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Bitcoin


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Badger11 Flag Beckenham 13 Jan 21 6.05pm

Originally posted by SW19 CPFC

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 morle in 2014. But you could say the same about a lot of things so it is what it is


When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon. -.-'

 


One more point

Tom-the-eagle Flag Croydon 13 Jan 21 7.17pm

Originally posted by Badger11


When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon. -.-'

Please let me know of all other investments you wish to avoid.

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

Badger11 Flag Beckenham 13 Jan 21 7.28pm

Originally posted by Tom-the-eagle

Please let me know of all other investments you wish to avoid.

The best advice I can give anyone is if I recommend a stock avoid it. The worst thing is my picks were actually logically e.g. the biggest internet provide in Latin America, the company that provides the hardware which is the backbone of the internet, a fibre optic company that led the way with new technology and many others. Doh.

I learnt my lesson my pension is managed by a wealth provider and so far they have done a good job.

Edited by Badger11 (13 Jan 2021 7.30pm)

 


One more point

cryrst Flag The garden of England 13 Jan 21 7.37pm

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."

A decent hacker would apparently get in but could also empty it into his/her own account. Got to be worth 50/50 and mates for life.
Nothing to lose.

 

Badger11 Flag Beckenham 14 Jan 21 8.38am

The EU are now having a go how long before they get it banned some how.

Interestingly Paypal now accepts Bitcoin I didn't know that is should increase liquidity.

[Link]

One of the reader comments at the bottom made me laugh. Never mind Bitcoin the real money of the future is canned goods.

 


One more point

BlueJay Flag UK 14 Jan 21 5.12pm

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.'

An update. The poor bloke must fall to sleep thinking about this every night!

Bitcoin: Newport man's plea to find £210m hard drive in tip - [Link]

Or it might be the article though read anyway but is an interesting read for others!


Edited by BlueJay (14 Jan 2021 5.14pm)

 

Tom-the-eagle Flag Croydon 17 Jan 21 11.30pm

Chinese crypto

[Link]

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

BlueJay Flag UK 17 Jan 21 11.37pm

Originally posted by Badger11

The EU are now having a go how long before they get it banned some how.

Interestingly Paypal now accepts Bitcoin I didn't know that is should increase liquidity.

[Link]

One of the reader comments at the bottom made me laugh. Never mind Bitcoin the real money of the future is canned goods.

It does make you wonder what will happen if Bitcoin gets 'too big'. Governments have the habit of crushing anything that they view as against their interests or out of their control. Unless they embrace it? It is 'semi' anonymous isn't it though, so maybe that offers a degree of protection against the moves of any nation.


 

Yellow Card - User has been warned of conduct on the messageboards SW19 CPFC Flag Addiscombe West 18 Jan 21 12.52am

Originally posted by BlueJay

It does make you wonder what will happen if Bitcoin gets 'too big'. Governments have the habit of crushing anything that they view as against their interests or out of their control. Unless they embrace it? It is 'semi' anonymous isn't it though, so maybe that offers a degree of protection against the moves of any nation.


I can see it being regulated out of useful existence.

Read this today re. BTC (and therefore all crypto) price jumps and dips over the years - fascinating. Essentially shows a correlation between ‘printing’ of another ‘coin’, Tether, and the value of BTC. Tether made its name as a stablecoin, backed 1:1 with the USD. Turns out that was garbage and it’s most likely going to be dissolved due to an ongoing legal investigation into fraud, laundering and god knows what else.

There are other factors that affect BTC price but the correlations between tether printing and spikes in value are alarming.

[Link]

 


Did you know? 98.0000001% of people are morons.

BlueJay Flag UK 18 Jan 21 1.13am

Originally posted by SW19 CPFC

I can see it being regulated out of useful existence.

