Bit coins????

124

Comments

  • pblakeney
    pblakeney Posts: 25,193
    Prhymeate wrote:
    PBlakeney wrote:
    Which was my point. Newcomers were too late.

    My point is that they might not be if they hold on for longer. It's still early days in my opinion.
    Good luck!
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • PBlakeney wrote:
    Prhymeate wrote:
    PBlakeney wrote:
    Which was my point. Newcomers were too late.

    My point is that they might not be if they hold on for longer. It's still early days in my opinion.
    Good luck!

    Thanks. I've been in for a while so it's easier to swallow the corrections that have been and will inevitably come in the future. If anything it's good for the long term. Let's see what happens in the next year or so...
  • cycleclinic
    cycleclinic Posts: 6,865
    I put £35 last month. I may add more but I will leave it for a few years. It's more of a giggle really as past performance is no guarantee of future returns. Prices are way to volitile.
    http://www.thecycleclinic.co.uk -wheel building and other stuff.
  • ballysmate
    ballysmate Posts: 15,916
    From the FT

    Bitcoin were worth $19,666 on December 17, but collapsed to $10,775. It climbed back to $16,000 before slipping back to $14,000 again.

    Quite a harum scarum investment.
  • rick_chasey
    rick_chasey Posts: 71,530
    Well if you did put your entire pension into bitcoins, I hope you’re holding up alright.
  • Is anyone using this currency to buy anything except other currency? Or is it now just a vehicle for speculation?
  • pblakeney
    pblakeney Posts: 25,193
    Well, at a recent bitcoin convention they would not accept - Bitcoins.
    Tells me all I need to know.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • TheBigBean
    TheBigBean Posts: 20,254
    Is anyone using this currency to buy anything except other currency? Or is it now just a vehicle for speculation?

    Isn't it the currency of the black market?
  • TheBigBean
    TheBigBean Posts: 20,254
    So has anyone found anyone who has actually cashed out?

    Saw on one exchange there are 251,000 transactions outstanding, so it’s taking up to a week for the transaction to occur.

    I know someone who bought at $20 and sold at $16,000.
  • rick_chasey
    rick_chasey Posts: 71,530
    TheBigBean wrote:
    So has anyone found anyone who has actually cashed out?

    Saw on one exchange there are 251,000 transactions outstanding, so it’s taking up to a week for the transaction to occur.

    I know someone who bought at $20 and sold at $16,000.

    Ooof!
  • robert88
    robert88 Posts: 2,696
    Bitcoin owes it success to critical mass of computing power through common consent It's a supremacy that could be toppled as the importance of blockchain technology grows and/or common consent changes.

    Bitcoin is too much of a gamble for me. I like to invest in companies that may benefit from the technology but not in the companies that progress it. Less reward but less risk. At the moment I have 3 irons in that fire, all well established and steady players. I'll never win that lottery!
  • FishFish
    FishFish Posts: 2,152
    Robert88 wrote:
    Bitcoin owes it success to critical mass of computing power through common consent It's a supremacy that could be toppled as the importance of blockchain technology grows and/or common consent changes.

    Blockchain technology is not about common consent. You need to set up a blockchain processor - don't need a license for it - you just enter the lottery to win a bitcoin.

    The open ledger concept needs explanation. Take buying from ebay - make a transaction and the seller does not know or trust you so they use a third party - say PayPal which knows you and has access to your accounts and can contract with you top pay them and thence to pay the ebay seller. The point of this is that you - the buyer are known so the seller can sell to you confident that they will be paid.

    With bitcoins - both parties are anonymous. So how do I know the bit coin will be delivered (to my anonymous address) and how does the seller know that they will be paid.

    My buy transaction with a seller sets up an algorithm which requires big computing power to solve. The problem is distributed to 'lots of' processors each incentivised with the chance of winning a bitcoin in a lottery. If after processing, all solutions are the same then the transaction has been agreed by 'lots of' 'people'. So it is as legit as paypal agreeing it is legit.

