Cryptocurrencies

[matski_98]

The really stupid thing is that you are forced to virtually mine for it as if it were gold in the real world.

Those days are long gone. There is a finite amount of Bitcoins available to be mined and they are running out hence one of the reasons the price has gone up so much in recent years.

 

[Normski1989]

It's. F O O L ' S. G O L D. Even more ephemeral than the Emporier's Clothes. The last person in when it crashes is the one who loses most. Call it Bitcoin, Ephemeral or Wanker's Wodge, it's fiction. Eventually there could be 200 or more of these currencies, what are any of them worth then?

If it's a genuine currency, why is it worth any less than any physical currency? After all, a £50 note is only a piece of paper with a promise from the bank of England to honour it to the value of £50. No different to seeing a number on a screen.

 

[wakeytom]

If it's a genuine currency, why is it worth any less than any physical currency? After all, a £50 note is only a piece of paper with a promise from the bank of England to honour it to the value of £50. No different to seeing a number on a screen.

One is backed by the bank of England. What is Bitcoin actually backed by - my understanding is that Bitcoins are created by mining and the mining solves an equation in regards to a transaction in that money therefore no actual asset? I may be very wrong and would like someone to explain if I am

 

[symyjym]

One is backed by the bank of England. What is Bitcoin actually backed by - my understanding is that Bitcoins are created by mining and the mining solves an equation in regards to a transaction in that money therefore no actual asset? I may be very wrong and would like someone to explain if I am

It costs more in electricity keeping your pc on and processor working at its maximum limit than what is earned mining. The only winner is the electricity supplier.

 

[5ways]

if people buy it only to hold it with the aim of selling it for a profit that is surely a bubble.

 

[Normski1989]

Like anything, a cryptocurrency is only worth what people are willing to pay for it. It's an extremely complicated process but bitcoin has the potential to become the biggest unbiased global currency. I'm making a tidy profit from it [emoji16]

Sent from my SM-G930F using Tapatalk

 

[beorhthelm]

Like anything, a cryptocurrency is only worth what people are willing to pay for it. It's an extremely complicated process but bitcoin has the potential to become the biggest unbiased global currency. I'm making a tidy profit from it [emoji16]

it will realise that potential once people stop making a tidy profit from it. something that changes value from ~4k to 5k, down to 3k, back up to 4k in a month is speculation not a currency. imagine trying to budget salary against bills and shopping with that nonsence.

 

[Normski1989]

I don't really care if it realises it's potential or not, as long as it's making me money.

Sent from my SM-G930F using Tapatalk

 

[wakeytom]

I don't really care if it realises it's potential or not, as long as it's making me money.

Sent from my SM-G930F using Tapatalk

I hope you are watching closely what is happening in China

 

[Normski1989]

I hope you are watching closely what is happening in China

Very closely. Managed to react quick enough to avoid any losses.

Sent from my SM-G930F using Tapatalk

 

[Blue Valkyrie]

When the bubble bursts the mug investors will be wiped out leaving those who've made money and already got out just saying 'tough luck'.

 

[Biscuit]

I put a good stash of bucks into Ethereum a few years ago.....you can imagine the % increase I've experienced.

Advice:

Study blockchain tech - each coin is either a platform, currency, or dapp.

Get in on ETH, OMG, STRAT, GNT, NEO. FUN.

Study ICOs - the % one can make is off the charts....literally.....but some are scams.

The whole market has gone from 5b to 155b in a year.......crypto has utility -therefore value - it will overtake the broken Fiat rubbish which always has more supply to help it - but this devalues it.

Learn, learn, and DO be paranoid, but get on this boat as web 3.0 will be the blockchain.

Use bittrex and myetherwallet.

If you are not technical minded, sorry, but it might be too much.

Why no mention of LTC? It's stability in a ridiculously volatile market is impressive. Also impressed with it's low fees and speed of transaction.

Love ETH's technology, but LTC seems smart to me, which is why it's 70%+ of my portfolio.. I will diversify, but taking baby-steps,

 

[Simster]

Bitcoin price up to $5,100

https://www.cnbc.com/2017/10/12/bitcoin-price-record-high-above-5000.html

How many have you got, [MENTION=32795]Normski1989[/MENTION] ?

 

[Trufflehound]

South Sea Bubble anyone?

 

[Normski1989]

Bitcoin price up to $5,100

https://www.cnbc.com/2017/10/12/bitcoin-price-record-high-above-5000.html

How many have you got, [MENTION=32795]Normski1989[/MENTION] ?

I don't hold on to them. I keep reinvesting them. My initial investment of £200 four months ago is now worth approximately £1000 though, so a good return so far.

 

[beorhthelm]

I don't hold on to them. I keep reinvesting them. My initial investment of £200 four months ago is now worth approximately £1000 though, so a good return so far.

so you're missing out on the Bitcash and future splinter coins...

 

[Normski1989]

so you're missing out on the Bitcash and future splinter coins...

Yeah I am. But since the Bitcash split off, my profit rate has been higher using my system than simply just holding on the bitcoins and splinters.

 

[beorhthelm]

#rampanttradingandspeculation

 

[mreprice]

It costs more in electricity keeping your pc on and processor working at its maximum limit than what is earned mining. The only winner is the electricity supplier.

This is why Bitcoin is guaranteed to be worthless in a few years time. It relies on the kindness of strangers to lose money validating transactions. And the original promise of limiting the number of bitcoins has already been blown out of the water - which is a pretty obvious problem because when you reach the limit there is no incentive to validate transactions.

As I said GUARANTEED to be worthless within a few years.

 

[beorhthelm]

This is why Bitcoin is guaranteed to be worthless in a few years time. It relies on the kindness of strangers to lose money validating transactions. And the original promise of limiting the number of bitcoins has already been blown out of the water - which is a pretty obvious problem because when you reach the limit there is no incentive to validate transactions.

As I said GUARANTEED to be worthless within a few years.

have to play devils advocate here, because your reasoning is wrong. as the value of a Bitcoin goes up, the value of the reward for mining goes up, so you have incentive to carry on. as long as the value of Bitcoin stays near the cost of electricity to mine, they will keep running the systems.