Steve Zodiak wrote:I worked in finance for over 30 years, but I will only invest in products which I have some knowledge of. Afraid I am no hotshot in crypto currencies, and don't know enough about them to be getting involved with them. I guess all those investing will have done a considerable amount of research, and will not be throwing money into these things based purely on the say so of someone else.
There are always winners and losers in the financial markets, and if there was a cast iron guarantee that all investors would make a fortune, there won't be many people working next year, everyone will be sunning themselves in some exotic location.
I think there are people who have already made a lot of money, but it looks like these schemes are all about getting on board at an early stage, and hoping for the best.
I think it will make some people very happy, but I would bet that there are going to be some very disappointed people as well.
My advice has always been to only gamble with money you can afford to lose.
oohahhPaulMillar wrote:Steve Zodiak wrote:I worked in finance for over 30 years, but I will only invest in products which I have some knowledge of. Afraid I am no hotshot in crypto currencies, and don't know enough about them to be getting involved with them. I guess all those investing will have done a considerable amount of research, and will not be throwing money into these things based purely on the say so of someone else.
There are always winners and losers in the financial markets, and if there was a cast iron guarantee that all investors would make a fortune, there won't be many people working next year, everyone will be sunning themselves in some exotic location.
I think there are people who have already made a lot of money, but it looks like these schemes are all about getting on board at an early stage, and hoping for the best.
I think it will make some people very happy, but I would bet that there are going to be some very disappointed people as well.
My advice has always been to only gamble with money you can afford to lose.
Totally agree Mr Zodiak, all too complicated for me to get involved
blooey wrote:Bitcoin, and crypto in general is a bit of a bubble Even on the off-chance crypto currencies win out, it's very unlikely to be bitcoin: too many technical problems with it...
[youtube]https://www.youtube.com/watch?v=bBC-nXj3Ng4[/youtube] Excellent explanation of how bitcoin works, albeit a tad technical.
Basically, a bitcoin is a unique solution to a very, very complicated mathematical question. Complicated enough, that only about one new solution is found every 10 minutes.
There's an electronic notebook (the blockchain/ledger) that holds the history of all bitcoin payments ever made in it. The electronic notebook that people believe to be true, is the one with the most pages in it.
To add a page to the notebook, you need to find a new solution to the very complicated maths question mentioned above. Adding a page gives you that code as a bitcoin. It's easy to check a solution is correct, once you've found it.
Once you have a page in this notebook, you can charge people to write their payments to it, since there's only limited space on a page (room for 1 million-ish letters). This is the transaction fee, and that's why it's so expensive to pay someone in bitcoin ($30 per payment, no matter how small).
Then some even more complicated maths is used to prove who is whom. Everyone has a "private key" and a "public key". They encrypt their transaction with the private key, which only they know. Using their public key, you can then decrypt it, to prove it was them. You can't encrypt thing with the public key, so it's impossible to spoof.
Fergy1927 wrote:When banks and governments warn you about cryptocurrency it says to me that it's worrying the status quo.
I acted on this and have made a very small fortune, taken out my initial investment and now giggle at the smug doom merchants. My Mrs has made heaps more than me and even in the dips of the last few days is making a killing.
Just don't invest what you can't afford and take out your initial investment asap. Then diversify, avoid shit coins, HODL and enjoy the ride.
blooey wrote:Bitcoin, and crypto in general is a bit of a bubble Even on the off-chance crypto currencies win out, it's very unlikely to be bitcoin: too many technical problems with it...
[youtube]https://www.youtube.com/watch?v=bBC-nXj3Ng4[/youtube] Excellent explanation of how bitcoin works, albeit a tad technical.
Basically, a bitcoin is a unique solution to a very, very complicated mathematical question. Complicated enough, that only about one new solution is found every 10 minutes.
There's an electronic notebook (the blockchain/ledger) that holds the history of all bitcoin payments ever made in it. The electronic notebook that people believe to be true, is the one with the most pages in it.
To add a page to the notebook, you need to find a new solution to the very complicated maths question mentioned above. Adding a page gives you that code as a bitcoin. It's easy to check a solution is correct, once you've found it.
Once you have a page in this notebook, you can charge people to write their payments to it, since there's only limited space on a page (room for 1 million-ish letters). This is the transaction fee, and that's why it's so expensive to pay someone in bitcoin ($30 per payment, no matter how small).
Then some even more complicated maths is used to prove who is whom. Everyone has a "private key" and a "public key". They encrypt their transaction with the private key, which only they know. Using their public key, you can then decrypt it, to prove it was them. You can't encrypt thing with the public key, so it's impossible to spoof.
oohahhPaulMillar wrote:blooey wrote:Bitcoin, and crypto in general is a bit of a bubble Even on the off-chance crypto currencies win out, it's very unlikely to be bitcoin: too many technical problems with it...
[youtube]https://www.youtube.com/watch?v=bBC-nXj3Ng4[/youtube] Excellent explanation of how bitcoin works, albeit a tad technical.
Basically, a bitcoin is a unique solution to a very, very complicated mathematical question. Complicated enough, that only about one new solution is found every 10 minutes.
There's an electronic notebook (the blockchain/ledger) that holds the history of all bitcoin payments ever made in it. The electronic notebook that people believe to be true, is the one with the most pages in it.
To add a page to the notebook, you need to find a new solution to the very complicated maths question mentioned above. Adding a page gives you that code as a bitcoin. It's easy to check a solution is correct, once you've found it.
Once you have a page in this notebook, you can charge people to write their payments to it, since there's only limited space on a page (room for 1 million-ish letters). This is the transaction fee, and that's why it's so expensive to pay someone in bitcoin ($30 per payment, no matter how small).
