Bitcoin

Kurt

Bounce Radge
Fascinating example of free capital markets in action and the effect of bubbles, supply and demand as well as manipulation.
 

Hibee Kev

Bounce Radge
Not burst yet, bitcoin now equal to 11389.05GBP :shock:

IIRC bitcoin and bitcoin mining was discussed on another thread a good few years ago, I believe [MENTION=4263]Dub[/MENTION] had taken an interest?
 

Dub

Hibernian, Hibernian Ra Ra Radge
Bounce Radge
Not burst yet, bitcoin now equal to 11389.05GBP :shock:

IIRC bitcoin and bitcoin mining was discussed on another thread a good few years ago, I believe [MENTION=4263]Dub[/MENTION] had taken an interest?
You're correct Kev. I worked with a guy who had a bitcoin miner running constantly in the office. Every now and then you would hear a little tinkle as a part bitcoin [1000th I think] dropped in to his online wallet. I thought about it but the returns against the cost of running the machine didn't make sense.
 

Hibee Kev

Bounce Radge
You're correct Kev. I worked with a guy who had a bitcoin miner running constantly in the office. Every now and then you would hear a little tinkle as a part bitcoin [1000th I think] dropped in to his online wallet. I thought about it but the returns against the cost of running the machine didn't make sense.
Cheers Dub. Wonder with the value Bitcoin is currently sitting at, it might be something worth revisiting :hmmm

Don't know enough about it TBH, how easy is it to liquify Bitcoin into £GBP cash in your bank account? Or alternatively, how easy is it to spend bitcoin on goods or services? Can't recall seeing too many websites offering it as a form of payment.

Seems a very volatile market but overall trend is upward; from $1 value to $15,000 in 7 years!
 

Dub

Hibernian, Hibernian Ra Ra Radge
Bounce Radge
Cheers Dub. Wonder with the value Bitcoin is currently sitting at, it might be something worth revisiting :hmmm

Don't know enough about it TBH, how easy is it to liquify Bitcoin into £GBP cash in your bank account? Or alternatively, how easy is it to spend bitcoin on goods or services? Can't recall seeing too many websites offering it as a form of payment.

Seems a very volatile market but overall trend is upward; from $1 value to $15,000 in 7 years!
It's £1577.00 at the moment. The mining lark was too costly mate. The only way to make any real money would be to have a bank of miners [cost then was about £400.00 each] and an unlimited supply of free electricity.

Back in the day people spent their bit coins on the dark web [which is a mindlblowing place]. Not sure about now.
 

HenryLB

Donator
Bounce Radge
It's £1577.00 at the moment. The mining lark was too costly mate. The only way to make any real money would be to have a bank of miners [cost then was about £400.00 each] and an unlimited supply of free electricity.

Back in the day people spent their bit coins on the dark web [which is a mindlblowing place]. Not sure about now.
Pretty sure it's fairly liquid now, although the guy next to me in my office has just opened a Polish bank account to facilitate a trade so it's maybe not quite the same as selling Vodafone shares!

I think you're a bit off beam on the price. Is it not up at about 12.5k?

+30 per cent just this week.
 

BurbankHibee

Micro$oft Hating Radge
Bounce Radge
I work beside a guy who was telling me his brother in law received five bitcoins as a gag birthday gift several years ago when they were about $.30 each. Today, each bitcoin is worth almost $16,000. I was tempted to buy into bitcoin earlier this year when it's value was about $1,000. But I didn't do it because I did not trust the mechanism for trading actual money for something that was virtual. I thought (and still do) there is something well shady about how and who is in charge of the trades. I read today some $65m worth of bitcoins have disappeared from a few wallets. Looking back, I do regret not taking a risk on buying bitcoin but at $16,000 is just way too risky. the speculators are in there now and the bubble will eventually pop.
 

HenryLB

Donator
Bounce Radge
I work beside a guy who was telling me his brother in law received five bitcoins as a gag birthday gift several years ago when they were about $.30 each. Today, each bitcoin is worth almost $16,000. I was tempted to buy into bitcoin earlier this year when it's value was about $1,000. But I didn't do it because I did not trust the mechanism for trading actual money for something that was virtual. I thought (and still do) there is something well shady about how and who is in charge of the trades. I read today some $65m worth of bitcoins have disappeared from a few wallets. Looking back, I do regret not taking a risk on buying bitcoin but at $16,000 is just way too risky. the speculators are in there now and the bubble will eventually pop.
Yeah I agree, although it might pop at 60k!

Mate of mine bought a load a couple of years ago. They weren't 30c but they were only a few dozen quid I think. He's just bought a new house and it's a lot bigger than I thought it was going to be, put it that way.

Also know a few lads who used to use bitcoin to buy stuff on Silk Road. Always complaining about how annoying it was. Bet they wish they's left off the gear and kept the coins!

I never bought any, partly because I read an article about a year or so ago that was very persuasive about why it was so shonky. Bah.
 

vasco de gama

Bounce Radge
Yeah I agree, although it might pop at 60k!

Mate of mine bought a load a couple of years ago. They weren't 30c but they were only a few dozen quid I think. He's just bought a new house and it's a lot bigger than I thought it was going to be, put it that way.

Also know a few lads who used to use bitcoin to buy stuff on Silk Road. Always complaining about how annoying it was. Bet they wish they's left off the gear and kept the coins!

