I have an old Pal in Wall St. who is bandying derivative products for cryptos (these are probably a component cause for this years phenomenal rise) so you can bet your ass there will be a monumental screw up soon.
As soon as the "investment houses" start a sales drive which was sometime last year the investor experts will buy off the inventor experts then hubble bubble.......we know the rest. Then there's the China perspective...........
I got some at the beginning but as they say "I'm out"
B
Last edited by Brian; 3rd December 2017 at 17:07.
in the Dotcom bubble many (small) "hi-tech companies" went from zero to a market cap of hundreds of millions and then back to zero in a very short time
their shares were traded daily in quantity by many "experts" who never bothered to find out what the companies were about ...... it was just a gamblers market based on supply and demand (of share/stock) with no real asset value
Last edited by BillN; 3rd December 2017 at 17:23.
T'is true Bill, although the way bitcoin etc are being bandied/traded about they are definitely the flavour of the month and being hyped by many financial pundits in a similar fashion to the old dotcoms.Originally Posted by BillN
I'm not saying they are the same but the hype is similar and as I said previously, once the everyman gets onto it investment time is passed.
Cheers,
Neil.
And some of this companies went on to be the largest businesses in the world. Pretty poor argument.
Surely this is the opposite with bc?
Good luck everybody. Have a good one.
And a hell of a lot more didn't.
Cheers,
Neil.
Just been reading in the ES about drug dealers in London using Bitcoin machines to launder their ill gotten gains.
https://www.standard.co.uk/news/crim...-a3709221.html
According to MIT Review, cops are on the case employing firms to track down laundered and ransom money.
https://www.technologyreview.com/s/6...thought-wrong/
There is also a school of thought that once criminals desert Bitcoin for other methods of money laundering the value of Bitcoin could take a big tumble.
Cheers,
Neil.
How naive are you. Do you really think Bitcoin (with a larger market cap than coca cola) is being propped up by drug dealers?
For a start most criminal activity is done using Monero which boosts more anonyminity to users.
If you go looking for negative stories on bitcoin you will find them as you would with any product or business.
You dotcom bubble comparison is nonesense. Completely different situation. Back in 1999 you could buy Amazon shares for $7 they have since risen 18 x that. If something similar happened with Crypto currencies I would lots of the smaller alts would go.
If you don't want to invest fine but please do some research on the market.
how do we calculate the market capitalisation of Bitcoin?
Isn't it number of coins X price per coin?
+1 I'm 25 posts into a thread and haven't got a Scooby doo what it's on about!
That's right. $191bn as of now.
Is anyone investing in Bitcoin / Eth right now?
On Bitcoin, are you waiting for a drop?
So the market Cap is based on nothing really, It's not a Fiat currency, it's backed by no-one and thus when the rug it pulled, the fall may be precipitous.
I just don't buy this "market capitalisation makes it bigger than Coca-Cola" as worth anything
every bubble is huge before it pops
EG: http://money.cnn.com/galleries/2010/...m_busts/2.html
I'm not saying bitcoin is going, I'm just saying that an unregulated virtual currency isn't worth the paper it's printed on......
I came across this today which has an interesting perspective, especially about the bubble angle - http://fortune.com/2017/12/04/bitcoi...-bubble-burst/
I really do not get Bitcoin, for me it is all smoke, mirrors and hype! OK, depending on your point of view it is worth squillions but with nothing underpinning it, I don’t think it is worth a cent! You can be a Bitcoin millionaire and ONE second later the bubble can pop and your holding is worth zero! Five thousand people standing on a hillside, if they all scream ‘GOLD’ and one starts digging, guess what he will probably find?
Bitcoin is not remotely investable for me, good luck to those taking a punt!
As above for me too.
I have researched it far as possible as investing is my hobby. The links I gave were some published views.
Let's be honest, there is plenty of scope for money laundering with Cryptos.
I'm not interested in putting my money in it but I shall keep an interested eye on the progress of virtual currencies.
Cheers,
Neil.
Yes and yes
There is far more to it than that, seeing how it goes over a weekend won’t tell you jack. Also have you researched what they each offer in term of functionality?
