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Bitcoin; When's it going tits up?


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#11 wheels

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Posted 11 December 2017 - 04:51 AM

 

Wheels, I know its had a 20+ % drop before, but I've never seen it over 20k?? Here is the history I have;

I expect you are correct IT. I had not known it to be so high either, but then I had not been following it that closely. I was busy writing that reply when a news item appeared on TV and the reporter made a comment. I reworded my post to include the 25K comment thinking I must know even less than I thought about BitCoin as I had never thought it had ever gone above what it currently is at. So it seems I ma wrong on both those points ;-)
And one reason why I have never bothered mining it, because I don't have enough cyber savy to be playing with the stuff. I wuld likely clock up a huge power bill to find I had mined nothing :roll:


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#12 armchairadmiral

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Posted 11 December 2017 - 07:26 AM

Think I'll sell our Poseidon and Equiticorp shares now,our JBL and Blue Chip investments,our ostrich farm and sell our silver ingots back to the Hunt Brothers,plus sundry other stunning schemes and buy Bitcoin.Sit and wait until it hits $100000 and then sell up and retire...all tax free ? Looks like a George Soros type currency manipulation where they prey on peoples greed and ignorance? Think I'll go for a sail and not think.........
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The ultimate result of shielding men from folly is to fill the world with fools.  Herbert Spencer, English Philosopher 1820 - 1903


#13 Priscilla II

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Posted 11 December 2017 - 08:19 AM

Made me larf.

http://www.independe...z-a8091371.html


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#14 muzled

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Posted 18 December 2017 - 10:22 AM

Nearly $20K US now.

 

Gonna be tricky buying those three for 1 cent lollies down the dairy, oh wait that was forty something years ago :cry:


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#15 wheels

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Posted 18 December 2017 - 11:22 AM

If you have Bitcoin's, cash it in quick while it is still worth something. Because it is likely that very soon it is going to be worthless as it is replaced. I will try and find the article tonight when I am home. But ruffly put, it has something to do with some other part of the info string that carries the bits of the bit. And that the coins themselves are so power hungry. So instead of mining the coin itself, the new way is to get the string part. But it is all beyond me and someone feel free to jump in here if they understand better. Otherwise I will find the link later.


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#16 wheels

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Posted 18 December 2017 - 05:08 PM

Blockchain Technology is what it is called.
I was about to go hunting and I saw a news article just placed on Stuff. That had a link to the other article. So here are both links.
https://www.stuff.co...-is-much-bigger
https://www.stuff.co...m-used-by-kiwis


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#17 island time

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Posted 18 December 2017 - 07:08 PM

Wheels, Bitcoin IS a blockchain system. I dont see it dropping any time soon, in fact I think that it, or something like it, may be the next world financial system.

 

A basic description of Blockchain

Blockchain is a distributed database, where every location (anyone keeping a bitcoin) has encrypted every other piece of data - in the case of bitcoin, every location, and every transaction is "known" by every coin. So you cant just make a new one, it is a very very secure system.

 

However, it also requires lots of comuter power, and of course the database grows exponentially. There is a new modification  coming up - discussions about how many copies of each piece of data is required for it to be safe. This, once decided, will really help the system to grow without becoming so cumbersome that it grinds to a halt..

 

Blockchaining is now used by many major database systems to ensure secure, reliable data integrity. This includes governments, banks, military etc.

 

It was recently described in the harvard business review as "as important as the creation of the internet itself". Time will tell, but id be willing to bet a crypto currency will be a world standard in due course. It may well be bitcoin. Or not.


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#18 native

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Posted 18 December 2017 - 07:57 PM

Blockchain is meant to be the new best thing but I am not so sure about crypto currency.

 

The first and most important point is that you cant pay your rates, income tax or traffic fines with it. It is not issued by any govt so therefore you have to convert it to legal tender to pay your taxes. 

 

If they are to become financial instrument they must follow the rules and have an issuer who promises to accept them as payments, therefore they are not financial assets, they are commodities much like any other traded commodity. They have no intrinsic value. Just think virtual tulips.

 

Time will tell, but id be willing to bet a crypto currency will be a world standard in due course. It may well be bitcoin. Or not.

 

 

Who will issue it and accept it as payment for taxes? Not happening in our world anytime soon. I'll make this other observation about it- it is gambling pure and simple.

 

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#19 island time

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Posted 18 December 2017 - 08:07 PM

I dont really agree Native. Some governments accept bitcoin already - see https://en.wikipedia...ry_or_territory

 

For a currency to work, it just needs the two entities trading to have confidence in it and accept it. Part of the attraction is that it doesnt need a bank or government to guarantee it, and neither banks nor countries are infallible anyway.

 

It will certainly be interesting to see where it goes


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#20 native

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Posted 18 December 2017 - 08:15 PM

I think you will find that no govt accepts it as payment. They may permit it use though.

 

Monetary instruments have an issuer who promises to do something in the future. They also need to be convertible into something else and the issuer accept them as a final means of payment. Bitcoin does not satisfy the latter.

 

Two people can trade IOU's all day long but that IOU has to be converted to dollars if you need to pay for things that neither party has or to pay your tax.

It is the ideal currency of fraudsters, drug dealers, money launderers and other criminals though.


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