    It is a little more complex than that but as most of you are idiots then I won't bother.
    ...take your pickelf on your holibobs.... :D

    jeez :roll:
  • robert88
    robert88 Posts: 2,696
    FishFish wrote:
    Robert88 wrote:
    Bitcoin owes it success to critical mass of computing power through common consent It's a supremacy that could be toppled as the importance of blockchain technology grows and/or common consent changes.

    Blockchain technology is not about common consent. You need to set up a blockchain processor - don't need a license for it - you just enter the lottery to win a bitcoin.

    The open ledger concept needs explanation. Take buying from ebay - make a transaction and the seller does not know or trust you so they use a third party - say PayPal which knows you and has access to your accounts and can contract with you top pay them and thence to pay the ebay seller. The point of this is that you - the buyer are known so the seller can sell to you confident that they will be paid.

    With bitcoins - both parties are anonymous. So how do I know the bit coin will be delivered (to my anonymous address) and how does the seller know that they will be paid.

    My buy transaction with a seller sets up an algorithm which requires big computing power to solve. The problem is distributed to 'lots of' processors each incentivised with the chance of winning a bitcoin in a lottery. If after processing, all solutions are the same then the transaction has been agreed by 'lots of' 'people'. So it is as legit as paypal agreeing it is legit.

    It is a little more complex than that but as most of you are idiots then I won't bother.

    I did not say blockchain was about common consent. What I said was that Bitcoin depends on common consent. There are more than 1500 cryptocurrencies of which 1, Bitcoin, is well known. Its ascendancy depends on its popularity.

    In reality there is no need to understand the underlying processes to use the technology, any more than one needs to understand how a computer works to use it. As with cash, the important thing is the trust or consent that it is endowed with.

    Blockchains are add-only distributed databases enabling contracts of all kinds to be made. The uses for the technology extend way beyond money transactions, eventually it will reach into every corner of our lives. Examples include medical records, land registries, ownership records, commodity trading, maintenance records, encryption or just a different version of the internet. Another example is automated road-use-pricing!
  • FishFish
    FishFish Posts: 2,152
    They are not distributed databases they are distributed processing which is essential to preserve anonymity of the bitcoin or whatever crypto currency (clue maybe in the 'crypto' part of the denomination.

    Your example is utterly idiotic.

    When you are on a toll road you pay through the clearing system - the transaction is encrypted but the road user and the road operator are not anonymous.

    My interpretation of your name is that you were born in 1988 and thus are 40. At that age you should have a little more intelligence and a persuasive ability that seems to elude you.

    Alternatively it may be your IQ.
    ...take your pickelf on your holibobs.... :D

    jeez :roll:
  • surrey_commuter
    surrey_commuter Posts: 18,860
    FishFish wrote:
    They are not distributed databases they are distributed processing which is essential to preserve anonymity of the bitcoin or whatever crypto currency (clue maybe in the 'crypto' part of the denomination.

    Your example is utterly idiotic.

    When you are on a toll road you pay through the clearing system - the transaction is encrypted but the road user and the road operator are not anonymous.

    My interpretation of your name is that you were born in 1988 and thus are 40. At that age you should have a little more intelligence and a persuasive ability that seems to elude you.

    Alternatively it may be your IQ.

    Top bombing
  • rjsterry
    rjsterry Posts: 27,241
    FishFish wrote:
    They are not distributed databases they are distributed processing which is essential to preserve anonymity of the bitcoin or whatever crypto currency (clue maybe in the 'crypto' part of the denomination.

    Your example is utterly idiotic.

    When you are on a toll road you pay through the clearing system - the transaction is encrypted but the road user and the road operator are not anonymous.

    My interpretation of your name is that you were born in 1988 and thus are 40. At that age you should have a little more intelligence and a persuasive ability that seems to elude you.

    Alternatively it may be your IQ.

    Top bombing

    Crap maths, though :)
    1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
    Pinnacle Monzonite

    Part of the anti-growth coalition
  • sungod
    sungod Posts: 16,278
    he thinks bitcoin is anonymous, bless :D
    my bike - faster than god's and twice as shiny
  • surrey_commuter
    surrey_commuter Posts: 18,860
    rjsterry wrote:
    FishFish wrote:
    They are not distributed databases they are distributed processing which is essential to preserve anonymity of the bitcoin or whatever crypto currency (clue maybe in the 'crypto' part of the denomination.

