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

[macabethiel]

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]

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.

[Jay666d]

I suppose thats the trouble with online stuff... Very susceptible to hackers!

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!

[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!

[rustic]

No such thing as a free lunch lol?

There is always a catch.
Find the catch first, before considering investing.

[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 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.

[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.