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Bitcoin
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  SW19 CPFC  Addiscombe West 11 Jan 21 10.22pm |
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Originally posted by Badger11
I started in banking in the 1970's every few years there would be talk of a global currency and there were some serious attempts to get it off the ground. I think that eventually they will launch a cryptocurrency regulated and backed by the governments which initially will be by multinationals used for trade payments / exchange of goods. It makes sense if you are a multinational if you only have to deal in one currency, you then force your suppliers to accept that currency they in turn will force their suppliers. Eventually as more and more companies are added a retail element will be added for the public it maybe popular for countries with dodgy currencies. After that who knows. Edited by Badger11 (11 Jan 2021 10.07pm) Indeed. That may well be the endgame – a universally accepted, regulated, multi-government backed crypto. In the short to medium term it's potentially more likely that each country will initially want to hold onto its own currency within the fiat system, almost like a trial run with a viable backup, so they will then all have their own regulated 'fiat' crypto alongside the existing. Until eventually it all moves to one – which also fits into the globalist agenda pretty nicely. That approach does not leave much room for independent, unregulated cryptos of course. Much like the banking sector and unregulated finance.
Did you know? 98.0000001% of people are morons. |
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| Badger11 Beckenham 13 Jan 21 11.03am |
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Originally posted by mezzer
Don't lose that password if you're in the bitcoin game!! "A Bitcoin owner has only two guesses left to unlock more than 0 million in cryptocurrency, the NYT reported. Stefan Thomas, a computer programmer in San Francisco, was given 7,002 Bitcoins more than 10 years ago, when they were worth between to each. Unfortunately for Thomas, the digital wallet where the Bitcoin is stored only allows 10 attempts before it seizes up and encrypts its contents forever. Thomas had kept the password on a piece of paper—which he lost years ago." See I don't get this. Why is there no password retrieval process? Why does Bitcoin care?
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BlueJay  UK 13 Jan 21 11.24am |
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Originally posted by mezzer
Don't lose that password if you're in the bitcoin game!! "A Bitcoin owner has only two guesses left to unlock more than 0 million in cryptocurrency, the NYT reported. Stefan Thomas, a computer programmer in San Francisco, was given 7,002 Bitcoins more than 10 years ago, when they were worth between to each. Unfortunately for Thomas, the digital wallet where the Bitcoin is stored only allows 10 attempts before it seizes up and encrypts its contents forever. Thomas had kept the password on a piece of paper—which he lost years ago." Jesus. I almost feel ill on his behalf from just reading this.
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ASCPFC  Pro-Cathedral/caravan park 13 Jan 21 2.23pm |
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Originally posted by mezzer
Don't lose that password if you're in the bitcoin game!! "A Bitcoin owner has only two guesses left to unlock more than 0 million in cryptocurrency, the NYT reported. Stefan Thomas, a computer programmer in San Francisco, was given 7,002 Bitcoins more than 10 years ago, when they were worth between to each. Unfortunately for Thomas, the digital wallet where the Bitcoin is stored only allows 10 attempts before it seizes up and encrypts its contents forever. Thomas had kept the password on a piece of paper—which he lost years ago." More generous than my bank. I only get three chances. I don't quite have that balance though.
Red and Blue Army! |
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| chris123 hove actually 13 Jan 21 4.07pm |
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Originally posted by Stirlingsays
I'm hearing that the Bitcoin crash of a few days ago was a coordinated dump by all the large Bitcoin holders....or whales as they are called. The principle aim being to panic the market into getting out of Bitcoin and lowering the price significantly.....at some point they want they all start buying up the bitcoin and it slowly recovers back. I fell for it myself and ended up transferring to Ethereum where I'm holding steady. If that's all true it's a bit of a rookie's mistake on my behalf to fall for that, which no doubt will net these millionaires more money....I guess I have to learn this stuff and wise up. But there's quite a lot to it. Edited by Stirlingsays (13 Jan 2021 3.29pm) Money Box Radio 4 this afternoon - 30 minutes on crypto currencies.
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| Stirlingsays 13 Jan 21 4.10pm |
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Originally posted by chris123
Money Box Radio 4 this afternoon - 30 minutes on crypto currencies. Tips hat.
'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen) |
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| Badger11 Beckenham 13 Jan 21 5.01pm |
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Originally posted by Stirlingsays
I'm hearing that the Bitcoin crash of a few days ago was a coordinated dump by all the large Bitcoin holders....or whales as they are called. The principle aim being to panic the market into getting out of Bitcoin and lowering the price significantly.....at some point they want they all start buying up the bitcoin and it slowly recovers back. I fell for it myself and ended up transferring to Ethereum where I'm holding steady. If that's all true it's a bit of a rookie's mistake on my behalf to fall for that, which no doubt will net these millionaires more money....I guess I have to learn this stuff and wise up. But there's quite a lot to it. Edited by Stirlingsays (13 Jan 2021 3.29pm) So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets?
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| SW19 CPFC Addiscombe West 13 Jan 21 5.10pm |
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Originally posted by Badger11
So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets?
