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Cryptocurrency

Discussion in 'Randomination' started by Robbo, 19 Jul 2017.

  1. Robbo

    Robbo Pedro Mendes

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    Colleague of mine talked me into buying some Ethereum + a few other smaller cryptocurrencies a good month ago. Not rich yet, and I probably won't be either, but it's fun to see what happens. Moren interesting than watching my bank balance for sure, and of course I can afford to lose the few 100 pounds I've put in there.

    What about you lot? Anyone investing? Any inside advice from great GG minds?
     
  2. Jordinho

    Jordinho Bill Brown Staff Member

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    I worked with a guy who put some money into bitcoin very early. In 2011(ish) he had made enough that he considered cashing out and spending it on a holiday for him and his daughter. He changed jobs before I ever found out if he did it, but he could probably buy a car for that small initial stake now.

    Every new currency will find it that much harder to get into the market and grow IMO. How many of these do we really need? Wouldn't surprise me if some of them were pretty much pyramid schemes.
     
  3. r-u-s-x

    r-u-s-x Young-Pyo Lee

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    I bought ETH at £195 before it shot up to £315 - thought it was only going one way but fell to £100 last week (now £175) - not for the faint of heart but I have bought into the concept and investing in the long term. Wish I would have sold at £315 though as I bottled it a bit and lost about 2.5 coins by selling and buying again.

    Its a ball ache to buy and the infrastructure (COINBASE & KRAKEN) is struggling to cope with the additional investors over the past couple of months.
     
  4. r-u-s-x

    r-u-s-x Young-Pyo Lee

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    Blatantly some are a Ponzi scheme, but I guess if you are aware of this and get in and out at the right time there is money still to be made.
     
  5. spitshine

    spitshine Sebastien Bassong

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  6. Robbo

    Robbo Pedro Mendes

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    When I frist heard about Bitcoin, the price was about £7 a piece - now it is almost 300 times as much. Obviously wish I'd bought some back then, but I had no idea it would skyrocket like that. Had I invested as much back then as I've done now, I'd been a millionaire...hoping now I've bought into the next big thing, but I guess chances are I've missed the train (again). Then again, lots of people talk about blockchain and cryptocurrency just getting started, so you never know.

    I'm sure there are pyramid scenes among the many new cryptocurrencies, but have relied on what I hope is well informed advice before I chose were to put my money.
     
  7. Rorschach

    Rorschach Vic Buckingham

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    How is the supply of a crypto currency regulated?
     
  8. r-u-s-x01

    r-u-s-x01 Adel Taarabt

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    Bit coin is finite (ever increasing difficulty of algorithm to "mine") - it's one of the selling points
     
  9. Rorschach

    Rorschach Vic Buckingham

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    Hmm...that doesn't really clear it up for me. Are you saying even though they are digital they cannot be copied or created (bar some some original source) ?

    Time for a bit of research me thinks
     
    Last edited: 20 Jul 2017
  10. r-u-s-x01

    r-u-s-x01 Adel Taarabt

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    Yes exactly that and that is their value, block chain takes a while to get your head around but in essence bitcoin is finite completely transparent but also anonymous and can be transferred at little to no costs. Other crypto currency also have a intrinsic value as they have a use as well as a store of wealth but they may or may not have a finite amount.
     
    Rorschach likes this.
  11. Rorschach

    Rorschach Vic Buckingham

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    Gotya. So it is the law of supply and demand that determines it's worth, right? Can they create more and dump a 'fresh batch' into the market.
     
  12. Mr_B

    Mr_B Jose Dominguez

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    Gold is the only reliable hedge against money.
     
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  13. r-u-s-x

    r-u-s-x Young-Pyo Lee

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    Bitcoin is the most mature it is only used as "electronic money" and has no other real value - Every bitcoin is "mined" by solving an algorithm, to begin with it was a very simple and the computer could solve it in no time, it gets progressively harder until the point that it is impossible to solve (hence finite). To mine the bitcoin it takes processing power & electricity (opportunity cost) so it has a base cost, you cant just dump a fresh batch it needs to be mined. It has a use i.e. sending large quantities without a middle man - I can send you 10 Bitcoin securely with Zero cost, no middle man and quickly- that 10 bitcoin is worth 21K when you sell it. It is also used by speculators and may have a bubble effect also.

    supply and demand determines its worth - and as well as being mined it is sold on exchanges, you need to send 10 bitcoin you need to purchase the coins on an exchange.

    Other Coins have different rules and uses - some are Ponzi schemes other have uses, you often see lows in the price when ICO (initial Coin offering) happens - so with some coins they can just dump a lot - they may not be infinite but they may have other uses. People championing Ethereum say it may be the building block of a new internet - this is where I get confused with blockchain - I have had a little research on the process without getting a proper understanding.

    I work in Financial Data, everyone agrees that Blockchain is the future without really having any idea of how or what it can be used practically. Think about the internet when it first came out people knew it was a game changer without really knowing the direction.
     
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  14. r-u-s-x

    r-u-s-x Young-Pyo Lee

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    land?
     
  15. Rorschach

    Rorschach Vic Buckingham

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    Thanks for this. It has me intrigued and I'm determined to get my head around all of this.

    The BitCoin blockchain I understand now, just about. It is effectively a central ledger that records all coin transactions chronologically and is held in a distributed fashion. The mining side of things is interesting too. Do you mine bitcoins or just trade them?

    Any tips on which crypto currency to buy? ;)
     
    Last edited: 3 Aug 2017
  16. 3DSpur

    3DSpur William Gallas

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    I was watching a youtubestream by a group of miners the other night, purely out of boredom/confusion. They were talking about forks and blocks and what not. During the broadcast there was a single sale transaction with a worth of $11mil, something like 4000BTC.

    I wish I was a nerd.
     
    Last edited: 3 Aug 2017
  17. Robbo

    Robbo Pedro Mendes

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    I have bought a bit of Ethereum, some Ripple, Maidsafe, Litecoin, Factcom, Siacoin, Starcoin and Dash. Ethereum is rumoured to be the next big thing, the others are recommondations I have picked up here and there. Whether any of them will be worth more than peanuts in the future...well, heaven knows.

    I generally try to buy at least 100 of each coin (the cheap ones) hoping for a big pay Day if they somehow reach Bitcoin prices. In total I have invested about £650, and so far that's about as much as my coins are Worth today...

    Looking at this in the long term though, 4-5 years or so, and we'll see what happens. My relatively uninformed prediction is that I'm certain digital currency is here to stay, and that there is lots of money to be made if you bet on the right horse. I have always been a crap gambler though...
     
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  18. Rorschach

    Rorschach Vic Buckingham

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    From what I am reading Etherium is a blockchain platform and can be used for creating other blockchain apps (ether is the token used by the platform). Sounds interesting. I might have a think about that one, but the others I'll avoid as you have tainted them with your bad gambling jinx.
    What did you use to buy them?

    Anyone mining any of the cryptocurrencies?
     
    Robbo likes this.
  19. Baleforce

    Baleforce Paul Miller

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    knowledge?
     
  20. Danishfurniturelover

    Danishfurniturelover the prettiest spice girl

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    Dont go south of the river guv.
     
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