Bitcoin and other Crypto...

[SasaS]

If you own Apple's shares and the demand for them dries up, you are also left with nothing, you can count on a dividend, but if the company runs into trouble, there is nothing.

I guess it is about cashing in before the bubble bursts. As always.

[Spy Bee]

Million not billion

[Lee909]

Sounds like a giant pyramint scheme

[Carvalho Diablo]

If you own Apple's shares and the demand for them dries up, you are also left with nothing, you can count on a dividend, but if the company runs into trouble, there is nothing.

 

I guess it is about cashing in before the bubble bursts. As always.

True, but at least if you own shares in Apple then there is always something real, tangible, of some worth to fall back on / sell off.

[Jairzinho]

Sounds like a giant pyramint scheme

 

I think that's Smintcoin.

[Dougie Do'ins]

Aren't bitcoins banned in some countries ? Is there any chance of these crypto currencies destabilising the £, $, €, etc ? 

 

What I do know is I'm fucking sick of having to delete the fucking deluge of emails I'm getting about this shit.

[Spy Bee]

Sounds like a giant pyramint scheme

Only if you think gold is a pyramid scheme. It's a much more robust system than our current currency which is totally notional and has no attachment to the gold standard. Quantitative Easing was basically giving everyone in the country a pay cut.

 

Aren't bitcoins banned in some countries ? Is there any chance of these crypto currencies destabilising the £, $, €, etc ? 

 

What I do know is I'm fucking sick of having to delete the fucking deluge of emails I'm getting about this shit.

They could yes. It could leave a huge black hole in investment markets, but the main problem is that it is not in the hands of the powerful. It is anti-establishment and they don't like it.

[Dougie Do'ins]

They could yes. It could leave a huge black hole in investment markets, but the main problem is that it is not in the hands of the powerful. It is anti-establishment and they don't like it.

That's why I think eventually the powerful will say enough is enough and demand a stop to it. 

[Spy Bee]

That's why I think eventually the powerful will say enough is enough and demand a stop to it. 

They are getting on board. XRP/Ripple is bank backed. This new tech is the way things have to go, and if they don't let it happen then can't track and tax transactions.

[Spy Bee]

Bitcoin is falling off the edge of a cliff right now. If this is the big dip (correction) people have been expecting, then this could see a drop to seven or eight thousand. That would be a good time to buy!

[Nelly-Szoboszlai]

Bitcoin is falling off the edge of a cliff right now. If this is the big dip (correction) people have been expecting, then this could see a drop to seven or eight thousand. That would be a good time to buy!

Was just about to mention this. Dropped a fair bit in the past hour or so.

 

I was tempted to buy some, but think I'll hang fire on it for a bit. It's had something like a 900% increase in value over a few months. It could very well continue, but I get a totally layman's feeling that it's reached it's peak too.

[Spy Bee]

It tends to peak and then about every 6 weeks (depending on activity) is has a correction (a dip), if it goes below about 8000 I'll buy more. It will be touching 15,000 by New Year I think. Bear in mind the last dip of 5600 base was about 4 weeks ago.

[Paulie Dangerously]

Can someone give me a clue how to purchase these with real money?

[Spy Bee]

You c

 

Can someone give me a clue how to purchase these with real money?

an pay by debit card on Coinbase. A lot of the apps require you to wire money to other countries. Get registered and sit tight. Bitcoin falling to very attractive buying prices as we speak. 9200 on the exchange I am looking at now.

[Spy Bee]

A 30% correction would see Bitcoin at around 7500... might be lucky to see that, but it's possible

[Guest]

I've just registered on a site and placed a deposit but no transactions paid for yet. Awaiting contact from a broker to move forward so will be interesting to see the people in the know commentate on what is happening as this is quite new to me!

[Spy Bee]

It doesn't look like this was a correction, more uber-volatility. It's heading back towards 10,000 already

[SasaS]

True, but at least if you own shares in Apple then there is always something real, tangible, of some worth to fall back on / sell off.

 

Well, they are worth what other people are prepared to pay for them, it is less risky in that a huge company would not lose half it's value over night unless there is a major crisis or a fuck-up, but if the debt is bigger than the asset value, there is nothing tangible left for the shareholders.

 

With crypto currencies, you are hoping they will continue to move into the mainstream and that huge gains will attract even more investors and if (or more likely when) an unsustainable bubble is created you would be able to recognize it and get out in time. Exponential growth cannot go forever, and any big and consistent growth always attracts enough people to create a bubble, preventing a steady growth which would come as a result of expanded application and adoption of the currency. It may go the way of gold, with trends and occasional corrections, but it seems more likely to me there would be painful bubbles.

[Paulie Dangerously]

Internet kicking off as coinbase and other exchanges went "down" just before the mini crash

[Dougie Do'ins]

What protection is there for this to prevent some Russians who decide to pull off and internet heist ?

[Pidge]

Still don't think the best use of Blockchain is currency, but I guess that will only come out once the landgrab is over and the dust settles on what this system will provide long-term.

[Aventus]

What protection is there for this to prevent some Russians who decide to pull off and internet heist ?

The main issue if that happens isn't that those pesky Russians might rob you, but everyone else would bail on bitcoin within minutes and the currency would be worthless again.

[Pidge]

What protection is there for this to prevent some Russians who decide to pull off and internet heist ?

 

Blockchain is essentially a peer-2-peer encrypted network within a closed system of servers (hence the hypothetical limit on the number available - although that limit is essentially driven by processing power).  Your wallet and key are your way in (so it's as secure as you are...), this makes it a decentralised system, most major hacks and attacks these days are on centralised systems where all user data can be extracted at once. That can't happen because the data is never stored or even put together in that way. 

[Dougie Do'ins]

I remember seeing on the news a while back about some guy who threw out a old hard drive but forgot he had ex amount of bitcoins on it and they were lost forever.

 

http://www.bbc.co.uk/news/uk-wales-south-east-wales-25134289

 

Never quite understood how that was possible. Is it not like internet banking and you have online account ?

 

Here's another one. Reckons he lost $4.8m

 

http://www.dailymail.co.uk/news/article-4543488/Man-throws-Bitcoin-hard-drive-worth-4-8billion.html

[Pidge]

If it had the encryption key stored on it, there's no other way of decrypting the data to sell them.