Ha. Indeed. Another reason why it will never win out Stirling is right re. the 'whales' Something like 2% of all holders (I nearly wrote investors there as that's what it is, an investment, albeit a mental one, certainly not a currency) own 95% of all the mined bitcoin. And of that 2% a smaller number are the 'whales' – they probably have some sort of cartel going on between at least a few of them to manipulate prices. I would. If a whale sold all their stash tomorrow the market would swing massively. Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value.
Did you know? 98.0000001% of people are morons. |
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| SW19 CPFC Addiscombe West 13 Jan 21 5.13pm |
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Originally posted by BlueJay
Jesus. I almost feel ill on his behalf from just reading this. There's another article about the welsh guy that threw out his hard drive in 2013 with all his bitcoin on it. The amusing thing is he'd put the hard drive in a drawer to save it, then forgotten what it had on it and threw it out some time later. Would now be worth around the same amount (£200m). Apparently it's in a landfill in wales. He even went back there a few months later when he realised what he'd done to try and find it. The workers said you can try, but it'll be buried a few metres deep by now. I think at that point he gave up – I'm not sure how you can make peace with that sort of error but sounds like he has! 'In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than $250m.'
Did you know? 98.0000001% of people are morons. |
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| Stirlingsays 13 Jan 21 5.21pm |
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Originally posted by Badger11
So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets?
True. Though to be fair to him the scale is a bit different.
'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen) |
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| SW19 CPFC Addiscombe West 13 Jan 21 5.23pm |
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Originally posted by Badger11
See I don't get this. Why is there no password retrieval process? Why does Bitcoin care? His hard drive that he keeps the wallet in has the encryption, not the wallet itself. Apparently there is a way to try to game it so you can get a few more chances... but ultimately his hard drive uses an 'IronKey' encryption system which only allows 10 guesses. So really it's his own fault.
Did you know? 98.0000001% of people are morons. |
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| Stirlingsays 13 Jan 21 5.28pm |
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Originally posted by SW19 CPFC
Ha. Indeed. Another reason why it will never win out Stirling is right re. the 'whales' Something like 2% of all holders (I nearly wrote investors there as that's what it is, an investment, albeit a mental one, certainly not a currency) own 95% of all the mined bitcoin. And of that 2% a smaller number are the 'whales' – they probably have some sort of cartel going on between at least a few of them to manipulate prices. I would. If a whale sold all their stash tomorrow the market would swing massively. Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value.
I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke.
'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen) |
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| SW19 CPFC Addiscombe West 13 Jan 21 5.46pm |
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Originally posted by Stirlingsays
I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke. Ha Well the main thing is you went into it with your eyes open, risk on Again if I were you I'd have split that pot and put 1/4 of it in now and the rest after the inevitable dip/crash. Actually, I'd just have waited for the crash. I still think it's only worth putting money in 10k or below... but it may not even get back to that in the short term. Literally guesswork.
Did you know? 98.0000001% of people are morons. |
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| BlueJay UK 13 Jan 21 5.47pm |
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Originally posted by SW19 CPFC
There's another article about the welsh guy that threw out his hard drive in 2013 with all his bitcoin on it. The amusing thing is he'd put the hard drive in a drawer to save it, then forgotten what it had on it and threw it out some time later. Would now be worth around the same amount (£200m). Apparently it's in a landfill in wales. He even went back there a few months later when he realised what he'd done to try and find it. The workers said you can try, but it'll be buried a few metres deep by now. I think at that point he gave up – I'm not sure how you can make peace with that sort of error but sounds like he has! 'In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than 0m.' I vaguely remember reading about this years back and my regret at not owning Bitcoin quickly turned to 'at least I'm not that guy'. Though I should've probably defaulted back to the initial thought being how much they've gone up in value over the years. That's the benefit of 'diversifying' I guess. Just buying some and forgetting about them for a few years - though not any corresponding passwords. A 'Time in the market, not timing the market' type approach
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| SW19 CPFC Addiscombe West 13 Jan 21 5.55pm |
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Originally posted by BlueJay
I vaguely remember reading about this years back and my regret at not owning Bitcoin quickly turned to 'at least I'm not that guy'. Though I should've probably defaulted back to the initial thought being how much they've gone up in value over the years. That's the benefit of 'diversifying' I guess. Just buying some and forgetting about them for a few years - though not any corresponding passwords. A 'Time in the market, not timing the market' type approach Yep. I actually opened a wallet in 2014, with the dual purpose of buying for investment and for transaction on the now long defunct agora / silk road platforms. But it ended up being that or not going on holiday. I think I made the right choice in the end – the odds that I would have held onto it for this long are pretty small. I reckon I would have cashed out a while back anyway. Amazingly I still have the login details to it, which have somehow survived 3 computer upgrades. I've still made some useful side cash though through bitcoin and a couple of others, but nowhere near what could have been made if I'd actually focused on it a bit more in 2014. But you could say the same about a lot of things so it is what it is
Did you know? 98.0000001% of people are morons. |
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