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  • FIRST POST
    • oxford_yellow
    • By oxford_yellow 29th Nov 17, 10:58 AM
    • 4Posts
    • 1Thanks
    oxford_yellow
    Bitcoins/Cryptocurrency
    • #1
    • 29th Nov 17, 10:58 AM
    Bitcoins/Cryptocurrency 29th Nov 17 at 10:58 AM
    whats people's views on Crypto Currency?

    Bitcoin is all over the news with massive gains in recent months, but no main broker seems to touch it.

    is it safe? not from view of price going up/down like stocks and shares but more security/legal? heard many horror stories of coins being stolen (plain text on computers?) when you sell - you have to advertise and wait for a bid, banks cancelling accounts as fraud etc...

    does many people trade in it or have views?
Page 2
    • dividendhero
    • By dividendhero 29th Nov 17, 9:20 PM
    • 120 Posts
    • 94 Thanks
    dividendhero

    People are paying for goods privately already with Bitcoin. .
    Originally posted by catoutthebag
    Maybe UK should pay its "EU divorce bill" with bitcoins - 5 Million bit coins doesn't sound too much if you say it quickly - as a bonus, many of the Brexiteers won't even know what they are and hence won't be venting their spleen on the Daily Mail website
    • bostonerimus
    • By bostonerimus 29th Nov 17, 10:49 PM
    • 1,237 Posts
    • 689 Thanks
    bostonerimus
    I work with a computer guy who owns CBGT and mines several crypto currencies. He's riding the price of bitcoin up, but doesn't know if he should sell some now or keep rolling the dice. He's doing well, but without a plan it's easy to get distracted and make bad choices
    Misanthrope in search of similar for mutual loathing
    • EachPenny
    • By EachPenny 29th Nov 17, 10:54 PM
    • 3,385 Posts
    • 6,317 Thanks
    EachPenny
    Maybe UK should pay its "EU divorce bill" with bitcoins - 5 Million bit coins doesn't sound too much if you say it quickly - as a bonus, many of the Brexiteers won't even know what they are and hence won't be venting their spleen on the Daily Mail website
    Originally posted by dividendhero
    Brilliant plan. Let's do the deal today on current values, and then in March 2019 we can buy all the bitcoins we'll need to cover our exit bill for 94p.
    "In the future, everyone will be rich for 15 minutes"
    • maxie014
    • By maxie014 29th Nov 17, 10:59 PM
    • 142 Posts
    • 72 Thanks
    maxie014
    I work with a computer guy who owns CBGT and mines several crypto currencies. He's riding the price of bitcoin up, but doesn't know if he should sell some now or keep rolling the dice. He's doing well, but without a plan it's easy to get distracted and make bad choices
    Originally posted by bostonerimus
    Just out of interest how do you mine the crypto currencies??

    Got no bitcoins or anything like it myself but good luck to anyone making money off it.
    • bostonerimus
    • By bostonerimus 29th Nov 17, 11:55 PM
    • 1,237 Posts
    • 689 Thanks
    bostonerimus
    To mine BTC you use software to do accounting on BTC transactions. The ledger of transactions is broadcast and anyone can do some up keep and then rebroadcast it. You earn BTC by doing this.
    Misanthrope in search of similar for mutual loathing
    • Billco
    • By Billco 30th Nov 17, 3:01 AM
    • 45 Posts
    • 16 Thanks
    Billco
    Things have changed dramatically in the Bitcoin world. I seriously wish I had jumped on the bandwagon when it first came out and I could well be rich by now, although granted I could have lost that lot but that's true of any investment "risk

    The days of having your currency on a usb stick are long gone though. Security has been hugely increased aswell as a sort of, spread out computer voting system that keeps track of who owns what and stops it from being lost or stolen.

    As for mining yourself, other crypto currencies can still be mined at home but your home pc will never be able to mine enough bitcoin to cover the electric bills, not now it's gotten harder to mine. Which is why companies are investing millions in server farms to mine the currency.

    I recently got one of those "too good to be true" opportunities to buy bitcoin and then use it to get a return. So I did a tonne of research and eventually, reluctantly took the plunge.

