Cryptocurrency

[Lance]

Ok, tell me your last legitimate use of one of those coins, actual use - not buying/selling it.

You can buy from Steam with bitcoins.
There are more.

[AtW]

You can buy from Steam with bitcoins. There are more.

Why trade bitcoin that appreciates in price for computer games that rapidly depreciate in value???

The only way those "coins" would have legitimately worked if they had fixed exchange rates (ie 1 coin for 1 USD) guaranteed by relevant Central Bank, ie the Fed in this case.

Even still it would mostly be useful for criminals.

[Lance]

not me, - can't see any reasonable way to convert it to hard currency, except maybe £5 per transaction.
take a while to get 100k out

I cashed out £10k in under 5 minutes.
It does require a buyer. I think it’s what is called a market. That’s why the price is what it is. If someone is willing to pay $10,000 for a Bitcoin then they are worth exactly that.

Bitcoin is the main way to get cash into crypto coins and that is probably one reason for its value.

[Lance]

Why trade bitcoin that appreciates in price for computer games that rapidly depreciate in value???

Who said buying steam games was an investment? It’s just an example and you asked for an example.

[AtW]

Who said buying steam games was an investment? It’s just an example and you asked for an example.

Buying games isn't, but having asset that is going up in price rapidly and trading it for something that does down is downright moronic.

Nobody in their sane mind would do it, which is one of the fundamental issues with fixed number of "coins" in circulation: always going up in price isn't good thing for what is meant to be "money".

[AtW]

I cashed out £10k in under 5 minutes. It does require a buyer. I think it’s what is called a market. That’s why the price is what it is. If someone is willing to pay $10,000 for a Bitcoin then they are worth exactly that. Bitcoin is the main way to get cash into crypto coins and that is probably one reason for its value.

£10k is nothing, try selling £10 bln worth at that valuation - there is no market depth, dodgy exchanges won't be able to handle such order (or they fook you use in some way in the process and you are screwed because coins would have changed hands and wonderful blockchain would make everybody believe they are gone to somebody else forever - no chargebacks!)

[SunnyInHades]

fixed number of "coins" in circulation

Eye but easy to tweek (aka quantitative easing/tightening) in a 'consensual fork' - hehe.

amount.h
// Copyright (c) 2009-2010 Satoshi Nakamoto
// Copyright (c) 2009-2016 The Bitcoin Core developers
typedef int64_t CAmount;
static const CAmount COIN = 100000000;
static const CAmount CENT = 1000000;
static const CAmount MAX_MONEY = 21000000 * COIN;
inline bool MoneyRange(const CAmount& nValue) { return (nValue >= 0 && nValue <= MAX_MONEY); }

bitcoin-tx.cpp
// Copyright (c) 2009-2016 The Bitcoin Core developers
static CAmount AmountFromValue(const UniValue& value)
{
// <snip>
if (!MoneyRange(amount))
throw std::runtime_error("Amount out of range");
return amount;
}

[AtW]

Eye but easy to tweek in a 'consensual fork' - hehe.

What about consent of people who bought the "coins" on the basis that their number is limited?

Ah wait, it's not them who'd decide it.

Fraud as I said.

[Jog On]

Anyone got an opinion on Ripple for the next year or so? Wondering whether to load up into my shiny hardware wallet - got my Lumens in there now along with BTC and ETH

[scooterscot]

How much money have you made so far?

not a penny

How much time have you wasted on it?

Less than cUK posting

Is your per hour rate higher than minimum wage?

Don't charge per hour. Charge for results.

How do you feel about all those people you've lured into this fraud where they'd lose their money?

How much have you had to drink?

Are you to become the new Drei?