Kraken seems to be down rather a lot at the moment :O
Total world population = 7 billion
almost 1.5 billion in China
lots of mugs out there for the scammer to hit ...............could be the biggest pyramid ever ........ self perpetuating, it's now got its own momentum........ depends how long they can keep it up ..........its become a virtual commodity to play a gambling game with ....... a crusade bringing in converts every second
"buy now" there can only ever be 21 billion Bitcoins!!! - so we are told
virtual gold!!
"you can put in as little as £100" ........ come on have a flutter ....... all 7 billion of you, give or take a few billion ...... you can't get a good meal these days for £100
Pick your flavour
Last edited by BillN; 8th December 2017 at 16:06.
Here's a simple explanation of what Bitcoin was, (it was written in 2015), or is ....... depending on your point of view
https://www.taxation.co.uk/Articles/...yptic-currency
it explain what the "currency" purpose was/is
I suppose the question is why would you buy a Bitcoin (now)
Answer, as a gamble in the hope that it will increase in value because more people will want it, and the supply of (Bitcoins) is limited
so will it every be used as a medium of exchange or will it continue to be used for speculation and if so when will this speculation stop ...... it's taking off in China, (so we are told), and the Chinese love to gamble
Last edited by BillN; 8th December 2017 at 17:14.
Although they can’t even get the maximum number of bitcoins correct, amongst other things.
It it will cotinue to be more widely used, and as it does it will rise. After that, who knows.
It's just a matter of time...
I've been around for years, (maybe that's the problem), but I have never really understoud "it"
presumably 99.99% of the people who are buying cryptos now are buying purely to speculate that they will make a currency, (£ or $), profit when they sell "it" - they are buying to sell ....... and not to use it to buy, say a watch, or indeed as part of their savings plan .......it's value will continue to rise as long as people want it for this speculative purpose ......... and it's value at any time can be equated to a material item ........ but when the speculation ceases, what will happen ......... "it" could be completely worthless as no one will want "it".
The guy who "invented" this either saw the biggest pyramid scam in history or he thought that virtual currencies would compete with or replace the world's currencies ........ mischievous on the one hand or a dreamer on the other.
I have no idea what it is all about or indeed why, other than a "pyramid scam"
(Bitcoins - as I understand it from what I have read there can only be 21 billion Bitcoins, "they" reckon a few Billion have been lost and that 16 Billion are "known" - so the limit may have been reached and for every seller there must now be a buyer, or indeed more buyers than sellers for the price to keep increasing)
Last edited by BillN; 8th December 2017 at 18:09.
There will only be 21 million, each coin is divisible by 1 million. The rate at which they are released slows. So it will be a while longer before 21 million, or very slightly less, will be in circulation, estimated between now and 2040.
Crypto currencies are here, and I’d say here to stay.
It's just a matter of time...
There are also a bunch of coins that have been lost along the way - hard drives thrown out, passwords to wallets forgotten etc - so there won't actually be 21m around. Rate is pretty slow now.
Agreed, but I’m guessing people will be a lot more careful now that coins are worth well over $10k right now.
The rate is set to release every 10 minutes regardless of computing power, so is generally constant but halves at preset intervals.
It's just a matter of time...
"The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto."
https://en.bitcoin.it/wiki/Satoshi_(unit)
Thank you for the correction
It's just a matter of time...
Sorry
I meant more how the app works in terms of depositing and transferring funds from one to the other rather than then currency’s themselves
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Anyone have any idea about whether there is a site that measures the development on different cryptos?
I recall someone posting something about a link (on reddit or something) to the number of developers working on differnt cryptos (as a proxy for development or "progress").
Thanks in advance
Some really great links here. I now have a much better understanding of cryptocurrency.
Are there any good pointers to the differences between the main cryptos?
