bitcoin

[ratrace]

after 6 days with £200 risk on bitcoins i made £39.12

 

[AndyCook]

A work colleague bought £100 of some light coin version of bitcoin, cold next day for £220

 

[ratrace]

its call Litecoin
had £100 in that and £100 in bitcoin

 

[karl webster]

It's just the next step into getting rid of normal money if you ask me. There s a big push on it over the media at the min.

Not for me personally.

 

[ratrace]

waiting for price to drop and will buy again, but will only play with £200

 

[Matthew1955]

waiting for price to drop and will buy again, but will only play with £200

Where would you suggest to go to get into the trading of the things,thanks

 

[ratrace]

https://www.coinbase.com/join/5a2accda532a2f01094cf1d2

but please be careful you are playing with your own money

only put in what you can afford to lose

me i will stick wth £200 until i learn more

 

[AndyCook]

It was hard to sell the litecoin though, site kept crashing for him
Then to get money he had to transfer a bit of money to a. Estonian bank to verity his account

And think had to send scan of passport

He is going. To wait for it to drop then put money back in it again


Think I will stick to shares and funds

 

[Towpack]

Also make sure you keep your 'coins' safe on a well protected computer. There are people who have been hacked or lost their codes due to other reasons and there's no comeback.

 

[ratrace]

Also make sure you keep your 'coins' safe on a well protected computer. There are people who have been hacked or lost their codes due to other reasons and there's no comeback.

What nick 0.0041 off one coin they can have it

Bitcoin 0.0041 BTC £56.77

Litecoin 0.2130 LTC £48.59

Ethereum 0.0915 ETH £48.43

 

[Matthew1955]

https://www.coinbase.com/join/5a2accda532a2f01094cf1d2

but please be careful you are playing with your own money

only put in what you can afford to lose

me i will stick wth £200 until i learn more

Thanks Retrace, I came across that site after my post and it looked good so glad it is also your recommend. I like you would only risk my own money and £200 does sound a good place to start

 

[GeekOKent]

Folks, do check what this is, how it works, risks involved and also impact this has (including to the environment ).

 

[flint]

I know next to nothing about bitcoins, and it might be unjustified, but for some reason the Hendrix track "Castles Made of Sand" keeps going through my mind.....

 

[GeekOKent]

Bitcoin is mined, by software doing calculations. As energy gets cheaper and computing gets faster, the algorithms adapt to the changing environment. The fact that the is no real value as such, the only cost indication is how much energy was used to mine it and what the next chap is willing to pay for it.

Transactions are themselves not free as such.

Exchanges are not regulated nor validated. Not even to a point of inherited trust.

By and large this is true for all crypto currency. They are all about the sand shade of grey.

Sure, people are making real money at the moment - those that onboard. And those that facilitate exit are the clear winner. Exchanges and miner are a bit off that party but also winning. Everyone else in the mix is just investing in air. They need to play the very short game.

 

[Shayne]

I promise to pay the bearer of this note X amount of pixels on demand .

 

[flint]

Thanks GoK, that's a bit clearer now. So, if there's no central registry as such, if hard drive and back ups fail, all is lost ?

 

[Rob Cowell]

Thanks GoK, that's a bit clearer now. So, if there's no central registry as such, if hard drive and back ups fail, all is lost ?

Because there isn't a central repository for the ledger (the blockchain) then resilience is through that blockchain residing on many, many machines. They will not all fail simultaneously. At least the risk should be no worse than the 3 or 4 (or similar small number) times duplication a bank will be using.

Loads of intro to blockchain and Bitcoin type videos on YouTube that explain it starting from the very basics.

I think right now the volatility is recursive. If I want to charge for goods in Bitcoin I have to be very dynamic on my pricing to offer a competitive price, and very good at guessing so I know how much the Bitcoin I am receiving is really worth by the time I get to spend it. Then the fouthy mouted investors just exacerbate that. It doesn't feel like the dotcom boom. It feels like the tulip mania.

 

[Towpack]

Thanks GoK, that's a bit clearer now. So, if there's no central registry as such, if hard drive and back ups fail, all is lost ?

That seems to be the case. There was one guy who, who made the news, who threw his PC hard drive away (don't ask why) and realised too late and lost over £40k. He ended up searching the landfill site but as yet hasn't found it. Bitcoin was the subject of a discussion on the radio a couple of weeks ago with some experts giving advice on the pro's and cons and one admitted to losing hundreds of pounds after being hacked.

 

[Rob Cowell]

That seems to be the case. There was one guy who, who made the news, who threw his PC hard drive away (don't ask why) and realised too late and lost over £40k. He ended up searching the landfill site but as yet hasn't found it. Bitcoin was the subject of a discussion on the radio a couple of weeks ago with some experts giving advice on the pro's and cons and one admitted to losing hundreds of pounds after being hacked.

That would be his wallet. The transaction is immutable. The trick is proving it was you who made the transaction.

 

[GeekOKent]

You guys.might enjoy this 10 min read. https://qz.com/1055126/photos-china-has-one-of-worlds-largest-bitcoin-mines/

Note that the numbers are from a few minths back