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Cryptocurrencies



Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
Anyone here have any experience? I'm looking for the 'idiots guide' ... thinking about Ripple but for no real good reason

Any "simple" link or PM appreciated
 






Hamilton

Well-known member
NSC Patreon
Jul 7, 2003
12,390
Brighton
I purchased my first bitcoin. Well, 0.033 of a bitcoin yesterday.

There's an article on Ethereum in this month's BA Business Life magazine. Fascinating.

I pretend to understand how these things work, but just as I get the concept, like soap on a rope it slips out of grasp.

They say you shouldn't invest in things you don't fully understand, and whilst I get the concept of blockchain, I don't fully understand. But then again, who understands the concept of what sits behind "I promise to pay the bearer on demand." It's all trust.


Sent from my iPhone using Tapatalk
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I would seriously consider Ethereum. A lot of people are saying that it will get bigger than Bitcoin and it's on the rise steadily right now at around 240GBP each compared to Bitcoin at 3200GBP. Ethereum is what a lot of banks/ companies are starting to use for cryptographic protection.
https://www.cnbc.com/2017/05/23/bigger-than-bitcoin-enterprise-ethereum-alliance-grows-in-size.html

Ethereum is one of the obvious ones. Ripple only because that's where the interest was kindled a few weeks ago, but it too is on the radar

You might be interested in this http://bitbrighton.org

Bugger that would have been perfect but I'm away. No doubt they run others so will check it out

I purchased my first bitcoin. Well, 0.033 of a bitcoin yesterday.

There's an article on Ethereum in this month's BA Business Life magazine. Fascinating.

I pretend to understand how these things work, but just as I get the concept, like soap on a rope it slips out of grasp.

They say you shouldn't invest in things you don't fully understand, and whilst I get the concept of blockchain, I don't fully understand. But then again, who understands the concept of what sits behind "I promise to pay the bearer on demand." It's all trust.

Sent from my iPhone using Tapatalk

Well done on taking the plunge. You're way further along than me but like you I think I get it then a whole bunch of other questions come to mind. I also thought about the worry of speculating on things not understood but tbh most of what I have tied up (funds) I don't understand! I'm still at googling stage but hoping to progress beyond that fairly quickly
 




beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,264
I would seriously consider Ethereum. A lot of people are saying that it will get bigger than Bitcoin ...

yeah, alot of people with investment in Ethereum who missed the easy years of Bitcoin :thumbsup:

the thing about the uses they talk about for blockchain technology, is that they dont need to have value to function. really its a distraction from those purposes, though at this stage people are using it to create value for its own sake, and people are lapping it up.

theres the core problem with Bitcoin and friends. it was intended to be a currency but here we are talking about it as an investment. the two are mutually opposing, its no good you spending your bitcoin/ethereum/litecoin/zcash/dogecoin etc (theres literally dozens) if they appreciate in value so much each day. you hold for tomorrow instead. im holding out for bitcoin to hit high enough i can cash out and buy a porsche. :cheers:
 
Last edited:


looney

Banned
Jul 7, 2003
15,652
I purchased my first bitcoin. Well, 0.033 of a bitcoin yesterday.

There's an article on Ethereum in this month's BA Business Life magazine. Fascinating.

I pretend to understand how these things work, but just as I get the concept, like soap on a rope it slips out of grasp.

They say you shouldn't invest in things you don't fully understand, and whilst I get the concept of blockchain, I don't fully understand. But then again, who understands the concept of what sits behind "I promise to pay the bearer on demand." It's all trust.


Sent from my iPhone using Tapatalk

Agreed
It is fiat money, its not how much you trust and believe in it but how much you believe others will believe in it.

I thought of investing in rare pepes as they are valued in Bitcoins but will wait to the end of the year(although I would be effectively collecting art.).
 






Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I purchased my first bitcoin. Well, 0.033 of a bitcoin yesterday.

There's an article on Ethereum in this month's BA Business Life magazine. Fascinating.

