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Smithee

Bitcoin and all that

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Smithee

Cryptocurrency, interesting as ****!

 

It's mental to think that someone created it out of nothing and people somehow started accepting it as having value. I read today that the first bit coins were pretty much worthless - one guy tried to sell 10,000 for 50 dollars but there were no takers. Today 10,000 BTC is worth £87.8 million...

 

Today we have £101 in BTC, it'll go up and down but I plan to let it ride and see what happens.

Anyone else trading?

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jack D and coke

Yeah pretty much since mania went bitcoin I’ve been in although in hindsight I always intended to get in sooner. Even getting in about March this year would seem you getting ten times your money. 

Bought £100 etherium too and like you gonna let them ride and see. 

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tian447

Totally missed the boat with it unfortunately. It'll crash, and that might be the time to get into it. 

 

Used to have a miner set up, but it's now got to the point where it costs you more for the electricity to power the GPU than you get in actual returns. 

 

I think people seem to think that you can run a program for a few minutes and get a bitcoin out of it.

 

Funny though, my flatmate bought them when you got around 20 of them for a dollar a good number of years ago. Think he ended up spending around £200 on them, saying he would never lose that money.  He got rid of them ages ago, and still made a tidy profit, but had he held onto them he'd be sitting on around £750,000.  :lol:

 

There's no way he would still have them, as even he's agreed that the longest he would have held onto them was when they reached around £10 per BTC. 

 

Strange things though. 

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Peebo

Still don’t ****ing understand it.

 

More generally, any time Blockchain technology is mentioned (eg at work etc.), I feel incredibly old and stupid. 

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tian447

By tidy profit, btw, he got rid of them when there was quite a significant crash in August 2012, where they lost about 50% of their value, dropping down to about $8 per BTC. 

 

He's still a lucky ******* at what he got, but it wasn't as simple as just cashing them out at the bank. Think he lost a wee bit of it in fees and other nonsense. 

 

 

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tian447
1 hour ago, Smithee said:

I read today that the first bit coins were pretty much worthless - one guy tried to sell 10,000 for 50 dollars but there were no takers. Today 10,000 BTC is worth £87.8 million...

 

Out by a factor of 10 mate.  It's only £8.7 million at current rates. 

 

Only...!

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Smithee
33 minutes ago, jack D and coke said:

Yeah pretty much since mania went bitcoin I’ve been in although in hindsight I always intended to get in sooner. Even getting in about March this year would seem you getting ten times your money. 

Bought £100 etherium too and like you gonna let them ride and see. 

A week on Monday futures traders will start on BTC.

Analysis I've read expects a drop in price on the 18th with a slow rise to follow.

 

However, in reality, I actually haven't a clue what I'm talking about, I just want to have a hundred quid in and see what happens. 

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Smithee
1 minute ago, tian447 said:

 

Out by a factor of 10 mate.  It's only £8.7 million at current rates. 

 

Only...!

I don't think so buddy, I just double checked

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tian447
Just now, Smithee said:

I don't think so buddy, I just double checked

 

Yup you're right, it's me off by a factor of 10 :lol:

 

My apologies. 

 

I also have ****ed up my flatmates story somewhere along the lines, because with the number of them that he would have had with what I've said, he'd be sitting on £52 million in today's money, and that's definitely not right or he absolutely would have killed himself! 

 

Still, absolutely insane! 

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davemclaren

How convertible are they.

 

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Dean Winchester

You've really got to feel for the guy that bought a couple of pizzas with 10,000 of them.

 

Seeing it hitting $11k for one would make you suicidal :lol: Similarly all those that sold them when it hit $1, $10 etc.

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Smithee
Just now, tian447 said:

 

Yup you're right, it's me off by a factor of 10 :lol:

 

My apologies. 

 

I also have ****ed up my flatmates story somewhere along the lines, because with the number of them that he would have had with what I've said, he'd be sitting on £52 million in today's money, and that's definitely not right or he absolutely would have killed himself! 

 

Still, absolutely insane! 

It is, but as someone said above they've increased ten fold since March alone!

 

Truth be told I expect to lose my hundred quid. Unless it just keeps growing insanely and makes me rich, which seems ridiculous, I'm leaving it in for the adventure and it'll surely crash at some point

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Smithee
2 minutes ago, davemclaren said:

How convertible are they.

 

I've certainly found it easy to turn cold hard cash into numbers on a screen, and I've paid for my ultimate mania subscription using them, but I've never tried reversing the process.

 

The localbitcoins site I used is more like a stock exchange than a bank - you have to find someone to do a trade with

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davemclaren
2 minutes ago, Smithee said:

I've certainly found it easy to turn cold hard cash into numbers on a screen, and I've paid for my ultimate mania subscription using them, but I've never tried reversing the process.

 

The localbitcoins site I used is more like a stock exchange than a bank - you have to find someone to do a trade with

The proof will be in the reversing. 

 

I realise all money is a con trick, being merely a state of electrical flux in a banks computer, but bitcoin seems the biggest one of the lot. Good luck with your ‘investing’. 

