Bitcoins (and other crypto currencies)

[mace¬]

Read the article, chinese are currently trying to limit the amount of currency leaving the country, so an easy way is Bitcoins

 

[R3k1355]

ah right, the Chinese had been driving previous Bitcoin booms, but I thought the authorities had cracked down on it over there.
Clearly not.

 

[BatFastard]

It goes in cycles. There will be an inevitable crash soon, it'll lay dormant for a couple of years and then shoot up again.

 

[mace¬]

Say I would have bought £1.68 10 years ago, how difficult would it now be for me to ship on a million quids worth?

 

[BatFastard]

Say I would have bought £1.68 10 years ago, how difficult would it now be for me to ship on a million quids worth?

Pretty damn hard with the UK banks. If they get any whiff that it's Bitcoins, your account is frozen and it's a massive PITA to get your money back. I made a few grand a few years ago during the second bubble and sold it all to private buyers on localbitcoins.

If you send some money to someone with the reference bitcoins, it wouldn't surprise me if the bank automatically closed both yours and the other person's account.

 

[mace¬]

Pretty damn hard with the UK banks. If they get any whiff that it's Bitcoins, your account is frozen and it's a massive PITA to get your money back. I made a few grand a few years ago during the second bubble and sold it all to private buyers on localbitcoins.

If you send some money to someone with the reference bitcoins, it wouldn't surprise me if the bank automatically closed both yours and the other person's account.

How come? Why don't they like bitcoins so much?
So the truth of it is, you might have a million quids worth of bit coins but you'd need some very clever accounting and knowledge of the banking system to shift them all, possibly using off shore bank accounts?

 

[mace¬]

Edit to add: might reference bitcoin if I got to transfer @GiT-ToP anymore cash and see what happens lol

 

[botfch]

How come? Why don't they like bitcoins so much?
So the truth of it is, you might have a million quids worth of bit coins but you'd need some very clever accounting and knowledge of the banking system to shift them all, possibly using off shore bank accounts?

I'd guess because they don't have control over the currency.

 

[boultonn]

How come? Why don't they like bitcoins so much?
So the truth of it is, you might have a million quids worth of bit coins but you'd need some very clever accounting and knowledge of the banking system to shift them all, possibly using off shore bank accounts?

Think most people use them for purchasing assets as that takes banks out of the equation until you sell said asset. Remember reading a story a few years ago about a chap who bought about £5 worth of BTC and 2 years later bought a £60k Porsche with it.

 

[BatFastard]

How come? Why don't they like bitcoins so much?
So the truth of it is, you might have a million quids worth of bit coins but you'd need some very clever accounting and knowledge of the banking system to shift them all, possibly using off shore bank accounts?

The official reason is money laundering etc. Theoretically there's nothing wrong with buying/selling them but the banks will be extremely cautious and report you to the taxman for investigation.

 

[rctempire]

Oh hi.
Thought is post back in here. So I still have BTC and the value is mental. Unsure what's driving it but altcoins have seen a shift too.
Hopefully this is a random influx and will settle again.

 

[Oggy997]

I'd be shot of them at the recent prices!

 

[R3k1355]

Yes considering the pound is in the toilet you're getting a good return on em if you bought when the market was down.

BTC started the week on $2900 and has fallen down to $2700, it started the year at $1000.
Question is has it peaked and started to fall now, or will it continue to surge?

 

[rctempire]

Yes considering the pound is in the toilet you're getting a good return on em if you bought when the market was down.

BTC started the week on $2900 and has fallen down to $2700, it started the year at $1000.
Question is has it peaked and started to fall now, or will it continue to surge?

Nah it's peaked and it will bottom out or settle around 2k I reckon.

 

[Gally]

I don't get it!!!!!!!!!!! How the f**k. An you mine money!!!! The world has gone f**king mad!!!! Utterly utterly mental! Mental!

 

[R3k1355]

Well it's not money, you mine tokens (Kinda) which people exchange for money...................or drugs

 

[Ex-User (19928)]

I don't get it!!!!!!!!!!! How the f**k. An you mine money!!!! The world has gone f**king mad!!!! Utterly utterly mental! Mental!

Have a read https://en.wikipedia.org/wiki/Blockchain (including links).

Imagine a world without quantitative easing and artificial inflation. That's just one of the benefits.

 

[R3k1355]

The basic technology has been looked at by banks to underpin their work, although a few issues have been found.

https://www.theregister.co.uk/2017/...inds_flaws_with_current_blockchain_solutions/

 

[Martin.]

Just a random post to keep people encouraged.

A friend of mine got a £25k LOAN, and bough Ethereum when it was $12. It's now $265. Still has it all, and more.

Yes that's a LOT of money!!!!!

!!!!
!!!

!!!!

 

[ChrisR]

How easy is it for him to cash it all in?

 

[R3k1355]

How easy is it for him to cash it all in?

He'll need a decent accountant to ensure it's all done correctly, but shouldn't be too hard.

 

[Martin.]

Very easy. Has a $500,000 monthly limit on his account. So one transaction, then another the next month and he's done. Obviously needs to pay CGT though.