Read this today re. BTC (and therefore all crypto) price jumps and dips over the years - fascinating. Essentially shows a correlation between ‘printing’ of another ‘coin’, Tether, and the value of BTC. Tether made its name as a stablecoin, backed 1:1 with the USD. Turns out that was garbage and it’s most likely going to be dissolved due to an ongoing legal investigation into fraud, laundering and god knows what else.

There are other factors that affect BTC price but the correlations between tether printing and spikes in value are alarming.

[Link]

Interesting read, and the possible BTC link. You've love what their 100% backed claim changed to!

Yes there has always been a bit of a 'too good to be true' aspect to Bitcoin from my perspective. That said, I lost out due to perceiving it that way, when really it could've perhaps been seen as something of an opportunity and a wild ride. It has made me less hesitant to 'get involved' in opportunities because clearly whatever Bitcoin's future many believed in it, made a killing and for now continue to do so.

I do get the feeling though that if it's 'too successful' it may bring about enough changes in law to end up becoming the victim of its own success. If it continues to fly high, what level it get to before such a future does come about though is anyones guess!

Edited by BlueJay (18 Jan 2021 1.13am)

 

davenotamonkey Flag 18 Jan 21 1.41am

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)

No it's not. ETH has a future, BTC doesn't.

 

Palace Old Geezer Flag Midhurst 17 Feb 21 9.32am

Reported today to have passed the $50k mark. So, is that 1 Bitcoin?

As someone who remembers getting a Farthing as change, but who, nevertheless builds crazy, high end gaming computers I don't get it.

How can you use a Bitcoin if you need to pop down the road for a pint of milk and a loaf of bread?

And people refer to Monopoly notes as Funny Money. Crazy.

 


Dad and I watched games standing on the muddy slope of the Holmesdale Road end. He cheered and I rattled.

davenotamonkey Flag 21 Feb 21 1.20pm

Originally posted by Palace Old Geezer

Reported today to have passed the k mark. So, is that 1 Bitcoin?

As someone who remembers getting a Farthing as change, but who, nevertheless builds crazy, high end gaming computers I don't get it.

How can you use a Bitcoin if you need to pop down the road for a pint of milk and a loaf of bread?

And people refer to Monopoly notes as Funny Money. Crazy.

I guess you could use obscure providers like this to pay for your pint of milk and loaf of bread?

[Link]

Meanwhile, how's your savings doing? 2% AER if you're really lucky?


crypto_rates.png Attachment: crypto_rates.png (138.53Kb)

 

cryrst Flag The garden of England 21 Feb 21 5.11pm

Originally posted by davenotamonkey

I guess you could use obscure providers like this to pay for your pint of milk and loaf of bread?

[Link]

Meanwhile, how's your savings doing? 2% AER if you're really lucky?


Its rising like billyo but could fall as quickly.
Companies accepting it as payment will then cash it in to balance their books. Maybe the reason it is so high generally is because not many are actually using it. Once they do it could drop drastically.

 

Stirlingsays Flag 21 Feb 21 5.14pm

Originally posted by davenotamonkey

No it's not. ETH has a future, BTC doesn't.

Always interested in views about crypto.

Currently stacked up in Eth.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

Palace Old Geezer Flag Midhurst 21 Feb 21 6.53pm

Originally posted by davenotamonkey

I guess you could use obscure providers like this to pay for your pint of milk and loaf of bread?

[Link]

Meanwhile, how's your savings doing? 2% AER if you're really lucky?


Certainly looks attractive. The way it's increased in value is phenomenal, but as cryst says, it could easily bottom out.

And, as for my savings, I'd be delighted with 2% interest. But, I'm a cautious old git who's only just started swiping his card during all this lockdown nonsense, so I don't think I'll be taking any chances with my nest egg just yet.

I'm fascinated though.


 

davenotamonkey Flag 22 Feb 21 12.13am

Originally posted by Stirlingsays

Always interested in views about crypto.

Currently stacked up in Eth.

I envy you - I cashed out my ETH last month, with the intention of re-entering once it dipped. It clearly hasn't....

