BitCoin article for adults

[FrontEnder]

ok, FrontLoader,

I humbly apologise for behaving in an offensive manner calling you children

and secondly I humbly apologise for behaving in a condescending manner and suggesting that you read LadyBird books

apologies for the rage I have demonstrated in these two respects

Can we now discuss the pro's and cons of the subjects together ?

Milan.

I forgot deliberately getting my username wrong. Although I'm not sure it it's meant to be an insult or not.

I'll discuss with you or anyone else when you have something meaningful to contribute.

[Hobosapien]

What pros and cons?

The pros are there's money to be made if you are skilled enough to get in and out at the right time and have a reliable way of actually getting the coins back into £s.

The cons are there's money to be lost if you get the above wrong.

The actual tech is irrelevant in the current speculation driven phase as the long term goals and potential for bitcoin or any of the alts are not relevant to the desire for a quick win that is driving much of the demand. So no point discussing the pros and cons of the current tech, we can do that when the dust settles and see what players may have legs.

[milanbenes]

I forgot deliberately getting my username wrong. Although I'm not sure it it's meant to be an insult or not.

I'll discuss with you or anyone else when you have something meaningful to contribute.

I grew up around heavy machinery and FrontEnder just reminds me of one of these

so we have a deal, you will not berate open discussions on the pro's and cons of the alternative coins ?

Milan.

[woohoo]

Just putting it out there...

What if we all pulled together, invested in a water wheel/tunnel thing to generate electricity. I've got a decent graphics card and started mining for bitcoins.

If someone could do a breakdown of how many water wheel/tunnel/solar things we need and graphics card that would be helpful.

Let's do this! This time next year, rodders!

[Jog On]

Re Governments and regulation

From what I've read and heard (don't have links sorry) it's sounding like governments are:

1. Looking at ways of regulating crypto so it can't be used anonymously to fund crime/terrorism etc (good thing) and also...

2. Keeping tabs on who has what (which is what blockchain is actually meant for) so they can tax it. The US government (no links sorry heard it on a podcast) wants to tax every single trade, so for alt coin trades every individual trade is taxed, not just the money you get when you cash out from the trading account.

So they see all this consumer money going into it and they are letting it happen (they could have cracked down like China have by now) because they will tax it heavily - and maybe even retrospectively.

And I'd expect the UK/EU to follow suit although maybe not because our government allows spread betting tax free - but that is because 95% of spreadbetters lose money. In the crypto bull run everyone is winning so it won't suprise me at all if HMRC become very draconian and greedy when they figure out how to tax it.

Then again how many MPs are holding bitcoin now? The non-anonymous public ledger will tell us no doubt! last I heard about our government was they are no hurry to regulate Bitcoin. That smells fishy to me.

Current stance is unclear and suitably muddy (typical HMRC) as to whether crypto trading gains are 'gambling' and tax free like spreadbetting or long term investments and subject to CGT. I also read somewhere else (can't find it sorry) that they would look at it on a case by case basis ensuring all tax payers are equal but some are more equal than others.

So nice and clear as mud there from our good friends at HMRC

But no one actually knows what will really happen so I'm keeping calm and hodling on.

[FrontEnder]

I grew up around heavy machinery and FrontEnder just reminds me of one of these

so we have a deal, you will not berate open discussions on the pro's and cons of the alternative coins ?

Milan.

I haven't done this previously, so why do you think I will in the future?

[woohoo]

Just putting it out there...

What if we all pulled together, invested in a water wheel/tunnel thing to generate electricity. I've got a decent graphics card and started mining for bitcoins.

If someone could do a breakdown of how many water wheel/tunnel/solar things we need and graphics card that would be helpful.

Let's do this! This time next year, rodders!

I assume the lack of response to my post is because you all are busy researching this.

[_V_]

Just putting it out there...

What if we all pulled together, invested in a water wheel/tunnel thing to generate electricity. I've got a decent graphics card and started mining for bitcoins.

If someone could do a breakdown of how many water wheel/tunnel/solar things we need and graphics card that would be helpful.

Let's do this! This time next year, rodders!

Current global bitcoin mining is using more electricity than many small countries. It would take you about 5 years to recoup the cost of a graphic card, let alone make any money.

Those days are long gone. Just click buy, go to bed, wake up, boom, free money for everyone!

[Lance]

I forgot deliberately getting my username wrong. Although I'm not sure it it's meant to be an insult or not.

I'll discuss with you or anyone else when you have something meaningful to contribute.

hahaha. Not gonna happen.


MILAN: Here's why everyone is stupid on subject <insert subject milan knows nothing about>
OTHERS: err. you sure about that? That's not how it works
MILAN: Here's an article written by some who knows very little also but supports my bias
OTHERS: yawn.. go away you boring twunt
MILAN: You're all children who should listen to experience
OTHERS: Go the **** away
MILAN: When you stop being abusive we can have a sensible conversation .....

wash, rinse and repeat.....

[woohoo]

Current global bitcoin mining is using more electricity than many small countries. It would take you about 5 years to recoup the cost of a graphic card, let alone make any money.

Those days are long gone. Just click buy, go to bed, wake up, boom, free money for everyone!

You clearly missed my brilliant idea of purchasing water wheels/tunnels to generate electricity. We just leave it running and in 5 years, billionaires.

Think about it, we have loads of running water. Let's do this.

I will start off the research for you all...
Building a Waterwheel | REUK.co.uk