Cryptocurrency.
‹ Previous1234
  • Anyone brought in on this?

    Shits going crazy at the moment, it's getting a little too exciting. The Bitcoin brand is fighting off a hijacking attempt which caused it's price to dip but then recover to an all time high. At the same time a currency called Tether which claims to be backed by actual USD on a 1:1 basis is being exposed that it's nothing of the sort. Why is this a problem? A ton of it has been used to buy other cryptocurrencies so potentially all coins might be backed by a lot of nothing. And it's still pumping out more coins for sale. Then last night, a coin called Confido offering escrow like services, just disappeared with a ton of cash. Forums went wild with stories of life savings wiped out etc and then they deleted all traces of themselves everywhere. Phew.
    aaaaaAAH FA-SHION!
  • Kow
    Show networks
    Twitter
    Kowdown
    Xbox
    Kowdown
    PSN
    Kowdown
    Steam
    Kowdown

    Send message
    I bought ten bitcoins when they were worth about 15€ each. Then I forgot about them. Then I formatted my pc and lost the wallet forever. Oh well.
    gamer of the year 2017
  • Kow
    Show networks
    Twitter
    Kowdown
    Xbox
    Kowdown
    PSN
    Kowdown
    Steam
    Kowdown

    Send message
    Everybody seems to be buying Ether these days.
    gamer of the year 2017
  • You haven't lost the wallet if you can locate your seed key...
    aaaaaAAH FA-SHION!
  • Kow
    Show networks
    Twitter
    Kowdown
    Xbox
    Kowdown
    PSN
    Kowdown
    Steam
    Kowdown

    Send message
    I can't locate anything, all gone.
    gamer of the year 2017
  • Shit man. Sorry to hear that.

    Ethereum's market cap right now is £26,331,055,824.
    aaaaaAAH FA-SHION!
  • Kow
    Show networks
    Twitter
    Kowdown
    Xbox
    Kowdown
    PSN
    Kowdown
    Steam
    Kowdown

    Send message
    I tried to recover them when the value went up to about 300 euros, thinking they wouldn't get much higher than that...
    gamer of the year 2017
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    Have you checked down the back of the sofa?
  • Bitcoin's a ponzi, but so is money so who knows what'll happen. Probably go to zero, but the real interesting thing is the idea underpinning it, and what other use cases (more intricate ones) might emerge.
  • No one tell kow his bitcoin would be worth
    Spoiler:
  • Nina
    Show networks
    Twitter
    myHighnessOne
    Xbox
    SU SPRIET
    PSN
    myHighness
    Steam
    myHighness

    Send message
    B has invested a little bit in a couple (bitcoin, think ethereal too), but isn't very good at it. For some reason he sold his bitcoins the day before their value shot up a few weeks ago.

    Colleague of him has added a couple of zeros to his bitcoin investment, he was there when they started and didn't lose them. Or sell them.
  • I'm not sure how it would work as a Ponzi scheme. It's not like you can just disappear with everyone's Bitcoins.
    aaaaaAAH FA-SHION!
  • Nina wrote:
    B has invested a little bit in a couple (bitcoin, think ethereal too), but isn't very good at it. For some reason he sold his bitcoins the day before their value shot up a few weeks ago. Colleague of him has added a couple of zeros to his bitcoin investment, he was there when they started and didn't lose them. Or sell them.


    Depending on when he bought them, he might still have made bank. He might just not be telling you!
    aaaaaAAH FA-SHION!
  • The Ponzi nature of it is that everyone invests expecting masisve returns, when the only reason for its value is... Everyone expects a massive return. It has no value but that which others assign it. But that is true of (modern) fiat currency too. That said, money is used every day. Nowadays only a fool spends bitcoin, most just hold it. If we all held on to our money, society would get nowhere. Hence bitcoin is no longer digital money and more like digital tulips.

    Not saying it's designed to be a ponzi, it was probably just an experiment to show double spending problem can be solved, and decentralised money creation can work.

    It can go to zero any number of ways. 51% attack (particularly if quantum computers are a thing, miner centralisation, coordinated regulatory backlash.)
  • Y'all should follow bitcoin group on youtube. And Tone Vays and the other bitcoin maximalist, they're great for a laugh. A truly odd corner of the internet.

    You should read the satoshi white paper and read everything by Nick Szabo for wider possibilities for blockchain.
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    I'm not sure how it would work as a Ponzi scheme. It's not like you can just disappear with everyone's Bitcoins.

