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Ethereum - The New Bubbly Bitcoin?

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I knew about bitcoin when it was £4 but due to my risk aversion dismissed it and didn't invest. Now I'm

about Ethereum as a kind of bitcoin 2.0
and it seems to be climbing at 10% a day with plenty of room to grow if it becomes the next bitcoin. I don't want to miss the boat again but then also don't want to risk £s if it turns out to be a scam.
  • What do you guys think of it?
  • How do you invest from the UK as there doesn't seem to be an cryptocurrency exchange that sells Ether and takes pounds?

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It has more security risk than bitcoin as the machines will be executing arbitrary code that anyone can write and commit to the block chain. It doesn't fix all the flaws with bitcoin and will probably end up being Chinese owned where the electricity is still cheap. I wouldn't plan on setting up a retirement fund with it.

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Thanks,

I might treat it like a junior miner / oil explorer and stick in £1000 but no more. The idea being that I don't really care if I lose it and if it goes to £1000/Eth then I've won the lottery.

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It looks like the recent rally was a pump and dump. Reddit Bitcoin subscribers were getting spammed with messages encouraging them to buy Ether.

However, Ethereum's definitely not a scam. The developers behind it are very intelligent, but I'd say a bit wet behind the ears, and it's yet to be determined whether its extra bells and whistles over Bitcoin have any real-world use.

It's worth a punt I reckon. Concern has been growing over the block size issue which I guess has also tempted bitcoin holders to diversify. It's the only altcoin that offers anything substantially different from Bitcoin at the moment.

However, there's a company called Rootstock that intends to build Ethereum as a side chain on top (or to the side!) of Bitcoin. Ethereum's code (as well as all the development in cryptocurrencies) is open source, so people can take it and do what they want with it. Again, Rootstock was started by some very clever people, and if it works it would mean that Bitcoin would benefit, and Ethereum as a standalone blockchain would suffer.

Edited by Eddie_George

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I don't know if you were were aware but a day after your OP the main altcoin exchange, Cryptsy, revealed that they have been masquerading as a solvent business when in-fact, their entire hot and cold wallet was pilfered last year by a backdoor trojan inserted by one of the altcoin developers. (so they say, I don't really believe they would keep a cold wallet connected especially after Mtgox)

They were running it ponzi-style ever since, just like Mtgox. Until now.

Something like 15,000 BTC gone. Just like that.

One thing is for sure, confidence in altcoins is at a low right now.

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Though more luck than judgement it has doubled since I bought making it the number 2 in terms of market cap (though actually buying some was quite difficult and a lesson in all kinds of complex (set up paper wallet on computer disconnected from internet) then (Exchange -> Bitcoin -> Shapeshift -> Eth) I was tempted to take out my original £1000 so as to be risk free from now on in but since the whole point is to gamble I've decided just let in run. I think it's rise may have rattled a few cages in bitcoin land so we could be seeing a mass migration.

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Cryptocurrency fireworks today. Both BTC and Eth are surging on the back of the bitcoin reward halving and china capital flight. Even Brexit is helping as the pound falls. The upshot of which is my gambled £1000 is now worth about 7000

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