are by no means a good performer but when the wife was 60 her pension pot was over 10 times what she had paid in for those brief 2 years she got a tax free payment that was 3 times what she paid in and has a remaining pension pot that is now around 8 times what she paid in. She will draw this pot down when she stops working taking an amount that puts her income below the tax threshold for the tax year in question. We have been cautious and left two thirds of the remaining pension pot in deposit and just gambled with a third in Global Tracker & Equity funds. In the last 3 years the deposit fund has scarcely gone up in value due to low interest rates but the money is safe, the remaining third has gone up by almost 35% in three years despite the Brexit situation.
That is some good news...
Reassuring to hear something good about pensions! :thumbs
My 'Investment' has been in for 7 days now... Here's the results so far.
https://youtu.be/FNeK0oIq1PM
This weeks update has a bit of a Twist.
https://youtu.be/I5HYn6l6jlQ
jims-terrano
14-11-2017, 21:52
Well I’m not the guilty referral matey, wonder if it’s some secret stealthy member from here:lol
Keep em coming Jay, interested to see what happens at the end of the 299 days buddy.
Well I’m not the guilty referral matey, wonder if it’s some secret stealthy member from here:lol
Keep em coming Jay, interested to see what happens at the end of the 299 days buddy.
My money was on you Jim! :lol
jims-terrano
14-11-2017, 22:20
My money was on you Jim! :lol
:lol:cool: sadly mate all my spare cash seems to be getting chucked away on my Motors at the moment pal.
Best way buddy... I should have a new Patrol video soon! :augie
jims-terrano
14-11-2017, 22:47
Keep em coming pal :thumbs
Defo keep the Patrol vids coming.
I love Patrol vids :lol
Defo keep the Patrol vids coming.
I love Patrol vids :lol
Not my other ones then? :doh :lol
Ah hem, cough cough love them all bud ha ha :augie:thumbs
Next video
Part 1: Step-By-Step, money into the BitConnect System.
Part 2: Step-By-Step, money back into your bank account.
It's time to speed up this experiment to see if we really can take the money made and turn it back into 'real' money!
https://youtu.be/exPkwhY-5Po
Some good news on the BitCoin front...
Whilst getting the footage together for the second video in this 'experiment' I started the process of sending funds back to my UK bank account...
This was a fairly straight forward process, and now I just have to wait a couple of working days to see if it shows up! :lol
jims-terrano
26-11-2017, 08:23
Interesting stuff is this, sorry I’ll not be running out and chucking any of my money in the online virtual bucket but it’s interesting nonetheless mate. Keep up the updates jay:thumbs
It's no problem! :lol
At the end of the day I still see it as a gamble, and definitely not for everybody's taste!
At no point will you hear me recommend or push people into doing it, but it is something that I will carry on doing for a little while even after this experiment is over. :thumbs
jims-terrano
30-11-2017, 16:59
Hi Jay, BBC News website is reporting that Bitcoin is sliding. Will that make any difference to your experiment?
In the short term it won't really effect what I'm doing with regards to the interest being made on the BitConnect site.
The effect will only be felt when it comes to trading the coin back to GBP.
If it slides all the way down to nothing, then it doesn't matter how much interest i make, it will be worth nothing. I can't see it falling to nothing, but may just land at a more sustainable figure. (Start of Nov when I bought in, it was about £5k)
Interestingly out of the top 100 Cryptocurrencies, all but 5 slid this week!
I suppose my goal is really to make more that the £12.60 in 6 months (Which if you remember from the 1st video was 6 months worth of lottery winnings!)
I guess we'll just have to see!
New video, with the 'Conclusion' will be uploaded tonight! :thumbs
Here it is, Part 2: The Conclusion!
https://youtu.be/yx0VKCHcVgw
Enjoy! :thumbs
Now accepting BitCoin! :lol
https://youtu.be/FFS-GA4yf_I
jims-terrano
05-12-2017, 23:06
Haha, can the tax man tax payments in bitcoins :lol
I'm sure they'd find a way!
