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Thread: Does anyone understand bitcoins?

  1. #1

    Does anyone understand bitcoins?

    I'm have not a clue what these are, but their value has gone up from $500 last September to $4500 today.
    https://charts.bitcoin.com/chart/price

    That's some investment.

    It seems that you need a key to use them and one person lost all their bitcoins when the lost their computer.
    Computer spammers want paid in bitcoins and Kim Jong is using them to avoid sanctions

    Hackers from Kim Jong Unís regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to a new report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from global victims of the malware WannaCry, according to the researcher.

    Is anyone into these. Wikipedia makes little sense on this, but I'm aging. Some sprightly youngster with more brain cells might help.

  2. #2
    I was advised recently by someone who I trust to invest in these Bitcoins, he explained what you had to do, but I'm like you OC, it all went over my head and seemed far too complicated for me to get involved with. He tells me I'm being foolish and missing out on the investment opportunity of a lifetime, but I can't invest in something I don't understand.

    I've also read 'Extraordinary Popular Delusions and the Madness of Crowds', which puts me off anything like this.
    Last edited by sinkov; 12-09-2017 at 10:22 PM.

  3. #3
    This is supposed to help but at £4000 each I think I'll leave them.

    What is it?
    A digital currency, used to make payments of any value without fees. It runs on the blockchain, a decentralised ledger kept running by “miners” whose powerful computers crunch transactions and are rewarded in bitcoins

    Who invented it?
    Satoshi Nakamoto, a secretive internet user, invented bitcoin in 2008 before it went online in 2009. Many attempts to identify Satoshi have been made without conclusive proof

  4. #4
    Financiers say it is a fraud
    JPMorgan Chase chairman and CEO Jamie Dimon spoke out against cryptocurrency Bitcoin on Tuesday

    He said the currency 'is a fraud' that will eventually 'blow up'
    'Honestly, I am just shocked that anyone can't see it for what it is,' he said
    Bitcoin slid by more than 10 percent on Wednesday, after Dimon's speech

    http://www.dailymail.co.uk/news/arti...d-blow-up.html

  5. #5
    I have no interest in Bitcoin currency, nor do I understand it, nor do I care to understand it. It seems to be an ‘underground currency’, not totally legal. I may change my mind when I can put paper Bitcoin in my wallet, in my back pocket and use it to buy petrol, groceries etc. I rarely use credit cards, never use a debit card, I’m a dinosaur, cash is king in my world.

  6. #6
    So if I bought myself some, could I then use them to buy tulip bulbs, or maybe Enron-shares and make even more money?

  7. #7
    Quote Originally Posted by afloatinclaret View Post
    So if I bought myself some, could I then use them to buy tulip bulbs, or maybe Enron-shares and make even more money?
    Probably not and as China acts to close down its trading arm their value has dropped a lot in the last couple of days

    The cryptocurrency traded at $3,385.15 at 4:17 p.m. in New York, far below an all-time high of $5,013.91 set earlier this month.
    BTC China said in a tweet Thursday that it will close down its operations by Sept. 30 as Chinese authorities crack down on cryptocurrencies.
    https://www.cnbc.com/2017/09/14/bitc...s-closing.html
    Last edited by oldcolner; 14-09-2017 at 10:26 PM.

  8. #8
    Worth a refresh
    I wish I had put money in to them even though I donít understand them. They started the year around £500 and are now over £10000 each.
    This article suggests they will rise to 15000 by the end of December and rise ten times more by the end of 2018 and become legit.

    http://www.ibtimes.com/why-bitcoins-...expert-2623457

  9. #9
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    The problem is selling them again..

  10. #10
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    People have made a lot of money from them but these are the people who bought a few at the start 10 or so yrs ago when you could get them for a dollar apiece. they say they are secure but as there is nothing physical like other commodities what is to stop them just disappearing into the ether. if you want to see how secure they are google 'bitcoin robbery' millions of $ have just vanished.
    The price has rocketed and doesn't look like slowing but I was talking to somebody who trades stocks and he said unless you have a lot of money they are not really a good investment now the price has gone so high, a lot of seasoned traders expect the bubble to burst its just a case of when and how much of a hit people take. It reminds me of the old pyramid schemes buy in early you can make money buy in late and poof your money is gone one morning.
    I could be wrong and it may keep going up but I certainly wouldn't be risking large sums of money on something that doesn't really exist apart from on the internet.

  11. #11
    The bubble WILL burst, of that you can be certain, they all do eventually.

