Bit coins

[Rico1304]

Does anyone on here have them? Being a Luddite I don't really understand how they work but heard a bloke on the radio the other day saying he's invested some of his pension in them.

 

Lily Allen tweeted last night that a few years ago she was offered hundreds of thousands of bit coins to live stream a concert. She turned them down...even if they'd 'only' offered her 200,000 that would be worth £115m today.

[md1892]

Fluctuate like fuck, plus a lot of money exchanges are now not accepting them due to criminal underworld links.

 

Risky as fuck, but the rewards can be vast although it would appear to have topped out at present

[Dan Vito Corleone]

Another internet gravy train I've missed out on....

[zigackly]

No point having a fortune in bitcoin because you can't cash out on it. Converting them into other currency is difficult at any kind of scale, so the only way to make use of them is in the black market.Maybe this will change, but maybe they will be made illegal before that can happen. China has already pulled the plug, and won't be the last country to do so.

[Sangria]

My mate was on about them two years ago, my mind could not grasp it all.  Another boat missed.  

[Dan Vito Corleone]

I wish I could get on board just one of these boats before it's in the fucking distance.

[zigackly]

You'll be happier when it sinks mate. It's in the nature of bubbles to burst.

[Jairzinho]

I wish I could get on board just one of these boats before it's in the fucking distance.

 

Many would argue the boat has barely left the harbour.

 

And that it won't be this bubble that's going to burst.

[Jairzinho]

No point having a fortune in bitcoin because you can't cash out on it. Converting them into other currency is difficult at any kind of scale, so the only way to make use of them is in the black market.Maybe this will change, but maybe they will be made illegal before that can happen. China has already pulled the plug, and won't be the last country to do so.

 

This is only partially true.

[zigackly]

This is only partially true.

 

There are loopholes waiting to be closed, yes, but that's a temporary thing.

[Jairzinho]

Similarly, more will open.

 

Not exactly surprising that countries will do all they can to prevent bit coin from developing.

 

I'm not sure what to make of it yet, but sincerely hope a crypto currency of some description does take off.

[zigackly]

Isn't the main effective purpose of a crypto currency to make money laundering and black market exchange easier though? I'm not sure it's a good thing necessarily.

[Jairzinho]

Isn't the main effective purpose of a crypto currency to make money laundering and black market exchange easier though? I'm not sure it's a good thing necessarily.

 

I think the main purpose of a crypto currency differs relative to the state of the fiat currency.

 

I accept that, unfortunately, one group of financial gangsters would probably replace another, and possibly eventually just be the same people.

 

I'd personally just prefer a revolution that reclaimed the system rather than destroyed it. I've no idea what would be easier though. Both seem almost impossible.

[KopOut]

Bitcoin moves like stocks/shares. Its not a currency really. The time to buy Bitcoin is over. Those in at the start made the big gains.

 

 

[KopOut]

Many would argue the boat has barely left the harbour.

 

And that it won't be this bubble that's going to burst.

They'd be wrong.

 

 

[Phoenix]

Spending them legally is the problem. 

[Jairzinho]

Bitcoin moves like stocks/shares. Its not a currency really. The time to buy Bitcoin is over. Those in at the start made the big gains.

 

Not all people buying Bitcoin are in it to make "big gains". Its an attempt to release the shackles of the fucking cunts who's only interest in life is making "big gains".

[Jairzinho]

They'd be wrong.

 

Neither you, or anyone else, can say that conclusively. In fact its an utterly absurd thing to say.

[Dan Vito Corleone]

I just often think to myself that there is a SHITLOAD of money to be made online, I just wouldn't have the first clue about how you do it. By the time you do know how to do it, it's vanished into the distance.

[Ginny]

I'm not really to close to the detail regarding bitcoin but the state of the economy now is that the cart is pulling the horse. You have commercial banks driving the economy instead of the other way around. Banks creating money from thin air and thn charging people interest on it. The system is fucked. Money can only be created through debt. How crazy is that!? I'm kind of hoping that bitcoin will be, if not the answer then perhaps an idea to build on which will see the power being taken away from banks and put back into the hands of the people.

[zigackly]

I just often think to myself that there is a SHITLOAD of money to be made online, I just wouldn't have the first clue about how you do it. By the time you do know how to do it, it's vanished into the distance.

 

Porn and spam. 

[KopOut]

Neither you, or anyone else, can say that conclusively. In fact its an utterly absurd thing to say.

Bubbles come and bubbles go. Boom and bust is built into the global monetry system. However, I don't see it collapsing until those in control want it to, and when they do that, they 'll have an alternative in place. We're all customers and the show must go on

 

The true solution is not crypto currency. Its placing the existing means of exchange into the commons - instead of the current setup where we the people have to RENT the means of exchange from private banks who have a heavily discounted monopoly to create it in the heart of a so called free market.

 

 

[Dan Vito Corleone]

Porn and spam. 

 

That are legal and above board, my friend.

[Rico1304]

That are legal and above board, my friend.

Spam porn? Now that's niche.

[lifetime fan]

Spam porn? Now that's niche.

Often I knock one out to porn delivered to my spam folder.

 

I think I even started a thread on here somewhere posting pics of the birds.