Bitcoin is something I can't comprehend. I tried to look into what it is and work it out but the more I research the more confused I get.
It seems it's simply an online currency? One can acquire it by outright purchase or by your (ultra high powered) computer solving seemingly difficult mathematical computations??
Or by verifying other transactions to not allow double dipping?? I still can't understand it.. but for the moment it's a money making machine?
So what are you actually buying? If it were to all vanish tomorrow what have you to show for it?
It's at near $75k AUD now per coin after costing next to nothing when starting out not that many years ago.
Elon Musk tipped a lot of dosh recently into it, then lost 10x his investment by simply stating that prices seem inflated??
Quote:
Elon Musk Loses $15 Billion in a Day After Bitcoin Warning
Devon Pendleton
(Bloomberg) -- Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth.
Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added $1.5 billion in Bitcoin to its balance sheet.
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https://www.msn.com/en-us/money/comp...?ocid=msedgdhp
When big time players invest in this stuff it legitimises the investment medium but I can't fathom investing money on something that only seems to exist in the virtual world.