Bitcoin and other Cryptocurrencies

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Bitcoin and other Cryptocurrencies

Postby planteria » Fri Aug 04, 2017 10:22 am

anyone here invested in Bitcoin or other Cryptocurrencies?

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Re: Bitcoin and other Cryptocurrencies

Postby Constantine » Fri Aug 04, 2017 10:46 am

planteria wrote:anyone here invested in Bitcoin or other Cryptocurrencies?


No.

Although I did notice that there are now two different kinds of Bitcoin.
http://www.bbc.co.uk/news/technology-40800270

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Re: Bitcoin and other Cryptocurrencies

Postby Thunderfog » Fri Aug 04, 2017 11:06 am

Ethereum.
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Re: Bitcoin and other Cryptocurrencies

Postby pabenny » Fri Aug 04, 2017 12:08 pm

No

I don't understand Bitcoin.*

But I do know that it's a completely unregulated form of investment. It has too many associations with criminality (even though there may be nothing criminal about Bitcoin itself)

*Arguably, you don't have to understand an investment: you buy it and collect the dividend/interest. Or wait (and hope) for it will increase in value and then sell. But if you don't understand how the money is made, you (potentially) end up investing in a Ponzi scheme. Or mortgage backed securities. Or dot.coms near the top of the boom.

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Re: Bitcoin and other Cryptocurrencies

Postby Chadwick » Fri Aug 04, 2017 12:29 pm

In don't understand bitcoin.

There's talk of "mining" or doing complex maths to "create" more bitcoins. What does that actually mean?

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Re: Bitcoin and other Cryptocurrencies

Postby Sarah » Fri Aug 04, 2017 1:52 pm

Chadwick wrote:There's talk of "mining" or doing complex maths to "create" more bitcoins. What does that actually mean?


Yeah, it's complex although "mining" is a reasonable way to describe it, involving large amounts of computing resources to search for blocks of numbers with scarce properties. Those who undertake and complete this work receive predetermined rewards for their efforts. In this way, the money supply is able to expand and does so in a controlled way, although not without problems (e.g. the increase in supply might not match the increase in demand, causing shortage).

https://en.wikipedia.org/wiki/Bitcoin_network#Mining

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Re: Bitcoin and other Cryptocurrencies

Postby planteria » Tue Aug 08, 2017 7:48 am

Bitcoin up to a record high yesterday, then.. from under $2,000 to $3,451 in 3 weeks.

http://www.bbc.co.uk/news/technology-40848505

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Re: Bitcoin and other Cryptocurrencies

Postby Sarah » Tue Aug 08, 2017 8:31 am

It's crazy volatile - you're in for a roller-coaster ride if you get on board!

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Re: Bitcoin and other Cryptocurrencies

Postby blythburgh » Tue Aug 08, 2017 8:55 am

Sarah wrote:It's crazy volatile - you're in for a roller-coaster ride if you get on board!


I do not want to be seasick so not joining this ship
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Re: Bitcoin and other Cryptocurrencies

Postby Thunderfog » Tue Aug 08, 2017 11:02 am

blythburgh wrote:
Sarah wrote:It's crazy volatile - you're in for a roller-coaster ride if you get on board!


I do not want to be seasick so not joining this ship


For the brave there is money to be made.
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