    It's the inherent value, it has none. It's only value is the demand it has. If that demand ever dissipates then the value will plummet. Now that's not massively different to standard currency, but there is faith that someone (the government) will do something (prop it up) if a trad currency starts to go down the pan.
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    Or what gonzo sed
  • Yeah, the ultimate goal of Bitcoin should be closing the loop in that it's traded for goods services, employers pay in BTC, manufacturers get paid in BTC. It's true that it's now a storage of value rather than cash now. The blockchain though, will never be as fast as credit cards though so right now it's difficult to imagine it being adopted as digital cash. I think it's mainly being used now to buy other digital currencies, which reinforces it's position as digital gold.
    aaaaaAAH FA-SHION!
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    But gold has inherent value. It has uses other than just a hoarder of wealth. Until we find a golden asteroid and mine the fuck out of it gold will be valuable due to its qualities and rarity. I'm not sure you can say that about bitcoin.
  • I'm not sure how it would work as a Ponzi scheme. It's not like you can just disappear with everyone's Bitcoins.
    It's the inherent value, it has none. It's only value is the demand it has. If that demand ever dissipates then the value will plummet. Now that's not massively different to standard currency, but there is faith that someone (the government) will do something (prop it up) if a trad currency starts to go down the pan.

    It's true, fiat currency is ultimately backed by state sponsored violence and if it goes to shit, one option is to print more of it which leads to inflation. Or if they're part of an economic block, they're not allowed to. Bitcoin is only worth what people believe it to be worth. Citizens of Greece, Venezuela and Zimbabe could have transferred their cash into Bitcoin and have been protected from hyperinflation.
    aaaaaAAH FA-SHION!
  • But gold has inherent value. It has uses other than just a hoarder of wealth. Until we find a golden asteroid and mine the fuck out of it gold will be valuable due to its qualities and rarity. I'm not sure you can say that about bitcoin.

    But I don't think gold has inherent value other than everyone believes that it's worth X amount. Gold is heavy, cumbersome and can be seized. Bitcoin, if you store it securely can't be seized. Bitcoin, also has a limited amount which protects against inflation, but gold is constantly being mined.
    aaaaaAAH FA-SHION!
  • GooberTheHat
    Show networks
    Twitter
    GooberTheHat
    Xbox
    GooberTheHat
    Steam
    GooberTheHat

    Send message
    But only if the could spend it. I'm not sure you can do that down at the local fish market. They could have have transferred their money to dollars or gold and have been equally protected from inflation.
  • But only if the could spend it. I'm not sure you can do that down at the local fish market. They could have have transferred their money to dollars or gold and have been equally protected from inflation.

    Again, doing that means their assets could be seized by any government. It also assumes that you have access to a currency exchange or a bank. All you need to spend Bitcoin is a phone and signal. If their currency was devalued to nothing, they wouldn't have access to foreign currency or gold to spend.
    aaaaaAAH FA-SHION!
  • Gold is made in like 1% of stars. It's scarcity is coded into our physics. Bitcoin just imitates it, doesn't become it.
  • legaldinho wrote:
    Gold is made in like 1% of stars. It's scarcity is coded into our physics. Bitcoin just imitates it, doesn't become it.

    So then mathematically there's more potential supply of gold available than Bitcoin.
    aaaaaAAH FA-SHION!
  • cockbeard
    Show networks
    Facebook
    ben.usaf
    Twitter
    @cockbeard
    PSN
    c_ckbeard
    Steam
    cockbeard

    Send message
    I'm in the Kow bucket, grabbed a couple back in marunrum days when Mr B first mentioned them. But I've no idea where they might be now. Really hoping the spoiler was for Kow's 10 coins not just a single one as that'd be a nice touch at the minute
    "I spent years thinking Yorke was legit Downs-ish disabled and could only achieve lucidity through song" - Mr B
  • Kow
    Show networks
    Twitter
    Kowdown
    Xbox
    Kowdown
    PSN
    Kowdown
    Steam
    Kowdown

    Send message
    They're worth almost 8 grand each now.
    gamer of the year 2017
  • legaldinho wrote:
    Gold is made in like 1% of stars. It's scarcity is coded into our physics. Bitcoin just imitates it, doesn't become it.

    So then mathematically there's more potential supply of gold available than Bitcoin.

    I can tell we have a true believer on our hands. All hail bitcoin folks!

    You should deffo check out the bitcoin group.

  • I use bitcoin to buy stuff.

    That is all.
    Gamertag: gremill
  • Yes please.
    Gamertag: gremill
‹ Previous1234

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!