Help & FAQs    Search BCF    Members    Groups    Events Calendar
Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


Bitcoins

 Reply to topic
Bike Chat Forums Index -> The Geek Zone Goto page Previous  1, 2, 3 ... 23, 24, 25 ... 57, 58, 59  Next
View previous topic : View next topic  
Author Message

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 17:17 - 28 Dec 2017    Post subject: Reply with quote
Pjay wrote:

The work reward comes from transaction fees and the value comes from market forces.

The End.


Very Happy Finally an answer. And you admit bitcoin is just a commodity Very Happy

Jewlio Rides Again LLB wrote:

When the entire amount of the world's gold has been mined, and there's no more left, what do you think will happen to the price of gold?


Not a lot. It'll still fluctuate depending on who owns it and who wants it. Same as the limited supply of Blastoise pokemon cards which are likely not in production any more but strangely are probably not as pricey as they once were.

Same goes for bitcoin. Nothing so far points to it being the future of financial transactions, and nothing points to that changing once all 21 million are out there.

And also what about all these other coins that are flooding the market? What the hell are they all about? Are we just gonna have a million different types of coin, all with supposedly the same purpose?
 Back to top
View user's profile Send private message You must be logged in to rate posts

MarJay
But it's British!



Joined: 15 Sep 2003
Karma :
PostPosted: 17:36 - 28 Dec 2017    Post subject: Reply with quote
https://scontent.flhr4-2.fna.fbcdn.net/v/t1.0-9/26047505_10155972720620750_3198667941214365180_n.png?oh=8a60a934ce514a0b09ee2db64cd0ca07&oe=5AFD8618
____________________
British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F; Cheap project: CBR900RR FireBlade
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 17:55 - 28 Dec 2017    Post subject: Reply with quote
""Woah they sound so cool! Entangling the coins must provide a quantum leap in encryption levels! QEPcoins are the future of crypto!" all the tech bros and cryptogeeks shall say, and shall flock to buy as much of these super-secure ultra-quantum-mega-coins as possible."

Remind me again how many times the bitcoin blockchain has been hacked?
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 18:15 - 28 Dec 2017    Post subject: Reply with quote
I know hacking the blockchain is unfeasible.

Will you please just leave me to continue being a piece of shit crap troll rubbish.

Also, QEPcoins won't need to be hacked. That's the beauty of quantum entanglement. Paired objects share information. But I won't tell anyone that Very Happy
 Back to top
View user's profile Send private message You must be logged in to rate posts

Im-a-Ridah
World Chat Champion



Joined: 20 Oct 2006
Karma :
PostPosted: 18:29 - 28 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
Pjay wrote:

The work reward comes from transaction fees and the value comes from market forces.

The End.


Very Happy Finally an answer. And you admit bitcoin is just a commodity Very Happy


And this is a problem because... it can become worthless vapour in seconds! He will say "ahh but the pound", well not really no, since the pound is a medium of exchange, a sort of exchange rate system for converting an hour doing office work into kg's of potatoes. Bitcoin users see the value of Bitcoin in the Bitcoin, very few are using it to buy anything, it is has very little use as means of exchange. At best it's a very risky way to convert between national currencies.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 18:50 - 28 Dec 2017    Post subject: Reply with quote
"very few are using it to buy anything"

Source?
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 19:26 - 28 Dec 2017    Post subject: Reply with quote
Im-a-Ridah wrote:
it can become worthless vapour in seconds!


Can it?

I doubt it could become worthless any faster than the Zimbabwe Dollar or the Venezuelan Bolivar, but I'm sure you know more than I.

It's also worth noting that in times of economic struggle in Venezuela and Zimbabwe, Bitcoin adoption boomed, kinda blowing your theory right out of the water.

https://www.telegraph.co.uk/technology/2017/11/20/bitcoin-has-become-zimbabwes-crisis-currency/

https://www.news.com.au/technology/online/venezuelans-seeing-bitcoin-boom-as-survival-not-speculation/news-story/b4ee91a802ed265a237699aa2ed4dd44

Stay salty boys.
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts

Im-a-Ridah
World Chat Champion



Joined: 20 Oct 2006
Karma :
PostPosted: 19:27 - 28 Dec 2017    Post subject: Reply with quote
Ste wrote:
"very few are using it to buy anything"

Source?


The only people who buy in sell in it seriously are Bitcoin related suppliers, and VPN providers because it's anonymous. If you are doing illegal stuff online and using a VPN, you probably aren't going to want to hand over your credit card details. Other than that there are a few places doing it for marketing reasons as it makes them look modern and edgy but that's it really. Tesco isn't accepting it, but they DO accept pounds.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Jewlio Rides Again LLB
World Chat Champion



Joined: 06 Oct 2015
Karma :
PostPosted: 20:11 - 28 Dec 2017    Post subject: Reply with quote
Cex accept bitcoin.
____________________
Mpd72: I can categorically say i’m Brighter than that, no matter how I come across on here.
HAHAHA HAHAHA Blew Chilly MyCrowSystems
 Back to top
View user's profile Send private message You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 21:48 - 28 Dec 2017    Post subject: Reply with quote
Im-a-Ridah wrote:
Ste wrote:
"very few are using it to buy anything"

Source?


