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[Technology] If you're interested in Bitcoins (or simply tech) read this...
- Thread starter Wozza
- Start date
Crypto is really being driven by utility and value. Prices and markets for sure driven by FUD. FOMO, fear, and greed.
I have no sympathy for those left holding the scamcoin that is Fiat in a few years.
Crypto is not a ponzi, so your comment is not correct......that comment is more applicable to FIAT...in that, the chairs are always shrinking and deteriorating.
Price hike was based on free coins coming out of the fork.
Agree with the Fiat comment, but find it interesting that Cryptos are priced in that very same FIAT. I await Governments and world banks to launch their own official Blockchain, then we will see what happens to the thousands of Cryptos launched or being launched currently.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,302
cryptos are fiat by software engineers. every alt coin and especially Bitcoin Cash and Bitcoin Gold demonstrate this, currency invented by a software release. whatever utility they might have is swamped by speculation, the FOMO, greed etc you note yourself. i dont understand why people involved can see the problems and still deny them.
Blue Valkyrie
Not seen such Bravery!
Getting loads of spam emails about bitcoins now.
Got to be a sign of those in the 'bubble' wanting to get out before the burst.
Got to be a sign of those in the 'bubble' wanting to get out before the burst.
alfredmizen
Banned
- Mar 11, 2015
- 6,342
CME are even launching a futures contract in bitcoin !!
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,151
'Bitcoin is on the same path as every bubble in history'
http://www.telegraph.co.uk/business/2017/11/05/bitcoin-path-every-bubble-history/
'Legend has it that Joe Kennedy, father of former president John F Kennedy, avoided the stock market crash of 1929 by selling his entire portfolio just days before prices collapsed. He did this, the story goes, after receiving a share tip from a shoeshine boy. When taxi drivers, lift attendants and young lads on the sidewalk are speculating in stocks, he concluded, “the market is too popular for its own good”.
Be careful out there...
http://www.telegraph.co.uk/business/2017/11/05/bitcoin-path-every-bubble-history/
'Legend has it that Joe Kennedy, father of former president John F Kennedy, avoided the stock market crash of 1929 by selling his entire portfolio just days before prices collapsed. He did this, the story goes, after receiving a share tip from a shoeshine boy. When taxi drivers, lift attendants and young lads on the sidewalk are speculating in stocks, he concluded, “the market is too popular for its own good”.
Be careful out there...
Never forget the tulip mania http://www.bbc.com/culture/story/20160419-tulip-mania-the-flowers-that-cost-more-than-houses
Blue Valkyrie
Not seen such Bravery!
Only if you've moved all your money out of bitcoins before the crash [emoji38]ol:
Has anyone tried mining ?
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,302
yes. mostly back in 2013 when it was viable for a small set up. today, for bitcoin you need a $1500 specialised hardware delivered in 2 months, and spend hundreds on electricity, and hope the thing pays itself before everyone else doing the same makes the device obsolete. its doable but very much first mover wins, everyone else is paying catch up. fundamental component of crypto is to increase the difficulty of finding the next block as number of miners increase. the more valuable they are attracting more miners, and the better the hardware to mine, the higher the difficulty and the returns reduce.
for the alt coins, you can use a graphics card or CPU for some. the good CPUs are all very expensive top of the range ones or out of stock. some mid range cards work out if you dont expect high returns. if you have any old higher end graphics cards around thats the best bet so you have no upfront cost. I'm currently mining Zcash on a 7950 i dont need for games, it makes about £10p/m profit
there is a new project called Electroneum designed to mine on phones, that was supposed to launch last week, but was hacked and they've spent the week since re-coding stuff. bit suss.
My brother (who is into Bitcoin in quite a big way and has been for a while) bought my wife and I £50 of Bitcoin and £50 of Ethereum for our wedding present back in March 2016 after getting me to open up a wallet on my phone. I didn't bother writing down the mnemonic phrase straight away, thinking that I'd do that at a later time when I needed to.
A few months down the line - and my phone was running a bit slow, so decided to wipe my phone after backing up all the essentials. Aaaaand, you guessed it. Completely failed to acknowledge the wallet on my phone until my phone was rebooting post-wipe.
I checked last week, and worked out that, between the two currencies, they are probably worth around £2000 right now.
A few months down the line - and my phone was running a bit slow, so decided to wipe my phone after backing up all the essentials. Aaaaand, you guessed it. Completely failed to acknowledge the wallet on my phone until my phone was rebooting post-wipe.
I checked last week, and worked out that, between the two currencies, they are probably worth around £2000 right now.
There are some apps / programmes you can use to recover data from factory-reset phones. Worth a try?
RandyWanger
Je suis rôti de boeuf
This is what seems interesting to me. I have a few PCs and parts lying about at work, wondering if it's worth turning one on and leaving it running.
yes. mostly back in 2013 when it was viable for a small set up. today, for bitcoin you need a $1500 specialised hardware delivered in 2 months, and spend hundreds on electricity, and hope the thing pays itself before everyone else doing the same makes the device obsolete. its doable but very much first mover wins, everyone else is paying catch up. fundamental component of crypto is to increase the difficulty of finding the next block as number of miners increase. the more valuable they are attracting more miners, and the better the hardware to mine, the higher the difficulty and the returns reduce.
for the alt coins, you can use a graphics card or CPU for some. the good CPUs are all very expensive top of the range ones or out of stock. some mid range cards work out if you dont expect high returns. if you have any old higher end graphics cards around thats the best bet so you have no upfront cost. I'm currently mining Zcash on a 7950 i dont need for games, it makes about £10p/m profit
there is a new project called Electroneum designed to mine on phones, that was supposed to launch last week, but was hacked and they've spent the week since re-coding stuff. bit suss.
You are making £10 per minute, £600 per hour, 24 hours per day by using an old graphics card?
I think that's £14,400 per day, or £5.25m per year.
Impressive
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,302
per month.