Mining as a part of prepping

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Re: Mining as a part of prepping

Post by peejay » Tue Dec 05, 2017 10:39 pm

As Bitcoin is being discussed further elsewhere here I thought I'd update this topic with my latest "investment" status.

As ever, Bitcoin has been hugely volatile with many significant peaks & troughs still ongoing.

I did decide to dip in a little more, again more out of curiosity than anything else (i.e. not a serious attempt at making money) with mixed results so far.

One thing I'll say is "m really not an investor of any kind of experience whatsoever so it's not as if I watched it & tried to perfectly time my buys etc I literally just thought - WTH, I'll buy a bit more & see what happens.

So, as of today, this is where I'm at:

Original £10 bought on 12th August is (as of this minute) valued at £28.56
A further £100 I bought on 3rd November is currently worth £151.17
Another £100 bought on 3rd December is currently worth £96.16

So, thus far I'm in for £210 (plus around 3% transaction charges - let's say a further £7 total for roundness) but my "stash" is currently valued at £275.88.

Bear in mind the second £100 was only bought in a few days ago so hasn't had much chance to move as yet, at the time I bough it my £110 investment was worth around £174 so still reasonable for a couple of months elapsed.

As it happens, (due to /not/ watching activity etc) I seem to have bought the last £100 at a peak which has since gone wildly up & down since, but I fully expect it to trend upwards for the foreseeable.

I must confess, (before I bought the latest £100) I thought a lot about holding out until it doubles, then take out my original investment value - £110) meaning anything further was pure "profit" and I could no longer lose anything at all, but then I can't help but wonder how much it could turn into if I just left it to percolate as it were.

At the end of the day, even if it tumbled drastically tomorrow it's an amount I'm ok leaving tied up if/when it bounces back, but for me personally, the wondering "what if it increases seriously" is outweighing the "what if it crashes" so I'll at least keep some of it in regardless.

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Re: Mining as a part of prepping

Post by itsybitsy » Tue Dec 05, 2017 11:32 pm

I find this really interesting. Going to do a bit of research...
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Re: Mining as a part of prepping

Post by Seminole » Sun Apr 29, 2018 7:08 pm

But what can you buy with it?

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Re: Mining as a part of prepping

Post by korolev » Mon Apr 30, 2018 9:39 am

I punted £100 on litecoin in February.

I now have £72 of litecoin.

I remain VERY sceptical and still think the arse could fall out of it.

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Re: Mining as a part of prepping

Post by peejay » Mon Apr 30, 2018 12:26 pm

The arse already fell out of it (in February as it happens!) and it's finally now recovering. I ended up with about £1250-ish total in various coins which was approaching £1800 at one point, then dropped to around £500 but the last couple of weeks has been picking up again. So, it depends exactly when in feb you bought in as you could be in for a nice increase.

Cryptocurrency has had many drops over the years but the trend is generally upwards (for the right currencies of course).

It's definitely a subject to do some research on before diving in too seriously though.

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Re: Mining as a part of prepping

Post by Arwen Thebard » Mon Apr 30, 2018 5:16 pm

Cryptos are definitely well worth having in your preps, adds another option to the list of possible payment methods.

Cryptos potentially have more "intrinsic" value than paper money, both are based on some degree of belief and trust, but at least Cryptos have transparency and science / mathematics behind them.
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