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Not technically perfect, but you can sort of split the crypto world into groups:
A. Bitcoin and Bitcoin-like coins (including Litecoin and hundreds of others), the main differences are usually characteristics like the total number of coins (eg 84 million for LTC vs 21M for BTC); the reward schedule; the block time (2 1/2 mins for LTC vs 10 mins for BTC); whether relying on proof of work or proof of stake backing; the cryptographic algorithm used for mining/staking (Scrypt vs SHA); the block size and so on
B. Platform coins like Ethereum, Komodo and Waves that are intended to provide a platform on which you can build smart contracts, tokens and other capabilities
C. Tokens that are built on the platforms in group B. e.g. Golem, Bancor, etc.; these can be pretty complex in their own right
D. Non-blockchain coins, that are built on a totally different concept, this includes IOTA and Byteball both using a directed acyclic graph.
and all by itself, Ripple
If you look on sites like coinmarketcap and coinwarz you can get information about the basics of the coins but for details you will probably have to look at the website or the announcement thread on bitcointalk for the specific coin.
Great info there. Thank you.
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I would be interested to see how many of these ‘currencies’ are being used as such, so many people are just speculating as investors it would seem.
Cheers..
Jase
HEaring a lot of chatter about Ripple, but the exchanges I use dont cover it. Anyone buying it? If so, where are you going for it?
Very rarely it would seem, reason is they are so volatile.
http://www.bbc.co.uk/news/technology-42264622
Cheers,
Neil.
To add to the above, in my opinion if you are holding bitcoin ‘stuff’, you should liquidate any holding you have as swiftly as possible and get the hell out! If you have already made money on it, be it a lot or a little, good luck to you but ‘Get out of Dodge’!
What are your reasons to state that? A hunch, or something more?
You're aware people have been saying this for over 5 years?
I'm not saying you're wrong, it could go bust at any time, but there's no reason to believe it will happen tomorrow any more than there was 5 years ago.
Binance allows you to buy Ripple - but you'll need to buy using BTC or ETH. So open an account, send in ETH/BTC to yourself and use that to trade for whatever you want.
Bitfinex probably does Ripple too. Works in the same way - send in BTC to yourself etc.
To reply,
Just a hunch and gut feeling, not that I am saying my radar is better than any of you guys! All I know is if I were holding Bitcoin or similar, I would be divesting myself of it as fast as I could. On this subject there are only three things currently in my head, smoke, mirrors and bursting bubbles.
^^ There's a huge correction coming in crypto, I'm certain of that - but likewise people are saying the stock market is inflated and a correction is coming.
Do you hold any stocks or shares?
Thanks for the video, I understand a bit more now.
But I still don't understand why bitcoins are worth anyhing as nobody put in any real money, assets or collateral to start with.
At least previous bubbles were based on something physical - Tulip Mania
this appears to be a bubble based on nothing and everybody knows upfront it is based on nothing.
I continue to try and understand.
Last edited by BadgerUK; 18th December 2017 at 19:31.
Yes they did, firstly the code itself took effort to create and requires effort to maintain and develop; moreover maintaining the network requires the expenditure (input) of massive amounts of computational work (delivering which requires investment of capital, energy and human effort).
You may not consider it worthwhile of course but to say no one has put anything in is certainly not correct.
It’s the will to believe that’s holding it all together, if enough people start cashing out into tangible assets it might pop. As with most investments, surely you only make make the money when you cash out. Unless people actually start to use it as mainstream currency , which I can’t see happening soon.
Cheers..
Jase
I agree it could go bust at any time.
Mainstream? Maybe not. But a few of the new banks are dipping their toes. Revolut, for example.
And investment funds.
And then there’s this...
https://cointelegraph.com/news/adopt...aving-currency
Looks like you'll soon be able to start mining cryptocoins by simply frequenting your local Hooters.
http://fortune.com/2018/01/02/hooter...ryptocurrency/“Eating a burger is now a way to mine for cryptocoins! Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the consumer that can be used for future meals or traded with other consumers,” said Dennis Becke, CEO of marketing platform Mobivity Holdings in a statement Tuesday. Chanticleer is using Mobivity’s blockchain-operated platform to create the cryptocurrency-based loyalty program.
I'll have to pop in Hooters again on my next trip out, purely for research purposes of course!
Cheers,
Neil.
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