 

And as for blockchain...who thinks these things up? 😎

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Smithee
1 minute ago, davemclaren said:

The proof will be in the reversing. 

 

I realise all money is a con trick, being merely a state of electrical flux in a banks computer, but bitcoin seems the biggest one of the lot. Good luck with your ‘investing’. 

 

And as for blockchain...who thinks these things up? 😎

Thing is, I talked about it a year ago with the wife and if we'd done it then our hundred quid would now be more than a grand. I suppose if it continues to grow I can take the original investment out in cash (which involves money going directly into your bank account) and then everything's gravy, but we'll see. 

 

I do agree that all money's a con, but what's also true is that if enough people play along, then it does have value! In my opinion though, BTC's big long term problem is that it's a currency which no government or corporation or bank has control over, and they don't like that sort of thing very much at all. BTC's a target.

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davemclaren
1 minute ago, Smithee said:

Thing is, I talked about it a year ago with the wife and if we'd done it then our hundred quid would now be more than a grand. I suppose if it continues to grow I can take the original investment out in cash (which involves money going directly into your bank account) and then everything's gravy, but we'll see. 

 

I do agree that all money's a con, but what's also true is that if enough people play along, then it does have value! In my opinion though, BTC's big long term problem is that it's a currency which no government or corporation or bank has control over, and they don't like that sort of thing very much at all. BTC's a target.

That’s what I don’t get about it. A traditional currency has a value generally derived from the perceived strength of that particular economy. What drives the BC exchange rate?  Snake oil! 😆

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heartsfc_fan

Got a small % of the litecoin variation. Basically just a scaled down version of bitcoins.

Will ride it out and see what happens. I didn't put in much so if I lose it, no matter.

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Sharky999

If anyone is happy to post a link to buying/ trading i think id be up for a bit of speculative gain.

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The Establishment
17 minutes ago, Sharky999 said:

If anyone is happy to post a link to buying/ trading i think id be up for a bit of speculative gain.

Coinbase is probably the most common. I'll have a referral link I can PM you if you want. 

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jack D and coke

If you get a revolut account you can buy and sell crypto from next week. You can’t spend it externally but you can trade and make money on it. 

 

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Sharky999
26 minutes ago, The Establishment said:

Coinbase is probably the most common. I'll have a referral link I can PM you if you want. 

Cheers got your messages, will have a read through

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Sharky999
5 minutes ago, jack D and coke said:

If you get a revolut account you can buy and sell crypto from next week. You can’t spend it externally but you can trade and make money on it. 

 

Thanks jD

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Rudolf's Mate

Bitcoin up over £700 from yesterday alone 😂😂😂😂😂

 

:sob:

 

How does joe public buy the other crypto currencies? The ones like Bitcoin Cash etc that Coinbase etc don’t deal in?

Edited by Rudolf's Mate

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Ray Gin

I had £40 worth in August. Now worth £180.

 

Topped up with another £400 worth yesterday. Sounds like I'm already quids in on that. :pleasing:

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Smithee
6 minutes ago, Ray Gin said:

I had £40 worth in August. Now worth £180.

 

Topped up with another £400 worth yesterday. Sounds like I'm already quids in on that. :pleasing:

Yesterday's 101 is 110 today, that's actually mental. 

You'd think there's got to be a big pop of this bubble at some point, yet more and more businesses are using bitcoin and to me that suggests continued growth at least in the short to medium term (not really sure what medium term is in such a new tech though to be fair!)

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Ray Gin
2 minutes ago, Smithee said:

Yesterday's 101 is 110 today, that's actually mental. 

You'd think there's got to be a big pop of this bubble at some point, yet more and more businesses are using bitcoin and to me that suggests continued growth at least in the short to medium term (not really sure what medium term is in such a new tech though to be fair!)

 

You'd think, but people have been saying that for years now. 

 

I've already got more interest on yesterdays investment than I would have got if that £400 had sat in the bank for years. :lol:

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Smithee
2 minutes ago, Ray Gin said:

 

You'd think, but people have been saying that for years now. 

 

I've already got more interest on yesterdays investment than I would have got if that £400 had sat in the bank for years. :lol:

Mental. 

And all over the world forums are talking about it and people are thinking "phree munny!" and jumping in too. I wonder how much jkb contributed to the price increase!

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jack D and coke

I think just now is a good time to get involved. It’s getting talked about everywhere and the extra interest will help push it up further I reckon. 

Some people reckon it’s got a long way to go too. It could also be a bubble but it’s chance you take I guess. 

Just don’t chuck your mortgage on it and you’ll be sound. 

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Jefferson Davis Hogg

I've tried to understand but really I haven't got a ****ing clue. 

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Ray Gin

Think I'll take another £500 out an online savings account tonight and chuck it on bitcoin. 

 

I could probably sell it next week at more than I'd have earned in 10 years with it just sitting in the bank.

 

 

If I'd stuck that £900 in at the start of the year I'd be sitting on almost £12k right now. :wow:

Edited by Ray Gin

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milky_26

How do you buy/get bit coins? 

