Got something to say or just want fewer pesky ads? Join us... 😊

Register Log in

[Finance] The cryptocurrency (Bitcoin etc) thread



Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,488
The Fatherland




happypig

happypig

Staring at the rude boys
May 23, 2009
7,959
Eastbourne
I had a look at them a while back but I couldn't see the point in having them as anything but a (risky) investment. If I had any spare cash to gamble I'd buy a few shares (Actually I'd probably buy something with a v8 engine and four wheel drive),
Also don't you need a big chunk of free hard drive space to keep them ?
 






beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,300
happypig said:
Also don't you need a big chunk of free hard drive space to keep them ?
Click to expand...

for the bitcoins themselves no, they are recorded as encryption keys and addresses which are bytes long. the store of the blockchain that hosts the history of all bitcoin transactions ever, needed to verify that the coming to you hasn't been spent before, is much bigger and a potential problem down the road.
 




happypig

happypig

Staring at the rude boys
May 23, 2009
7,959
Eastbourne
beorhthelm said:
for the bitcoins themselves no, they are recorded as encryption keys and addresses which are bytes long. the store of the blockchain that hosts the history of all bitcoin transactions ever, needed to verify that the coming to you hasn't been spent before, is much bigger and a potential problem down the road.
Click to expand...

so you could keep the blockchain on a usb drive and only plug it in when making transactions ?
 


S

Sirius76

Banned
Oct 28, 2008
107
happypig said:
I had a look at them a while back but I couldn't see the point in having them as anything but a (risky) investment. If I had any spare cash to gamble I'd buy a few shares (Actually I'd probably buy something with a v8 engine and four wheel drive),
Also don't you need a big chunk of free hard drive space to keep them ?
Click to expand...

You don't need any space for it if it receives the info from a server. I just checked and my Electrum portable app (you can store it on anything) uses just 60MB. You can obviously copy the program directory in multiple locations to prevent losing it and it is safe from any transactions when protected with a password (the amount of bitcoins and history stored in the program can be seen but none can be spent). You can regenerate the whole Electrum account with a 13 word seed in case you lose the wallet (it suggests writing them on paper but it should be possible to memorise them in order).
 


Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,488
The Fatherland
Biscuit Barrel said:
:whistle::whistle::whistle::whistle::whistle::whistle::whistle::whistle::whistle::whistle::whistle:

Are you buying up Bitcoins because you believe that the Euro will tumble in value now that the British economy is going to stop propping up the Eurozone? (Tounge in cheek)
Click to expand...

No. With a pocket full of high value Euros I can easily afford to be frivolous and buy these Bitcoin things. I got bored with gold bars.
 






beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,300
happypig said:
so you could keep the blockchain on a usb drive and only plug it in when making transactions ?
Click to expand...

yeh, though it would be out of date and need some time to sync up. the blockchain went through 100GB earlier this year, its not so much a problem today as a problem down the road and for new adopters soaking up that data. as noted there are tools that bypass need for the whole blockchain, i used Multibit, but your stepping away from the core and relying on third parties. see MtGox.
 






Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,488
The Fatherland


S

Sirius76

Banned
Oct 28, 2008
107
Just joined coinbase.com and it lets you buy and sell three currencies: Litecoin, Ethereum and Bitcoin. Bitcoin has gone up the least in the last month (36%) with Litecoin going up 167% and Ethereum 97%. So basically, it is an easy way to buy using your bank account etc and also I noticed Ethereum was $80 yesterday and about $90 today so it's almost certain to get to $100 just as a nice round figure so 10% profit should be easy?!
 










S

Sirius76

Banned
Oct 28, 2008
107
Eh what did you buy? I think buying into these bitcoins is a good idea... you can easily exchange them into different coins too. Bitcoin has gone up again a bit and it's been on a good run for over a week now (actually it's basically been over a month with no falls but when it falls it always seems to end up higher than before the next time, anyway).
 


S

Sirius76

Banned
Oct 28, 2008
107
Actually, I think any falls seem to recover almost straight away now as it's back up to $1600 again I think! It's not a good idea for it to go up too fast, really, as then it isn't very controlled and it can plummet more easily.
 








You must log in or register to reply here.

Share this page

Albion and Premier League latest from Sky Sports


Top
Link Here