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Bitcoins
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I'm gutted.
I sold 15 BTC last week for £97.50 each
Today they are trading at £158
... a difference of about £900
:mad:0 -
merlingrey wrote: »21 million bit coins ... can you buy fractional bits?....
The claim that Bitcons can't simply be created out of thin air is bogus.
Especially when it is claimed that, unlike fiat, it can't simply be QE'd in to existence.
Bitcons FAQ's claim that they can be divided (fractionalised) to 8 decimal places, and with a change to the computing protocols by even more decimal places.
Don't forget that 6 decimal places is a 1/millionth, so don't ask me what 42 decimal places equals.
Today on ebay a BTC went for 255 GBP + p&p....???madness, which is all going to end in tears.
...._0 -
The claim that Bitcons can't simply be created out of thin air is bogus.
Especially when it is claimed that, unlike fiat, it can't simply be QE'd in to existence.
OK then explain how that's possible please ... because it obviously isn't.
The only way anything like that could ever happen is if a 51% capture of the network is achieved by someone who wanted that it to happen and that's practically impossible now.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
Bitcons FAQ's claim that they can be divided (fractionalised) to 8 decimal places, and with a change to the computing protocols by even more decimal places.
Don't forget that 6 decimal places is a 1/millionth, so don't ask me what 42 decimal places equals.
Today on ebay a BTC went for 255 GBP + p&p....???madness, which is all going to end in tears.
...._
You might need 0.00000001BTC to buy a cup of coffee if the "real" economy catches up to the market cap. of bitcoin.
So they say.
However, at the moment bitcoin is trading at £95.
Down from £178 a couple of hours ago.
clever, crazy, brilliant, intriguing and mind-blowing all at the same time.
What a ride.0 -
It'll have a wild ride all the way, eventually it's going to become a big enough phenomenon to force the authorities hand and my guess, which isn't much of one, is that they'll then have to try shutting it down.
Who knows it might just provide the crooks in charge the pretext they're desperately looking for to seize control of the whole internet.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
interesting.
the authorities can't shut it down, though they can take out a few civil liberties while trying to. compare file sharing (of copyrighted content).
potentially, a lot of business could conducted using something like bitcoin, which would suggest each bitcoin (the maximum being 21 million of them) could be worth a lot. but it doesn't have to be bitcoin itself which captures this market. and it could be multiple, inter-operating systems; even if bitcoin is 1 of them, that would dilute the value of each bitcoin.
it doesn't interest me as an investment, though. i can't get my head round an "investment" that won't (even potentially) pay an income.0 -
It's a free market currency, or intended to be. Certainly never intended to be an investment as far as I can tell. The thing is it's new and trying to find it's level which is why people are speculating with it, it's a fair bet the eventual value could be a lot higher than its current valuation in monopoly money terms.
Its inherent value is in the freedom, convenience, security and anonymity it provides which is perhaps ironically the very thing that's going to make the authorities come after it sooner or later (imho)'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
It's a free market currency, or intended to be. Certainly never intended to be an investment as far as I can tell. The thing is it's new and trying to find it's level which is why people are speculating with it, it's a fair bet the eventual value could be a lot higher than its current valuation in monopoly money terms.
Its inherent value is in the freedom, convenience, security and anonymity it provides which is perhaps ironically the very thing that's going to make the authorities come after it sooner or later (imho)
Keep buying your bits and bobs i'll stick to real assets.
It's not a currency and it isn't money and it is not an investment, it is a virtual commodity, it functions as a commodity.
It reminds me of silver and where silver probably would be price wise if there was no manipulation, shorts and paper trades.
Difference is though silver is real and has an economic use in of itself.
Silver is actually more rare than gold (on the surface) due to industrial destruction and due to pricing it is almost not worth getting it out of the ground.
Could bitcoin one day turn into a currency? not if everybody is hoarding it hoping the price goes up or selling it worrying the price will go down.0 -
OK then explain how that's possible please ... because it obviously isn't......
Keep issuing smaller units, the currency of bitcon relies on faith , there is no value to them; it is already inflating in front of your eyes and you claim it isn't.
Doesn't matter if you print more and more pound notes, or fractionalise more and more bitcons, the virtual money press produces the same result......clever, crazy, brilliant, intriguing and mind-blowing all at the same time. What a ride.
It's a bad trip that is going to end in tears, the whole bitcon spectacle is hysteria on stilts.
..._0 -
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