65 replies to this topic

[smiley]

It's quiet in here on this.

No hoggers saving up for V6 money or something?

 

Edited by smiley, 07 December 2017 - 08:34 PM.

[CHILL Gone DUTCH]

There running high at the moment 

[smiley]

Yeah, the talk of the town on some car forums i'm on. Just not here it seems. 

[CHILL Gone DUTCH]

The 60 day cash in could be a issue for making bitcoin work 

[CHILL Gone DUTCH]

The mining side of things worry me, as its becoming the rich who are able to mine quickest and there all up each other sleeves to approve it 

[smiley]

On that level, the question is if bitcoin will make it on top as a workable product.

Now it's more of a crazy investment thingy, then an actual ground for an alternative currency people can actually use.  

 

[CHILL Gone DUTCH]

On that level, the question is if bitcoin will make it on top as a workable product.

Now it's more of a crazy investment thingy, then an actual ground for an alternative currency people can actually use.  

 

 

it will soon be if not already out of the reach of a working man and become a game of the rich (corporations ) but i suspect the more professional it gets the more likely of failure. 

time will tell will be interesting

 

i did read a report that the amount of computing power which is now being used to "mine" is now using that much power that it only the places which has cheap electricity is quickly becoming the only place it could even be possible to mine

Edited by CHILL Gone DUTCH, 07 December 2017 - 09:30 PM.

[smiley]

Next Monday the bitcoin will be in the regular stock exchange, open to business for the big boys.

Let's see what some serious shorting does to it.

 

A few weeks ago a read an article on some clever website guys, stealing some small cpu power from your device to mine while you visit their site.

I think antivirus probably got the best of these now, but i admire the cheeckyness of it.

 

[Chris P Duck]

Quite a few websites now use your CPU power to mine for them instead of adverts. I only noticed as I have a water cooled pc where the fans speed is linked to the CPU temp, fans went mental while just browsing and I found my CPU maxed out mining for the site owner.

[Nev]

South sea bubble...

 

As usual it's just hype that sustains the price, once confidence fails it will drop like a stone like all the others. Every generation manufactures one of these instruments and every generation ends up sobbing.

 

 

Edited by Nev, 08 December 2017 - 08:35 AM.

[siztenboots]

just wait and see for the spread when the short positions get their teeth , there is an absolute killing to be made

[SteveA]

i did read a report that the amount of computing power which is now being used to "mine" is now using that much power that it only the places which has cheap electricity is quickly becoming the only place it could even be possible to mine

 

 

There was an article in New Scientist last month about data centres in polar regions mining as it meant no cooling was required resulting in lower costs.

[Foxy]

This hurts my brain. 

[SteveA]

The biggest problem with Bitcoin and the reason I think it will never be the universal currency it is billed as is the enormous level of wasted effort involved in encrypting and decrypting them. Also they are synonymous with crime due to their untraceable nature. Wish I'd invested in the early days but back then there was a bit too much scamming going on.

 

Last thing I read proposed using Quantum Computers to do the encryption process and that would solve the issue but these are only theoretical at the moment.

Edited by SteveA, 08 December 2017 - 11:24 AM.

[Mattyboi]

Can someone explain for an IT simpleton what the mining thing is and how bitcoin works?

[SteveA]

Here is a pretty simple explanation

 

 

The article I read in New Scientist said the amount of energy used for Bitcoin Mining is currently the same as the entire country of Ecuador.

Edited by SteveA, 08 December 2017 - 12:34 PM.

[Mattyboi]

Thats crazy! I'll stick with a job i engineering and a piggy bank.

[The Batman]

Its all witch craft

[Nev]

It's just ethereal nonsense that gullible people buy into because (as usual) it's over hyped. It's not like owing anything of value, like a share in a company (which has tangible and human assets). Instead all you "own" is something that doesn't exist physically, and only has a value becuase others think it has. When confidence in it fails for one reason or another, the value will drop faster than any other financial instrument.

 

To draw an analogy, imagine selling your VX220 in exchange for a fist full of air. Would you do it simply because a few other people in the world also think a fistfull of air is worth something? Hopefully you have enough wit not to do such a thing.

 

In short, it is imaginary currency, like kids invent in a playground. Reminds me of the Pokemon card craze, cards used to sell for crazy money in the playground just cos some other kids thought they were worth something. Now that the craze has past, the cards are worthless, no doubt some of the kids who spent hundreds of dollars on them are now wondering why they ever did it...

Edited by Nev, 08 December 2017 - 02:26 PM.

[SteveA]

But one that people trade in. At this point last year a bit coin was worth around $700 if you'd have bought just one the value of that coin today is $15K.

 

Which other stock appreciates at that level?

 

Edit - to update it to the value as of today

Edited by SteveA, 08 December 2017 - 02:28 PM.