Cryptocurrency

[Zak Griffin]

Is anyone else involved in trading cryptocurrency? I just started to dip my toe in over the weekend and I'm hooked!

[Minpac]

I've done some mining over the years, and have a couple bitcoin in a wallet that I encrypted and can't remember the password for :angry-banghead: ~x( :crying-blue:

It's an interesting concept. There's so much going on in crypto, I've gotten a bit overwhelmed and not kept up with any regular trading.

[nuddy]

I've done some mining over the years, and have a couple bitcoin in a wallet that I encrypted and can't remember the password for :angry-banghead: ~x( :crying-blue:

It's an interesting concept. There's so much going on in crypto, I've gotten a bit overwhelmed and not kept up with any regular trading.

Might wanna find out a way to get that password, bitcoin went over $4000 USD last week.



Done a little research but haven't taken the plunge.

What did you dabble in Zak? Ethereum?

[Zak Griffin]

Yeah I only have $250 in at the moment. $100 in Bitcoin and Ethereum, $100 in Neo and $50 in TenX.

Planning on dropping $100 in here and there and just holding medium to long term.

[warramungas]

I remember reading with interest when bitcoin went live. Wish I'd chucked a hundred in then. Be worth millions now.

[wynnum1]

How is the money stored in a Cryptocurrency and with all the criminal activity that use it for payment could it be closed down by governments.

[Sparrow]

How is the money stored in a Cryptocurrency and with all the criminal activity that use it for payment could it be closed down by governments.

I'm surprised it hasn't been already, governments don't like criminal activity, when it's not run by them or they're not getting their cut that is.

[Minpac]

The money is stored via calculations called a blockchain between all the computers running on the network. Hard for a government to interfere. If I recall correctly, you can attack it, but only if you have 51% of all bitcoins yourself.

[orcy]

I nearly dropped a grand in bitcoin when they were 3 dollars each. Probably would have been hacked or cashed out by now anyway.

[markus]

I’ve never really had any knowledge of this crypto currency until I seen this thread a few weeks back which got me reading. With bitcoin worth nearly 7 grand USD up from 4 grand in just a few weeks :shock:
Think I might try my luck in some Ethereum once it’s price drop settles

[Zak Griffin]

Yeah it's mental! So much new money coming into crypto now as well.

[wynnum1]

US debt $20 trillion and growing who is owed all that money probably better to invest in something useful like the wheel barrow of money where the wheel barrow is worth more then the money in it that is what happened in Germany and Zimbabwe when you get payed go out and buy useful items the other thing is solar radiation Carrington Event if this where to happen again all the electronics could get fried.

[crow]

Yeah all that global debt is virtual, and how can ya know its virtual for a fact? Easy the world bank is "owed" thousands of years of global GDP but has only existed for a few decades so could not have had that resource to lend out in the first place, all that is lent out (for the want of better words) is a promissory note to back an amount the they no resource to back with in the first place. Just one big dangerous game of smoke and mirrors with a few guys getting ultra rich. Why not bitcoins, its backed by the same speculation and invisible horse shit that backs up the pretend global economies.

[Zak Griffin]

'real money' is only worth something because the government tells you it is. What you're saying is exactly the reason that cryptocurrency is going to be a very very big thing, wynnum

[YarraRanges]

Yeah I'm into it. Bitcoin is forking next week on or about the 15th to bring about Bitcoin Gold. Everyone who has Bitcoins gets an equal amount in Bitcoin Gold.
Bitcoin is going ballistic at the moment due to EMC markets saying they'll be trading in Bitcoin futures by the end of the year.
My long term bet is on Ethereum. It has a better blockchain setup than Bitcoin. It can be used for contracts, secure online voting and tracking, for example, paddock to plate. That's to just name a few.
This whole new thing of blockchain which is a distributed and encrypted database as opposed to the more usual centralised database will bring a huge paradigm shift to the way we do things. The good thing is that governments and central banks can't corrupt them. We'll be able to exchange moneys around the world without some bank or money changer pulling a fee.

[RuddyCrazy]

Well considering this fiat currency is the longest lived and the US is printing money 24/7 and there is talk early next year of China Russia and South Africa stripping the US dollar off as the world currency the fiat will return to it's true value of ZERO. No virtual currency will take it's place.

Ever since gold was stripped off the currency value the big con has gotten bigger and when it busts it's going to be a doozy :laughing-rolling:

Where it heads after that is anyones guess but it's not a case of if more like when.....

[wynnum1]

What is this about Bit-coins energy consumption exceeding many small countries.

[YarraRanges]

What is this about Bit-coins energy consumption exceeding many small countries.

I've looked into this and found that many of the writers don't know the difference between mining and a transaction. Last time I looked at mining it took an ASIC reduced instruction set computer being clocked so fast that it drew around 1.4 KW. It would take a week or two to mine a bitcoin. That works out for 2 weeks at about $160 in power.
I'd say that the rumour is absolute BS.
As for bitcoin transactions, each one takes about 10 seconds to complete as hash codes are written to the preceding transactions. I'd reckon than teenagers surfing porn would use a lot more power.

[markus]

Big shout out to Zak for this tread he posted a few weeks ago. I’ve never really heard of crypto shares until seeing his post. Thanks to him I’m hooked and have been researching the shit out of it. :techie-typing:
I’ve got litecoin, salt and adex.
I’m on board and only wished I got in earlier.
I may be brainwashed, but I think it’s the way of the future :-B

[scythe]

How does one go about mining bitcoin?
Seems like a good way to get into it, rather than laying out thousands up front.