Bitcoin

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Re: Bitcoin

Postby oohahhPaulMillar » Thu Jan 11, 2018 3:47 pm

This is all very interesting but it still sounds completely dodgy

However, I still have no idea what a Bitcoin or crypto currency actually is???

Who was the first person to come up with a Bitcoin?? And how many of these things are there??

What I am aware of is how many people are happy to make a profit on Bitcoin then at the first opportunity sell it and turn it back into sterling i.e a real tangible transparent currency..that alone should set the alarm bells ringing
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Re: Bitcoin

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Re: Bitcoin

Postby Steve Zodiak » Thu Jan 11, 2018 4:25 pm

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.
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Re: Bitcoin

Postby oohahhPaulMillar » Thu Jan 11, 2018 5:18 pm

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
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Re: Bitcoin

Postby Steve Zodiak » Thu Jan 11, 2018 5:44 pm

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


There are plenty of forms of investment where you have the opportunity of a nice healthy profit. These are usually higher risk funds, or you can invest in low risk areas where your capital is safe, but returns may not even keep up with inflation. All a bit of a guessing game, but as long as people realise that they can lose as well as win, and as long as they are gambling with money that they can afford to lose, it has to be their sole decision. As the saying goes, if something sounds too good to be true etc etc. and always read the small print.
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Re: Bitcoin

Postby Fergy1927 » Fri Jan 12, 2018 11:53 pm

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.
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Re: Bitcoin

Postby blooey » Sat Jan 13, 2018 1:06 am

Bitcoin, and crypto in general is a bit of a bubble :P 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.
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Re: Bitcoin

Postby JimCP91 » Sat Jan 13, 2018 8:18 am

blooey wrote:Bitcoin, and crypto in general is a bit of a bubble :P 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.


Can I ask why you think crypto currencies are a bubble?

This week ripple has made partnerships with Moneygram and Microsoft and is already being used by banks in South Korea, Japan and soon to be Singapore.

Other crypto currencies serve a valuable purpose with its technology. This isn’t just an online currency, they are the technologies of the future.
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Re: Bitcoin

Postby JimCP91 » Sat Jan 13, 2018 8:28 am

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.


Exactly. The banks have been calling it a bubble since 2010 when it was worth 0.05$. It’s gone to the moon ever since.

Not to mention that it was proven that senior members of JP Morgan are heavily invested in Bitcoin and tend to go to the mainstream media with doom and gloom news to manipulate the price.

When the price dips, that’s the time to buy. Don’t buy at the highs (I learnt the hard way), it always dips and goes back to an all time high - hold your nerve. And don’t invest more than you can afford to lose as with any other investment.
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Re: Bitcoin

Postby oohahhPaulMillar » Sat Jan 13, 2018 8:53 am

blooey wrote:Bitcoin, and crypto in general is a bit of a bubble :P 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!!!
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Re: Bitcoin

Postby JimCP91 » Sat Jan 13, 2018 9:01 am

oohahhPaulMillar wrote:
blooey wrote:Bitcoin, and crypto in general is a bit of a bubble :P 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.
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Re: Bitcoin

Postby oohahhPaulMillar » Sat Jan 13, 2018 9:20 am

JimCP91 wrote:
oohahhPaulMillar wrote:
blooey wrote:Bitcoin, and crypto in general is a bit of a bubble :P 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??
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Re: Bitcoin

Postby Wolfpac » Sat Jan 13, 2018 11:04 am

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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Re: Bitcoin

Postby dogfound » Sat Jan 13, 2018 11:14 am

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?



1...no idea..
2...as said many times by mr zodiac...its a risk , their value will only keep going up so long as people { like yourself } keep buying them today for more than they were worth yesterday.
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Re: Bitcoin

Postby Einstein » Sat Jan 13, 2018 12:06 pm

3.5k invested current profit is 12.5k and none of it through bitcoin. Bitcoin is one of hundreds of CryptoCurrencies and happens to be the so called leader as it has first mover position. It is not a day to day currency because the transaction costs and times are so high.

You have to know what you're doing or you can lose a lot!!! There isn't a helpline if it goes wrong!!!

Bitcoin is a decentralised currency that can't be manipulated by governments. People say it's not backed by anything... If it's not then go an get some, it's difficult, expensive and needs specialised equipment to mine... Sounds like gold.

Very high level explanation, to mine bitcoin computers compete to solve an algorithm if you win then you get a bitcoin, the algorithm gets more and more difficult over time and there'll only ever be 21m mined... Scarce, sound like gold.

Now when there is a transaction made the same mining computers verify the transaction and it is then cryptographically sealed in what is called a blockchain. In order to hack it you'd have to simultaneously hack all the nodes. Impossible. Quite complex and this explanation is not super accurate but that is the overview.

Now a few facts...

Banks take our money and give us 0.01% interest then lend our money to people on credit cards at 19%...

Only 8% of the world's cash is in physical format... If we all rushed to the bank 92% of us would be a little disappointed... Digital money heavily leveraged by banks.

Any questions feel free to message me.
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Re: Bitcoin

Postby JimCP91 » Sat Jan 13, 2018 2:11 pm

oohahhPaulMillar wrote:
JimCP91 wrote:
oohahhPaulMillar wrote:
blooey wrote:Bitcoin, and crypto in general is a bit of a bubble :P 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??


The idea has been floating about since the 70s. The cia looked into it but weren't able to come up with the algorithm. This was established by satoshi nakomoto who created Bitcoin. A Bitcoin isn't free to create, you need a computer and electricity (a lot of it) and yes it is unregulated (for now) so be careful with your money as there is nobody to go crying to
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Re: Bitcoin

Postby JimCP91 » Sat Jan 13, 2018 2:13 pm

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?


Im not a financial adviser so I won't tell you what to do with your money. But yes, you could make 1000% profit (I have in recent weeks from ripple) but probably not through Bitcoin you would need to look into alt coins for this. If you wanted to buy Bitcoin, you can do it simply through websites like bitpanda and coinbase
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