The Crypto coin thread

[Mesterh]

Jeesh, no wonder it is called crypo! Anything that is that difficult to use is open for abuse imo. Banking is simple and paypal is simple, both will insure me if they get hacked into, does bitcoin do the same? 

If this kind of electronic currency becomes the norm then I expect the current banking system to fail which means no more banks which means no more cash. From what I have read a cashless society has many negatives so I can't see this being allowed to happen.

 

I think I will stick to banking, better than keeping it under my mattress, one break in and I would be ruined. Easy access 24hours a day which can be accessed anywhere in the world, what more could you ask for!

 

 

 

 

[Rob D]

14 hours ago, Mesterh said:

Jeesh, no wonder it is called crypo! Anything that is that difficult to use is open for abuse imo. Banking is simple and paypal is simple, both will insure me if they get hacked into, does bitcoin do the same? 

If this kind of electronic currency becomes the norm then I expect the current banking system to fail which means no more banks which means no more cash. From what I have read a cashless society has many negatives so I can't see this being allowed to happen.

 

I think I will stick to banking, better than keeping it under my mattress, one break in and I would be ruined. Easy access 24hours a day which can be accessed anywhere in the world, what more could you ask for!

 

 

 

 

Haha! Yep fair enough...

 

Look - I've said it once twice, three times a lady!

 

This is early days, wild west in the US, a colony just started on Mars type of stuff...

 

Bitcoin is the first car ever patented and produced... if you had a few beautiful horses to ride this car would have looked crazy, dangerous, unreliable, un trustworthy, too expensive... this first car is Bitcoin and soon it will only become a measure of value.

 

 

 

 

[Rob D]

But look what this first car became! It caused other cars, trucks, quads and all sorts to spring from it...

 

 

 

 

[Rob D]

Watching vids on youtube a couple of companies that do seem to be jumping onto the whole crypto currency thing are:

 

Bitconnect and Bitclub. These organisations look like and feel like a Ponzi style scheme. They have done it on the back of crypto currency being something of a head spinner - and made it digestible in order to gain members and investment.

 

'Join now before it's too late.... quick invest cash and make thousands before everyone else jumps in'

 

Lines like these should be a warning sign but it seems your aunt or your friends nephew will tout the scheme - and because you trust them you trust the scheme. Now this is pyramid selling through and through...

 

I looked closely at Bitclub and the more I looked the less I liked. Bitconnect seems to have adverts everywhere... but have not looked into this closely.. but quick research says the same.

 

Just a heads up really.

 

[Mark Wileman]

Annoyingly I had 1000 invested in Bitcoin a couple of months ago, I sold up when it started to fall. It's now 3 X what it was, missed out on about 9k.....

[donnk]

19 hours ago, dan494 said:

Not only that if your harddrive goes bang you've lost the lot

not the way it works.

 

Bitcoin and all the other clones work on basic cryptography. Public key (this is the address you give people to send your coins too) and Private key (this is what enables you to unlock the public key).

 

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

 

As 1 BTC closes in on £9k you may think the boat has sailed, many respected pundits are talking £50k per coin in next 24 months.

 

The likes of Bill Gates is a supporter of crypto, read in that what you will.

[dan494]

10 minutes ago, donnk said:

not the way it works.

 

Bitcoin and all the other clones work on basic cryptography. Public key (this is the address you give people to send your coins too) and Private key (this is what enables you to unlock the public key).

 

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

 

As 1 BTC closes in on £9k you may think the boat has sailed, many respected pundits are talking £50k per coin in next 24 months.

 

The likes of Bill Gates is a supporter of crypto, read in that what you will.

got to ask, who are these respected pundits and what do they base that valuation on?

also, taken from a bitcoin site

Protection from accidental loss

In the past many people have accidentally lost bitcoins because of failed backups, forgotten hard drives or corrupted SSD devices. Through bitter experience it was found that one of the most practical storage mediums is pencil and paper. The private keys of a bitcoin wallet are encoded into random words from a dictionary which can be written down. If the your hard drive crashes you can find the paper with the mnemonic phraseand restore the entire wallet. All good wallet software ask their users to write down the mnemonic recovery phrase of the wallet. It is worthwhile to keep copies in several locations so that even if your home burns down and nothing remains you can still recover the bitcoins.

[donnk]

1 minute ago, dan494 said:

got to ask, who are these respected pundits and what do they base that valuation on?

also, taken from a bitcoin site

Protection from accidental loss

In the past many people have accidentally lost bitcoins because of failed backups, forgotten hard drives or corrupted SSD devices. Through bitter experience it was found that one of the most practical storage mediums is pencil and paper. The private keys of a bitcoin wallet are encoded into random words from a dictionary which can be written down. If the your hard drive crashes you can find the paper with the mnemonic phraseand restore the entire wallet. All good wallet software ask their users to write down the mnemonic recovery phrase of the wallet. It is worthwhile to keep copies in several locations so that even if your home burns down and nothing remains you can still recover the bitcoins.

for sure a prediction is just that.

 

Thanks for quoting what I already stated.

[dan494]

4 minutes ago, donnk said:

for sure a prediction is just that.

 

Thanks for quoting what I already stated.

riiiight...

so my point was valid that if the harddrive goes you can lose your coins and you have nothing to backup this 50k valuation?

[donnk]

Just now, dan494 said:

riiiight...

so my point was valid that if the harddrive goes you can lose your coins and you have nothing to backup this 50k valuation?

ok perhaps reading is hard for you. here is a copy paste a few times for you )

 

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

Print out this private key and put it in the safe (also called a paper wallet). It's all you ever need to secure your coins.

 

there we go.