The only people who buy in sell in it seriously are Bitcoin related suppliers, and VPN providers because it's anonymous. If you are doing illegal stuff online and using a VPN, you probably aren't going to want to hand over your credit card details. Other than that there are a few places doing it for marketing reasons as it makes them look modern and edgy but that's it really. Tesco isn't accepting it, but they DO accept pounds.

This article is from 2015 but it should give you some idea of what people can buy with their bitcoins and there's even more possibilities now.

https://www.coindesk.com/information/what-can-you-buy-with-bitcoins/
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 21:55 - 28 Dec 2017    Post subject: Reply with quote
Ste wrote:
This article is from 2015 but it should give you some idea of what people can buy with their bitcoins and there's even more possibilities now.


I think the point he is making is that it's not a good idea to invest in anything that you can't spend in Tesco.
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 22:27 - 28 Dec 2017    Post subject: Reply with quote
Pjay wrote:
I think the point he is making is that it's not a good idea to invest in anything that you can't spend in Tesco.

Not right now but:

https://www.zeek.me/gb/buy-gift-vouchers/tesco do vouchers.

Not being available right now much be something to do with the recent price crash.
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

The Artist
Super Spammer



Joined: 06 Jan 2008
Karma :
PostPosted: 23:53 - 28 Dec 2017    Post subject: Reply with quote
Pjay wrote:

The jury is out for me on IOTA, I'm not convinced with the team or it's honesty, they seem to be accused of leaking false information out quite often.

Raiblocks isn't really on my radar as it isn't on any decent exchanges yet, but from what I know of it, it does nothing much to spike my interest.

Coins I have got into over the past week:

NXT
ADA
RISE


IOTA team is definitely something to be concerned about but they are a bunch of nerds who suddenly have millions of $ to play with.
Their "leaks" of false information have not been as bad as has been made out by some articles. They could be accused of not denying things a bit quicker though.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Omega
Crazy Courier



Joined: 07 May 2009
Karma :
PostPosted: 03:43 - 29 Dec 2017    Post subject: Reply with quote
Itchy wrote:

Nope, normal currencies although they are fiat have value.

Not intrinsic value. Intrinsic value is an alternative use industrial or it can be used to feed people.

They have value because the governments of the world demand them in taxes. Therefore people will exchange their time and productivity to seek out these bits of paper to pay taxes.


Gold can't be used to pay taxes either but people would exchange their time and productivity for it. I would exchange my time and productivity for bitcoins right now.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Im-a-Ridah
World Chat Champion



Joined: 20 Oct 2006
Karma :
PostPosted: 13:26 - 29 Dec 2017    Post subject: Reply with quote
Omega wrote:
Itchy wrote:

Nope, normal currencies although they are fiat have value.

Not intrinsic value. Intrinsic value is an alternative use industrial or it can be used to feed people.

They have value because the governments of the world demand them in taxes. Therefore people will exchange their time and productivity to seek out these bits of paper to pay taxes.


Gold can't be used to pay taxes either but people would exchange their time and productivity for it. I would exchange my time and productivity for bitcoins right now.


Would you be willing to accept Bitcoin for the next 10 years? Wink
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 14:02 - 29 Dec 2017    Post subject: Reply with quote
Im-a-Ridah wrote:
Would you be willing to accept Bitcoin for the next 10 years? Wink


Would you have liked to have accepted them for the last 8 years?
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 14:46 - 29 Dec 2017    Post subject: Reply with quote
There are lots of things one might be quite happy to accept as payment for a service. Doesn't change that they're a commodity and their value could die any instant though.

This is unlike government mandated currency which has as much or as little value as is needed to keep society running as smoothly as possible (and is why central banking is just wonderful).

Also I'm still wondering about the plethora of other cyrpto currencies being thrown around. Why do they exist? Is each one an improvement on the last? And how do they tie in with this one-world peer-to-peer finance system? If something is priced in BTC, will I be okay using my LTC instead? Or do I need to exchange them first? And is there a commission taken for doing that?
 Back to top
View user's profile Send private message You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 15:10 - 29 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
Doesn't change that they're a commodity and their value could die any instant though.


There is no reason why they would just become valueless, unless you know of a reason? Sure they can rise and fall in value, just as the pound or dollar does, but what would cause them to just die any instant?
Just saying it, doesn't validate it.

Lord Percy wrote:
Also I'm still wondering about the plethora of other cyrpto currencies being thrown around. Why do they exist? Is each one an improvement on the last? And how do they tie in with this one-world peer-to-peer finance system? If something is priced in BTC, will I be okay using my LTC instead? Or do I need to exchange them first? And is there a commission taken for doing that?


They do different things, you know full well you cant buy things priced in BTC for LTC, any more than you can pay for your groceries in Euros.