ETH has so much more potential than BTC, as we see with ERC20 and smart contracts. BTC is basically just a dumb blockchain. When ETH moves to proof-of-stake (ie, no mining), then things will get interesting.

I'd say Decentralised Finance (DeFi) is where the game's at right now. Some great returns (yes, with risk) right now, and probably better than obsessively watching charts to buy/sell at the right time.

 

davenotamonkey Flag 22 Feb 21 12.27am

Originally posted by cryrst

Its rising like billyo but could fall as quickly.
Companies accepting it as payment will then cash it in to balance their books. Maybe the reason it is so high generally is because not many are actually using it. Once they do it could drop drastically.

Err. I'll preface this by stating I'm not an economist.... but that makes no sense to me.

There are a finite number of BTC - 21m in total (including those yet to be mined). About 18.6m are in circulation at the moment.

If the value remains at £40,000 for 1BTC once all 21m are in circulation, you have the total market cap. If someone wants to buy a bitcoin, they must do so from a finite supply. If you have fresh money entering the system (ie, new investors wanting some BTC, and exchanging fiat ££ for it), do you think that £40,000 price goes up or down? "Sorry, I've got a chap here that wants £41,000 for that BTC I'm holding... how much are you going to pay me for it?"

I think it goes up. There is demand for a finite supply.

This reasoning makes no statement on the use / utility of bitcoin, it's just the rationale why I think (once the full suplly is realised) the price will be driven by inwards investment, and that will only go up. The only time it would go down is by people "not using it" as you say: ie, they lose faith in it as a system, and think it's not worth holding.

 

Stirlingsays Flag 22 Feb 21 12.35am

Originally posted by davenotamonkey

I envy you - I cashed out my ETH last month, with the intention of re-entering once it dipped. It clearly hasn't....

ETH has so much more potential than BTC, as we see with ERC20 and smart contracts. BTC is basically just a dumb blockchain. When ETH moves to proof-of-stake (ie, no mining), then things will get interesting.

I'd say Decentralised Finance (DeFi) is where the game's at right now. Some great returns (yes, with risk) right now, and probably better than obsessively watching charts to buy/sell at the right time.

You clearly know more about what's behind the actual digital coins than I do. I just chucked a grand in a couple of months back and decided to ride the upward wave.

Since I started trading it soon become obvious that BTC and ETH are linked, to some extent, in terms of price movement. For those with no clue that means as Bitcoin goes up or down so does Ethereum....if not always in proportion.

As Bitcoin is clearly the 'chosen one' in terms of size and corporate take up. The big boys are clearly buying all all the dips and that appears to be behind its momentum.

I've heard it's all the way to around eighty thousand dollars before it hits major resistence....we will see.

I expect ETH to chug along but I have to say I think it's under performing at the moment....but I suppose I would say that wouldn't I.

Edited by Stirlingsays (22 Feb 2021 12.40am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

cryrst Flag The garden of England 22 Feb 21 6.07am

Originally posted by Stirlingsays

You clearly know more about what's behind the actual digital coins than I do. I just chucked a grand in a couple of months back and decided to ride the upward wave.

Since I started trading it soon become obvious that BTC and ETH are linked, to some extent, in terms of price movement. For those with no clue that means as Bitcoin goes up or down so does Ethereum....if not always in proportion.

As Bitcoin is clearly the 'chosen one' in terms of size and corporate take up. The big boys are clearly buying all all the dips and that appears to be behind its momentum.

I've heard it's all the way to around eighty thousand dollars before it hits major resistence....we will see.

I expect ETH to chug along but I have to say I think it's under performing at the moment....but I suppose I would say that wouldn't I.

Edited by Stirlingsays (22 Feb 2021 12.40am)

Is it safe to hold your 'wallet' on a device or do you need it on a dongle. If there is no legal protection could you be hacked and have it taken from a device.

 

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