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Cryptos

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  • Bought and sold Bitcoin, Iota, Litecoin and Ripple over the last month and had a play on the Bitfinex exchange. Net profit of £300 from an original £500. Currently coinless and in no rush to rejoin the party - taking an active interest costs way too much time! If I come back for another punt it'd be on an ICO I like the look of to buy and forget about.
  • shine166 said:

    Having said what I said ripple is now down 10%..

    Ive only put a little bit in, still plenty of legs though if amazon get on board
    Good time to buy!
  • Just read through this and it turns out that in my early 40’s I am more of a dinosaur than I had realised. Literally don’t understand any of it. Had thought of having a little gamble for a bit of fun but would not even know where to begin even with what looks like some pretty knowledgeable people on here.

    Good luck to you lot, hope it makes you so crazy rich you can set up your own consortium and buy out Charlton in a few years time... could be our best bet !
  • I had lunch today with a relatively successful FM in NZ and he was unconvinced about bitcoin.

    I do find the concept really interesting though so will do some reading on these ICOs and have a dabble at the weekend.
  • edited January 5
    Theres a lot of people who are watching these and about to jump in - me included. Think if you put in just what you can afford to lose then its probably a million times better than backing the favourite at Sandown.
    Whats the best way/website to research to get an better understanding of Cryptos.
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    I joined IQ OPTION and was able to purchase right away.. my coinbase account took 3/4 hours for the verification to go through
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    Piece on what this is all about on Newsnight last night. Conclusion was pretty much a shrug of the shoulders. Advice was as you suggest. Don’t put in more than you can afford to lose.

    IMO though those already in are going to have to ‘pimp’ the ‘products’ to others as much as they can in order to get any real returns.
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    It's not an automated service, AFAIK, someone needs to physically check the documents.
  • I have money in Gdax. No idea how to get it out!
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  • Chaz Hill said:

    Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    Piece on what this is all about on Newsnight last night. Conclusion was pretty much a shrug of the shoulders. Advice was as you suggest. Don’t put in more than you can afford to lose.

    IMO though those already in are going to have to ‘pimp’ the ‘products’ to others as much as they can in order to get any real returns.
    Re newsnight that’s pretty much the best response you can get, not like they’re gonna say “put your pension into it it’s great”, think of the complaints they’d get.

    Re your second comment, absolutely not, beyond a couple of colleagues who were already interested and on here I haven’t peddled anything to anyone, yet I’ve made about 5 times what i originally put in about a month or so ago. It’s, again, fundamentally not understanding how blockchain works and that it’s only really bitcoin who is looking to replace money. The rest are simply tools for various things using the same technology.
  • Chaz Hill said:

    Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    Piece on what this is all about on Newsnight last night. Conclusion was pretty much a shrug of the shoulders. Advice was as you suggest. Don’t put in more than you can afford to lose.

    IMO though those already in are going to have to ‘pimp’ the ‘products’ to others as much as they can in order to get any real returns.
    Re newsnight that’s pretty much the best response you can get, not like they’re gonna say “put your pension into it it’s great”, think of the complaints they’d get.

    Re your second comment, absolutely not, beyond a couple of colleagues who were already interested and on here I haven’t peddled anything to anyone, yet I’ve made about 5 times what i originally put in about a month or so ago. It’s, again, fundamentally not understanding how blockchain works and that it’s only really bitcoin who is looking to replace money. The rest are simply tools for various things using the same technology.
    Well, hope it works out for you and the others. I ‘ll watch from the sidelines with interest.
  • edited January 5

    Chaz Hill said:

    Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    Piece on what this is all about on Newsnight last night. Conclusion was pretty much a shrug of the shoulders. Advice was as you suggest. Don’t put in more than you can afford to lose.

    IMO though those already in are going to have to ‘pimp’ the ‘products’ to others as much as they can in order to get any real returns.
    Re newsnight that’s pretty much the best response you can get, not like they’re gonna say “put your pension into it it’s great”, think of the complaints they’d get.

    Re your second comment, absolutely not, beyond a couple of colleagues who were already interested and on here I haven’t peddled anything to anyone, yet I’ve made about 5 times what i originally put in about a month or so ago. It’s, again, fundamentally not understanding how blockchain works and that it’s only really bitcoin who is looking to replace money. The rest are simply tools for various things using the same technology.
    This is where I get lost. However amazing the technology - how precisely does that help a virtual currency have anything but a nominal value? I've just bought a pack of tiddlywink counters off ebay for £1.20. Who'd like to give me $1,000 each for them? Look at all the pretty colours!

    image
  • cafcfan said:

    Chaz Hill said:

    Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    Piece on what this is all about on Newsnight last night. Conclusion was pretty much a shrug of the shoulders. Advice was as you suggest. Don’t put in more than you can afford to lose.

