Cryptocurrency

[Jog On]

so many caveats,

a) I don't give a monkeees who on here takes me seriously, I have a rich life outside of ContractorUK virtual forum, so let's get over ourselves shall we

b) whomsoever wants to discuss any aspect of this subject on here will do so without rules being implied by the Longs

c) be careful in life when you would rather hear your own wisdom than somebody else's doubts


let's continue

Milan.

nah - you're fine thanks.

[Bean]

so many caveats,

a) I don't give a monkeees who on here takes me seriously, I have a rich life outside of ContractorUK virtual forum, so let's get over ourselves shall we

b) whomsoever wants to discuss any aspect of this subject on here will do so without rules being implied by the Longs

c) be careful in life when you would rather hear your own wisdom than somebody else's doubts


let's continue

Milan.

Ok, then perhaps you could agree that you were wrong and that Bitcoin is not a pyramid scheme, given that the definition of pyramid scheme has been provided to you and it has been shown to not relate to Bitcoin?

Let's see if you truly want to discuss, or just scream pyramid over and over again.....

[Snarf]

"You're talking about bitcoin though."

Quite right, I was replying to the first post on the thread... didnt see its date or how many pages of replies it already had

The last one won't be mined for about 100 years or so

From what I've seen the estimates are 2040 +/- 10 years, difficult to predict as it depends on how much processing power is thrown at it.

and then the transaction fees will be enough to motivate miners

There are already transaction fees, the problem is at the moment the block size is too small to accommodate enough transactions to make mining cost effective with just the transaction fees, increasing the block size means another fork.. which essentially means another new currency.

Steam stopped accepting bit coin this month citing high transaction fees and wild value fluctuations.

There are >2000 coins out there now and new ICOs almost every day. We are in such an early stage that it's clunky and not very efficient yet. But this is the same with everything - remember brick mobile phones? And the Internet in 1996? Or computers pre MS Windows? If you could go back and buy shares in Microsoft and Apple back then would you? How about Vodafone?

Of course, Im not saying that people shouldn't get in now (in fact Im pretty sure I said the opposite) but people getting in now need to be aware that the current mining cost/transaction speed/transaction price is not sustainable, people need to be able to recognise when to get out as well as when to buy in.

I'm shocked at the lack of innovative thinking and inability to see potential in such a game changer as blockchain and crypto - especially coming from those who are supposed to be at the forefront of technology.

As others have pointed out much earlier BLOCKCHAIN != BITCOIN.
I can definitely see potential in blockchain technology, but I can also see downsides that need to be overcome, which is what I was saying in the post.

Current implementations of crypto do need a lot of work and they will mature. Some coins will be huge, most will fall by the wayside, blockchain will probably become the new normal, and some of us who are learning and investing now will do very well. Others will look back and kick themselves for choosing to be too clever by half.

I'm prepared to lose a chunk of money on this and I'd rather do that than look back with regret if I'd stayed out and missed a life changing opportunity.

Ive already been through this loop having bought bitcoin back in 2010 (Yeah Im a crypto currency hipster, I liked it before it was cool), I subsequently lost them and didn't care because it was only a few ££ worth... I now have my Monero wallet backed up on several PCs and a paper wallet stuffed away somewhere safe.

[Snarf]

No you plank.
That's BTC and ETH being used as a unit of exchange. There's a word for that I think.

I found it to be a massive pain trying to find an exchange that will accept GBP.

I had already decided to throw my hat in the Monero ring when I started looking, there are only two places that make it easy that I have found.

LocalMonero.co which puts you in touch with other people who buy and sell, the site does not handle the transaction. and CryptoMate.co.uk who seem great on the face of it but have yet to successfully complete a transaction for me.

[Lance]

I found it to be a massive pain trying to find an exchange that will accept GBP.

I had already decided to throw my hat in the Monero ring when I started looking, there are only two places that make it easy that I have found.

LocalMonero.co which puts you in touch with other people who buy and sell, the site does not handle the transaction. and CryptoMate.co.uk who seem great on the face of it but have yet to successfully complete a transaction for me.

I use bittylicious. The spread can be quite wide there but when you’re talking about gains in the high tens of percents it’s not that bad.

[Snarf]

Because a balance in a PayPal account is still just a pointer to a ledger somewhere, held by a bank.

Held by a bank, regulated and backed by the government... If my bank collapses tomorrow Im inconvenienced but Ill get my money back. Look at the millions lost in mtGOX and NiceHash hacks...

Im not saying crypto doesnt have a place, one of my contract roles was working for an aussie company who specialised in international money transfers and it CAN be cheaper to send someone crypto currency but once you add on the transaction fees its really not that much cheaper than using traditional banking mechanisms. XMR transacton fees are approx £5, BTC are close to £15 if your sending small amounts you're much better using paypal, at least they charge a % not a flat fee.

[BrilloPad]

fluctuations.

racist! fluck to you europeans too.....

[Olly550]

bosch invest in IOTA:
Robert Bosch Venture Capital makes first investment in distributed ledger technology - Bosch Media Service

[FrontEnder]

I happened to look at LBRY today as well...passed on it but I'm sure I saw one of the contributors on tradingview say it's ready to pump

I hope you changed your mind - up 50% since yesterday.

I bought at 6000 sats, at 4700 now, so still a way to go before I make any decent profit. Would be nice to get rid of these small positions I've had hanging round from when I first started.

[ChimpMaster]

BTC is crashing

Quick get your $ out

See, Scoots knew the score.