I pretend to understand how these things work, but just as I get the concept, like soap on a rope it slips out of grasp.

They say you shouldn't invest in things you don't fully understand, and whilst I get the concept of blockchain, I don't fully understand. But then again, who understands the concept of what sits behind "I promise to pay the bearer on demand." It's all trust.

Took the plunge and as planned went for Ripple. Who knows, there's quite a lot of hype around many of these things and it's pure speculation.

I'm bothered by the wallet, less choice for me and it appears leaving on the exchange (I used Bitstamp) is risky. It looks like Ledger Nano rates highly but it's ease of use is rated moderate which might challenge me!!

May I ask how you went about assessing wallets and where did you end up (and for anyone else with any knowledge too)?
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I purchased my first bitcoin. Well, 0.033 of a bitcoin yesterday.

May I ask how you went about assessing wallets and where did you end up (and for anyone else with any knowledge too)?

Answered my own question now :) Went for Ledger Nano S and paid a small premium as there's a bit of a backlog. Will drop a note back on experience if interested
 


bhaseeer

New member
Aug 29, 2017
208
I put a good stash of bucks into Ethereum a few years ago.....you can imagine the % increase I've experienced.

Advice:

Study blockchain tech - each coin is either a platform, currency, or dapp.

Get in on ETH, OMG, STRAT, GNT, NEO. FUN.

Study ICOs - the % one can make is off the charts....literally.....but some are scams.

The whole market has gone from 5b to 155b in a year.......crypto has utility -therefore value - it will overtake the broken Fiat rubbish which always has more supply to help it - but this devalues it.

Learn, learn, and DO be paranoid, but get on this boat as web 3.0 will be the blockchain.

Use bittrex and myetherwallet.

If you are not technical minded, sorry, but it might be too much.
 




symyjym

Banned
Nov 2, 2009
13,138
Brighton / Hove actually
It only works when there is a demand for it. It's very similar to a pyramid marketing scam where the ones at the top scims the profit and the ones at the bottom hope more people join. Anyone who invests in them has to promote it as if it really works to encourage more people to join. It sort of forces people to lie because recruiting people to a dream is the only way it can make money.

The really stupid thing is that you are forced to virtually mine for it as if it were gold in the real world.
 


bhaseeer

New member
Aug 29, 2017
208
It only works when there is a demand for it. It's very similar to a pyramid marketing scam where the ones at the top scims the profit and the ones at the bottom hope more people join. Anyone who invests in them has to promote it as if it really works to encourage more people to join. It sort of forces people to lie because recruiting people to a dream is the only way it can make money.

The really stupid thing is that you are forced to virtually mine for it as if it were gold in the real world.

Look at the demand for crypto here:

https://coinmarketcap.com/charts/

It has more utility as gold and will soon become the safe haven as the FIAT mess starts to wobble (see Venezuela, Illinios, US debt etc).

If you think Crypto is a ponzi scheme you haven't done your research.

Decentralised trust-based technology has utility and therefore value.

Ethereum will be over $500 by Xmas and probably $2000 by 2020.........think if you got in at 10p and do the maths.

Look at the corps and govs looking into Ethereum based tokens (erc20).

Unbank the banks, and create anonymous trust based tech?

Crypto is the truest Disruptive Tech there is - miss out at your own choice.
 


bluenitsuj

Listen to me!!!
Feb 26, 2011
4,301
Willingdon
I put a good stash of bucks into Ethereum a few years ago.....you can imagine the % increase I've experienced.

Advice:

Study blockchain tech - each coin is either a platform, currency, or dapp.

Get in on ETH, OMG, STRAT, GNT, NEO. FUN.

Study ICOs - the % one can make is off the charts....literally.....but some are scams.

The whole market has gone from 5b to 155b in a year.......crypto has utility -therefore value - it will overtake the broken Fiat rubbish which always has more supply to help it - but this devalues it.

Learn, learn, and DO be paranoid, but get on this boat as web 3.0 will be the blockchain.

Use bittrex and myetherwallet.