 

[ColinG]

I've been skim reading this thread and I'm sort of with @gally in that it all seems a bit strange, a bit uncertain.

When you "mine" a Bitcoin, where does it come from? How is it created and who started it? Surely the more bit that are made the value of each one will decrease?

It intreagues me as a concept but I can't get my head round paying some randomer for something I can't see or touch?

Edit: just looked on local bitcoins and it seems that £2359 would buy me 1 Bitcoin, so what happens then? Forget about it and hope the rate rises?

 

[Chuckie B]

I've been skim reading this thread and I'm sort of with @gally in that it all seems a bit strange, a bit uncertain.

When you "mine" a Bitcoin, where does it come from? How is it created and who started it? Surely the more bit that are made the value of each one will decrease?

It intreagues me as a concept but I can't get my head round paying some randomer for something I can't see or touch?

Edit: just looked on local bitcoins and it seems that £2359 would buy me 1 Bitcoin, so what happens then? Forget about it and hope the rate rises?

It's a reward (transaction fee) for solving a cryptographically secure mathematical puzzle using huge amounts of computing power and energy to achieve an outcome that effectively confers the right for you to close and update a digital ledger of transactions (Assets)on a decentralised network. Your ledger then becomes the end of the chain for the next lot of transactions. No central authority to have to trust in or worry about having too much of an influencing on the the workings while further reducing the risk of a single point of failure. An ideology, with the false belief that the evolution of the blockchain will be a success by consensus decision making amongst a community of computer geeks and nerds who will always "work to always do the right thing".

A years worth of investigation on my part to get to this level of understanding even!

 

[Martin.]

Ethereum jumped up 100 bucks over the weekend!!!!!!!!!!!!

Another $260,000 for my colleague. Absolutely insane.

 

[ColinG]

It's a reward (transaction fee) for solving a cryptographically secure mathematical puzzle using huge amounts of computing power and energy to achieve an outcome that effectively confers the right for you to close and update a digital ledger of transactions (Assets)on a decentralised network. Your ledger then becomes the end of the chain for the next lot of transactions. No central authority to have to trust in or worry about having too much of an influencing on the the workings while further reducing the risk of a single point of failure. An ideology, with the false belief that the evolution of the blockchain will be a success by consensus decision making amongst a community of computer geeks and nerds who will always "work to always do the right thing".

A years worth of investigation on my part to get to this level of understanding even!

Thanks! I've read that 3 times and can vaguely get what you are meaning, but does anyone know what algorithms are being solved??

 

[MonkeyKnifeFight]

Ethereum is still a great investment option. Long term experts predict it could realistically be worth x100 its current value.

I also think Ripple is worth a squirt.

 

[McGherkin]

F*cking miners takin' all errr GPUs.

 

[jonno_c]

Ethereum is still a great investment option. Long term experts predict it could realistically be worth x100 its current value.

I also think Ripple is worth a squirt.

Have you looked at Electroneum? Launching in September.

 

[MonkeyKnifeFight]

If I'm wrong I'm wrong but that just looks like a scam to me..

 

[Pistachio]

Just bought £50 of Ethereum. How long till I can retire?

 

[Ex-User (60778)]

So tempted with Ethereum. Where have people bought from?

 

[Pistachio]

Coinbase. Up to £57 from my £50 already :tongueclosed:

 

[Ex-User (60778)]

Coinbase. Up to £57 from my £50 already :tongueclosed:

One more week and you can retire!

 

[R3k1355]

Still the same now?
Prices took a hit as the Chinese have clamped down on the more obvious scams (sorry, ICO's)

If anyone was looking for proof we're currently in a bubble, Paris Hilton is getting into the cryptocurrancy game now 😂😂😂

 

[Sir_Dave]

Prices took a hit as the Chinese have clamped down

Yeah, they took a bit of a nose dive over the weekend, but a large correction after a steady rise is always expected to be honest.
I've currently got the following on Coinbase, bought them all on 22nd August:
1 x Ethereum, bought at £235
5 x Litecoin, bought at £36.84 each
0.002 x Bitcoin, free as it was a referral, worth £7.80 at the time
Total investment £419.20, currently worth £563.13
I had a "Buy" CFD on some Bitcoin at £2,500, but sold just prior to going on holiday at the beginning of August (didn't want to check it constantly).
It would have now been worth about £4,250 now. Balls. Overall, after messing about on Trading212 for a couple of months, i think i'm a couple hundred quid up.

 

[Ex-User (60778)]

Might buy OmiseGO (OMG) if I can work out the best way of exchanging eth

 

[R3k1355]

Overall, after messing about on Trading212 for a couple of months, i think i'm a couple hundred quid up.

:up::up::up::up:

Do you use a trading robot?
I've hear (a little) about them, are they any good?

 

[adamlstr]

Just bought an Ethereum, figured losing a bit of the paypal toy kitty I have going can't do me any harm.

 

[Sir_Dave]

:up::up::up::up:
Do you use a trading robot?
I've hear (a little) about them, are they any good?

Nah, just manually on Trading212, then purchases via Coinbase.

Just bought an Ethereum, figured losing a bit of the paypal toy kitty I have going can't do me any harm.

Did you buy before/after the massive drop this afternoon lol