 

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GorgieMIlls

I work in financially services and cant even get my head round it.

 

Whats to stop me creating an online currency tomorrow / the value of the bit coin goin up - whats currency is it valued against / If I want ot cash in my Bitcoins for 'real money', who gives me the real money as I'm asuming Bank of Scotland wouldnt

 

 

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Ray Gin
19 minutes ago, GorgieMIlls said:

I work in financially services and cant even get my head round it.

 

Whats to stop me creating an online currency tomorrow / the value of the bit coin goin up - whats currency is it valued against / If I want ot cash in my Bitcoins for 'real money', who gives me the real money as I'm asuming Bank of Scotland wouldnt

 

 

 

https://en.bitcoin.it/wiki/Help:FAQ

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jack D and coke

It’s risen 12.6% today already. 

It can also drop that amount in a day it’s incredibly volatile but the general trend has been up with this year it almost straight lining. 

 

 

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jack D and coke
46 minutes ago, GorgieMIlls said:

I work in financially services and cant even get my head round it.

 

Whats to stop me creating an online currency tomorrow / the value of the bit coin goin up - whats currency is it valued against / If I want ot cash in my Bitcoins for 'real money', who gives me the real money as I'm asuming Bank of Scotland wouldnt

 

 

I think that’s the reason it’s looked on with suspicion, nobody really understands how it works but it’s very clever and hasn’t even been hacked in 7 years. 

Venezuela is launching their own crypto to try control their hyper inflation and I suspect over time most governments will try muscle in on this otherwise they may lose complete control of their countries and the worlds money. 

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Ray Gin
4 minutes ago, jack D and coke said:

It’s risen 12.6% today already. 

It can also drop that amount in a day it’s incredibly volatile but the general trend has been up with this year it almost straight lining. 

 

 

 

:munny:

 

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Hungry hippo
4 hours ago, jack D and coke said:

I think just now is a good time to get involved. It’s getting talked about everywhere and the extra interest will help push it up further I reckon. 

Some people reckon it’s got a long way to go too. It could also be a bubble but it’s chance you take I guess. 

Just don’t chuck your mortgage on it and you’ll be sound. 

 

It's almost certainly a bubble but as others have said as long long as you're aware of the possibility you could lose the lot then it's a gamble which has paid off for many. If people have a spare £100 then I get the thrill of the punt with a potential high quick return.

 

It's not for me though as there are too many alarm bells.

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hmfc_liam06

So effectively to get started you would buy some bitcoin from someone and then look to sell it on when the value increases? 


Sorry for the idiot question, just trying to get my head around it!

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Ray Gin
1 minute ago, hmfc_liam06 said:

So effectively to get started you would buy some bitcoin from someone and then look to sell it on when the value increases? 


Sorry for the idiot question, just trying to get my head around it!

 

Yep. Or spend it on any sites that accept bitcoin. 

 

You can now fund your paypal account with bitcoin. It's rumoured Amazon may be about to follow suit.

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hmfc_liam06
Just now, Ray Gin said:

 

Yep. Or spend it on any sites that accept bitcoin. 

 

You can now fund your paypal account with bitcoin. It's rumoured Amazon may be about to follow suit.

 

Thanks.

 

I'll definitely be keeping an eye on it.

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redjambo

Strange that all the folk on here who already have bitcoin are encouraging others to buy it too. I wonder why that could be. ;)

 

As someone pointed out, there's money to be made, but it's high-risk.

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Taffin

I was going to buy some years back when I was in uni but was too lazy.

 

Shame really as I could have retired now and been lazy to my hearts content.

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hughesie27

See these wallets. What happens if the computer your wallet is attached to dies? How do you recover it?

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Ray Gin
16 minutes ago, hughesie27 said:

See these wallets. What happens if the computer your wallet is attached to dies? How do you recover it?

 

Back it up. I have mine on two internal drives and a USB-stick.

(there's something called a "seed phrase" which you can also use to recover it - as long as you have this written somewhere, or memorised (wouldn't rely on it myself), along with your password, you can recover your wallet). 

Edited by Ray Gin

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hughesie27
49 minutes ago, Ray Gin said:

 

Back it up. I have mine on two internal drives and a USB-stick.

(there's something called a "seed phrase" which you can also use to recover it - as long as you have this written somewhere, or memorised (wouldn't rely on it myself), along with your password, you can recover your wallet). 

Ah yeah I remember the seed phrase. got that in an email saved.

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Andy.C

iota is the coin of the moment...teamed up with microsoft and some other big players in the past week. Was 1.40 on Saturday night and 5.50 first thing this morning (up and down today).

 

Tricky thing to buy though. Need to go through bitfinex, and use coinbase or the like to buy Bitcoin and transfer across to buy iota. 

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AlimOzturk

Bet if I bought some tonight the whole thing would collapse on its arse tommorrow

 

Is a bit like the cash out option on betting sites. If your up and are offered a cash out option or will the bet come through... 

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