From .Gov:
Given this, the evolutionary nature of these cryptocurrencies and the legal and regulatory environments in which they currently operate, this brief outlines HMRC’s provisional VAT treatment pending further developments; in particular, in respect of the regulatory and EU VAT position. Taxpayers can rely on the VAT treatment outlined below unless and until HMRC announces any changes. Any changes will not apply retrospectively.
For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:
Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received
Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of ‘transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments’
When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves
Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above
However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place
So long as you're not daft and broadcast it over YouTube (:doh) then you could probably treat it like a cash in hand job...
jims-terrano
05-12-2017, 23:17
So long as you're not daft and broadcast it over YouTube (:doh) then you could probably treat it like a cash in hand job...
:augie
A few weeks back I bought 4 LiteCoins for £65 each.
They've been holding their price fairly steady... Couple of pound up or down each day. (I've seen mine down to £58 and up to £77)
This morning the price gave me a nice surprise... £123 each! :clap
I know that it could be 'easy come, easy go', but I'll hold and hope that they go the way of BitCoin! :naughty
macabethiel
09-12-2017, 21:15
In the short term it won't really effect what I'm doing with regards to the interest being made on the BitConnect site.
The effect will only be felt when it comes to trading the coin back to GBP.
If it slides all the way down to nothing, then it doesn't matter how much interest i make, it will be worth nothing. I can't see it falling to nothing, but may just land at a more sustainable figure. (Start of Nov when I bought in, it was about £5k)
Interestingly out of the top 100 Cryptocurrencies, all but 5 slid this week!
I suppose my goal is really to make more that the £12.60 in 6 months (Which if you remember from the 1st video was 6 months worth of lottery winnings!)
I guess we'll just have to see!
New video, with the 'Conclusion' will be uploaded tonight! :thumbs
Out of interest the wife made 4.53 % out of Ernie last year I made paltry 1.47 % on the year tax free of course. The capital is safe and you can cash it in oline within 3 working days direct into your bank.
don simon
09-12-2017, 21:42
What is actually driving these fluctuations?
Out of interest the wife made 4.53 % out of Ernie last year I made paltry 1.47 % on the year tax free of course. The capital is safe and you can cash it in oline within 3 working days direct into your bank.
I know that I can cash out any interest made on the BitConnect site and it will arrive in my bank. (That's what my 'Conclusion' video was about.)
The same cannot be said for the Capital as yet, because that's locked away for 299 days.
What is actually driving these fluctuations?
That's a good question...A one I'm not sure of the answer.
Could be demand, or it could be because it's being adopted by more companies/people?
don simon
10-12-2017, 11:19
This goes someway to explain why.
https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd
It's just a question of when and not if the bubble bursts.
I find it slightly interesting, but there's nothing magical. It could be anything that's traded, but unlike bartering where there is a tangible exhange, the traded goods here are irrelevant and could be anything from lightbulbs to tulip bulbs.
I'll give another similar example of the bubble in more recent times and that would be the Spanish housing market. Just before the crash. Properties were bought and sold on the promise of guaranteed increases in value and not the market.
don simon
12-12-2017, 08:16
Another interesting read http://www.bbc.co.uk/news/technology-42265728
It has been an awesome day for one of my Cryptocurrencies! :naughty
https://youtu.be/YMQX44M7FYY
Another interesting read http://www.bbc.co.uk/news/technology-42265728
Yeah, good read!
Puts another angle on it!
https://youtu.be/kKmlYRI8n48
Another quick update on how some of my Crypto Coins are getting on.
solarman216
19-12-2017, 01:28
My advise, draw it out now before the bubble bursts, just think about it, where is your increase coming from if not from other investors that will lose it all, there is no free meal it is all a scam, Rick
It's not bad advice Rick, I think when the time is right I will pull out at least the money I have invested.
Other people buying in as it gains popularity does increase the price of it, but I still feel that it's in its infancy.
But it's increased usage will also push the price up and could ensure that it stays around.
The CME is about to start trading with it... That will dump even more money into the Crypto pot!
Think I'll stick around!
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