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 ... 10, 11, 12 ... 56, 57, 58  Next
View previous topic : View next topic  
Author Message

Kawasaki Jimbo
World Chat Champion



Joined: 09 Oct 2015
Karma :
PostPosted: 13:49 - 10 Dec 2017    Post subject: Reply with quote
My first thought was "pyramid scheme" too.
It's also trendy. Confused
https://arstechnica.com/tech-policy/2017/12/is-bitcoin-a-bubble-heres-what-two-bubble-experts-told-us/
Quote:
the value of the thing (is) not just about a calculation of its economic return but also about the aesthetic value of its coolness. Owning bitcoins makes a statement about the kind of person you are,
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 18:23 - 10 Dec 2017    Post subject: Reply with quote
That's not to say that you can't come out of it ahead, but the crucial part is that you will have to get out of it before the smart money does. Don't expect to buy in then retire on the profits.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 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: 19:47 - 10 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
That's not to say that you can't come out of it ahead, but the crucial part is that you will have to get out of it before the smart money does. Don't expect to buy in then retire on the profits.


£50k Bitcoins are pretty much a certainty in my mind, it's just a matter when. This isn't a flash in the pan or even a bubble, it's still quite niche in ownership. The bubble happens when your mother has them.

ridicule me all you want, I made a post like this years ago stating the same thing about £10k bitcoins.
____________________
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: 21:39 - 10 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
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.

You appear to be ignoring the income from people making bitcoin transactions and so paying the miners fees.

Whilst in the last few months the changes from which blocks miners gave priority to for the mining fees has created uncertainty and doubt for people using bitcoins as a currency, the very fact the market has reacted by increasing the price per coin so transaction fees are lower shows the value of bitcoins.

Bitcoins or any other cryptocurrency are never going to replace fiat currencies and to think so would be naive. Pyramid schemes have no use and that is why they collapse. If a cryptocurrency has a demand and there's a continued demand from people wanting to use it, not invest in it but use it, then it will have value. As other cryptocurrencies gain in popularity and as that happens, bitcoins will be worth less.

It's short sighted to dismiss cryptocurrencies as some type of pyramid scheme that's going to collapse and go away.
 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: 22:07 - 10 Dec 2017    Post subject: Reply with quote
Pjay wrote:


£50k Bitcoins are pretty much a certainty in my mind, it's just a matter when. This isn't a flash in the pan or even a bubble, it's still quite niche in ownership. The bubble happens when your mother has them.

ridicule me all you want, I made a post like this years ago stating the same thing about £10k bitcoins.


But £50k isn't a phenomenal amount for people who decide to get into it now.

£1 to £10k is a 10'000x return on investment, so yeah the people who've been in since the start are big winners.

£10k to £50k is 5x return on investment. Not bad, but not super special unless you're throwing mega money in, or you run a bitcoin mining farm so any increase is a good increase.

It'll be interesting to see what it peaks at. Probably will be quite high. I shan't be playing though!
 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: 22:14 - 10 Dec 2017    Post subject: Reply with quote
Ste wrote:

It's short sighted to dismiss cryptocurrencies as some type of pyramid scheme that's going to collapse and go away.


But at best it's a new way of storing value for the value that you already created with your fiat money which is controlled and managed by your elected government.

At worst it's a parasitic injection of new money into an economic system that never asked for it, which is how you end up with unwanted inflation.

I suspect it'll be regulated, controlled or outlawed before long, or a George Soros type will come along and use it to his maximum gain, after which he'll find a way to destroy it completely Laughing
 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: 23:02 - 10 Dec 2017    Post subject: Reply with quote
Best of luck to anyone attempting to regulate, outlaw or controlling bitcoin.

Should such an effort be successful in any meaningful way then that will just bring forward the rise of other cryptocurrencies.

In other news, bitcoin computers will use more electricity than the world by 2020. Shocked https://www.dailymail.co.uk/news/article-5161765/Bitcoin-mining-causing-electricity-blackouts.html

Bitcoin is a way of sending money as well as storing your money. There are advantages and disadvantages to both when comparing bitcoin to fiat currency.