    Your example is utterly idiotic.

    When you are on a toll road you pay through the clearing system - the transaction is encrypted but the road user and the road operator are not anonymous.

    My interpretation of your name is that you were born in 1988 and thus are 40. At that age you should have a little more intelligence and a persuasive ability that seems to elude you.

    Alternatively it may be your IQ.

    Top bombing

    Crap maths, though :)

    That is what I was alluding to and if Rob88 is only 30 then he can be excused. Mind you if born in 1988 he could also be 70 and suffering from mental degradation.
  • robert88
    robert88 Posts: 2,696
    Wow! I seem to have struck a nerve, clearly fishes can feel!!

    I get my info on Blockchain from people who work in that field so whilst I will read what's written on here, I have better sources.
  • rick_chasey
    rick_chasey Posts: 71,530
    Robert88 wrote:
    I get my info on Blockchain from people who work in that field so whilst I will read what's written on here, I have better sources.
    :lol:

    Just look out for the vomiting camels yeah?

    :lol::lol::lol:
  • robert88
    robert88 Posts: 2,696
    I promise I will do that.

    The 88 thing is Chinese. I like 8s.
  • fenix
    fenix Posts: 5,437
    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

  • fenix
    fenix Posts: 5,437
    Or even CryptoQueen.
  • Ben6899
    Ben6899 Posts: 9,686
    fenix said:

    Anyone listened to The Missing Cryptoqueen podcast on BBC Sounds ?

    I have listened.

    Lesson: people are gullible enough to help you make lots of money. If you're sufficiently morally bankrupt to exploit it.
    Ben

    Bikes: Donhou DSS4 Custom | Condor Italia RC | Gios Megalite | Dolan Preffisio | Giant Bowery '76
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  • shortfall
    shortfall Posts: 3,288
    fenix said:

    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

    Yes. First half dozen episodes were electrifying, then it sort of fizzled out. Goes to prove how gullible people can be though (see also people who vote for Corbyn's Labour Party).
  • Tashman
    Tashman Posts: 3,381
    fenix said:

    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

    Yes, found it very interesting, although frustrating that there was no specific conclusion. Even more amazing that it is still active and people are buying into it.
  • Ben6899
    Ben6899 Posts: 9,686
    Tashman said:

    fenix said:

    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

    Yes, found it very interesting, although frustrating that there was no specific conclusion. Even more amazing that it is still active and people are buying into it.
    Those people deserve all they get. It's out in the open that it's all a hoax - FFS her brother has been charged with committing fraud.

    Ben

    Bikes: Donhou DSS4 Custom | Condor Italia RC | Gios Megalite | Dolan Preffisio | Giant Bowery '76
    Instagram: https://www.instagram.com/ben_h_ppcc/
    Flickr: https://www.flickr.com/photos/143173475@N05/
  • orraloon
    orraloon Posts: 12,505
    Wait for the mis-selling com-pen-say-shun claims... against...?
  • fenix
    fenix Posts: 5,437
    ben6899 said:

    Tashman said:

    fenix said:

    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

    Yes, found it very interesting, although frustrating that there was no specific conclusion. Even more amazing that it is still active and people are buying into it.
    Those people deserve all they get. It's out in the open that it's all a hoax - FFS her brother has been charged with committing fraud.


    You wouldn't say that if you knew who they have targetted now - villagers in africa - and it's been pushed by preachers. Shameful.
  • fenix
    fenix Posts: 5,437
    shortfall said:

    fenix said:

    Anyone listened to The Missing Crypoqueen podcast on BBC Sounds ?

    Yes. First half dozen episodes were electrifying, then it sort of fizzled out. Goes to prove how gullible people can be though (see also people who vote for Corbyn's Labour Party).

    Sorry - have you HEARD the stuff that the Tories have come out with lately ? I don't think Labour have the monopoly on made up stuff...