    I bought some bitcoin when it was worth about 6k each. It's now over 7.5 so I've made a profit already anyway but I'm also injecting the capital into another organisation and receiving on average 1% return a day so I'm more than happy with that as I'll have doubled my 2 grand within 140 days.

    I'm a truck driver by trade. Work all day every day for not a lot of money and its nice to.have a second source of savings/income building up while I sleep.

    You can trade bitcoin in a majority of CEX stores. You can get a visa/MasterCard that allows you to spend bitcoin in any store that accepts card payments, even Amazon is looking at accepting bitcoin payments.

    I honestly don't think Bitcoin is going anywhere. Financial analysts estimate it'll hit 10k by Xmas and continue increasing going forwards.

    Honestly guys, do your research and I think you'll find there is money to be made. But just like old Martin Lewis said himself about it the other day, don't spend anything you can't afford to lose.
    Last edited by Billco; 30-11-2017 at 3:10 AM.
    • bostonerimus
    • By bostonerimus 30th Nov 17, 3:09 AM
    • 1,237 Posts
    • 689 Thanks
    bostonerimus
    Yeah it's gotten really difficult to mine bitcoin now and my co worker mines some others as well
    Misanthrope in search of similar for mutual loathing
    • BananaRepublic
    • By BananaRepublic 30th Nov 17, 7:33 AM
    • 936 Posts
    • 680 Thanks
    BananaRepublic
    Just out of interest how do you mine the crypto currencies??

    Got no bitcoins or anything like it myself but good luck to anyone making money off it.
    Originally posted by maxie014
    Essentially you burn huge amounts of CPU time, running a program that slowly generates bitcoins. The more CPU you burn, the more bitcoins you generate. The problem is that 'mining' bitcoins consumes so much energy that it is environmentally unfriendly. Of course the current price bubble just encourages more and more wasteful energy usage.
    • markj113
    • By markj113 30th Nov 17, 7:45 AM
    • 125 Posts
    • 93 Thanks
    markj113
    Difference is that Bitcoin's have virtually no use in the legitimate economy
    Originally posted by dividendhero
    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.

    The ability to send money anywhere in the world without getting hit with large transaction fees?

    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?
    • atilla
    • By atilla 30th Nov 17, 9:34 AM
    • 828 Posts
    • 708 Thanks
    atilla
    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.

    The ability to send money anywhere in the world without getting hit with large transaction fees?

    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?
    Originally posted by markj113
    Change your bank then!
    And stop scaremongering.
    • Malthusian
    • By Malthusian 30th Nov 17, 9:51 AM
    • 3,463 Posts
    • 5,304 Thanks
    Malthusian
    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.
    Originally posted by markj113
    Last time I wanted to make a large transaction I did it online. I don't even own a cap.

    What kind of control do I have over my money when one day it's worth £100 and the next £50 and the next £150? That's a very Brexity definition of the word "control".

    The ability to send money anywhere in the world without getting hit with large transaction fees?
    The volatility means there's a transaction fee of potentially 20% or more if the speculators move against you in between agreeing the price and delivering payment in Bitcoins.

    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?
    The kind of statement that shows that Bitcoin rampers know a lot about tech and zilch about finance (and not that much about tech). The banks are not looking to do anything. The banks have no say in the EU depository compensation framework.

    Some wonks have recently proposed changing the text of the regulations governing EU compensation schemes so that during a financial crisis, instead of being required to compensate investors immediately, they would be allowed to suspend compensation payments temporarily, although investors would be permitted to make daily withdrawals to cover their living expenses.

    There is no suggestion of compensation schemes being scrapped, only to give them flexibility to pay compensation more slowly during a financial crisis. And it's an opinion paper, a kite-flying exercise, nowhere near becoming EU law.

    It has no relevance to UK investors due to Brexit, unless they invest in EU banks.
    • markj113
    • By markj113 30th Nov 17, 7:52 PM
    • 125 Posts
    • 93 Thanks
    markj113
    Last time I wanted to make a large transaction I did it online. I don't even own a cap.
    Originally posted by Malthusian

    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.

