Bitcoin sell-off
Discussion
Oh I dunno. The fact that everything around Bitcoin has been shrouded in secrecy is in part what has led it to be the currency of choice for shady dealings and has led legitimate business to largely avoid it. Having a known founder could be the beginning of it starting to be taken seriously now that it has found some stability.
loafer123 said:
If I had invented Bitcoin, the currency of choice for the criminal underworld, the very last thing I would do would be to tell the BBC.
It's not the value in the cryptocurrencies; but making distributed ledger tech work. It will totally revolutionise the financial world in the next 10yrs, the first systems will start to come on line in the next 2-5yrs. Although Bitcoin may have anarcho-libertarian and slightly shady beginnings, the distributed ledger tech has massive investment.
t or I'm very disappointed!hornet said:
Checking my Multibit wallet, yep, still a thing. £302/btc currently, having been pretty stable for a while now. Be interesting to see how/if recent news impacts things. Ethereum seems to be where the speculation and volatility has migrated to.
Hornet, I'm contacting you from your Bitcoin bank...there appears to be a pigeon in your account. I just need your log in details to get the pigeon out of your account and clean it up and then your bitcoins will be nice and clean.
I had a meeting last week with someone involved in a new cryptocurrency. It wasn't the reason for the meeting but inevitably ended in him 'offering' the chance to get in at the start. Essentially worthless just now ($0.002), I wonder if it's worth throwing a couple of hundred at it?
Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
technodup said:
I had a meeting last week with someone involved in a new cryptocurrency. It wasn't the reason for the meeting but inevitably ended in him 'offering' the chance to get in at the start. Essentially worthless just now ($0.002), I wonder if it's worth throwing a couple of hundred at it?
Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
Genuinely not sure if serious or trolling ... ?
stongle said:
It's not the value in the cryptocurrencies; but making distributed ledger tech work. It will totally revolutionise the financial world in the next 10yrs, the first systems will start to come on line in the next 2-5yrs. Although Bitcoin may have anarcho-libertarian and slightly shady beginnings, the distributed ledger tech has massive investment.
Not just the financial industry either. It has applications right across society. It's actually quite exciting. 
Tonsko said:
stongle said:
It's not the value in the cryptocurrencies; but making distributed ledger tech work. It will totally revolutionise the financial world in the next 10yrs, the first systems will start to come on line in the next 2-5yrs. Although Bitcoin may have anarcho-libertarian and slightly shady beginnings, the distributed ledger tech has massive investment.
Not just the financial industry either. It has applications right across society. It's actually quite exciting. Digga said:
I have a mate who's been working for a firm for the last few years in this area of the tech. As you say, it could be transformative, especially in undeveloped economies and for people without access to normal banking.
Yeh man, even the UK Gov wants in! If they get it working, it will be great.https://www.gov.uk/government/publications/distrib...
Check out the short vid for more info. It's really interesting.
https://www.youtube.com/watch?v=4sm5LNqL5j0
technodup said:
I had a meeting last week with someone involved in a new cryptocurrency. It wasn't the reason for the meeting but inevitably ended in him 'offering' the chance to get in at the start. Essentially worthless just now ($0.002), I wonder if it's worth throwing a couple of hundred at it?
Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
Currency is a great technology, but would you trust pound notes printed in somebodies shed?Usually I'd run a mile from something I don't understand but at a low level and with big 'potential' is it worth a punt? Or is it the case that BitCoin is the daddy and new entrants will find it harder going?
BlackLabel said:
Is bitcoin still a thing?
Australian Craig Wright claims he is bitcoin founder Satoshi Nakamoto. The 45-year-old IT and security consultant has reportedly provided evidence to the BBC supporting his claim that he is the inventor of the cryptocurrency
Wright is a conman and this is actually, old, it was first made last summer and it has resurfaced because was raided by the Aussie authorities.Australian Craig Wright claims he is bitcoin founder Satoshi Nakamoto. The 45-year-old IT and security consultant has reportedly provided evidence to the BBC supporting his claim that he is the inventor of the cryptocurrency
The 'evidence' is not evidence at all and only convincing to fools.
Bitcoin (IMHO) is super speculative. You’d need to spend all day looking at it / related research to stay abreast of it (and its volatility). In the last week, its traded at a peak of $469, down on Mon to $444 as price support withdraws. Whilst I have nothing against speculative trading; I struggle with the coin’s intrinsic value. As most distributed ledgers require a native crypto currency (as the contract or container); excessive speculation must be a bad thing. If you look at Smart Contracts, or Ledger Tech like Ethererum (up % more than BitCoin is down)– I have to wonder if a native CCY can get killed off by user adoption rates(a re-run of VHS vs Betamax) – although I think the price (negative) correlation is a reflection of Open Vs Private Block Chains.
From a Finance perspective, I think most people prefer the native coins to have no (or little) intrinsic value (Sharia Compliant if you like). What is interesting, is that a type or idea of distributed ledgers have been around for centuries (Hawala); but we’ve moved from Trust to Code. I’d agree the distributed ledger has a lot of uses (outside traditional Finance) – but the valuations ard investments suggest some transformative adoption is required (like coming out with the Internet).
So, for the tech firms and start-ups; it’s seems a bit Bullsh*t Buzzword Bingo. The burn rates have to be horrendous, plus they are bringing disruptive tech to the market where the primary client base is super conservative and acts in self-interest (so resists adaption).
From a Finance perspective, I think most people prefer the native coins to have no (or little) intrinsic value (Sharia Compliant if you like). What is interesting, is that a type or idea of distributed ledgers have been around for centuries (Hawala); but we’ve moved from Trust to Code. I’d agree the distributed ledger has a lot of uses (outside traditional Finance) – but the valuations ard investments suggest some transformative adoption is required (like coming out with the Internet).
So, for the tech firms and start-ups; it’s seems a bit Bullsh*t Buzzword Bingo. The burn rates have to be horrendous, plus they are bringing disruptive tech to the market where the primary client base is super conservative and acts in self-interest (so resists adaption).
Edited by stongle on Tuesday 3rd May 09:38
technodup said:
I had a meeting last week with someone involved in a new cryptocurrency. It wasn't the reason for the meeting but inevitably ended in him 'offering' the chance to get in at the start. Essentially worthless just now ($0.002), I wonder if it's worth throwing a couple of hundred at it?
Doubtful in the extreme. It's still the wild wild west phase and it's filled with liars, scumbags and scammers. There've been thousands of altcoins that were supposed to be the Bitcoin killer that have come and gone and there'll be thousands more.
Google search your man's currency on bitcointalk.org. If there isn't a thread on there about it then that's an even worse sign.
I don't think a couple of hundred thrown at Bitcoin will do very much either though. There's a vast amount to be ironed out before it's ready for more people and another phase of growth, maybe it'll never come. You can only go so far on pure speculation and maybe the current price is somewhere around the limit.
You can still make silly amounts in this area, I put $20 into a non Bitcoin system and it's currently worth about $5000, but it's pure gambling and anyone who tells you otherwise is probably trying to sell you something.
Edited by bloomen on Tuesday 3rd May 13:10
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