65 replies to this topic

[ginek]

I'm with Nev on this one.

 

Understood BTC technically back in 2010 and it has remained equally nothing special (out of this weak interest I was too lazy to download and mine some  back in that time, would have some benefit now)

 

What a waste of energy...

[hairy]

And so the virtual bank raids begin...

 

https://www.theguard...ehash-passwords

[smiley]

There have been many on exchanges.

General advice is if you are going to trade Is to store in your local wallet.

And since even that can get hacked, it to get a hardware based wallet, and keep it unplugged until needed.

 

[Nev]

And so the virtual bank raids begin...

 

https://www.theguard...ehash-passwords

 

Sadly, no surprise to many of us I expect.

 

When I was working in the City it was estimated that only 2% of financial fraud was ever exposed into the public domain (as the banks + instituions that were robed clearly want to keep it quiet). Of that 2%, only a tiny fraction were actually successfully prosecuted, something like < 0.5%. For those of you who naively think the UK/world justice system works, just reflect upon that number for 10 seconds...

Edited by Nev, 12 December 2017 - 08:13 PM.

[jonnyboy]

That (Hairy's link) was another Exchange job. Just google bitcoin theft see how many there have been. 

 

Bitcoin as we stand today is secure. Its my belief that it wont permanently remain that way but it is today. 

 

As I mentioned in my earlier posts the issue lies with the exchanges. Mt Gox was the highest profile one but its the same story with all of these "heists" They reckon that their systems have been breached but what happens is that the operators of the exchanges let them grow to a certain size and then simply run off with the money. A similar thing has happened with the markets like Silk Road/Alphabay & Numerous others. They held money on account and just go when they have got a few million quid. 

 

A regulated exchange will be a very powerful thing just at the moment. 

[Nev]

The era of the bitcoin comes one step closer to ending: http://www.independe...y-a8121781.html

Edited by Nev, 21 December 2017 - 10:46 AM.

[VX Boyd]

Need to look further out than just BTC. It was the original and per coin is king but other currencies have improved on it and have seen monumental gains in comparison.

[jonnyboy]

The era of the bitcoin comes one step closer to ending: http://www.independe...y-a8121781.html

 

Just another exchange cut and run to add to the list. Yeah blame in on NK hackers that dont exist! 

 

As I have said its the exchanges that are the key to it all and it will happen to all crypto currencies. The blockchain is still unbreached so this has nothing to do with the currency itself just as the great train robbery didnt cause the ££ to fail. 

[anz3001]

So is this a niche but 'mainstream' thing now then, as in, it's not just limited to deeply dodgy deals in the deep web.

[Ormes]

Maybe I'm being silly here and not thinking things through, but isn't the true value of Bitcoin only equal to the total money put in?... so therefore any individual gain is matched by a corresponding loss, like some great wealth redistribution merry go round?  If it isn't as I describe, then isn't this like forging currency or quantitive easing?

[JohnTurbo]

Hard forks generate value out of thin air.

[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...

Isnt the above exactly the same as any other currency? When currencies were first created there was a promise to pay the bearer the equivalent in gold but (for GBP) we didnt continue to buy gold to net off the increased amount of money in circulation as wealth grew. Then to prove the system was a scam Gordon Brown sold the gold, so its essentially now just a confidence trick. Ie. I did sell my VX220 for a fistful of air - the digital currency in my bank account changed. There was no physical exchange of gold or other assets. Fundamentally it seems like the same concept with the key difference of being backed by a state or not?

 

 

 

Ha ha QED, didn't have to wait long, it's already crashed to half it's high point and still dropping like a stone.

 

I'm keen to see how low it will go over the next few months.

 

Apparently the latest is that Lloyds won't let people buy these fake currencies with their credit (cards). Once the few legit merchants who used to accept the bitcoin as payment withdraw slowly, it will drop and drop as the only thing you'll be able to buy with it is containers of guns and cocaine.

 

 

Edited by Nev, 05 February 2018 - 10:42 PM.

[smiley]

 

Regular stock exchanges also not on their best today.

Edited by smiley, 05 February 2018 - 11:09 PM.

[Captain Vimes]

 

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...

Isnt the above exactly the same as any other currency? When currencies were first created there was a promise to pay the bearer the equivalent in gold but (for GBP) we didnt continue to buy gold to net off the increased amount of money in circulation as wealth grew. Then to prove the system was a scam Gordon Brown sold the gold, so its essentially now just a confidence trick. Ie. I did sell my VX220 for a fistful of air - the digital currency in my bank account changed. There was no physical exchange of gold or other assets. Fundamentally it seems like the same concept with the key difference of being backed by a state or not?  

    Ha ha QED, didn't have to wait long, it's already crashed to half it's high point and still dropping like a stone.   I'm keen to see how low it will go over the next few months.   Apparently the latest is that Lloyds won't let people buy these fake currencies with their credit (cards). Once the few legit merchants who used to accept the bitcoin as payment withdraw slowly, it will drop and drop as the only thing you'll be able to buy with it is containers of guns and cocaine.    

Indeed. The inevitable has happened. It will be really interesting to see what happens to the value now. Once the speculators have pulled out, I think there is demand for this type of currency so itll retain some value while the system is secure. After all, yheres always people that want to buy and sell guns and cocaine! P.s. A very sensible decision by Lloyds!

[hairy]

 

 

 

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...

Isnt the above exactly the same as any other currency? When currencies were first created there was a promise to pay the bearer the equivalent in gold but (for GBP) we didnt continue to buy gold to net off the increased amount of money in circulation as wealth grew. Then to prove the system was a scam Gordon Brown sold the gold, so its essentially now just a confidence trick. Ie. I did sell my VX220 for a fistful of air - the digital currency in my bank account changed. There was no physical exchange of gold or other assets. Fundamentally it seems like the same concept with the key difference of being backed by a state or not?  

    Ha ha QED, didn't have to wait long, it's already crashed to half it's high point and still dropping like a stone.   I'm keen to see how low it will go over the next few months.   Apparently the latest is that Lloyds won't let people buy these fake currencies with their credit (cards). Once the few legit merchants who used to accept the bitcoin as payment withdraw slowly, it will drop and drop as the only thing you'll be able to buy with it is containers of guns and cocaine.    

Indeed. The inevitable has happened. It will be really interesting to see what happens to the value now. Once the speculators have pulled out, I think there is demand for this type of currency so itll retain some value while the system is secure. After all, yheres always people that want to buy and sell guns and cocaine! P.s. A very sensible decision by Lloyds!

 

 

and Virgin now... who next?

 

[smiley]

While wallstreet is licking it´s wounds, the coins are back going up. Wohoo.

 

[Tony H]

I remember the last time bitcoin was bubbling 2013/14 there was a thread on here and one bloke was really into it sticking a lot of savings in. I wonder if he held his bitcoins and how he is doing now?

[Nev]

Not BitCoin, but another unregulated artificial currency that has "unwound": https://www.bbc.co.u...nology-49826161

[smiley]

There were many fraudulant ico's in that era.
She seemed the most succesfull

Edited by smiley, 27 September 2019 - 07:12 PM.

[The Batman]

I remember the last time bitcoin was bubbling 2013/14 there was a thread on here and one bloke was really into it sticking a lot of savings in. I wonder if he held his bitcoins and how he is doing now?

 

ahh that guy messaged me for something and said he had all his money in bitcoin and had to transfer some from there, i cant remember his name though