Bitcoins (and other crypto currencies)

[R3k1355]

Well as if it couldn't get any weirder, now some kind of game is totally f**king up Ethereum and slowing the network right down.

http://www.bbc.co.uk/news/technology-42237162

A new craze for virtual kittens is slowing down trade in one of the largest crypto-currencies.
CryptoKitties lets players buy and breed "crypto-pets" on Ethereum's underlying blockchain network.

According to ETH Gas Station, the CryptoKitties game accounts for over 10% of network traffic on Ethereum. As traffic increases, transactions become more expensive to execute quickly.

"The real big issue is other major players looking for alternatives to Ethereum and moving to different systems," Mr Hileman said.

 

[rctempire]

Anyway,
$12K USD today barrier broken and smashed.

BCash is $1.4K USD too

 

[Ay Ay Ron]

Downloaded the coinbase app today and I've tried to upload my driver's license for varification and it's not worked. I've tried so many times its blocked me from doing so for another 24 hours. All images have been in good light, no flash or glare.

Any other apps to use to start buying? This was recommended by a friend but I've read on Twitter that it has a lot of issues.

 

[Scrooge]

Not sure how long I’ll hold on for, $14k today!!

I reckon it’ll hit £15k by the year end, I’ll possibly just take out my investment then and just let the rest ride it out.

Seems like it shouldn’t grow any further, seems ridiculous, but I thought that when it was £200, £1k, £3k etc

 

[.Simon]

I had all of my currency stupidly on the BTC-E website - they have since launched a new site after the FBI takeover however need verification etc.

I'm a little wary sending my passport, driving licence, a selfie to prove it's me and other docs - especially to a Russian backed website!

I only have a $200 worth I think, I don't think it's worth the risk!

 

[Herr Flick]

Uh oh. 60 mil apparently.

 

[The Psychedelic Socialist]

Eugh, cashed out half my coins last week at £7k/coin... feeling that sellers remorse right about now.

 

[Herr Flick]

Lol. You're not the only one. I've 'lost' £3k in 2 weeks.
I left a nominal amount in there that's gone from £116 to £160 but still..

 

[The Psychedelic Socialist]

Lol. You're not the only one. I've 'lost' £3k in 2 weeks.
I left a nominal amount in there that's gone from £116 to £160 but still..

I was told "it's never wrong to take profit" so I'll console myself with that fact.

Still, I've now got £2k left in there which I plan on leaving for the long-term. If it gets to £10k (about £50k per coin) I'll probably take it.

 

[Herr Flick]

I'm just hoping it goes back down a couple of grand and then i'll buy one coin and hold out and pray.
This shows how mad it is.

 

[The Psychedelic Socialist]

This time it'll be different, I'm sure...

 

[R3k1355]

of course this could be the big ramp in the bubble before it finally bursts.

but hopefully not because I want to join the party too.

 

[The Psychedelic Socialist]

of course this could be the big ramp in the bubble before it finally bursts.

but hopefully not because I want to join the party too.

Don't forget, at the minute it functions like a giant ponzi scheme. The coins themselves are largely worthless outside of buying drugs on the darknet so the main value they get is the value they have to people trying to cash out their investments.

It's therefore in the interests of current investors to persuade new investors in to ensure they can keep cashing out at a good price.

I need people like you to keep buying coins, to drive up the price, so I can sell for more profit in the future.

Never forget that, and never invest anything that you're not prepared to lose in full.

 

[R3k1355]

To be honest with the network issues they don't actually have much use for buying anything.
You either pay a percentage to get the transaction processed quickly, or you end up waiting several days for it to go through free.

 

[Herr Flick]

I think it's circa £2.50/transaction.

 

[Sunglasses_Ron]

I put £100 into a bitcoin thing a couple months ago (yeah I know, Last of the big time spenders and all that 😂). An ex member of CS was saying on FB how great it was.

I genuinely have zero understanding of how it works or exactly how much it’s made.

It’s saying there’s £167 in it now but I don’t know if that includes my original £100 investment.

I thought it might be a potential scam/pyramid scheme but thought it was worth a punt for £100.

 

[-Jamie-]

Is this still worth investing in now?


I wanted to months ago afyer coming across this thread but never bothered, kicking myself now looking at the values

 

[The Psychedelic Socialist]

I thought it might be a potential scam/pyramid scheme

It probably is

but thought it was worth a punt for £100.

but it probably still is

Is this still worth investing in now?


I wanted to months ago afyer coming across this thread but never bothered, kicking myself now looking at the values

No-one knows for certain

 

[Sunglasses_Ron]

It probably is



but it probably still is

Yeah it smelt like a pyramid scheme right from the start. Some bloke at the top saying about how much money he was earning per day etc etc, It was like watching all the Herbalife bullsh*t all over again.

Oh well it’s only an ‘undred quid...

 

[R3k1355]

I think it's circa £2.50/transaction.

Seems to vary wildly, steam are complaining of fee's upto $20 per transaction, which is f**king madness for anything other than huge amounts.
In no way are those fee's acceptable for everyday use as a payment method.

http://www.theregister.co.uk/2017/12/07/game_smart_steam_halts_bitcoin_payments/

fees have soared: Steam said they had hit “$20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”

 

[Scrooge]

It’s going f**king mad

 

[The Psychedelic Socialist]

lol, Coinbase has crashed.... no chance of selling up today then!

