Making Money Online?

[Jay666d]

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!

[don simon]

Originally Posted by Jay666d

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!

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.

[Jay666d]

My exact gut reaction!

Time will tell!

[don simon]

Originally Posted by Jay666d

My exact gut reaction!

Time will tell!

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....

Yours
don simon Ba(hons) Business Management.

[jims-terrano]

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.

[Banshee]

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

[Jay666d]

Originally Posted by jims-terrano

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!

[Banshee]

Have you found a pool that will allow you to join yet to start mining? How much processing power do you have?

[don simon]

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.

[Jay666d]

Originally Posted by don simon

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]

Originally Posted by Jay666d

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?

[Jay666d]

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!

[macabethiel]

Originally Posted by Jay666d

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.

[Jay666d]

That is some good news...

Reassuring to hear something good about pensions!

[Jay666d]

Originally Posted by Banshee

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.