Then some even more complicated maths is used to prove who is whom. Everyone has a "private key" and a "public key". They encrypt their transaction with the private key, which only they know. Using their public key, you can then decrypt it, to prove it was them. You can't encrypt thing with the public key, so it's impossible to spoof.
So I'm guessing I can't go into Marks and Spencer's and buy a bitcoin over the counter and when I go down my club tonight if I try to buy 4 pints of lager they won't except payment by bitcoin either then
Thanks for trying to explain it, much appreciated, but I still have no idea what a bitcoin is...think I will stick to BT shares!!!
JimCP91 wrote:oohahhPaulMillar wrote:blooey wrote:Bitcoin, and crypto in general is a bit of a bubble Even on the off-chance crypto currencies win out, it's very unlikely to be bitcoin: too many technical problems with it...
[youtube]https://www.youtube.com/watch?v=bBC-nXj3Ng4[/youtube] Excellent explanation of how bitcoin works, albeit a tad technical.
Basically, a bitcoin is a unique solution to a very, very complicated mathematical question. Complicated enough, that only about one new solution is found every 10 minutes.
There's an electronic notebook (the blockchain/ledger) that holds the history of all bitcoin payments ever made in it. The electronic notebook that people believe to be true, is the one with the most pages in it.
To add a page to the notebook, you need to find a new solution to the very complicated maths question mentioned above. Adding a page gives you that code as a bitcoin. It's easy to check a solution is correct, once you've found it.
Once you have a page in this notebook, you can charge people to write their payments to it, since there's only limited space on a page (room for 1 million-ish letters). This is the transaction fee, and that's why it's so expensive to pay someone in bitcoin ($30 per payment, no matter how small).
Then some even more complicated maths is used to prove who is whom. Everyone has a "private key" and a "public key". They encrypt their transaction with the private key, which only they know. Using their public key, you can then decrypt it, to prove it was them. You can't encrypt thing with the public key, so it's impossible to spoof.
So I'm guessing I can't go into Marks and Spencer's and buy a bitcoin over the counter and when I go down my club tonight if I try to buy 4 pints of lager they won't except payment by bitcoin either then
Thanks for trying to explain it, much appreciated, but I still have no idea what a bitcoin is...think I will stick to BT shares!!!
Simply Bitcoin is an online currency made for purchases. It’s prices it’s totally determined by supply and demand. The more people using the coin, the high the value it is.
The block chain is being taken up by more and more merchants and you will soon see retail stores accepting bitcoin. Some already do, eg microsoft.
Unlike fiat currency, there can only ever be 21mill Bitcoin produced and there are currently around 17 million in circulation. This means no central bank or anybody else can manipulate its value, it is purely determined by us. If we use it it’s valuable, if we don’t then the price will drop.
Wolfpac wrote:Can somebody answer me these simple questions, I'm a novice.
1. If I wanted to invest £500, how would I buy the bitcoins
2. Could I sell my coins for a higher rate and maybe make 1000 x my initial investment, heard people have in the past?
oohahhPaulMillar wrote:JimCP91 wrote:oohahhPaulMillar wrote:blooey wrote:Bitcoin, and crypto in general is a bit of a bubble Even on the off-chance crypto currencies win out, it's very unlikely to be bitcoin: too many technical problems with it...
[youtube]https://www.youtube.com/watch?v=bBC-nXj3Ng4[/youtube] Excellent explanation of how bitcoin works, albeit a tad technical.
Basically, a bitcoin is a unique solution to a very, very complicated mathematical question. Complicated enough, that only about one new solution is found every 10 minutes.
There's an electronic notebook (the blockchain/ledger) that holds the history of all bitcoin payments ever made in it. The electronic notebook that people believe to be true, is the one with the most pages in it.
To add a page to the notebook, you need to find a new solution to the very complicated maths question mentioned above. Adding a page gives you that code as a bitcoin. It's easy to check a solution is correct, once you've found it.
Once you have a page in this notebook, you can charge people to write their payments to it, since there's only limited space on a page (room for 1 million-ish letters). This is the transaction fee, and that's why it's so expensive to pay someone in bitcoin ($30 per payment, no matter how small).
Then some even more complicated maths is used to prove who is whom. Everyone has a "private key" and a "public key". They encrypt their transaction with the private key, which only they know. Using their public key, you can then decrypt it, to prove it was them. You can't encrypt thing with the public key, so it's impossible to spoof.
So I'm guessing I can't go into Marks and Spencer's and buy a bitcoin over the counter and when I go down my club tonight if I try to buy 4 pints of lager they won't except payment by bitcoin either then
Thanks for trying to explain it, much appreciated, but I still have no idea what a bitcoin is...think I will stick to BT shares!!!
Simply Bitcoin is an online currency made for purchases. It’s prices it’s totally determined by supply and demand. The more people using the coin, the high the value it is.
The block chain is being taken up by more and more merchants and you will soon see retail stores accepting bitcoin. Some already do, eg microsoft.
Unlike fiat currency, there can only ever be 21mill Bitcoin produced and there are currently around 17 million in circulation. This means no central bank or anybody else can manipulate its value, it is purely determined by us. If we use it it’s valuable, if we don’t then the price will drop.
So who first came up with the idea of a bitcoin?? Surely someone just didn't think it up and start selling something that cost him/her nothing..has no tangible value and is not regulated in anyway??
Wolfpac wrote:Can somebody answer me these simple questions, I'm a novice.
1. If I wanted to invest £500, how would I buy the bitcoins
2. Could I sell my coins for a higher rate and maybe make 1000 x my initial investment, heard people have in the past?
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