Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
Divorce, Maintenance, Personal Injury, Medical Negligence
I tend to write my blogs ahead of time, and let my programmer put them up when he thinks best – so they are now necessarily aimed at something that may have happened that week – because the blog may, for example, have been actually written 6 weeks earlier. Today’s blog in some respects looks hopelessly out of date – because Bitcoin now trades at $16 400 – but in fact my blog was only written on 30th October. I decided to have it put up anyway, without revising the figures, just because to me it illustrates even more the meteoric rise of these currencies! I would love to hear your thoughts on Bitcoin…..
I would love to know what your opinion on Bitcoin is. I think I am a little bit older and perhaps too conservative to appreciate its genius. I have been wrong about some things and right about others and this is one that I really don’t understand, so I have not got involved at all.
I think by now most people have a basic understanding of how bitcoins are mined and how they work, but to me, where it really gets scary, just from a market perspective, is that on 24 March 2017 you could buy one bitcoin for $935. That same bitcoin, at the time of dictating this article, was worth $5,600. That is 7 months later and you have multiplied your money by more than 6 times. I struggle to believe in anything that works on that basis. Especially something that is “mined” by a computer and I can understand that it perhaps has quite a bit of value on the black market and yes, a transaction for a house has been done with it, and you can use it here and there, but it is just something I struggle to understand or believe in. It also soars up and down – for example, on 14 September it was $3,226, 13 days before that it was $4,950 and on 21 October it was $6,013. So, you can see it is just swinging all over the place, and yes, largely on an upward trajectory, but the ups and downs are massive. Is it real and does it have any “value” that will endure and increase?
Posted by Michael de Broglio on Friday 15-Dec-17
Post a Comment
Comments
Michelle said:
on Friday 12-Jan-18 07:53 AM
Personally I do not like to play around with my money. But if you can make good money for not really doing anything, why not? You will never know if you do not try.
Jadine E said:
on Wednesday 10-Jan-18 07:28 AM
Don't exactly understand how bitcoin works and also scared to take risks when it comes to my finances.
Helen said:
on Tuesday 09-Jan-18 08:35 AM
In 2014 I saw on american news about the new currency "Bitcoin", at that time the Bitcoin was just around $5, which is a bit more than R50.00. 3 years later the value of one Bitcoin is R 187 542.34 - yes I should of invest at that time.
But some Harvard Economics professors say the current high valuation of bitcoin is unsustainable and will eventually drop, thanks in part to government regulation.
Thabitha said:
on Monday 08-Jan-18 03:46 PM
To tell the truth I don't understand it so I wouldn't take a chance on something that I am not sure of
Jessica Apfel said:
on Thursday 04-Jan-18 04:04 PM
I personally have purchased Ethereum and Ripple - both of which have yielded positive growth thus far. Of course, one must be a realist when purchasing these coins and set a profit margin at which to withdraw. Bitcoin is a little beyond my price range at the moment, but I do aspire to purchase one, one day! Perhaps people are frightened because it isn't tangible, but it can be translated into Rands and Cents which means then that it does bear a value!
Alexis said:
on Thursday 04-Jan-18 03:08 PM
I am a bit like Bianca R with regards to same. However I have heard great things about it thus far - possibly a thought to consider but not right now and kudos to those whom have earned a substantial amount in it already
Bianca R said:
on Thursday 04-Jan-18 02:56 PM
I do not fully understand the concept of Bitcoin and neither, serious investing. I recently held a discussion with a market researcher who shared his views on Bitcoin and he expressed concern over the actual amount of Bitcoin available to be mined/sold. It appears too good to be true, however I believe if you choose to take the risk, and reap the rewards, good on you.
Daniella said:
on Friday 15-Dec-17 03:09 PM
I strongly believe in bitcoin, unfortunately I don't have R238271.95 to buy one Bitcoin. I did however read that you can buy a quarter Bitcoin or half a Bitcoin. But whats the point if you not going to go all in. I trust in Bitcoin because it has come to the point where you can buy things with Bitcoin on take-a-lot and other online stores! Which is huge!!
Nicky said:
on Friday 15-Dec-17 11:35 AM
I still struggle to understand the concept behind bitcoin.I think that the best time to have invested in bitcoin would have been when the value was lower-because with the value being so high now its bound to drop, but judging on how volatile it is I could be wrong. This also sounds too good to be true to me-it reminds me of binary or a ponzi scheme. If you're a risk taker it sounds good though and like you'd make quit a huge return.
Angelique Jurgens said:
on Friday 15-Dec-17 10:45 AM
I am conservative, if I didn't need the money I would take the risk. What if you invest now but then it all just comes tumbling down and you lose everything? The same thing I thought when I first heard about it - had I invested then it would've been great. I don't quite understand it so it is not something I would invest in. I however do know a few people who have become richer off it - but not millionaire status.
Sarah said:
on Friday 15-Dec-17 09:34 AM
I heard from a lot of people that has invested in Bitcoin that it was worth investing, why they never did it sooner. I personally not sure if I will take the risk , base on I don't know much about Bitcoin.
Jolene said:
on Friday 15-Dec-17 09:31 AM
Nina first told me about bitcoin, I was very sceptic about it at first but it seems like she have done really well so far. I think I should have listened to her, my money would have doubled by now, I guess it is not too late..
Jessica M said:
on Friday 15-Dec-17 08:54 AM
Well my boyfriend is a financial advisor so he really thinks that bitcoin is doing very well. He invests in a lot of things but so far he says the growing rate of bitcoin is a way better investment. Every month he adds more into it. He even has that app where he can watch it grow or go down. He is upset that he didn't invest in it sooner.
patrick said:
on Friday 15-Dec-17 08:45 AM
Bitcoin is too good to be true . Am told it has been around for a while but its growth and downwards trajectory is a serious cause of concern . Is a matter of time before it goes down on its knees and never comes back .
Nina said:
on Friday 15-Dec-17 08:39 AM
I decided a few months ago to put a few rand into Bitcoin and obviously at this stage I am very glad I did and actually wish I did it sooner. I however only put in a small amount as it is very risky so if I do lose everything, I won't cry myself to sleep. I think it is worth taking a risk on, but it goes without saying that you should not put in anything that you can't afford to lose.
Jadine Richards said:
on Friday 15-Dec-17 07:42 AM
National governments are soon going to be forced into regulating Bitcoin and other cryptocurrencies. I think that once more countries have legislation governing this it will stabilize and the fluctuations will not be so drastic. However, until then, yes it is a gamble but I would be willing to take the chance if I had the capital to invest.
david said:
on Friday 15-Dec-17 07:04 AM
a lot of people have made a lot of money. and in a strange turn of fate, the 1st bitcoin billionaires are the twins mark zuckerberg screwed out of facebook. personally i would not put my money in it, but I am very conservative
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