 

[Scrooge]

Coinbase is on and off constantly these last few hours

 

[Ay Ay Ron]

Can probably thank me for any coinbase fuckups as I bought this morning.

Looked at the other 2 in there, litecoin and Ethereum but I'm not sure if I'll bother.

*Must remember to check thread and quote myself as being an idiot when those two go mental.

 

[Jaff.]

Yeah it smelt like a pyramid scheme right from the start. Some bloke at the top saying about how much money he was earning per day etc etc, It was like watching all the Herbalife bullsh*t all over again.

Oh well it’s only an ‘undred quid...

Nick?

I’m convinced there’s a scam behind that even though I almost bough into it myself

 

[Oggy997]

f**k losing 4700 bitcoins.

 

[Gally]

What I find more funny is the fact it's clearly proper traders ramping all this up the way. They must be pissing themselves at the normal folk fattening their wallets.

It's fake as f**k in my opinion! Even from a basic level it cannot be worth what it is at this time.

 

[Herr Flick]

What I find more funny is the fact it's clearly proper traders ramping all this up the way. They must be pissing themselves at the normal folk fattening their wallets.

It's fake as f**k in my opinion! Even from a basic level it cannot be worth what it is at this time.

It's worth what you're willing to pay. I just hope I got out at the right time. If it does get to 50k or something, I don't think I'll cope.

 

[botfch]

Its unusual but I wouldn't call it fake, its basically a commodity like gold.

 

[adamlstr]

It's worth what you're willing to pay. I just hope I got out at the right time. If it does get to 50k or something, I don't think I'll cope.

I was happy when my mediocre bitcoin investment doubled, now its quadrupled! But yeah, being nicely propped up by traders and small time investors like most in here (and me).

 

[Sunglasses_Ron]

Nick?

I’m convinced there’s a scam behind that even though I almost bough into it myself

Yes mate.

I’m still not 100% convinced by it. But it’s not a disaster if it only costs me a hundred quid.

 

[Jaff.]

Yes mate.

I’m still not 100% convinced by it. But it’s not a disaster if it only costs me a hundred quid.

Yeah seems to be working at the moment. Makes me laugh how they are saying it’s deffinitly not a pyramid scheme even though the guy above them makes more money than they do which is exactly like work which they ironically also call a pyramid scheme.

I ran that past a few mates of mine and they were all instantly sceptical and convinced me not to bother.

Annoying the s**t out of me boasting about it on Facebook though lol

 

[The Psychedelic Socialist]

Yeah seems to be working at the moment. Makes me laugh how they are saying it’s deffinitly not a pyramid scheme even though the guy above them makes more money than they do which is exactly like work which they ironically also call a pyramid scheme.

I ran that past a few mates of mine and they were all instantly sceptical and convinced me not to bother.

Annoying the s**t out of me boasting about it on Facebook though lol

It's not a pyramid scheme though, it's more like a Ponzi scheme. There's no 'guy above them', there's just investors. The only reason some people make more is because they invested at a lower price in the past.

It's a commodity like gold, coffee beans or tulips.

The problem is that it's arguably massively over valued at the minute, though no-one knows if or when the correction is coming.

 

[Gally]

Its unusual but I wouldn't call it fake, its basically a commodity like gold.

Eh! Ever seen a bitcoin?

 

[Jaff.]

It's not a pyramid scheme though, it's more like a Ponzi scheme. There's no 'guy above them', there's just investors. The only reason some people make more is because they invested at a lower price in the past.

It's a commodity like gold, coffee beans or tulips.

The problem is that it's arguably massively over valued at the minute, though no-one knows if or when the correction is coming.

The way they seem to work it is exactly like a pyramid scheme.

Forex trading scheme with “bosses”
Screams pyramid to me but the forex bit does seem to be yielding results as he loves to remind everyone of

 

[The Psychedelic Socialist]

The way they seem to work it is exactly like a pyramid scheme.

Forex trading scheme with “bosses”
Screams pyramid to me but the forex bit does seem to be yielding results as he loves to remind everyone of

The way who work it?

It's a traded asset, there is no 'they'.

 

[Jaff.]

The way who work it?

It's a traded asset, there is no 'they'.

Usi tech or something. Guaranteed profit and the more people you gather into the scheme the more money you make - pyramid scheme

 

[The Psychedelic Socialist]

Usi tech or something. Guaranteed profit and the more people you gather into the scheme the more money you make - pyramid scheme

Well that looks like a pyramid scheme, but that's not 'BitCoin' that's just someone running a pyramid scheme using BitCoin.

"12 levels of referral commissions"

That's just a scam someone's set up to capitalise on the popularity of bitcoin.

 

[Jaff.]

No I agree, but they’re making money from the trading of bitcoin afaik

 

[The Psychedelic Socialist]

No I agree, but they’re making money from the trading of bitcoin afaik

Indeed, but if they were advertising a 12 level referral scheme selling Euros, you wouldn't say that the Euro was a pyramid scheme would you.