Sterling to get abused even more?

IzzyFreedman

andy.m wrote: »

I can only think that should the entire BTC record be destroyed/lost/hacked that physical coins are tangible and hence still valid.
As well as a touch of collect ability?

No if your funds ever get Cyprused your coins are still worth their intrinsic scrap value. Instawalet has been Cyprused. If it was silver coins they would be worth the intrinsic value. They can not be Cyprused.

If you store your wealth in bitcoins you will one day go through what this kid went through

http://www.youtube.com/watch?v=bem-MNh5g_c

andy.m_2

Well I jumped in today, for a small play more than anything, as I said if I make enough for a night out then it's all good and worth the time.

John_Pierpoint

Can someone point me at an explanation of how a "bitcoin" is created?

IzzyFreedman

John_Pierpoint wrote: »

Can someone point me at an explanation of how a "bitcoin" is created?

As far as I understand it, and please correct me where I am wrong - This Japanese guy started the entire bitcoin idea, and said there are only ever going to be 21million bitcoins and the supply can not be expanded at all. You have to lend him your computing power and electricity of your PC for him to use to run all the transactions going on around the world. This is called digital mining, and around half the 21million have already been mined.

The question I want to know is after the other half have been mined where is the computing power going to come from as no one will be mining bitcoins any more?

But this is just one question when there are many better questions to be asked. This is why I like bitcoins so much even though I will never get involved. But as people start to learn about bitcoins they start to ask questions like: Can you buy real money with it? Then they think hang on maybe the question should be - can what we think is money buy bitcoins and the main question should be WHAT IS REAL MONEY?

John_Pierpoint

The main thing about bitcoin seem to be that the state(s) have difficulty skimming off 20 - 50% every time a profit is made ? It is like software: you cannot hear it, see it, taste it, touch it, but its smells

What is to stop me setting up a rival on-line currency.
Perhaps I could call it electronic RMB ?

Come to think of it, did not the Germans get out out their horrible inter war mess, with WW1 reparations debt, by devaluing the mark and then reissuing the currency, as backed by the resources and industry of the German state; seeing as they had no gold..

IzzyFreedman

John_Pierpoint wrote: »

The main thing about bitcoin seem to be that the state(s) have difficulty skimming off 20 - 50% every time a profit is made ? It is like software: you cannot hear it, see it, taste it, touch it, but its smells

What is to stop me setting up a rival on-line currency.
Perhaps I could call it electronic RMB ?

Come to think of it, did not the Germans get out out their horrible inter war mess, with WW1 reparations debt, by devaluing the mark and then reissuing the currency, as backed by the resources and industry of the German state; seeing as they had no gold..

There is nothing to stop anyone creating a currency backed by nothing. The tricky part is getting people to believe its worth something. This is what amazes me how that Japanese guy got confidence in his bitcoin? This is the key. Its a con game.

People say well what is gold and silver bullion backed by? The answer is the atoms of AU and AG they are money in and of themselves.

andy.m_2

There are alternatives, Litecoin for one, but Bitcoin seems to be the VHS to others' Betamax.

dryhat

There is nothing stopping anyone creating another digital currency.

If people like it they will buy in.

Bitcoin now trading at £104 - up about £7 overnight.


Bubbletastic.

andy.m_2

I used localbitcoins.com as suggested and it was painless, the only worry I had was while waiting for 3 confirmations, but they came and the BTCs showed in my wallet.

I'm not sure where I want to store them long term though, the fella I bought them from stores them in a blockchain.info wallet but I'm thinking about maybe an offline wallet?

I would also like to have the code written down in paper form if at all possible as a backup, but again I'm not sure how to go about this.
As I only have a few BTCs then if the world turned out to be flat then it wouldn't bring my house of cards down but all the same I would like to do all I can to keep my powder dry.

dryhat

andy.m wrote: »

I used localbitcoins.com as suggested and it was painless, the only worry I had was while waiting for 3 confirmations, but they came and the BTCs showed in my wallet.

Nice one mate.

Did you follow the lead I gave you?