Bitcoins and Other Crypto-currencies

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lex-man
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PostRe: Bitcoins and Other Crypto-currencies
by lex-man » Fri Dec 08, 2017 12:00 am

I had a whole bunch of bitcoin's years ago. Sadly I sold the computer I would have had them on before going to Japan in 2014. I just formatted everything so they'll just be gone. I'm sure I had over 80 of them, at the time I mined them they were pretty worthless. Although checking the value it would have been a pretty good idea to sell them back in 2014. Didn't really think about it until I saw they were worth 7G's each.

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Fri Dec 08, 2017 12:17 am

CuriousOyster wrote:Someone made a good point that BitCoin is basically set up like a Ponzi scheme.

Those invested early make the most, attracting others increases the value, new buyers pay the most and benefit the least.

Hard to argue really.


The thing is, it's also a brilliant technology in terms of being fairly useful for other applications. Unlike Ponzi schemes which rely on Italian stamps, or Dutch Tulip bulbs or whatever.

The best example of this is Ethereum, which (feel free to correct me if I'm wrong) basically works in the same way that SETI@Home or Folding@Home do. In that people give their computers power to solve some task, in exchange for a reward. The difference being that unlike SETI or Folding it's open to anyone to go in and buy ethereum and set up a contract, whereas those were only for searching for aliens and protein folding.

That being said though, I know some others who are really into this and they claim that the same thing can be done with bitcoins, although I have no idea how as I thought those were purely a currency.

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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Tineash
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PostRe: Bitcoins and Other Crypto-currencies
by Tineash » Fri Dec 08, 2017 12:20 am

Rightey wrote:
CuriousOyster wrote:Someone made a good point that BitCoin is basically set up like a Ponzi scheme.

Those invested early make the most, attracting others increases the value, new buyers pay the most and benefit the least.

Hard to argue really.


The thing is, it's also a brilliant technology in terms of being fairly useful for other applications. Unlike Ponzi schemes which rely on Italian stamps, or Dutch Tulip bulbs or whatever.

The best example of this is Ethereum, which (feel free to correct me if I'm wrong) basically works in the same way that SETI@Home or Folding@Home do. In that people give their computers power to solve some task, in exchange for a reward. The difference being that unlike SETI or Folding it's open to anyone to go in and buy ethereum and set up a contract, whereas those were only for searching for aliens and protein folding.

That being said though, I know some others who are really into this and they claim that the same thing can be done with bitcoins, although I have no idea how as I thought those were purely a currency.


You just described the exact basis of all cryptocurrencies, of which Bitcoin was the first & biggest.

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Fri Dec 08, 2017 12:25 am

Yes, but for bitcoin your computing power is used to verify transactions, it can't (as far as I know) be used to say calculate structural loads on a bridge or something like that, whereas Ethereum can. For Ethereum, you mine the coins by completing these contracts which can have a wide variety of applications, for bitcoin you mine coins by verifying transactions.

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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Tineash
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PostRe: Bitcoins and Other Crypto-currencies
by Tineash » Fri Dec 08, 2017 12:29 am

Is anyone actually doing that though? I only ever see it referred to as a new currency worth speculating on (now that the mining has become excessively unprofitable)

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PostRe: Bitcoins and Other Crypto-currencies
by Tell Karl his brother is dead » Fri Dec 08, 2017 12:34 am

Tineash wrote:Is anyone actually doing that though? I only ever see it referred to as a new currency worth speculating on (now that the mining has become excessively unprofitable)

There's some browser game about cats that runs on Ethereum transaction computing, but it got too popular over the last day or two and now the Ethereum infrastructure has crashed. Truly the future of currency is here.

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CuriousOyster
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PostRe: Bitcoins and Other Crypto-currencies
by CuriousOyster » Fri Dec 08, 2017 7:48 am

lex-man wrote:I had a whole bunch of bitcoin's years ago. Sadly I sold the computer I would have had them on before going to Japan in 2014. I just formatted everything so they'll just be gone. I'm sure I had over 80 of them, at the time I mined them they were pretty worthless. Although checking the value it would have been a pretty good idea to sell them back in 2014. Didn't really think about it until I saw they were worth 7G's each.


