Bitcoins and Other Crypto-currencies

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.

Jeeeesus

strawberry float I wish I hadn't read that. Sorry Lex Man. Pretty good anecdote for the rest of your life.

What I don’t get about bit coins is who are people selling them to? I keep reading stories about people selling them for multi millions but who the hell is paying this much money for them?

Return_of_the_STAR wrote:What I don’t get about bit coins is who are people selling them to? I keep reading stories about people selling them for multi millions but who the hell is paying this much money for them?

Other people who, in turn, hope to sell to other people when the price has gone up even more.

Tineash wrote:

Return_of_the_STAR wrote:What I don’t get about bit coins is who are people selling them to? I keep reading stories about people selling them for multi millions but who the hell is paying this much money for them?

Other people who, in turn, hope to sell to other people when the price has gone up even more.

I just find it amazing that there are enough people though willing to buy them at the current price that you can just shift values in the millions at the snap of a finger.

Return_of_the_STAR wrote:

Tineash wrote:

Return_of_the_STAR wrote:What I don’t get about bit coins is who are people selling them to? I keep reading stories about people selling them for multi millions but who the hell is paying this much money for them?

Other people who, in turn, hope to sell to other people when the price has gone up even more.

I just find it amazing that there are enough people though willing to buy them at the current price that you can just shift values in the millions at the snap of a finger.

You don't have to buy a whole bitcoin, you could for example just spend £100 and buy a fraction of a bitcoin.

People are only buying because the price is going up fast and they see it as a good investment, but bitcoins are also quite useless at the moment so I feel it's only a matter of time before it crashes.

I bought one bitcoin back when they were about $400, then it went up to $1200 in a few weeks and back down to under $200. I cashed out at about $300 for a slight loss but don't really regret not sticking around. It's dodgy as hell, and really difficult getting money in and out of bitcoin. I had to use some ebay-type site where you are relying on user feedback to trust that people will trade with you. And the trading exchange I used has since been shut down, and others at the time also got shut down or hacked.

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

strawberry float.

Erm let's put it into perspective, there are far far worse things that could happen out there. At the end of the day he's not lost anything (other than the cost to mine them)

Snowcannon wrote:

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

strawberry float.

Erm let's put it into perspective, there are far far worse things that could happen out there. At the end of the day he's not lost anything (other than the cost to mine them)

It's like that Simpsons episode where Bart gets injured and Mr. Burns decides to settle for $1m, until he overhears Marge talking about the phony doctor (Dr. Nick Riviera) they'd had take the stand.

Almost having an enormous (compared to what you have now) fortune, but by some avoidable misfortune or fuck-up you don't.

It'd haunt the gooseberry fool out of me, and a lot of other people.

Snowcannon wrote:

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

strawberry float.

Erm let's put it into perspective, there are far far worse things that could happen out there. At the end of the day he's not lost anything (other than the cost to mine them)

Er obviously there are worse things that can happen in life, I wasn't suggesting otherwise. I was talking in the context of something happening to a forum member.

My sources inform me that this will be the next big thing...

https://iota.org/

Apparently it's scalable, and doesn't have any fees. I thought bitcoins didn't have any fees either but apparently I was wrong.

It also has the 5th largest market cap of all crypto currencies.

I was just reading it a little bit and I don't really get it, but it seems their goal is basically to one day be able to run it off of anything with a microchip, so let's say you're not using the smart function of your fridge, you could lease the processing/storage power to someone else.

At least that was my take from it. I thought that given how fast we're increasing storage space it seems a bit redundant but who knows.

My 2013 self posted on the first page of this thread about bitcoin - if only I had acted on my questions!

Venom wrote:I was actually going to ask that on a tech minded forum like this we all should've known about the potential of this and told each other and become millionaires! I mean I'd heard of it before but only started taking notice this year.

Rightey wrote:My sources inform me that this will be the next big thing...

https://iota.org/

Will it be a big bubble that lets some early adopters get rich? Maybe, who knows. Will it actually be useful to anyone ever? No.

Rightey wrote:My sources inform me that this will be the next big thing...

https://iota.org/

Apparently it's scalable, and doesn't have any fees. I thought bitcoins didn't have any fees either but apparently I was wrong.

It also has the 5th largest market cap of all crypto currencies.

I was just reading it a little bit and I don't really get it, but it seems their goal is basically to one day be able to run it off of anything with a microchip, so let's say you're not using the smart function of your fridge, you could lease the processing/storage power to someone else.

At least that was my take from it. I thought that given how fast we're increasing storage space it seems a bit redundant but who knows.

Tread carefully a major security issue was discovered my MIT recently with Iota.

Slayerx wrote:

Rightey wrote:My sources inform me that this will be the next big thing...

https://iota.org/

Apparently it's scalable, and doesn't have any fees. I thought bitcoins didn't have any fees either but apparently I was wrong.

It also has the 5th largest market cap of all crypto currencies.

I was just reading it a little bit and I don't really get it, but it seems their goal is basically to one day be able to run it off of anything with a microchip, so let's say you're not using the smart function of your fridge, you could lease the processing/storage power to someone else.

At least that was my take from it. I thought that given how fast we're increasing storage space it seems a bit redundant but who knows.

Tread carefully a major security issue was discovered my MIT recently with Iota.

Looks like it was patched...

https://www.forbes.com/sites/amycastor/ ... 95f1597570

I've invested a few hundred quid into just under 1000 XRP Ripple over the past few months.

It's cheap as chips and has some great potential with lots of banks worldwide jumping on board with them to use their swanky cost saving money transfer tech. Hopefully this will do something in 2-3 years time to the XRP price.

It's a good time to buy some, just in case it does explode.

Tell Karl his brother is dead wrote:

Rightey wrote:My sources inform me that this will be the next big thing...

https://iota.org/

Will it be a big bubble that lets some early adopters get rich? Maybe, who knows. Will it actually be useful to anyone ever? No.

Don’t listen to Karl.

Tell Karl his brother is dead in 2013 wrote:Bitcoins are going to crash again so hard. Sell, sell, sell.

Partridge Iciclebubbles wrote:

Tell Karl his brother is dead wrote:

Rightey wrote:My sources inform me that this will be the next big thing...

https://iota.org/

Will it be a big bubble that lets some early adopters get rich? Maybe, who knows. Will it actually be useful to anyone ever? No.

Don’t listen to Karl.

Tell Karl his brother is dead in 2013 wrote:Bitcoins are going to crash again so hard. Sell, sell, sell.

They just started trading future trading on bitcoin and its price has jumped even higher.

Partridge Iciclebubbles wrote:Don’t listen to Karl.

Tell Karl his brother is dead in 2013 wrote:Bitcoins are going to crash again so hard. Sell, sell, sell.

In the short-to-medium term I was right. Bitcoin crashed hard in 2013, then even harder in 2014. It even has its own wanky name (they call it the 'Gox Calamity').

In the very long term I'll be right too once this 'currency' that's only used for drugs and human trafficking is regulated or superseded.

So there.

satriales wrote:I paid £500 for a bitcoin at the start of the week. After a couple of wasted days where I left it while I created accounts at exchanges and synced my wallet, I then swapped it for 50 litecoins two days ago.

At current prices my investment is now worth $2500!

Edit: I also use my server at work to mine them but as it has no gpu I only have half a litecoin from that so far.

How's those Litecoins now? Heading towards £200 each, that's where!