Cryptocurrency

[FrontEnder]

An you expect me to believe that you understand blockchain technology eh?

It's nothing to do with understanding blockchain. I said that about your posts because they're usually a rambling incoherent mess. jumping from unrelated point to point. They're like a stream of consciousness with an occasional SHOUTY CAPITALS thrown in for good measure.

[Lance]

It's nothing to do with understanding blockchain. I said that about your posts because they're usually a rambling incoherent mess. jumping from unrelated point to point. They're like a stream of consciousness with an occasional SHOUTY CAPITALS thrown in for good measure.

Yup.

And he doesn't understand bitcoins. Clearly.

[pjclarke]

It's not like you can do it on a normal computer, you need some serious piece of specialized ASIC kit. You would need to wait months for that kit to get to you, by which time whatever BTC mining values you had may be in half. They probably use your money to build the devices and use them for 3 months so they get their money and some in BTCs plus your money

For 51 days now I've been renting some hashing power from Genesis mining, who operate in Iceland, where cooling costs less and they have abundant hydro and geothermal energy. Annualised ROI is 150%, which I am using to buy more hashpower.

I started with LTC and BTC, recently added ETH (if my wallet ever syncs up). Early days, but no sign yet of revenue dropping off.

[FrontEnder]

Yup.

And he doesn't understand bitcoins. Clearly.

Yeah that too.

[scooterscot]

Assuming that the value remains the same and not goes to $25000 as some are hoping. It will have a chain effect as some people may only have $5000 invested in or less, yet if they lose that money they may not pay their bills, mortgages etc which in return will cause them to lose their house, jobs etc... There are people that live pay-check to pay-check..

Only a prize idiot invests money they can't afford to loose.

[scooterscot]

If I knew you had 40 million worth of BTCs I would simply find out where you are, come take them from you and there is jack tulip you can do to stop me or get it back.

If I had £40m in my house you'd break into it and steal it from me?

That's a crime in case you did not know.

If I had so much in bitcoin I'd split it over several addresses and maintain an encrypted wallet. The password is only known to me. How are you going steal now? Or get the key to my house?

[Lance]

If I had £40m in my house you'd break into it and steal it from me?

That's a crime in case you did not know.

If I had so much in bitcoin I'd split it over several addresses and maintain an encrypted wallet. The password is only known to me. How are you going steal now? Or get the key to my house?

or cash it in without the police tracking him down (all transactions are public).

[scooterscot]

We are not talking about a solution which is clearly explained. Right now you are dependent heavily on that Chinese guy and his 10000 ASIC to process your transactions.

Your problem is you think the technology is static. Change cannot occur.

The Chinese guy you mention will soon be out of a job. Consider the Golem blockchain, soon token holders will be staking there tokens in return for CPU time. It is estimated the number of token holders currently is a 100's of time more powerful that all of the super computers existing today.

It is only a matter of time before something like Golem is used to solve all the remaining bitcoins and process transactions.

[FrontEnder]

or cash it in without the police tracking him down (all transactions are public).

I don't see how it's any less secure than cash. If you tell the world you've got £40mil in cash in your attic, it's gonna be a lot easier for a criminal to steal it, launder it and steel it.

[FrontEnder]

Stellar finally making a move. Almost doubled in 2 days, but only about 10% above what i bought at, so hopefully that will continue.

Bitcoin has been rising steadily since i bought at about $3200.

China also will be allowing regulated crypto markets.