Bitcoins

DiggerUK

andy.m wrote: »

....Bitcon is being traded as a desirable commodity and the value is bubbling out of control.....

Contrary to it's adherents claims , more and more bitcons can be created, or fractionalised, by moving the decimal point.

They already have the facility to go to 8 decimal places, and it is claimed that by altering the computing protocols, the decimal point can be moved.
Why not solve all the universes financial problems and go to 42 decimal places.

On ebay yesterday a bitcon went for more than the price of a gold sovereign. I know what I would buy.
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paddyrg

The main, 'trusted' exchange for bitcoin is *again* under DDOS, but what do we know of the history of this important exchange platform?

Self-styled Mt. Gox was formerly an exchange platform for gaming assets from Magic: The Gathering. As such it's probably got some credibility in terms of being an exchange platform for trading fantasy and non-tangibles, but in 2009 the front page was the following...

Welcome to the Far Wilds!

You are a warlord in the outskirts of the known world struggling to establish a kingdom in the wild lands. You must use strategy and wits to establish yourself and not be pushed back further into the wilderness.


The Far Wilds is a unique turn based strategy game. Configure an army and fight on a random battlefield.

Battles are dynamic. You must adapt your strategy to different battlefields conditions and opponents.

Play now for Free!: 3d version or in a Browser


Next Set: Borderlands

July 30, 2009
We are releasing a new expansion in September called Borderlands. It will add two new races to the world of the Far Wilds.
The Celestial Imperium moves out toward the northern wastes to respond to the rising tide of the Hordes of Chaos. Disciplined and Powerful Psions wield their minds against twisted Mutants. Priests and Paladins of Xosa battle with Demons and armies of Orcs across the wilderness of the Borderlands.

Stay tuned! Release events will be announced closer to the actual release.

Battle Draft

July 6, 2009
We have created a new tournament mode. It is called a Battle Draft.

You and your opponent share the same hand of cards. So you must strategize about which card is best to play given what other cards are in the card pool and what your enemy can conceivably play.

Balancing Changes

July 16, 2009
We are going to make a few balancing changes sometime this week. Many buildings will change also Ascent and some other cards. We will post a complete list when the changes take place.

We realize that this might upset some people but we think these changes will be better for the game balance and make the game better in the long run.
IMPORTANT: Anyone who owns cards that decrease in value because of these changes will be given gold to make up for the lost value. Forum Thread...

(Oh and the website was redesigned, obviously.)

Then it popped back up as an exchange for another fantasy currency.

pineapple

Has anyone here got bitcoins? Would you consider it?

dryhat

Yes and yes.

DiggerUK

No, and no.
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UsernameAlreadyExists

Also, no & no, but have read about them.

Radiantsoul

It has got to be high risk.
I suspect that some people will make money as the bubble builds, but ultimately the whole thing is quite likely to pop and they will end up being worthless. Probably most smart people will have got out by then.

dryhat

I turned £500 into £2k over the past 4 weeks and that is not a bad return in my book and was well worth the punt.

Risky, yes.

But worth it.

And there is no reason not to expect similar moves over the coming months.
But then it could go to zero.

Take out profits as you go and enjoy the ride.

I haven't had this much fun in ages.

JohnRo

Radiantsoul wrote: »

It has got to be high risk.
I suspect that some people will make money as the bubble builds, but ultimately the whole thing is quite likely to pop and they will end up being worthless. Probably most smart people will have got out by then.

The speculation bubble will pop, obviously, some will win big most will lose out to them but bitcoin is here to stay and getting stronger. The biggest problem at present is that many people don't seem to, or choose not to understand what it is.

It was designed as a crypto currency, the method of generating bitcoins has been designed to mimic a finite natural resource. Bitcoin doesn't have any inherent value beyond the transactional convenience, freedom, security and anonymity it provides. That doesn't mean they don't cost anything to produce though.

What their value will eventually be in fiat monopoly money terms is still being determined, we have to wait until around 2030 before the picture starts to become clearer.

http://rationalmind.net/2013/04/06/future-bitcoin/

DiggerUK

JohnRo wrote: »

.......It was designed as a crypto currency, the method of generating bitcons has been designed to mimic a finite natural resource.....

That is the fraud hiding in amongst the hysteria, it is not finite.

They may only issue 21 million bitcons, but due to them being able to deal in them by moving the decimal point, then they can increase the number of available coins. Just because they are called fractions of a whole bitcon is nothing more than a play on words.

Crypto QE is what I call it. They can already go up to 8 decimal places, and by changing the computing protocols they can move the decimal point to 42 places if they want.
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