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Bitcoins

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Comments

  • Could be, I just signed up myself. Its quite alot to give away, I think the site is new so hard to say but its free to register anyhow

    Found a site that'll let me buy games with coins. Coins I made with a graphics card for playing games, its like a car making petrol :p
  • JeffEllis wrote: »
    Say before 1971 when all currencies around the world were backed by gold, if the technology was around back then there could have been credit cards and online banking digital currency that was backed by monetary precious metals.

    by a digital currency, i don't mean to include any currency that can be used in online banking. (or sterling would be a digital currency now.)

    the essential point of a digital currency is that you have to trust the mathematics, instead of having to trust some real person or organization (e.g. the bank of england).

    and mathematics can't ensure there is really 1 unit of precious metal backing 1 coin. only real ppl can do that.

    you could have a mixed currency system, partly a digital currency, but with a real vault of a precious metal, with 1 unit of the currency giving the right to withdraw 1 unit of the metal. (it would have to work a bit differently, in that the ppl who contributed the metal in the first place would insist on initially owning all the digital coins.) ... but what is the advantage?

    either the currency would be widely adopted, and the value of the coins would soar to far more than the value of the metal held, making the metal irrelevant. or the currency would be a flop, and all the metal would be withdrawn. there would only be a very limited interim period, in which the outcome was in the balance, and in which the metal backing might make the currency more stable.

    the disadvantages are the higher costs, compared to a pure digital currency. and the need to trust the vault.

    i also struggle to see how it would get going. somebody would have to spend a lot on speculative start-up costs.
  • csm888
    csm888 Posts: 112 Forumite
    I'm not really sure how significant this is, but it makes a good headline,
    and will clearly fuel interest ;
    "China Telecom has started accepting Bitcoin"

    http://js.189.cn/w2014
  • I "invested" last week in it, bought 1ks worth of coins and sold just over half of my coins today to get back my 1k (not that the 1k is back in my bank account). will keep the bitcoin i have left over.

    might put 10% of my regular savings in it on a monthly basis, the price is either going to rocket to 25k a coin or die a death. could be an invention greater than the internet.
  • csm888
    csm888 Posts: 112 Forumite
    I "invested" last week in it, bought 1ks worth of coins and sold just over half of my coins today to get back my 1k (not that the 1k is back in my bank account). will keep the bitcoin i have left over.

    might put 10% of my regular savings in it on a monthly basis, the price is either going to rocket to 25k a coin or die a death. could be an invention greater than the internet.

    I think that is a very good way to approach investing/speculating in Bitcoin. Buy at the limit of what you can afford to lose, , take some profit if/when it goes up so it becomes a zero risk game.
    Then it's a binary result, you win big or you lose nothing.
  • It might also be a good idea to diversify your cryptocurrency investment into other alternatives. I'm buying Peercoin with some of my Bitcoin profits as I feel the innovations Peercoin bring (more energy efficient, better security, lower risk of blockchain attacks) and the fact that it is inflationary (1% per year by design) make it a much better long term prospect in my view.
  • I've an investment in [MEC] Megacoin and it seems to be developing nicely.
    I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)
  • manhattan
    manhattan Posts: 1,461 Forumite
    Uniform Washer
    hildosaver wrote: »
    I've an investment in [MEC] Megacoin and it seems to be developing nicely.

    Is Megacoin owned by Kim Dotcom?
  • paddyrg
    paddyrg Posts: 13,543 Forumite
    Anyone want to pump their savings into paddyrgcoin?

    I guarantee a finite supply and you can swap numbers with friends via my brokerage. The exchange rate is completely unpegged and I will guarantee to buy back the numbers at the same price if your investment hasn't doubled at the end of 2 years, more than any other number-vendor is offering.
  • Satoshi
    Satoshi Posts: 253 Forumite
    I hear about a program where you can create a copy of all these megcoin cryptocurrencies in 3 days.

    I want to release exactly the same thing as bitcoin but only 20million so its more rare and easier to transact with.

    I will call it justanothercryptofromthinair-coin.

    Its the next big thing get in early on this really!
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