It's an exchange of money rather than an injection of, the lack of inflation is one of the attractions of bitcoin.
 Back to top
View user's profile Send private message You must be logged in to rate posts

The Artist
Super Spammer



Joined: 06 Jan 2008
Karma :
PostPosted: 01:24 - 11 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
That's not to say that you can't come out of it ahead, but the crucial part is that you will have to get out of it before the smart money does. Don't expect to buy in then retire on the profits.


I mean that is only true if you think crypto doesn't have a future. Bitcoin itself may not have a future but the technology and the financial aspect certainly does in my mind, hence my diversification to other coins.

Lord Percy wrote:

But £50k isn't a phenomenal amount for people who decide to get into it now.

£1 to £10k is a 10'000x return on investment, so yeah the people who've been in since the start are big winners.

£10k to £50k is 5x return on investment. Not bad, but not super special unless you're throwing mega money in, or you run a bitcoin mining farm so any increase is a good increase.

It'll be interesting to see what it peaks at. Probably will be quite high. I shan't be playing though!


Average stock market returns are around 5% a year. To 5x your investment it would take 33 years. So it is pretty special for the vast majority of people. In a 1% savings account it would take you over 160 years.

Not that I think crypto is a necessarily good investment, the risk is crazy but for gambling nerds like me, it is something fun to play with.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 09:07 - 11 Dec 2017    Post subject: Reply with quote
Speculation: when bitcoin futures start trading in Grown Up Land, what if the smart money bets that they'll tank?
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

The Artist
Super Spammer



Joined: 06 Jan 2008
Karma :
PostPosted: 09:49 - 11 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
Speculation: when bitcoin futures start trading in Grown Up Land, what if the smart money bets that they'll tank?


Futures already started trading.

I have no idea but I have my popcorn ready. $20k/coin before the end of the year is my guess/shot in the dark.

My new allocation for the time being. Only a matter of time before Monero goes crazy. Needs Ledger support ASAP!

https://i.imgur.com/S9gVh4f.png
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Lord Percy
World Chat Champion



Joined: 03 Aug 2012
Karma :
PostPosted: 15:12 - 11 Dec 2017    Post subject: Reply with quote
Just saw this on Facebook: Holier-than-thou bitcoiner gets knocked down several pegs on Reddit (see OP and top comment)
 Back to top
View user's profile Send private message You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 15:43 - 11 Dec 2017    Post subject: Reply with quote
Nice one. Top tl;dr point:

Someone who gedsit wrote:
The fact that people's biggest concern is how many dollars one can buy with their Bitcoin tells you everything you need to know. Nobody denominates values in Bitcoin - it would be completely useless. If I told you this car was worth 1 BTC, that means two different things on Monday vs. Friday. If I tell you it's worth $15000, you understand


At the moment, almost everybody is getting in to bitcoin in order to cash out of bitcoin. Its use as a currency appears to be over before it begun.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 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: 17:04 - 11 Dec 2017    Post subject: Reply with quote
This bit gave a wee chuckle:

Quote:
Nobody wants to buy pizzas with Bitcoin, because it is by and large considered some kind of investment. I love the irony that people don't want to spend their bitcoin to buy things because they're convinced that it's so incredibly useful to buy things - so much so that it will one day net them millions of... dollars? No wait, not that!
 Back to top
View user's profile Send private message You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 18:43 - 11 Dec 2017    Post subject: Reply with quote
What's the bitcoin-to-GPU-and-electricity exchange rate?
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

Jewlio Rides Again LLB
World Chat Champion



Joined: 06 Oct 2015
Karma :
PostPosted: 20:14 - 11 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
Speculation: when bitcoin futures start trading in Grown Up Land, what if the smart money bets that they'll tank?


Interesting fact.

Quote:

***: bitcoin went on the cboe futures market yesterday
***: the amount of interest crashed their website😂
***: some serious market manipulation went on in the minutes before it
***: futures market opened at 11pm our time last night.
from 10.30pm the price was driven down nearly $600
***: at bang on 11pm when the market opened....price rocked up almost $1500 in 60 seconds
***: anyone who was trying to short it was pretty much instantly liquidated


Laughing

As to exchange rate for electricity & GPU, surely it depends on your GPU and... Electricity rate?
____________________
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: 20:23 - 11 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
What's the bitcoin-to-GPU-and-electricity exchange rate?

