Been driven by classic human greed, will have no sympathy for those who lose their shirts on this one
It is similar to a game of musical chairs, the music will stop abruptly and those playing wont get a chair.
I looked 2 weeks ago, Bitcoin itself was around $5,300, today it is $7,300......based on what exactly?
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.
I have no sympathy for those left holding the scamcoin that is Fiat in a few years.
INCREDIBLE feature about a man who lost $30,000 simply because he lost his passcode. *gulp*
https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/
Only if you've moved all your money out of bitcoins before the crash [emoji38]ol:Is this the thread where it's ok to show off about one's wealth?
Has anyone tried mining ?
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.
Has anyone tried mining ?
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