Bitcoin & Bitcoin Mining

[Power Raid]

Governments can ban on-shore entities from trading in BitCoin to an extent but they can't ban anyone using it owning to the fact that it is de-centralised but also anonymous

true until someone behind the play steps foot in the EU, China, Oz or the US and is arrested.

It is a major offence to operate a financial service without a licence. Fear is how they will reign in an operation they "decide" they don't like.

 

[The Slitherin' Snake]

Not at all. As soon as my Tokencard and TenX card become available (some time in 2018), I will be using them to purchase goods and services with cryptocurrency. Thousands of others will be doing the same. These cards convert crypto into fiat so that I can spend my cryptocurrency, while the vendor receives the money in fiat. Grandparents won't need to understand cryptocurrency in order to use it. This is like computers and mobile phones all over again. It's an emerging technology that is going to become mainstream. The elderly will adapt and learn how to use it.

Platforms like Ethos and Electroneum are going to simplify cryptocurrency in a way that non-tech people can utilize it, making it available to the masses.

But you’re not really using the crypto for everyday purchases in those scenarios. You are essentially liquidating an asset to buy AUD so you can buy goods and services. The crypto is still not an effective storage of wealth in that scenario.

Mass adoption of block chain by financial institutions is not too far away but I can’t see crypto currencies replacing fiat currencies in the short / medium term

 

[Power Raid]

just heard about ripping ponzi schemes running on bitcoin

 

[Wojcinski]

just heard about ripping ponzi schemes running on bitcoin

Probably, but there are a lot more ponzi schemes on fiat currencies

 

[Power Raid]

Probably, but there are a lot more ponzi schemes on fiat currencies

yep

I'm a big fan from staying away from government which includes small things like superannuation and larger concepts like currency

but I'm interested to see how the bitcoin story unfolds.

 

[SugarShane]

just heard about ripping ponzi schemes running on bitcoin

Bloke at work is neck deep in one. Tells us every day what the price is now and to get on. Because every one he signs up he gets a 10% kicker.

 

[Power Raid]

Bloke at work is neck deep in one. Tells us every day what the price is now and to get on. Because every one he signs up he gets a 10% kicker.

The one I heard was 1% return per day to the investor. So if the put in one hundred dollars they get $1 back if they pull out after day one and lose $99. But get a $265 profit after one year.

The 10% kicker flows up through the ponzi with those at the top killing it. The issue is what happens when new entrants cease drying up the cash flow.

 

[SugarShane]

The one I heard was 1% return per day to the investor. So if the put in one hundred dollars they get $1 back if they pull out after day one and lose $99. But get a $265 profit after one year.

The 10% kicker flows up through the ponzi with those at the top killing it. The issue is what happens when new entrants cease drying up the cash flow.

Sounds pretty similar, he gets a certain amount of interest too.

 

[jelicami]

Briefly, this is a new generation of decentralized digital currency, created and operating only on the Internet. Any electronic payment system should store transactions somewhere. In Bitcoin, all information is stored in a chain of blocks. The blocks are transmitted in JSON format. Each block contains a header and a list of transactions. The header consists of several properties, among which there is a hash of the previous block. Thus, the entire block chain stores all transactions for the entire time Bitcoin works, but bitcoin mixer helps to hide this information.

 

[Scotland]

Cool story, Hansel.

 

[jelicami]

The finite number of bitcoins is an issue. On one hand it makes them more valuable, but on the other it means that many businesses have less incentive to open themselves to trading so it will always be a niche market. The volatile pricing of coins makes them almost worthless to businesses too. Are you selling your product for $900 or $50 today? Who knows? So it seems that everyone involved is banking on the idea of playing the trading game better than everyone else and cashing out at the right time ( bitcoin cash out https://cryptalker.com/sell-bitcoin/ ), because eventually some investors are going to be left with a whole load of worthlessness. Sure a lot of people are interested in a somewhat untraceable currency for online purchasing, but with the fluctuating values it won't normalise for a long time and by then who knows how much they will be worth?

 

[kickazz]

http://theconversation.com/how-low-...y-of-price-bubbles-provides-some-clues-107596

The intrinsic value of an asset is theoretical, based its “fundamental” value. Fundamental value includes: the ability to generate cash flow (e.g. interest or rental income); scarcity or rarity value (e.g. gold or diamonds); and potential use (e.g. silver and platinum are used in both jewellery and industrial operations).

A house may have fundamental value owing to the scarcity of land, its use as a home, or its ability to generate rental income. A tulip (or Bitcoin) has none of those things; even the presumed scarcity does not exist when you consider all of the alternative flowers (or cryptocurrencies) available.