  12. #12
    Quote Originally Posted by whittyclaretandblue View Post
    People have made a lot of money from them but these are the people who bought a few at the start 10 or so yrs ago when you could get them for a dollar apiece. they say they are secure but as there is nothing physical like other commodities what is to stop them just disappearing into the ether. if you want to see how secure they are google 'bitcoin robbery' millions of $ have just vanished.
    The price has rocketed and doesn't look like slowing but I was talking to somebody who trades stocks and he said unless you have a lot of money they are not really a good investment now the price has gone so high, a lot of seasoned traders expect the bubble to burst its just a case of when and how much of a hit people take. It reminds me of the old pyramid schemes buy in early you can make money buy in late and poof your money is gone one morning.
    I could be wrong and it may keep going up but I certainly wouldn't be risking large sums of money on something that doesn't really exist apart from on the internet.
    I share your concerns and wouldn’t invest a lot, but it isn’t a pyramid, there are 21 million of them less some 5 million or so that people have lost (eg when moving to a new computer) or forgotten their customer information. That seems more of a problem to me. The Winklevoss twins who sued Zuckerberg for pinching their idea for Facebook are one of the largest investors and have done nicely thank you. http://www.telegraph.co.uk/technolog...-billionaires/

    A lot of others are drug dealers and criminals who can use them to launder money - there are some 90 cashpoint machines in the UK that take cash and give you bitcoins -ideal for the underworld as you can cash them into any currency in the future. I think Kim Jong Un is another buyer!!

    There are also some other digital currencies that I know nothing about.

  13. #13
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    IT all seems a bit dodgy to me

  14. #14
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    Quote Originally Posted by oldcolner View Post
    I share your concerns and wouldn’t invest a lot, but it isn’t a pyramid, there are 21 million of them less some 5 million or so that people have lost (eg when moving to a new computer) or forgotten their customer information. That seems more of a problem to me. The Winklevoss twins who sued Zuckerberg for pinching their idea for Facebook are one of the largest investors and have done nicely thank you. http://www.telegraph.co.uk/technolog...-billionaires/

    A lot of others are drug dealers and criminals who can use them to launder money - there are some 90 cashpoint machines in the UK that take cash and give you bitcoins -ideal for the underworld as you can cash them into any currency in the future. I think Kim Jong Un is another buyer!!

    There are also some other digital currencies that I know nothing about.
    That's the thing my hard drive died on my pc last month so had to buy another, so if I had 10 bitcoins stored on my PC which more and more people are doing instead of electronic wallets would I have lost circa 100k at todays prices or 40k at last months prices just because some $10 cheap chinese piece of tech decided it had had enough, wouldn't happen with your bank account or stock trading. the criminals love the stuff which will eventually see it regulated or worse and that's if it doesn't fall off the planet. It would have been nice to put $100 in to it in 2010 or if you have millions in the bank stick a few 100k in now, anything else and its too big a risk. Some folk will say its not that risky but they are the ones who probably have a lot invested and wake up every morning hoping that todays not the day its all vanished into some Russian/Chinese/N Korean hackers back pocket and there's not a damn thing that can be done about it because it never really existed.

  15. #15
    They are now down to $8500 and it seems there are child abuse images in the block chain which makes it illegal to have on your computer in 112 countries.

    German researchers have discovered that criminals have embedded objectionable content including links to child abuse images within the Bitcoin blockchain.

    Researchers from RWTH Aachen University said that the issue lay with how the blockchain - the indelible distributed ledger that records all Bitcoin transactions - can also record other arbitrary data.

    In their paper presented at a conference in Curacao, the team wrote: "Although court rulings do not yet exist, legislative texts from countries such as Germany, the UK, or the US suggest that illegal content such as (child sexual exploitation images) can make the blockchain illegal to possess for all users."

    The discovery potentially means that possession of the blockchain - which is necessary to participate in Bitcoin - could be illegal in at least 112 countries.

    More than 90% of the arbitrary data stored in the blockchain is of short messages and pictures, researchers found, and other possible objectionable content includes malware and viruses.

    If only I knew what a block chain was!!

  16. #16
    If you took your bitcoins down the local chippy, how many would you need for chips, mushy peas and gravy ?

  17. #17
    Like driverless cars really, steer well clear!

  18. #18
    Quote Originally Posted by sinkov View Post
    If you took your bitcoins down the local chippy, how many would you need for chips, mushy peas and gravy ?
    About 1/1700 of one at current prices .. but finding a chippy that takes them may be a big problem.

  19. #19
    Youíde better go to bitcointalk forum (https://bitcointalk.org/). There you'll find more info about whatís bitcoin. 99bitcoins is also good. My personal opinion: Bitcoin is great and I consider it as one of the best side earnings, especially if you mine. Better do it yourself, but cloud mining is also quite good. If youíre interested in this, you can read these reviews (http://miningtop10.com/genesis-mining-review/) about the corresponding services.

  20. #20
    Quote Originally Posted by upfoolder View Post
    You’de better go to bitcointalk forum (https://bitcointalk.org/). There you'll find more info about what’s bitcoin. 99bitcoins is also good. My personal opinion: Bitcoin is great and I consider it as one of the best side earnings, especially if you mine. Better do it yourself, but cloud mining is also quite good. If you’re interested in this, you can read these reviews (http://miningtop10.com/genesis-mining-review/) about the corresponding services.
    Which team do you support mate?

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