botfch
ClioSport Club Member
Clio 182
You could go look at the code/algorithms if you wish.
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Bitcoins (and other crypto currencies)
- Thread starter Addicted
- Start date
You could go look at the code/algorithms if you wish.
I don’t think I said bitcoin was a pyramid scheme?...
I was talking about the usi thing being a pyramid scheme of some sort but not knowing enough about it
The Psychedelic Socialist
ClioSport Club Member
Yep, my bad. Missed the bit where you referenced them specifically.
I'll skulk off and cry for a bit about selling days before the price doubled.
I would disagree on that comparison, as at it's most basic level Gold is still a physical object and a useful material.
I'm sure there is a good comparison for Bitcoin, but I don't know what it is??
BoatNonce
ClioSport Club Member
Pounds sterling for a start.
botfch
ClioSport Club Member
Clio 182
Well its not an exact comparison since Bitcoin is kind of its own thing but it does closely resemble gold.
There is a limited supply of both so its rare,
They are also both mediums of exchange and decentralised.
The main difference is as you say that gold is still physical and would exist even if the internet went bust so it is still king, but eventually I think cryptocurrency will be the norm for most countries.
No.
The govt/central bank could make the currency worthless and all you would have is paper.
Sky high transaction fees or extensive wait times make Bitcoin's practically useless as an everyday currency.
MarcB
ClioSport Club Member
Too Many
Not so clued up on a lot of this but had a poke and spoke about it back in 2013ish before MT.GOX went tits up and never managed to get my head round this.
There is a couple of guys at work that in the last 3/4 months have put money into this and recon they are going to be worth £1000s.
Tow guys have put £50, The other £100 and one has put £1500.
I do get that you couple possibly make money on bitcoins but how the hell do you do it and whats involved?
How do you sell or buy it and if you do sell it where does the actual money come from?
Surely its just like stocks and shares and that you buy in low and sell when high or ride it out.
One of the guys at work has the bitcoin cloud over his eyes and he thinks he is going to be a millionaire in the next 5 to 10 years but yet he is one of the guys that invested £50 into it a few months ago.
I get that its all to do with computers working to solve puzzles and algorithms an that is what mines the bitcoin but from what I have seen these places have 5000 computers running 24/7 in a warehouse.
There is a couple of guys at work that in the last 3/4 months have put money into this and recon they are going to be worth £1000s.
Tow guys have put £50, The other £100 and one has put £1500.
I do get that you couple possibly make money on bitcoins but how the hell do you do it and whats involved?
How do you sell or buy it and if you do sell it where does the actual money come from?
Surely its just like stocks and shares and that you buy in low and sell when high or ride it out.
One of the guys at work has the bitcoin cloud over his eyes and he thinks he is going to be a millionaire in the next 5 to 10 years but yet he is one of the guys that invested £50 into it a few months ago.
I get that its all to do with computers working to solve puzzles and algorithms an that is what mines the bitcoin but from what I have seen these places have 5000 computers running 24/7 in a warehouse.
Even stripping it back. What the f**k did you buy for £50? A share of a bitcoin that doesn't exist?
The stock market is full of shares and stocks. It's regulated. It has tangible assets and physical ones if I buy 10% of a company at least I get 10% of that company.
A bitcoin is an item imo. You cannot buy half an item so what the f**k do you guys think you are buying? You can't buy £50 worth of bitcoins because a bitcoin is worth so much.
The stock market is full of shares and stocks. It's regulated. It has tangible assets and physical ones if I buy 10% of a company at least I get 10% of that company.
A bitcoin is an item imo. You cannot buy half an item so what the f**k do you guys think you are buying? You can't buy £50 worth of bitcoins because a bitcoin is worth so much.
brisa4984
ClioSport Club Member
How are people buying this stuff. Coinbase?
Everyone is expecting the bubble to burst, but what will be the thing that breaks it?
With other stuff like stocks or dodgy mortgages people have put too much money on them, then when it came time for those investments to pay out it became apparent they could not come up with the money and so caused a collapse.
It's also not like oil or anything where supply and/or stored inventory can cause fluctuations, the supply and amount of Bitcoin is kinda fixed and steady.
With other stuff like stocks or dodgy mortgages people have put too much money on them, then when it came time for those investments to pay out it became apparent they could not come up with the money and so caused a collapse.
It's also not like oil or anything where supply and/or stored inventory can cause fluctuations, the supply and amount of Bitcoin is kinda fixed and steady.
brisa4984
ClioSport Club Member
what will be the ting that breaks it?
cyber crime.
cyber crime.
The Psychedelic Socialist
ClioSport Club Member
I read somewhere that 40% of all Bitcoins are currently held by about 1000 people. If they move in concert it could cause big problems for everyone, especially them, so they're probably artificially stabilising things at the minute.
There's also a huge community movement of 'hodlers', i.e. people who are committed to holding for the long-term and trying to weather out the volatility without panic selling.
I still feel that there's a huge correction coming at some point, but there are also a lot of factors that could delay things for a while yet.
330i. E30 Touring.
If you're that minted that it won't make a difference, what does it matter? Hold them until they hit £50k a piece!
botfch
ClioSport Club Member
Clio 182
Oh yeah it’s like anything tho it’s fine when prices are going up but soon as they go down a lot of people don’t have the nerve to stick it out. It will only takes a few of those 1000 to sell and they all will.
Hodlers always baffle me, loads never seem to actually sell the investment even when they don’t get a divi or any sort of return.
Sir_Dave
ClioSport Trader
Judging by what has happened with Litecoin as of late, i think that people are joining coinbase, seeing that they can buy 0.008 Bitcoin, or one whole Litecoin, so going with the latter. Long may that continue :up:
Herr Flick
aka Herman Ze German
That's definitely part of it. Buying a percentage of something doesn't appeal to the mass. Not that it matters because most people don't even know what it is and it's not like you get a share of a physical coin and can only hold it for 13 hours out of a year.
BMW M4; S1000 RR
Has anyone put a meaningful amount of money in?
BoatNonce
ClioSport Club Member
Just playing with pocket change IIRC.
Are a lot of those bitcoins on hard drives at the bottom of landfill sites from the early days?
You’d wager that some must be!
They’ve all rallied over night, litecoin is up 50% over the last 24 hours. Another drop coming I guess.
Exactly, up 80% on yesterday now [emoji15]
brisa4984
ClioSport Club Member
anyone want to send me a coinable referral ?
Go on then..
Yes I cashed out my litecoin for around £78 profit.
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