    IMO though those already in are going to have to ‘pimp’ the ‘products’ to others as much as they can in order to get any real returns.
    Re newsnight that’s pretty much the best response you can get, not like they’re gonna say “put your pension into it it’s great”, think of the complaints they’d get.

    Re your second comment, absolutely not, beyond a couple of colleagues who were already interested and on here I haven’t peddled anything to anyone, yet I’ve made about 5 times what i originally put in about a month or so ago. It’s, again, fundamentally not understanding how blockchain works and that it’s only really bitcoin who is looking to replace money. The rest are simply tools for various things using the same technology.
    This is where I get lost. However amazing the technology - how precisely does that help a virtual currency have anything but a nominal value? I've just bought a pack of tiddlywink counters off ebay for £1.20. Who'd like to give me $1,000 each for them? Look at all the pretty colours!

    image
    tiddlywink counters dont have practical uses, unlike cryptos or gold. There is also a limited supply of cryptos, just like there is a limited supply of gold.

    I think your question is, why does anything have any value, ever?
  • but here's bitcoin.org's explanation:

    Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin's value comes only and directly from people willing to accept them as payment.

  • During the dot.com boom many investors thought that owning a pointless web site would eventually give you a share in the Internet.

    It's like buying a copy of the Times and thinking you've been sold a share in a Murdoch's media empire.

    Think it's the same with bitcoin. Game changing technology but ....
  • WSSWSS
    edited January 5
    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?
  • Still cant get my money out of coinbase. Going to put the money into Bitcoin and transfer into TRON asap.

    Zuckerberg posted this earlier in the week:

    With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.

    There are important counter-trends to this --like encryption and cryptocurrency -- that take power from centralized systems and put it back into people's hands. But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.

    Rumours he may team up with some sort of crypto for Facebook
  • WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.

    Still cant get my money out of coinbase. Going to put the money into Bitcoin and transfer into TRON asap.

    Zuckerberg posted this earlier in the week:

    With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.

    There are important counter-trends to this --like encryption and cryptocurrency -- that take power from centralized systems and put it back into people's hands. But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.

    Rumours he may team up with some sort of crypto for Facebook

    Yup, blockchain is a secure, fraud proof system.
  • WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.
    So what happens when it "runs out"?

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  • WSS said:

    WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.
    So what happens when it "runs out"?

    https://www.reddit.com/r/Bitcoin/comments/6gqken/can_we_run_out_of_bitcoins/

    We do have many orphaned bitcoin, especially from the early days when users didn't care about them (they had next to no value) and simply deleted or lost their wallets. These make them inaccessible, and effectively non-existent. Thus, the total available Bitcoin will always be less than 21 million.

    Every time any bitcoin are rendered inaccessible, they technically marginally increase the value of all the accessible bitcoin.

    Fortunately for us, there is no real limit on how much a single bitcoin can be subdivided. Currently one Bitcoin is split into 100,000,000 subunits (Satoshis). In the future, if needed, the protocol can be adjusted to allow further subdivision easily enough.
  • Is anything in limited supply always valuable?
  • WSSWSS
    edited January 5

    WSS said:

    WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.
    So what happens when it "runs out"?

    https://www.reddit.com/r/Bitcoin/comments/6gqken/can_we_run_out_of_bitcoins/

    We do have many orphaned bitcoin, especially from the early days when users didn't care about them (they had next to no value) and simply deleted or lost their wallets. These make them inaccessible, and effectively non-existent. Thus, the total available Bitcoin will always be less than 21 million.

    Every time any bitcoin are rendered inaccessible, they technically marginally increase the value of all the accessible bitcoin.

    Fortunately for us, there is no real limit on how much a single bitcoin can be subdivided. Currently one Bitcoin is split into 100,000,000 subunits (Satoshis). In the future, if needed, the protocol can be adjusted to allow further subdivision easily enough.
    So it is unlimited, technically, if need be? You'll always be able to buy a part of bitcoin etc?
  • WSS said:

    WSS said:

    WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.
    So what happens when it "runs out"?

    https://www.reddit.com/r/Bitcoin/comments/6gqken/can_we_run_out_of_bitcoins/

    We do have many orphaned bitcoin, especially from the early days when users didn't care about them (they had next to no value) and simply deleted or lost their wallets. These make them inaccessible, and effectively non-existent. Thus, the total available Bitcoin will always be less than 21 million.

    Every time any bitcoin are rendered inaccessible, they technically marginally increase the value of all the accessible bitcoin.

    Fortunately for us, there is no real limit on how much a single bitcoin can be subdivided. Currently one Bitcoin is split into 100,000,000 subunits (Satoshis). In the future, if needed, the protocol can be adjusted to allow further subdivision easily enough.
    So it is unlimited, technically, if need be? You'll always be able to buy a part of bitcoin etc?