It has been explained in this thread what some coins do, so you can read up and learn.
My advice is to look into coins like FirstBlood, Ethereum and NEO, you will see they have uses away from just an exchange of value or store of value, or you can just keep with your ignorant dislike for something you don't understand. Your choice.
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 15:33 - 29 Dec 2017    Post subject: Reply with quote
Pjay wrote:


There is no reason why they would just become valueless, unless you know of a reason? Sure they can rise and fall in value, just as the pound or dollar does, but what would cause them to just die any instant?
Just saying it, doesn't validate it.


For the same reason tulips aren't as valuable as they once were.

The difference with state-backed and centrally managed currency is that the value can be tampered with in times of crisis which prevents economic stall or collapse. That's exactly what QE was after 2008.

In a world of decentralised finance where bitcoin is the only coin, if people lose confidence in their spending power and flow of capital slows down, there's not a jot that anyone could do to keep the whole crypto economy from tanking. The only reason bitcoin bounces back after each crash, instead of going into oblivion like the Zimbabwe dollar, is precisely because it's a commodity, not a currency.

Quote:

They do different things, you know full well you cant buy things priced in BTC for LTC, any more than you can pay for your groceries in Euros.

It has been explained in this thread what some coins do, so you can read up and learn.
My advice is to look into coins like FirstBlood, Ethereum and NEO, you will see they have uses away from just an exchange of value or store of value, or you can just keep with your ignorant dislike for something you don't understand. Your choice.


Can you not even give an ultra basic rundown on the reasoning behind needing more than one type of crypto currency? For dummies like me.

It all sounds a lot like pokemon cards. Gotta use 'em all! Wink

QEPcoins coming soon Very Happy
 Back to top
View user's profile Send private message You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 15:35 - 29 Dec 2017    Post subject: Reply with quote
Yawn.
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts

M.C
Super Spammer



Joined: 29 Sep 2015
Karma :
PostPosted: 16:44 - 29 Dec 2017    Post subject: Reply with quote
Pjay wrote:
It's also worth noting that in times of economic struggle in Venezuela and Zimbabwe, Bitcoin adoption boomed, kinda blowing your theory right out of the water.

As did adoption of the (US) dollar.

Ste wrote:
This article is from 2015 but it should give you some idea of what people can buy with their bitcoins and there's even more possibilities now.

https://www.coindesk.com/information/what-can-you-buy-with-bitcoins/

That's a fairly pathetic list Eh?
 Back to top
View user's profile Send private message You must be logged in to rate posts

Diggs
World Chat Champion



Joined: 03 Apr 2007
Karma :
PostPosted: 17:13 - 29 Dec 2017    Post subject: Reply with quote
I am told that the 'young' people use bitcoins to buy their drugs of t'net....
____________________
Now - Speed Triple, old ratty GS550, GSXR750M
Gone (in order of ownership) - Raleigh Runabout, AP50, KH125, GP125, KH250, CBX550, Z400, CB750FII, 250LC, GS550, ZXR750H1, Guzzi Targa, GSX750F, KH250 x2, Bimota SB6R and counting...
 Back to top
View user's profile Send private message You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 17:34 - 29 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
Pjay wrote:


There is no reason why they would just become valueless, unless you know of a reason? Sure they can rise and fall in value, just as the pound or dollar does, but what would cause them to just die any instant?
Just saying it, doesn't validate it.


For the same reason tulips aren't as valuable as they once were.

Specifically, what would cause bitcoins to become valueless?

We need details, not just a very vague comparison to tulip mania.
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 18:20 - 29 Dec 2017    Post subject: Reply with quote
Ste wrote:

Specifically, what would cause bitcoins to become valueless?

We need details, not just a very vague comparison to tulip mania.


Further China-style outlaws of their use as a token of currency for investment and long-term purchases.

Too many new forms of cryptocurrency being introduced, thus taking a market share of the value until supply greatly outnumbers demand. Oh wait that's already started happening with LTC and the rest.

Tulip mania is a perfectly fine comparison as well. Bitcoin is an item which can be bought and sold, and its price only ever increases because greater hordes of people are still joining the mania. When the masses sell up, the value goes down. Just look at all the crashes that have happened already! Laughing You think that's not a blatant example showing how it can rapidly lose value?
 Back to top
View user's profile Send private message You must be logged in to rate posts

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 18:56 - 29 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
Some guff


Not understanding what valueless means...

The price of Bitcoin is healthy right now, I have no idea why you think it will become worth nothing with your babblings about altcoins.

You do realise people buy them with Bitcoin?
____________________
struan80 - I'll go first - satisfied tick 1
 Back to top
View user's profile Send private message You must be logged in to rate posts
Old Thread Alert!

The last post was made 8 years, 25 days ago. Instead of replying here, would creating a new thread be more useful?
  Display posts from previous:   
This page may contain affiliate links, which means we may earn a small commission if a visitor clicks through and makes a purchase. By clicking on an affiliate link, you accept that third-party cookies will be set.

Post new topic   Reply to topic    Bike Chat Forums Index -> The Geek Zone All times are GMT
Goto page Previous  1, 2, 3 ... 23, 24, 25 ... 57, 58, 59  Next
Page 24 of 59

 
 You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 
Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.14 Sec - Server Load: 0.92 - MySQL Queries: 13 - Page Size: 138.58 Kb