Cryptocurrency

[Jog On]

That's great value. Looks like it would basically be a bank transfer from the US, which generally costs a similar amount, so probably just the fee for that.

yes I was chuffed

[filthy1980]

Care to double-check that? 1 BTC is a shade under £3000 as I write so £200 would be 6.6%.

However I'm coming to the conclusion that Bittylicious is the way to go ....

bought my BTC on Bittylicious a couple years ago, a bit of a faff to get verified etc but seems to do the job, more difficult if you are looking to enter the cryto world for the first time and trying to buy a dip before the price jumps back up

[Nominally]

FairCoin

Has anyone any positive/negative experience of fair-coin.org ?

I like the ethical/environmental concepts in the white paper and (with my hippy wig on) would love to see this succeed to help social enterprises but am wary of it as a relatively new initiative.

[Lance]

Has anyone any positive/negative experience of fair-coin.org ?

I like the ethical/environmental concepts in the white paper and (with my hippy wig on) would love to see this succeed to help social enterprises but am wary of it as a relatively new initiative.

ethical speculation on money markets????? Hmmmmmm.....
I prefer the honesty of someone making money as they are always there.

I'll take my skeptical hat off now.
Faircoin is just another blockchain currency. Worth a punt as much as any of the alt-coins. I made more money from Dash (nee Darkcoin) than from Bitcoins. I'd not throw much more than £50 at it though.

EDIT : Scratch that. It looks like faircoin is a fixed price to the Euro. So you might as well have a Euro. There might be some tiny profits to eb made on the Exchanges but as it will only ever be worth the same Euro it's not a something to take a punt on. I guess if you were travelling to places that take them then they are as good as a cash, but that's pretty limiting.

[scooterscot]

I will persevere, but why does it have to be so hard? My impression is of a market that has a long way to go for the ordinary punter in terms of ease of use, fees and trust. Not to mention the danger that your bank/credit card may close your account if they detect you've been buying crypto..

Would you want it to be easier for criminals? I'm using 2FA with bitstamp - once it's done it is easy. Every time I try to make a withdrawal there is a requests for my 2FA number and e-mail confirmation. Prevents fat finger errors for sure of which I've nearly had a few. Particularly when using a cold wallet on my computer.

[Drei]

Took me some time to catch up but it is very funny how people argue stuff yet again, if only they went back a few pages)

I told my mate to get in and buy, told him there will be a crash, no idea if he did. I did not and probably never will as I honestly cannot invest in something in which I do not believe. I actually provided plenty of information why Bitcoins suck and why Blockchain technology as great as it is, it has plenty of flaws.

Blockchain in general is great as long as people around the world are willing to let you use their device for computing power so you don't have to pay for it. The moment there will be millions of different blockchain apps, how do you think your phone or PC will run? I already explain in great detail why the tech is great on paper but not in practice and right now everyone thinks it will solve world poverty and hunger. It would work great in self driving cars because they will all be chained to the same network and the information passed along, all routes and hazard will be calculated by all the cars at the same time, pure utopia on the roads. Could be great for purchasing and proof of origin etc. Sure as **** will not solve world peace unless all the world leaders get blockchained:P

Bitcoins, oh boy, I could say the same about the Kardashians, WTF do these people do? Absolutely nothing yet their value is incredible because of pure stupidity.

BTC fees are ******* huge, more so than your local banks. The fees are fixed they are not a % of your transaction. This means that BTC is not made to be used as a day to day currency, if you go to the shops and buy your newspaper paying in BTCs the fee alone will be 10 times the value of the newspaper. Sure, if you can pay in BTCs for a car or a house it might be OKish. Even better if paying for guns, bombs, human slaves you know that kind of stuff for which BTC is actually utilised.