    Only 21 million BitCoints can ever be mined, you then have to take out a fair few that have been lost/deleted, but yes, they can be divided infinately.
  • WSS said:

    WSS said:

    WSS said:

    The whole "there is a limited supply of..." - does it really apply?

    I get it with gold because it can't be "created" but what's stopping the Japanese founder fella or anyone else just making a few more BitCoin, DonkeyDoo, RolyPolys on their computer etc.? I don't know, but is it 100% limited? Is there absolutely no possible way more could be created?

    There will be a limited supply. All of it’s mathematics rely on that, if you change it, the entire thing breaks, like any piece of code or maths.
    So what happens when it "runs out"?

    https://www.reddit.com/r/Bitcoin/comments/6gqken/can_we_run_out_of_bitcoins/

    We do have many orphaned bitcoin, especially from the early days when users didn't care about them (they had next to no value) and simply deleted or lost their wallets. These make them inaccessible, and effectively non-existent. Thus, the total available Bitcoin will always be less than 21 million.

    Every time any bitcoin are rendered inaccessible, they technically marginally increase the value of all the accessible bitcoin.

    Fortunately for us, there is no real limit on how much a single bitcoin can be subdivided. Currently one Bitcoin is split into 100,000,000 subunits (Satoshis). In the future, if needed, the protocol can be adjusted to allow further subdivision easily enough.
    So it is unlimited, technically, if need be? You'll always be able to buy a part of bitcoin etc?


    It's infinitely devisable - slight but important difference.
  • edited January 5
    Expect a fair bit of hassle if you have a pre-paid VISA to access your crypto funds; there's been a bit of drama over the past couple of days with a company named "WaveCrest". WaveCrest provide the cards for the likes of revolut and TenX, and essentially Visa has ordered them to suspend all cards associated with crypto.

    According to the rumour mill (and a mate who works in a related field; a commodities backed card) it appears this isn't an issue with crypto itself - but rather a dubious company who were cutting corners (not WaveCrest either).

    It would seem that a certain London based start-up were using WaveCrest as their card provider, but had failed to conduct the correct KYC ("Know Your Customer") checks on their customers. Obviously this is a massive issue as it allows money laundering and the like, so Visa opted to request all cards were suspended rather than simply audit all records.

    I expect there will be similar bumps along the way as some start-ups begin to adjust with the demands of business (both technically and legally tbh), and regulators also begin to look at the arena a little more carefully.
  • Still cant get my money out of coinbase. Going to put the money into Bitcoin and transfer into TRON asap.

    Zuckerberg posted this earlier in the week:

    With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.

    There are important counter-trends to this --like encryption and cryptocurrency -- that take power from centralized systems and put it back into people's hands. But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.

    Rumours he may team up with some sort of crypto for Facebook

    Coinbase - have you verified your bank account with them? (you'll need to bank transfer them €1)

    Crypto for social media... I haven't read this yet so this is definitely not a recommendation but might be an option worth reading up on: https://www.sether.io/
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    It's not an automated service, AFAIK, someone needs to physically check the documents.
    Well I now ( nearly 24 hours later just got a mail
    saying they cant verify my document and have to try again.

    I read an article from Motley Fool suggesting that for those of us who cant get their heads around what we'd be investing in, we might be better investing in shares of companies that will get into this stuff. I can post it if anyone is interested. But most of the companies named were the tech giants such as Microsoft and Alphabet. There was an investment fund in the list. Polar something..
  • Well, tried to set up a Coinbase account yesterday evening and scanned my driving licence for ID verification. Still waiting for confirmation. There's a note on the website that indicates they are having processing trouble. Looks a bit amateurish under the fresh funky bonnet...as (e.g. @The_President ) others have said, put in only what you are ready to say bye bye to.

    It's not an automated service, AFAIK, someone needs to physically check the documents.
    Well I now ( nearly 24 hours later just got a mail
    saying they cant verify my document and have to try again.

    I read an article from Motley Fool suggesting that for those of us who cant get their heads around what we'd be investing in, we might be better investing in shares of companies that will get into this stuff. I can post it if anyone is interested. But most of the companies named were the tech giants such as Microsoft and Alphabet. There was an investment fund in the list. Polar something..
    Yes please PA
  • edited January 5
    Just read the whole thread. Some fantastic info in here.a lot went totally over my head, so i'll have to re-read but a lot of guidance on how to trade- and where to do it.
    One simple question that doesnt seem to have been answered in a straight forward way is....1) Is it easy to sell 2) How easy and quickly do you get the wonga in your Bank Account when you do sell.?
    I'm gonna have a dabble once i get paid !

    Just wanted to say many thanks for the contributors on here who have spent their time trying to explain cryptos to the idiots (ie me)
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