Bitcoins

Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

Two kitkats.

ThoughtContro... · World Chat Champion Joined: 14 Aug 2008 Karma :

Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

The UK government does have some interest in the value of the £ but not enough of an interest to be bothered about devaluing it with quantitative easing.

There is no surety to the value of a currency that has a decentralized authority. Wink

Plenty of people have tried to point out the absence of their value but no one has managed to come up with any useful arguments. Razz

owl · World Chat Champion Joined: 21 Oct 2016 Karma :

M.C · Super Spammer Joined: 29 Sep 2015 Karma :

https://www.bbc.co.uk/news/technology-42275523

https://media.giphy.com/media/l2Je8EmOl24NJDYU8/giphy.gif

owl · World Chat Champion Joined: 21 Oct 2016 Karma :

Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

Please, that's yesterdays news. Razz

4,700 coins is a big heist but not the biggest.

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

Here's my two pence as a futurist rather than someone who knows anything about bitcoin and other crypto currencies.

Look at what we've done in 30 years as opposed to the last 300. We are doing some crazy things, we are truly in the technological age right now and we continue to advance in many fields... robotics, ai, medicine, nano, space, etc.

Anyone and I mean anyone who disregards crypto currency as something of a fad or something that will burn out or crash is deluded. We're moving towards automation now and using robots and ai to replace human jobs and tasks. Virtual reality is in its infancy but the uses of that will become an integral part of our society. So to think that crypto currencies will go away is pretty silly when you step back and think what we'll be doing in 10 - 15 years from now. It might not be Bitcoin, it might not be IOTA or whatever but there will be some form of it and it will be the only currency worth using.

Fiat currency Laughing

I wouldn't mind but it's... and forgive the cliche... literally not worth the paper it's written on. What's it backed with these days? They are just printing it and lending it and taxing / manipulating us with it, as they have for 1,000's of years.

I have ignored it for too long, which considering my trading history, I should not have left it for, "another day when I'm not busy".

When in our lifetimes will we get to witness a whole new currency become widely accepted and used more than most fiat currencies in the next 10 years?

I saw an article the other day that Venezuelans are playing old games like Runescape / Tiba so that they can mine gold in the game and sell it on auction sites to other players for $. Their own "fiat currency" is worth shit and they can make better money mining virtual currency sat in an internet cafe all day, 7 days a week. That's fucking crackers but I think a sign of things to come...

Jewlio Rides Again LLB · World Chat Champion Joined: 06 Oct 2015 Karma :

M.C · Super Spammer Joined: 29 Sep 2015 Karma :

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Rogerborg · nimbA Joined: 26 Oct 2010 Karma :

J.M. · World Chat Champion Joined: 27 Mar 2011 Karma :

Pjay · World Chat Champion Joined: 18 Jan 2016 Karma :

dydey90 · World Chat Champion Joined: 01 Oct 2013 Karma :

Maybe it's like the Fort Knox of Bitcoin? Just going to keep all this digi-gold sat here until we reaaally need it.

According to the current prices, 4700 bitcoins are worth just under £48 million. Enough to retire on but not enough to blow over the entire house of cards.
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Rogerborg · nimbA Joined: 26 Oct 2010 Karma :

Al Beeb Wireless 4 today had a piece on bitcoin where Gavin (or some other manky Scotch name) admitted that he'd lost £40,000 "buying" bitcoin options then months later when they were "worth" £300,000 he tried to cash out only to be stonewalled then eventually told that the "company" (Rainpal® stylee) was now "insolvent".

The giggle?

He's still buying bitcoins (he thinks) to try and cover his losses, and reckons there's at least another 5 years of mugs pumping money into what he cheerfully admitted was a bubble.
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Jewlio Rides Again LLB · World Chat Champion Joined: 06 Oct 2015 Karma :

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

Jewlio Rides Again LLB · World Chat Champion Joined: 06 Oct 2015 Karma :

My point was more that by trading options, he wasn't actually 'buying' the Bitcoins, and instead basically gambling on the movement?

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AEON anyone? Read that it's a fork of XMR?
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Rogerborg · nimbA Joined: 26 Oct 2010 Karma :

The Artist · Super Spammer Joined: 06 Jan 2008 Karma :

Lord Percy · World Chat Champion Joined: 03 Aug 2012 Karma :

Such a painfully obvious pyramid scheme.

It's a limited supply of a phantom resource which only gains value because there are still enough people to add money to the base... of the pyramid.

Probably still a lot of room to win with the bitcoin malarkey. Not going to replace fiat money though. We'll be back to bartering or panning for gold before that ever happens.

Pete. · Super Spammer Joined: 22 Aug 2006 Karma :