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Bitcoins (and other crypto currencies)



rctempire

ClioSport Moderator
I've been skim reading this thread and I'm sort of with @gally in that it all seems a bit strange, a bit uncertain.

When you "mine" a Bitcoin, where does it come from? How is it created and who started it? Surely the more bit that are made the value of each one will decrease?

It intreagues me as a concept but I can't get my head round paying some randomer for something I can't see or touch?

Edit: just looked on local bitcoins and it seems that £2359 would buy me 1 Bitcoin, so what happens then? Forget about it and hope the rate rises?
Colin think of it as a "credit card" card.
You go to the shop, pay with card, nothing changes, its a move of digits from one bank to another bank essentially.
Thats the easiest way to imagine what BTC is.
Its only worth value so long as someone wants to pay it.

You "mine" btc based on a maths equation which when solved rewards you with a "bitcoin." Started off as a game, now has become a global commodity, especially with banks taking up blockchain ideas is unreal.
 

jonno_c

ClioSport Club Member
  VW T6
Electroneum ICO did well. Raised 40 million dollars. Looking forward to seeing what's its value will be when if goes live Nov 1st.
Yeah. The week i was going to chuck some money at it, it closes!!

V interested to see what it jumps to. Might be tempted to buy some off a current owner once available.
 

R3k1355

Absolute wetter.
ClioSport Club Member
After reading some more about BTC I think the market will be jumping a bit soon.
But some icos will be crazy and raise tones but they fall flat when released.

Thats why alot of countries are or have moved to ban them, seriously dodgy market.
 
  Clio 182
I was in on ETH sold out, hold some LTC which I think could do well, wish I sold around the $70 and bought back in when China messed around back in at $30

Also took a risk on the Electroneum ICO ... could fall on its arse, but only put a few quid into.
 

R3k1355

Absolute wetter.
ClioSport Club Member
I think some people are making a killing off ICO's, while many stand to loose their arse.
No-one wants to hear about the losers though so it's all noise about how much money there is to be made.

No doubt some ICO's are being run simply to flog off the coins, with every plan to collapse the company shortly after.
 
  Clio 182
Yep.... loads of scams and I have stayed away from the most ICO's due to the risk factor.

Bigger the risk the bigger the reward, you could lose a lot also as many have from some of some of the ICO's you see all over facebook/online.

I have given Electroneum a go as its UK based and looks okay, only a small gamble just to see how it plays out. My main holding is LTC so ideally want this to be successful
 

rctempire

ClioSport Moderator
Was reading yesterday about a crypto that uses the power of your phone to generate mining. Interesting concept bur maybe won't do much.

Next opportunity for people with BTC is the split of the BTC gold fork in early November (while the people running it mine coins before its released).
 

R3k1355

Absolute wetter.
ClioSport Club Member
Mining in computer browsers is a big thing now, especially with high traffic sites.
IIRC the pirate bay ran a test and people estimate they made thousands of dollars in just a few days.
 

R3k1355

Absolute wetter.
ClioSport Club Member
I wonder how long the bubble will continue to grow?
When even tards on my Faceache are bleating about alt coins and stuff you know everyone + dog is dumping vast amounts of cash in.
 

adamlstr

ClioSport Club Member
Bitrex.

My favourite exchange of them all to be honest. Bought some more this morning at $6 per unit

Ta, will take a look.

Thoughts on electroneum? Chap I know is going mental for it.

I bought a couple of lite coin when it dipped sub 40 today.

The money I chucked at bitcoin has since doubled, which is nice.
 
  Clio 182
Electroneum isn't going as smoothly as I planned

Issues with release of online wallets due to hacking/bots .... I was going to hold anyway like but lots of unhappy dumpers online
 

R3k1355

Absolute wetter.
ClioSport Club Member
Right so you buy your tokens during the official offering, but can't trade them till that period is over?

Doesn't everyone just dump them when the initial offer period expires?
 
  Clio 197
Would like to get into cryptocurrencies and was wondering if the best way to go about it is to set up a coinbase account, purchase and transfer coins to bittrex and then trade them for a larger selection of other coins?
 
Looked at the OMG coin, its dropping on a steady rate, but it has rose a bit in the last 3 days.
Whats changed?
Hopefully you bought some lol. Annoyed I didn’t buy more than I did in the dip but was down too much. Bitcoin hardfork called off supposedly

65EC5367-0D4D-4C50-9E8B-97F3BC7A241A.jpeg
 

R3k1355

Absolute wetter.
ClioSport Club Member
Bitcoin hardfork called off supposedly

Yep was in the news earlier, price rocketed to over $7000.

Find it a little hard to understand, the system has massive issues, but they've called the fix off and are now doing nothing for a while?
All the while other coins, which don't have these issues are getting more popular.

Isn't this bad or Bitcoin? If they don't change they'll become obsolete?
 


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