Three. Thumbs Up
 Back to top
View user's profile Send private message You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 20:31 - 11 Dec 2017    Post subject: Reply with quote
Jewlio Rides Again LLB wrote:
As to exchange rate for electricity & GPU, surely it depends on your GPU and... Electricity rate?

Who's accepting bitcoins for GPUs and electricity?
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

Jewlio Rides Again LLB
World Chat Champion



Joined: 06 Oct 2015
Karma :
PostPosted: 20:48 - 11 Dec 2017    Post subject: Reply with quote
Rogerborg wrote:
Jewlio Rides Again LLB wrote:
As to exchange rate for electricity & GPU, surely it depends on your GPU and... Electricity rate?

Who's accepting bitcoins for GPUs and electricity?


Private sellers and mining contractors?
____________________
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

Pjay
World Chat Champion



Joined: 18 Jan 2016
Karma :
PostPosted: 20:53 - 11 Dec 2017    Post subject: Reply with quote
You can't mine bitcoin with GPU's, it's only viable to mine with ASIC Chipset machines such as the Antminer S9.
They are profitable as hell at the moment, but that can all change.
____________________
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: 21:01 - 11 Dec 2017    Post subject: Reply with quote
What's the lead time to buy and how long is the ROI for an Antminer S9 at the moment?
 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: 21:11 - 11 Dec 2017    Post subject: Reply with quote
Ste wrote:
What's the lead time to buy and how long is the ROI for an Antminer S9 at the moment?

https://www.bitcoinmining.com/bitmain-antminer-s9-review-bitcoin-mining/

You will need to go to the bitmain site to look at ordering one.
____________________
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: 21:37 - 11 Dec 2017    Post subject: Reply with quote
Yes, that's kind of the problem, there's very little useful info about lead times or when another batch will be available to preorder.

That article says the S9 will earn approximately 0.3603 BTC per month but the article was written in February.

There are a few people on eBay selling them, this seller claims they'll have one on the 15th of December. The auction has had 26 bidders and is at £9,100 with 5 days 22 hours still to go.

https://www.ebay.co.uk/itm/Antminer-S9-14TH-s-APW3-PSU-Bitmain-IN-HAND-BRAND-NEW/162797270742?hash=item25e77936d6:g:nu8AAOSw-wJaLV1W
 Back to top
View user's profile Send private message You must be logged in to rate posts

Jewlio Rides Again LLB
World Chat Champion



Joined: 06 Oct 2015
Karma :
PostPosted: 21:40 - 11 Dec 2017    Post subject: Reply with quote
Ah, but it has the PSU with it! Laughing

Also, how can it be 'in hand' when it's not been delivered yet?
____________________
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

The Artist
Super Spammer



Joined: 06 Jan 2008
Karma :
PostPosted: 00:22 - 12 Dec 2017    Post subject: Reply with quote
Lord Percy wrote:
Just saw this on Facebook: Holier-than-thou bitcoiner gets knocked down several pegs on Reddit (see OP and top comment)


The issue is a lot of people see Bitcoin as the be all and end all and it will be some global currency which is nonsense. It is the first step in no knows what. It is a cool innovation that will require years of development and research before it can even come close to what that guy is saying.

I am a big crypto fan but I am under no illusion the financial side could all come crashing down any day. Having said that, I think the likelihood gets less and less each day and anyone with a significant investment portfolio would be silly to completely overlook the crypto sector.

The fact that early adopters make money is not proof that it is a pyramid scheme. Early investors in company also make lots of money but they aren't all pyramid schemes.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Sload
World Chat Champion



Joined: 28 Aug 2011
Karma :
PostPosted: 07:57 - 12 Dec 2017    Post subject: Reply with quote
https://cdn.bcf.44bytes.net/files/25073298_10154331967422325_4004408397339841196_o.jpg
____________________
Honda Varadero >> Triumph Speed Four >> Honda CBR1100xx
 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 6 years, 136 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 + 1 Hour
Goto page Previous  1, 2, 3 ... 10, 11, 12 ... 56, 57, 58  Next
Page 11 of 58

 
 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: 0.09 Sec - Server Load: 0.8 - MySQL Queries: 17 - Page Size: 142.96 Kb