Crypto Currency Thread
Discussion
Behemoth said:
Condi said:
even the most intelligent and clever people can still forget a password.
People just a bit more intelligent and clever can write a password down in a secure manner and store it safely 
Condi said:
Maybe so, but that doesnt protect people who's online accounts are hacked. As of December last year that amounted to over $5bn at todays prices. (Reuters). Who steps in then? Who picks up the tab when the government protection is precisely nothing?
If you hold your own bitcoin, there is no online account. There is only your private key which is your unique access to the blockchain. You can own bitcoin without your private key ever being online. You can still keep watch on your bitcoin balance at any time, since the blockchain is a transparent public record.Behemoth said:
If you hold your own bitcoin, there is no online account. There is only your private key which is your unique access to the blockchain. You can own bitcoin without your private key ever being online. You can still keep watch on your bitcoin balance at any time, since the blockchain is a transparent public record.
True, but if my understanding is correct in order to spend bitcoins the wallet needs to be attached to the internet? So if you call Bitcoin a currency, and want to use it as a currency (i.e. to spend and receive), then it needs to be attached to the internet and is open to hacking. If you dont want to spend it then its failed as a currency.
Condi said:
Anyone who is wealthy enough to have to worry about the limits on protected bank accounts is sensible enough to understand what the implications of them are, and to move money round so it remains protected.
Have to disagree on that point (although I normally agree with your posts in general). I advise many vulnerable folk, one such individual has just been gifted 1m and has no clue - whole lot sat in Nationwide... Not covered by the temporary high balances protection either.Condi said:
True, but if my understanding is correct in order to spend bitcoins the wallet needs to be attached to the internet?
So if you call Bitcoin a currency, and want to use it as a currency (i.e. to spend and receive), then it needs to be attached to the internet and is open to hacking. If you dont want to spend it then its failed as a currency.
A hardware wallet like a Trezor never exposes your private keys to the internet. Other cold storage methods like a simple paper wallet only have exposure to the internet when you want to transact. Risk of attack in this case can be minimised by using a computer that isn't full of the digital equivalent of STDs. Hot wallets that are always connected to the internet are more suitable for small amounts, much like the wallet in your jacket containing a few £20 & £10 notes (unless you're Mike Ashley).So if you call Bitcoin a currency, and want to use it as a currency (i.e. to spend and receive), then it needs to be attached to the internet and is open to hacking. If you dont want to spend it then its failed as a currency.
Presumably, you have a savings account. Not wanting to spend your money doesn't mean the money you have is not money. Store of value is one of the three cardinal properties of money.
Condi said:
Behemoth said:
Store of value is one of the three cardinal properties of money.
When daily volatility is frequently up to 10% it doesnt even do that very well. 
Since the start of the financial year, Bitcoin has dropped around 3% of its value.
The famous cable, (GBP/USD pair) has dropped 10%
soupdragon1 said:
Some trivia...
Since the start of the financial year, Bitcoin has dropped around 3% of its value.
The famous cable, (GBP/USD pair) has dropped 10%
You've got to pick your dates though.Since the start of the financial year, Bitcoin has dropped around 3% of its value.
The famous cable, (GBP/USD pair) has dropped 10%
Right now, coindesk reports bitcoin at $6328.71. They give a price of $13412 for the start of the _calendar_ year, for a >50% fall.....
xeny said:
soupdragon1 said:
Some trivia...
Since the start of the financial year, Bitcoin has dropped around 3% of its value.
The famous cable, (GBP/USD pair) has dropped 10%
You've got to pick your dates though.Since the start of the financial year, Bitcoin has dropped around 3% of its value.
The famous cable, (GBP/USD pair) has dropped 10%
Right now, coindesk reports bitcoin at $6328.71. They give a price of $13412 for the start of the _calendar_ year, for a >50% fall.....
soupdragon1 said:
Yes, no debate about choice of date. Just quite funny that if you use the start of the financial year, it looks quite stable
And a year ago it was ~ $3800. Zoom right out for a longer term view, both on price and long term potential for what is thus far the most profound computer science innovation of the 21st century.Behemoth said:
And a year ago it was ~ $3800. Zoom right out for a longer term view, both on price and long term potential for what is thus far the most profound computer science innovation of the 21st century.
