Cryptocurrency

[GazLaz]

Anyone on here had anything to do with Bitcoin or any other cryptocurrency? It's something I've got a bit of interest in.

[DonnyOsmond]

I've got a small amount in Litecoin, Bitcoin and Etherium, got them all a couple month back. They have gone up loads in the last year, you can assume they'll probably keep going up so might be better getting some now as they'll be an investment. Etherium seems to have dropped a bit in the last month annoyingly.

[jucyberry]

I did have one of those new fangled plastic Fivers the other week if that's a help. 😀

[GazLaz]

I've got a small amount in Litecoin, Bitcoin and Etherium, got them all a couple month back. They have gone up loads in the last year, you can assume they'll probably keep going up so might be better getting some now as they'll be an investment. Etherium seems to have dropped a bit in the last month annoyingly.

If you are wanting to sell them at any time let me know!

[DonnyOsmond]

I'm probably just going to sit on them, maybe get some more Etherium on Coinbase. Its expected to pass Bitcoin value in the next two years.

[Mike_F]

Where does one start in looking to understand precisely what the actual fvck it's all about?

Obviously I've heard of these things but that's about it. Where do you buy the currency? Where do you spend it? on what? Or do you spend it at all? Who "prints" the stuff and what authority do they have? 

[GazLaz]

Where does one start in looking to understand precisely what the actual fvck it's all about?

Obviously I've heard of these things but that's about it. Where do you buy the currency? Where do you spend it? on what? Or do you spend it at all? Who "prints" the stuff and what authority do they have? 

The currency is mined online, as gold would be In the real world. Possible currency production is halved every year until all currency is in circulation.

[Mike_F]

Cheers Gaz, that clears everything up. Can I go prospecting for a virtual currency mine on my bit of the internet then? My laptop didn't come with a currency-panning USB.

Sorry for the flippant reply. I need a holiday.

So if the currency is mined, who "owns" the mines or the prospecting rights thereto and does each "mine" have a specified amount of virtual currency in it?

Does it work something like this:

Me and you each put in a million quid of real currency to buy a virtual mine which monetises the virtual currency;

Said mine may have a rich seam of currency and quadruple our investment but similarly it could be full of virtual iron pyrite and see us both flat broke singing for our supper.

Or summat.

[RedJ]

You joke but you can buy USB powered bitcoin miners. I've been looking at this myself. Not taken the plunge as yet though.

[DonnyOsmond]

I've heard most miners struggle to break even. You'll spend more on electricity than make mining.

[Colemans Left Hook]

Anyone on here had anything to do with Bitcoin or any other cryptocurrency? It's something I've got a bit of interest in.

funny that I saw an article on euronews a couple of days ago the founder is FINALLY (after 2 years) on trial in Japan - he "alleged" his companies ? bitcoins were "stolen"    think he is charged with "alleged" "insider fraud"

but the bottom line is Japan wants to try yet again to get out of recession umpteenth attempt

and wants to clean up the bitcoin image to trade its way out of recession

druggies on the dark web use it

 a couple of years ago the market crashed in bitcoins probably due to the arrest & the exchange rate to real money varies a lot 

 

[GazLaz]

It's not the guy who founded bitcoin, it's the CEO of a company that was an indipendant bitcoin exchange I believe.

[RobTheRover]

2 words for the uninitiated who think this is a get rich quick scheme

Mt Gox

Regulation appears to be an afterthought (or rather an IfAtAllerthought)

[RobTheRover]

Another cautionary tale for those with no idea what they are doing....

http://www.bbc.co.uk/news/uk-wales-south-east-wales-25134289

[GazLaz]

2 words for the uninitiated who think this is a get rich quick scheme

Mt Gox

Regulation appears to be an afterthought (or rather an IfAtAllerthought)

It's definitely not a get rich quick scheme. I think the idea and the blockchain system the whole thing is based on may be successful in the future if Bitcoin itself ends up not being.