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Author Topic: Bitcoins 7 years on.  (Read 300 times)

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zirk

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Bitcoins 7 years on.
« on: 06 December 2017, 21:14:23 »

The first Bitcoin trade was back in 2010, when 10,000 Bitcoins was used to buy 2 Pizza,s from Papa Joes in the US.

Today a the value of a single Bitcoin is worth just over $13,500.00 EACH COIN.  :o

So how many have you got kicking around.?
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Migv6

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Re: Bitcoins 7 years on.
« Reply #1 on: 06 December 2017, 21:30:52 »

None unfortunately. If you bought 100 worth a year ago you could probably buy a Ferrari with them now.
I'm thinking of sticking a few quid in them, but if I do the bubble will surely burst the next day.  ;D
Apparently there are several bitcoin cashpoints in London now, so easy for you to jump on board Chris.  :)
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aaronjb

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Re: Bitcoins 7 years on.
« Reply #2 on: 06 December 2017, 21:40:31 »

There was a guy who accidentally threw away his hard drive with his 'wallet'.. it's now worth $75,000,000 and sitting at the bottom of the landfill in Newport, somewhere.

Oops.
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tunnie

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Re: Bitcoins 7 years on.
« Reply #3 on: 06 December 2017, 22:03:59 »

There was a guy who accidentally threw away his hard drive with his 'wallet'.. it's now worth $75,000,000 and sitting at the bottom of the landfill in Newport, somewhere.

Oops.

I read that as well, what I don't understand is if I had that value sat in a hard drive on a laptop in this house, I'd be selling all of those coins ASAP.



 
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Migv6

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Re: Bitcoins 7 years on.
« Reply #4 on: 06 December 2017, 22:18:28 »

It wasn't worth anything like that amount when he lost it, although iirc it was still worth a tidy sum.
He ought to take out a loan now to buy the landfill site and search every square inch of it until he finds it.  ;D
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Varche

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Re: Bitcoins 7 years on.
« Reply #5 on: 06 December 2017, 22:39:31 »

I know several people who are doing alright. Invested, made an increase, took out their stake and are letting balance run. Also know two people who wre robbed. Seems a common scam. Both visited what they thought was their wallet help site and had their wallets emptied . Small amounts but still galling. I am convinced the scammers have inside knowledge ( probably work for the real company). No regulator and no one would be interested.
It would is interesting that the uk is considering bitcoin regulation.
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Lizzie Zoom

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Re: Bitcoins 7 years on.
« Reply #6 on: 07 December 2017, 18:10:50 »

There is not a day that goes by without at least one email arriving inviting me to join the Bitcoin "success" story.  They are all from different domains and many varied email addresses.

I will not be touching them as I understand these emails are all scams and the whole thing is no more than pyramid selling (remember that?) and eventually some people will be very rich indeed, and others (the later members to join it) will be left stony broke! ::) ::) >:(
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Migv6

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Re: Bitcoins 7 years on.
« Reply #7 on: 07 December 2017, 18:16:57 »

There are indeed a lot of con artists jumping onto this bandwagon like they do with any bandwagon.
It isn't a pyramid scheme though. It is a currency which can be spent or converted into other currencies.
That's not to say it isn't a bubble though, which could burst at any moment, as that could well happen. It could also survive and thrive.
No-one knows at the moment.
When Govts. start insisting on taking control and regulating it, then that may be a sign that it will actually survive.
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STEMO

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Re: Bitcoins 7 years on.
« Reply #8 on: 07 December 2017, 19:34:26 »

The main problem is that blockchains are not as secure as they are made out to be. If someone manages to crack the code then the whole edifice crumbles.
If anyone were ever thinking of investing in bitcoin or any other crypto currency, they had better be aware that $10,000 at bedtime can easily become $2,000 by the time you wake up. I, personally, could not handle that kind of volatility.
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Migv6

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Re: Bitcoins 7 years on.
« Reply #9 on: 07 December 2017, 19:43:02 »

Absolutely. Never put an amount of money into it that will keep you awake at night if you lose it.
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zirk

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Re: Bitcoins 7 years on.
« Reply #10 on: 08 December 2017, 10:08:32 »

Since posting this 2 days ago its gone up another +$3800.00  :D :D :D
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jimmy944

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Re: Bitcoins 7 years on.
« Reply #11 on: 08 December 2017, 12:38:03 »

The main problem is that blockchains are not as secure as they are made out to be. If someone manages to crack the code then the whole edifice crumbles.

Any Bitcoin transaction (not sure about other blockchain/crypto currencies) requires a quorum of servers which agree the validity of the bitcoin before a transaction can take place. So it would not be enough to modify the blockchain itself, you would have to hack a number of servers and change their record of the blockchain to match your own. And then try to come up with a way to ensure that the software only contacts the servers you whose records you have altered as any discrepancies would drive the software to broaden its sample size to get stronger verification.

I agree with the volatility part though - truely terrifying!
« Last Edit: 08 December 2017, 12:40:12 by jimmy944 »
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Varche

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Re: Bitcoins 7 years on.
« Reply #12 on: 08 December 2017, 13:09:17 »

Rearrange these words

Bubble Sea South

http://www.bbc.co.uk/news/technology-42275523      4,700 bitcoins stolen
« Last Edit: 08 December 2017, 13:12:28 by Varche »
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My doctor has diagnosed me as paranoid. I wonder who else he has told?

jimmy944

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Re: Bitcoins 7 years on.
« Reply #13 on: 08 December 2017, 14:37:36 »

Yup, bitcoin's anonymity and independence  are at once its key strengths and a real weaknesses when it comes to security. Social engineering, hacking etc, it's very difficult to track/recover the assets once gone.
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Lizzie Zoom

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Re: Bitcoins 7 years on.
« Reply #14 on: 08 December 2017, 18:30:13 »

Rearrange these words

Bubble Sea South

http://www.bbc.co.uk/news/technology-42275523      4,700 bitcoins stolen

Indeed Varche, the South Sea Bubble bursting in 1721 caused a great many people throughout the country to lose their fortunes after chasing a quick, easy profit.  Sir Robert Walpole warned in 1720 what would happen, and it did, with him arranging a national loan to help the situation, the interest on which us taxpayers were still paying up to 2015.

I would  remind all that the dotcom bubble also burst after so much was promised.

This is an interesting read:
https://www.ft.com/content/a2c5f07e-dbf9-11e7-a039-c64b1c09b482

and http://www.cityam.com/277105/bitcoin-bubble-82-per-cent-uk-institutional-investors-say
 ;)
« Last Edit: 08 December 2017, 18:32:52 by Lizzie Zoom »
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