I hope you're over estimating how many you had for you're sake, price today is £12,300.....making you pretty much a millionaire if you still had them :shock:

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Grumpy David
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PostRe: Bitcoins and Other Crypto-currencies
by Grumpy David » Fri Dec 08, 2017 7:52 am

CuriousOyster wrote:
lex-man wrote:I had a whole bunch of bitcoin's years ago. Sadly I sold the computer I would have had them on before going to Japan in 2014. I just formatted everything so they'll just be gone. I'm sure I had over 80 of them, at the time I mined them they were pretty worthless. Although checking the value it would have been a pretty good idea to sell them back in 2014. Didn't really think about it until I saw they were worth 7G's each.


I hope you're over estimating how many you had for you're sake, price today is £12,300.....making you pretty much a millionaire if you still had them :shock:


Yeah I felt sick reading that! :dread:

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Fri Dec 08, 2017 8:03 am

CuriousOyster wrote:
lex-man wrote:I had a whole bunch of bitcoin's years ago. Sadly I sold the computer I would have had them on before going to Japan in 2014. I just formatted everything so they'll just be gone. I'm sure I had over 80 of them, at the time I mined them they were pretty worthless. Although checking the value it would have been a pretty good idea to sell them back in 2014. Didn't really think about it until I saw they were worth 7G's each.


I hope you're over estimating how many you had for you're sake, price today is £12,300.....making you pretty much a millionaire if you still had them :shock:


In other news, a man that bought a computer in 2014 just sold 80 Bitcoins for £950,000.......

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lex-man
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PostRe: Bitcoins and Other Crypto-currencies
by lex-man » Fri Dec 08, 2017 9:35 am

How do you think I feel! I actually think I'm underestimating, I think I had 84 of them. I worked out last night I throw away about 1.1 million dollars. Which is probably the dumbest thing I've ever done.

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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Fri Dec 08, 2017 9:47 am

lex-man wrote:How do you think I feel! I actually think I'm underestimating, I think I had 84 of them. I worked out last night I throw away about 1.1 million dollars. Which is probably the dumbest thing I've ever done.


strawberry float. :dread:

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Dual
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PostRe: Bitcoins and Other Crypto-currencies
by Dual » Fri Dec 08, 2017 9:51 am

lex-man wrote:How do you think I feel! I actually think I'm underestimating, I think I had 84 of them. I worked out last night I throw away about 1.1 million dollars. Which is probably the dumbest thing I've ever done.


:lol:

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*<]:^D
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PostRe: Bitcoins and Other Crypto-currencies
by *<]:^D » Fri Dec 08, 2017 10:01 am

jesus christ :dread: :lol: :fp:

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Fri Dec 08, 2017 10:04 am

On the plus side, you have saved yourself having to pay 10%/20% capital gains tax.

http://www.thisismoney.co.uk/money/expe ... rofit.html

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Tomous
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PostRe: Bitcoins and Other Crypto-currencies
by Tomous » Fri Dec 08, 2017 10:07 am

Oh my strawberry floating God, that is the worst thing I've ever read on here.

strawberry float.

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CuriousOyster
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PostRe: Bitcoins and Other Crypto-currencies
by CuriousOyster » Fri Dec 08, 2017 10:33 am

Jesus, I feel sick for you :|

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20%
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PostRe: Bitcoins and Other Crypto-currencies
by 20% » Fri Dec 08, 2017 10:53 am

strawberry float man.

I'd be circling the drain if that were me.
Obviously, don't do anything stupid though.. it's only money!

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Tomous
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PostRe: Bitcoins and Other Crypto-currencies
by Tomous » Fri Dec 08, 2017 1:33 pm

On the flip side, I doubt you'd have held on to them to today's high? Surely you'd have cashed out awhile ago and obviously made some money but not the crazy amount it would be now.

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lex-man
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PostRe: Bitcoins and Other Crypto-currencies
by lex-man » Fri Dec 08, 2017 2:00 pm

Yeah, the guy I lived with at the time cashed his out years ago for about 120 quid. I had only held on to them because I kept forgetting about them. Also it's been so long that I don't actually feel that bad about it, although I really wish the would crash because every time I hear they reach a new peak, I feel a little sick.

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PostRe: Bitcoins and Other Crypto-currencies
by Tell Karl his brother is dead » Fri Dec 08, 2017 3:31 pm

I'm really sorry lex-man. If it makes you feel any better, we've probably all let slip opportunities that would have made us money if we'd been able to see the future, but there's no way to foresee these things.


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