I never bought any, partly because I read an article about a year or so ago that was very persuasive about why it was so shonky. Bah.
I've tried repeatedly to get my head around the concept of decentralized digital currency but it is hopeless. My cynical Scottish nature can only see it as a massive pyramid scheme that will be under constant threat of being undercut by a rival currency. Also due to the high level of hardcore criminals using Bitcoin I can't help but think if you tried to cash in those 100 coins you got at 30 cents you wouldn't get the $19k per coin being floated around today. However, your mates new house would imply otherwise...
 

HenryLB

Donator
Bounce Radge
I've tried repeatedly to get my head around the concept of decentralized digital currency but it is hopeless. My cynical Scottish nature can only see it as a massive pyramid scheme that will be under constant threat of being undercut by a rival currency. Also due to the high level of hardcore criminals using Bitcoin I can't help but think if you tried to cash in those 100 coins you got at 30 cents you wouldn't get the $19k per coin being floated around today. However, your mates new house would imply otherwise...
I think you can trade it fairly safely now. But I totally agree with you about the pyramid nature of it, and the interesting thing is that the more expensive and volatile it is the less use it is as a currency - ie a way of transferring value. I think it'll equalise at a certain level although I'm not sure where that will be.
 

Zab

Admin
There are plenty of legitimate trading platforms where you can buy cryptocurrency. I don’t view it as any bigger a gamble than stocks or forex trading. Bitcoin especially seems to bullet proof with regards to negative headlines right now, which goes against most traditional market effects.
 

tayside hibee

Bounce Radge
My brain just refuses to understand the concept of virtual money :pullhair:
Can anyone try and explain in simple terms WTF it is all about ? :banger::banger:
 

hibadelic

Radge-a-Casblanca
Admin
My brain just refuses to understand the concept of virtual money :pullhair:
Can anyone try and explain in simple terms WTF it is all about ? :banger::banger:
I’ll give it a go. The technical specifics are beyond me but I get the basics.

Bitcoin is currency which is not run by a central bank. It works on a decentralised network of bitcoin ‘miners’.

Mining is basically confirming transactions. By having various people confirming them, it becomes more secure - people can’t mess with the transaction data - it won’t get confirmed if they do. In exchange for this work, miners occasionally unlock (win) bitcoins

You keep bitcoin in a bitcoin wallet. This is essentially an online ID. When transactions are made, they are recorded publicly on a ‘blockchain’ - basically a history of the transactions of that bitcoin.

Bitcoin is in the headlines because people have been speculating on it and the value has increased significantly recently. The problem is that despite being quite exciting technology, it’s not being widely used yet. The main use currently is amongst criminals (due to being untraceable). It’s therefore very likely that the price will crash at some point.
 

Zab

Admin
My brain just refuses to understand the concept of virtual money :pullhair:
Can anyone try and explain in simple terms WTF it is all about ? :banger::banger:
There are many ways to look at it, personally I’ve taken the view that it’s an exchange (think stocks or currency) to speculate on rather than actual money to spend. I’ve changed GBP into Bitcoin and a few others (which go into wallets for those respective currencies e.g. Bitcoin) and will transfer it back into GBP at some point, hopefully having made a profit.
 

tayside hibee

Bounce Radge
There are many ways to look at it, personally I’ve taken the view that it’s an exchange (think stocks or currency) to speculate on rather than actual money to spend. I’ve changed GBP into Bitcoin and a few others (which go into wallets for those respective currencies e.g. Bitcoin) and will transfer it back into GBP at some point, hopefully having made a profit.
I’ll give it a go. The technical specifics are beyond me but I get the basics.

Bitcoin is currency which is not run by a central bank. It works on a decentralised network of bitcoin ‘miners’.

Mining is basically confirming transactions. By having various people confirming them, it becomes more secure - people can’t mess with the transaction data - it won’t get confirmed if they do. In exchange for this work, miners occasionally unlock (win) bitcoins

You keep bitcoin in a bitcoin wallet. This is essentially an online ID. When transactions are made, they are recorded publicly on a ‘blockchain’ - basically a history of the transactions of that bitcoin.



Bitcoin is in the headlines because people have been speculating on it and the value has increased significantly recently. The problem is that despite being quite exciting technology, it’s not being widely used yet. The main use currently is amongst criminals (due to being untraceable). It’s therefore very likely that the price will crash at some point.

Truly guys I thank you , but I still am no further forward afraid. I am well aware this is down to my intelligence capacity , and not your explanations.
I understand the offside rule , indirect free kicks and even E = mc2 , but can't get my head around Bitcoin . Who starts it? Can I start Hibcoin tomorrow and will you buy some???
My brain is hurting , goodnight xxxx
 

hibadelic

Radge-a-Casblanca
Admin
Truly guys I thank you , but I still am no further forward afraid. I am well aware this is down to my intelligence capacity , and not your explanations.
I understand the offside rule , indirect free kicks and even E = mc2 , but can't get my head around Bitcoin . Who starts it? Can I start Hibcoin tomorrow and will you buy some???
My brain is hurting , goodnight xxxx
Funny thing, I don’t think anyone knows for sure who started bitcoin but yes, in theory anyone could start their own crypto-currency and indeed there are loads.
 

SuperTortolano

Bounce Radge
Bitcoin is really not much different than paper currency. Back in the day real money was a tangible assset in gold and silver. Somewhere along the line they backed the currency with paper notes, which in reality are worthless pieces of paper. So Bitcoin have skipped the paper and kept it digital.
 
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