    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash. Turned up on the notified day with all my I.D and they still refused to give me MY money. All very embarrassing when the garage involved were traveling around 3 hours to deliver it and they were on their way. Had to get them to bank transfer instead.

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
    Last edited by markj113; 30-11-2017 at 8:00 PM.
    • chockydavid1983
    • By chockydavid1983 30th Nov 17, 8:07 PM
    • 484 Posts
    • 290 Thanks
    chockydavid1983
    My feeling is that the point when everyone is saying buy something is the point at which you've missed the opportunity to make big money in it.
    • jimjames
    • By jimjames 30th Nov 17, 8:09 PM
    • 12,241 Posts
    • 10,778 Thanks
    jimjames
    The ability to send money anywhere in the world without getting hit with large transaction fees?
    Originally posted by markj113
    But the value of what you sent dropped by 20% in the process of sending. Not much use as a store of value

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
    Originally posted by markj113
    I can send money from my bank to whoever I want. Transferring £40k is instant with no hassle. You can't compare cash transactions to bitcoin, compare electronic money transfers
    Last edited by jimjames; 30-11-2017 at 8:11 PM.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • doe808
    • By doe808 30th Nov 17, 8:19 PM
    • 253 Posts
    • 245 Thanks
    doe808
    Sold mine today and invested in tulips instead
    Total - £340.00

    wins : £7.50 Virgin Vouchers, Nikon Coolpixs S550 x 2, I-Tunes Vouchers, £5 Esprit Voucher, Big Snap 2 (x2), Alaska Seafood book
    • catoutthebag
    • By catoutthebag 30th Nov 17, 8:45 PM
    • 2,177 Posts
    • 478 Thanks
    catoutthebag
    My feeling is that the point when everyone is saying buy something is the point at which you've missed the opportunity to make big money in it.
    Originally posted by chockydavid1983
    This is just the start. A bit over the top to say 'everyone' just because of s milestone/press...there were other milestone and press...and still 0.0000000001% of the population has any crypto
    • dividendhero
    • By dividendhero 30th Nov 17, 10:53 PM
    • 120 Posts
    • 94 Thanks
    dividendhero
    This is just the start. A bit over the top to say 'everyone' just because of s milestone/press...there were other milestone and press...and still 0.0000000001% of the population has any crypto
    Originally posted by catoutthebag
    given a world population of 7.6 billion, that equates to 0..076 people in the world who owns Cryptos...
    • atilla
    • By atilla 1st Dec 17, 9:45 AM
    • 828 Posts
    • 708 Thanks
    atilla
    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.

    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash. Turned up on the notified day with all my I.D and they still refused to give me MY money. All very embarrassing when the garage involved were traveling around 3 hours to deliver it and they were on their way. Had to get them to bank transfer instead.

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
    Originally posted by markj113
    Perhaps the bank were being sensible and looking after your account as you would hope?

    Or just a non story.
    Bought a car myself earlier this year.
    One quick call to the bank and £20k moved across to the dealer there and then.
    No issues.

    Or do the bank have you marked down as a "wrong 'un"?
    • Malthusian
    • By Malthusian 1st Dec 17, 10:17 AM
    • 3,463 Posts
    • 5,304 Thanks
    Malthusian
    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.
    Originally posted by markj113
    Whereas Gallant here transferred his house deposit in slices of £20,000 each day to his solicitor, well in advance of the completion date.

    This seemed a much simpler solution than transferring Bitcoins, which potentially could have taken days, and then finding I needed to transfer an extra 20% to my solicitor because the price had fallen.

    Personally I expect the bank to make it difficult to get a large sum of money out of my bank account.

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
    Except it's not instant - some blockchain transactions take days due to the overload on the network.
    • msallen
    • By msallen 1st Dec 17, 10:22 AM
    • 595 Posts
    • 574 Thanks
    msallen
    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash.
    Originally posted by markj113
    I take it that wasn't your "Lambo" that you proudly posted a picture of yesterday, then hastily removed again, as they tend to go for a couple of hundred grand more than that.
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