Nothing really new in this article, but I find the quoted part, v especially the last sentence, interesting.
I always saw BC as a bit of a reaction to Quantative Easing, with the "limit" helping provide the real value. But yeah, if someone makes another crypto, then another, one can see that there really is no limit. Unless of course the market somehow decides one of them is the "real" one. Bit hard when

Bitcoin also fails to meet the criteria of a currency. Its the price movements are too volatile to be a unit of account. The transaction capacity of the Blockchain is too limited for it to be a medium of exchange. Nor does it appear to be a good store of value.

One of the benefets of hard currencies issued by governments is that they are the only way you can pay their taxes, duties, fines, etc. And if you don't, they can put you in gaol. You can have all the BC you like, but you need the government backed stuff.

People for the most part begrudgingly accept this law and order. For crypto to really take over would require a revolution against centralised government which i just don't see happening unless they become very oppressive or we come upon very very hard times.

 

[bresker]

Bitcoin rising, fork imminent. I just dropped $2000. I’d say you’re almost guaranteed a return. Bitcoin providers are now allowing real time payments, and with so many inter country postal transactions they’re a viable payment option.

 

[bresker]

Has jumped $2000 now in a short time from $10,500 to $12,500.

 

[Caesar]

The problem with Litecoin is it's pretty much identical to Bitcoin, just far less successful. To me that's like buying Betamax shares.

If I was to invest in cryptocurrency right now I would probably look at something like Peercoin, which was released last year and has grown rapidly. It's based on Bitcoin but its inflationary controls are more sophisticated. It is not completely decentralised right now, but that is the ultimate intention. I take that as a positive, because it shows that the creators are interested in building a large, stable monetary base.

7 years later, Litecoin is trading at $76 and Peercoin is worth 25c.

Going to bookmark this in case I ever feel tempted to try my hand at speculative investment.

 

[Chief]

7 years later, Litecoin is trading at $76 and Peercoin is worth 25c.

Going to bookmark this in case I ever feel tempted to try my hand at speculative investment.

It's almost like gambling...

 

[bresker]

Bitcoin back above $14,000. My measly $2000 investment has made me $400 in a few days. Might not last, but it's easy to jump off before things hit the shitter, unlike the bookies/pokies.

 

[100action]

7 years later, Litecoin is trading at $76 and Peercoin is worth 25c.

Going to bookmark this in case I ever feel tempted to try my hand at speculative investment.

Cryptocurrency, especially those that target a store of value proposition like BTC follow the same phenomenon in precious metals, the emergence of a solitary dominant store of value.

Gold has established itself as the dominant precious metal store of value, most governments and large financial institutions have wound down their silver stockpiles of the past 50 years. Why would the market balance inefficiently around the production and demand for two precious metals when it can just be the one?

Bitcoin has secured the dominant store-of-value proposition for cryptocurrencies being the first mover with by far the highest hash rate (i.e. higher secruity). There will not be a replacement be it Litecoin, Peercoin or any other worthless non-POW based crypto. If you think otherwise, I put this proposition to you, if silver overtook gold as the dominant store-of-value, would you still hold precious metals? - the answer is no, you would be out of PM all together as you can't trust the ability of silver to maintain SOV status.

Hal Finney (who for my money is Satoshi) put it best when he said:

"Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again?"

 

[tangolikelama]

lmao remember reading about bitcoin on some bodybuilding forum back in 2013/14 and throwing $800 into and profiting with a few hundred. Can imagine my horror when it peaked at 25k

 

[Procrastinator35]

Hearing from Senor Kaiser over on RT tv, (their finance guru) that Bitcoin will replace the U.S petro- $$$ as the World trade currency as early as May 12th.

 

[toxic]

Anyone heard of

habominer.com

 

[Hawk Dork]

Hearing from Senor Kaiser over on RT tv, (their finance guru) that Bitcoin will replace the U.S petro- $$$ as the World trade currency as early as May 12th.

Does he have an update on his prediction ?

 

[Hawk Dork]

I find btc trading one of the most beneficial. I'm using the platform https://www.ratingfx.com/instaforex that allows to trade in bitcoins, so this is my way to succeed.

Do you keep them in this ?

 

[bresker]

Up to $42,000 AUD per BTC . A full $13,000 higher than what it reached on last peak, after crashing back to $4000.

I put $4000 from my super payout into a new token called Uniswap, it’s gone from $3.90 to $8 per token.

I don’t know whether it will last but I know this much - read or watch Zero Zero Zero. Much of the world’s money is tied up by billionaires, but a lot of liquid assets flow by on a river of cocaine. The crims need somewhere to store their assets....

 

[Taylor]

I think you're seeing the results of stock markets being saturated above value with more money seeking to invest, finding a place for it to go.