If you are not technical minded, sorry, but it might be too much.

I have looked at many exchanges but still not sure on the best one. Bittrex looks like you cannot deposit money and buy coins but only use coins you already have to buy alt coins. Is this correct.
I just need a good exchange where I can deposit money, buy some cryptocurrencies and then move them into a separate wallet and then be able to sell easily via the exchange and get my money out without getting hit by bank exchange rates due to the lack of choice for £££££. Most seem to be in Euro.
 




Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I have looked at many exchanges but still not sure on the best one. Bittrex looks like you cannot deposit money and buy coins but only use coins you already have to buy alt coins. Is this correct.
I just need a good exchange where I can deposit money, buy some cryptocurrencies and then move them into a separate wallet and then be able to sell easily via the exchange and get my money out without getting hit by bank exchange rates due to the lack of choice for £££££. Most seem to be in Euro.

I used bitstamp which was all very straightforward. I liked that I could deposit via card. It is Euros but if you get a card like revolut they give you spot rate on exchange so no real fx loss
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,264
Look at the demand for crypto here:

https://coinmarketcap.com/charts/

It has more utility as gold and will soon become the safe haven as the FIAT mess starts to wobble (see Venezuela, Illinios, US debt etc).

hi pumper! your charts certainly tells a tale, in the week since your recommendation bitcoin has risen 12% to an all time high, then crashed 27% in two days. both rise and fall are for no reason in fundementals. presumably just profit taking, people taking some of their profits because they'd rather they were in dodgy old fiat to spend on real things. the only reason crypto ar so highly valued is because people dont sell as its easier to buy than sell, and who wants to sell anyway when it could be 10x next year eh?

with regard to fiat, do you remember when the government gave us a duplicate £ for every £ we already held, as happened last month with BitCash? it laughable that anyone still maintains the pretense crypto's are any different to governement money when every Tom, Dick or Vitalik can create a new one from nothing, or instantly double the issue of one with a fork.

crypto currencies are interesting and fun, but they could as easily go to £20 as £20k, it pure speculation as they are based on nothing but sheer will they are worth something.
 




ringmerseagulltoo

Active member
Feb 16, 2012
439
It's. F O O L ' S. G O L D. Even more ephemeral than the Emporier's Clothes. The last person in when it crashes is the one who loses most. Call it Bitcoin, Ephemeral or Wanker's Wodge, it's fiction. Eventually there could be 200 or more of these currencies, what are any of them worth then?
 




beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,264
... Eventually there could be 200 or more of these currencies, what are any of them worth then?

waaay past 200, theres 1101 listed here. we should start one, call it whinecoin for the whole football community to get behind, Arsenal fans would be biggest investors :cheers:
 


cheshunt seagull

Well-known member
Jul 5, 2003
2,486
Look at the demand for crypto here:

https://coinmarketcap.com/charts/

It has more utility as gold and will soon become the safe haven as the FIAT mess starts to wobble (see Venezuela, Illinios, US debt etc).

If you think Crypto is a ponzi scheme you haven't done your research.

Decentralised trust-based technology has utility and therefore value.

Ethereum will be over $500 by Xmas and probably $2000 by 2020.........think if you got in at 10p and do the maths.

Look at the corps and govs looking into Ethereum based tokens (erc20).

Unbank the banks, and create anonymous trust based tech?

Crypto is the truest Disruptive Tech there is - miss out at your own choice.
I have a very superficial understanding of Blockchain technology but I have been trying to convince colleagues in information and publishing world of how this could be a game-changer. In this case this is not so much the currency trading aspect but smart contracts. These enable any digital object (image, audio, text+) to embed licensing terms, costs and payments, intellectual property, ownership etc and excecute any record any transaction automatically. This opens up the opportunity for musicians, authors, artists to make their work available without the need to use a third party organisation. I believe Imogen Heap is experimenting with this. It is also used by people living in unstable parts of the world to record identity, contracts, even marriages outside their own corrupt or inefficient national infrastructures. Still in its infancy but it could be huge.
 



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