BTC may be hard coded to stop at 21 mill but I can just make BTC2, BTC3, BTC4 and so forth essentially nullifying the argument that it cannot be printed at a whim. Every time a hard fork happens they are pretty much printing money. BTC and BCC so far. Every other cryptocurrency out there is just another BTC with a different name. There is absolutely nothing special about BTC. Something goes up in value because it is limited, because it is physically impossible to make more out of thin air. BTC is NOT, you can just make another BTC exactly the same, using the same code. It's like saying that BTC is more valuable than you as a person... how is that? I can always make an identical coin to BTC, I will NEVER be able to make another person exactly like you, well unless we discover cloning at which point BTC may be more valuable?

Houses have a value which will actually grow because... well use your ******* head, land doesn't grow on trees or farmed in someone's basement. Population grows and land gets filled. Unless you smarty pants people have found a way to clone the Earth and create an infinite number of parallel Earths where the exceeding population can move then no way BTC will be more important than land.

The only value BTC has is against FIAT. The whole point is stupid since FIAT is the single most important thing that defines BTC's value. With Gold I can melt it, I can fill my teeth, I can use it as thread for clothes, I can use it for certain technical components, in vehicles, in cables, I can make tulip out of it, I can trade it, it has so many uses. With BTC I can't even wipe my ass with it, I can do that with FIAT.

It has no security whatsoever. Imagine BTC being used on eBay. The moment you paid someone that money is gone, no one will ever refund it if you have any issues, no institution to go complain about. Even a reputable company such as Amazon could take all the BTCs and never deliver any goods. Where would you go to complain? What if someone breaks in your house and steals you BTC paper wallet? Will your insurance cover you? Will the Police have any obligation to follow through considering BTC is a middle finger to the banks and the government? Can you trace the BTC and have the thieves arrested? If someone hears or knows you have millions of BTC worth, you would be such an easy target because there is jack tulip you can do once they do steal it.

IT IS A ******* PYRAMID SCHEME!!!! YES it is, the fact alone that early investors are pulling %5000 profit is proof that it is a scheme. Pyramid Schemes are quite genuine if kept running, all you have to do is put in 100 then pull out 1000, the only way you can keep doing that is if more and more people keep filling the pot. Same thing is happening with BTC value. You put in $0.14 and now pulling out $5000? Where is that $ 4999.86 coming from? Magically grew out of your arse? It is coming out of someone else's pocked purely so you can make a huge profit. That's how a pyramid scheme keeps sustaining itself, because it goes in a circle.

%10 of the BTC holders hold the 90% of the BTC value.

If the world FIAT market crashes what will your BTC be worth?

BTC is not actually used because it isn't worth it. The moment you paid for anything, the value of whatever you paid for will go down by 1000%. Sure FIAT has the same issue but it takes 50 years, as someone said £1 = $4. Oh, also remember that was when the UK was not in the EU. Back to the subject, an item is priced at $10000, two days ago I paid 2.857 BTC for it. Today, two days after the cost would be 2.567 BTC. Not only did the item lose value as it is 2nd hand but I also lost a fortune due to BTC going up yet again. In total you probably lost between $3500 and 6500. If considering only the BTC value then you lost $1142. Would you really use it to buy stuff on a daily basis? Of course not, you would be crazy.


Next time a bomb goes off think about where that money is coming from... magic beans maybe?

[ChimpMaster]

Nice analysis Drei. You pretty much said it.

BTC and cryptos might be fun to trade (for some) but they're not useful in any other way whatsoever.

[FrontEnder]

Nice rant.

[Nominally]

Cognitive Bias?

I'm not saying you're wrong but, please, for the sake of your heart, consider the possibility that cryptocurrencies might be one of the new technologies that pushes us into the next Kondratiev Wave.

Many of us have chosen to speculate and, if we're wrong, we lose. However, if it turns out that DLTs (Blockchain) evolves into trustless systems of immense value, then great! Nobody can know for sure which way this is going to go, yet.

*kisses*

[Lance]

blah blah blah blah blah

what an awful lot of words to simply say "BTC has no inherent value, I don't like it, you're all mugs, I'm out."

Feel better?