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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 11:22 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 11:26 PM.

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