Or the greatest waste of time, effort and money of the 21st Century..... Depending on your point of view of course.
Condi said:
Or the greatest waste of time, effort and money of the 21st Century.....
Depending on your point of view of course.
Yes, I've zero doubt that tonnes of time, effort & money have been wasted on 1001 token projects as various groups seek to explore & exploit the ideas. But a handful of leading concepts will finally push money into a fully digital future.Depending on your point of view of course.
ETH under $300 but obviously nobody cares.
Market cap under $200 billion soon? Was $800 billion at the end of December.
Does that mean people have lost $600 billion on this nonsense?
Can we start a justgiving page for these people, maybe have an advert on TV with some sad music and sad children without christmas presents or shoes as daddy bought BTC in December due to FOMO?
Market cap under $200 billion soon? Was $800 billion at the end of December.
Does that mean people have lost $600 billion on this nonsense?
Can we start a justgiving page for these people, maybe have an advert on TV with some sad music and sad children without christmas presents or shoes as daddy bought BTC in December due to FOMO?
Behemoth said:
Yes, I've zero doubt that tonnes of time, effort & money have been wasted on 1001 token projects as various groups seek to explore & exploit the ideas. But a handful of leading concepts will finally push money into a fully digital future.
100% agree, the amount of money that vague ICOs raised is criminal. Looks like ethereum is paying the price now that they are cashing in to USD. Hard to resist buying ETH at this price point. Still think BTC and ETH will be leading the way with some very exciting developments coming soon. Edited by p_k_n on Monday 13th August 19:02
Joey Deacon said:
Market cap under $200 billion soon? Was $800 billion at the end of December.
Does that mean people have lost $600 billion on this nonsense?
Somewhere, someone or some people have lost a theoretical $600bn. Does that mean people have lost $600 billion on this nonsense?
For most people, they've lost money they never really ever had in the first place.
Joey Deacon said:
ETH under $300 but obviously nobody cares.
Market cap under $200 billion soon? Was $800 billion at the end of December.
Does that mean people have lost $600 billion on this nonsense?
Can we start a justgiving page for these people, maybe have an advert on TV with some sad music and sad children without christmas presents or shoes as daddy bought BTC in December due to FOMO?
Your obvious schadenfreude right throughout this thread is a bit disturbing. What is your motivation? Did you lose your life savings to a crypto currency con man or something? Just seems a bit wierd tbh.Market cap under $200 billion soon? Was $800 billion at the end of December.
Does that mean people have lost $600 billion on this nonsense?
Can we start a justgiving page for these people, maybe have an advert on TV with some sad music and sad children without christmas presents or shoes as daddy bought BTC in December due to FOMO?
Guvernator said:
Your obvious schadenfreude right throughout this thread is a bit disturbing. What is your motivation? Did you lose your life savings to a crypto currency con man or something? Just seems a bit wierd tbh.
He probably knows of people who have made a ton of money in crypto and is jealous he missed out on it. He'll be nowhere to be seen when it rockets again. p_k_n said:
Guvernator said:
Your obvious schadenfreude right throughout this thread is a bit disturbing. What is your motivation? Did you lose your life savings to a crypto currency con man or something? Just seems a bit wierd tbh.
He probably knows of people who have made a ton of money in crypto and is jealous he missed out on it. He'll be nowhere to be seen when it rockets again. There were people on here telling me how they did their research and invested in the undervalued coins while I was saying it was all nonsense. I get that it is a speculative punt, but it is more akin to going to the casino than investing due to research in a coin or whitepaper.
I personally think we are starting to see the realisation that the vast majority of these coins will come to nothing and people are getting out. BTC now has a 54% dominance so it is clear which coin people are starting to bet on making it big.
Personally if you have you money in any coin outside of the top 10 due to dominance then I think you will eventually lose all your money.
A solution that 10 years on is still looking for a problem.
The creator of Litecoin, Charlie Lee sold up in December, if that doesn't tell you something nothing will.
Edited by anonymous-user on Tuesday 14th August 13:30
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