The Crypto coin thread

[Woodworks]

1 minute ago, dan494 said:

I struggle when hear this. I get and send bank transfers most days, instantly, for free? as far as i can gather these 'currencies' are purely for hiding financial transactions or buying naughty things off the dark web

Yep that's what I hear from my internet security nephew. He said it might make money short term but dont delude yourself as to it's purpose. Frankly it's was way beyond me how it worked with apps and digital wallets etc then add in how criminals use it and how power hungry it all is put me right off. Still envious of those making money off it though 

[dan494]

Just now, Woodworks said:

Yep that's what I hear from my internet security nephew. He said it might make money short term but dont delude yourself as to it's purpose. Frankly it's was way beyond me how it worked with apps and digital wallets etc then add in how criminals use it and how power hungry it all is put me right off. Still envious of those making money off it though 

they only making money if sell, if looking at big numbers on a screen and dont withdraw and spend it they made nothing

[Rob D]

2 minutes ago, dan494 said:

I struggle when hear this. I get and send bank transfers most days, instantly, for free? as far as i can gather these 'currencies' are purely for hiding financial transactions or buying naughty things off the dark web

What overseas currency is free? Cause it isn't for me... Yes it is easy within the UK.

 

But what about those that don't own a bank account? How do they send money? Cryptos have the ability to enable the poorest folk on the planet (ok they need a mobile or an internet connection) to send and receive money.

 

https://www.dash.org/2017/11/23/KuvaCash.html

 

That is the thing - yes you can use these currencies for hiding transactions, for being anonymous etc etc - but is that the currency's fault? Yes criminal's use them for that reason.

 

A hammer can be used equally to cave someone's head in as nail a tile onto a church roof but the hammer is just a hammer innit.

[Richard 1234]

 
Nope! - it is EXACTLY like gold - there is a finite number of Bitcoin - and each year it gets harder and harder to mine it and less and less is mined until 2040 when it will be unable to be mined.
 
It is impossible to increase this figure.

Until they change the protocol and allow more to be made! It’s numbers in computers nothing is impossible in that sense.
There will be more or something else as these huge server farms that mine them will need to be used for something. Too much money invested for it to just stop.
That’s just my opinion though

[Rob D]

4 minutes ago, Woodworks said:

Yep that's what I hear from my internet security nephew. He said it might make money short term but dont delude yourself as to it's purpose. Frankly it's was way beyond me how it worked with apps and digital wallets etc then add in how criminals use it and how power hungry it all is put me right off. Still envious of those making money off it though 

Well it's been around for 10 years now so what is short term? it's been trampled and slagged off by the high and the low, it has batted away endless talk of it's a scam, it's evil, it's a bubble...

 

The origin of Bitcoin is something like out of a King Arthur legend...

 

 

[dan494]

5 minutes ago, Rob D said:

What overseas currency is free? Cause it isn't for me... Yes it is easy within the UK.

 

But what about those that don't own a bank account? How do they send money? Cryptos have the ability to enable the poorest folk on the planet (ok they need a mobile or an internet connection) to send and receive money.

 

https://www.dash.org/2017/11/23/KuvaCash.html

 

That is the thing - yes you can use these currencies for hiding transactions, for being anonymous etc etc - but is that the currency's fault? Yes criminal's use them for that reason.

 

A hammer can be used equally to cave someone's head in as nail a tile onto a church roof but the hammer is just a hammer innit.

How can you buy bitcoins or withdraw bitcoins to your currency without a bank account when the whole backbone of this is supposed to be making the process quick and easy?

Sending money abroad, I bought some saw bits from china last week, typed in my paypal password and the parcel is on the way. doesnt get much easier

[Rob D]

2 minutes ago, Richard 1234 said:

 

Until they change the protocol and allow more to be made! It’s numbers in computers nothing is impossible in that sense.
There will be more or something else as these huge server farms that mine them will need to be used for something. Too much money invested for it to just stop.
That’s just my opinion though

They cannot make more of it - hence these forks that Dan mentioned (and which I don't pretend to fully understand... )

[dan494]

1 minute ago, Rob D said:

Well it's been around for 10 years now so what is short term? it's been trampled and slagged off by the high and the low, it has batted away endless talk of it's a scam, it's evil, it's a bubble...

 

The origin of Bitcoin is something like out of a King Arthur legend...

 

 

yeah its been around ages, and noone paid a blind bit of notice til apps and adverts to buying and selling in facebook appeared and the pyramid scheme kicked off

 

[spudulike]

I think you have to work out why the value keeps going up and where the money comes from because at some time in the future, your one bit coin will not be worth the money it is supposed to be worth, people won't find it attractive and then it will peak or worse, collapse.

 

I got excited many years ago, as many did about "Tech stocks, everyone thought there was massive value in all things internet and a year later the accountants worked out that the Tech firms were actually generating zero income or making losses and my £14k turned to £7K overnight....ouch! I made the choice to sell as I could see no improvement in the 1-5 year period and reinvested in typical shares in companies making wealth through more traditional ways.

 

Personally I would rather trade stocks or funds in companies that are regulated and are tangible rather than something that just seems a bit too good to be true and must contain a pyramid style risk.

[dan494]

Just now, spudulike said:

I think you have to work out why the value keeps going up and where the money comes from because at some time in the future, your one bit coin will not be worth the money it is supposed to be worth, people won't find it attractive and then it will peak or worse, collapse.

 

I got excited many years ago, as many did about "Tech stocks, everyone thought there was massive value in all things internet and a year later the accountants worked out that the Tech firms were actually generating zero income or making losses and my £14k turned to £7K overnight....ouch! I made the choice to sell as I could see no improvement in the 1-5 year period and reinvested in typical shares in companies making wealth through more traditional ways.

 

Personally I would rather trade stocks or funds in companies that are regulated and are tangible rather than something that just seems a bit too good to be true and must contain a pyramid style risk.

I agree, ive started a stocks and shares isa and buying stuff with proven track records of growth over 5 years plus