BitCoin

Completely off topic!
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chrisw
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Re: BitCoin

Post by chrisw »

Good point from several folks about the risk. Any currency trading can be risky but cryptocurrencies may be a little more as there is no large central bank with a stake in maintaining its stablilty (and in fact some governments see it as a threat).

Bitcoin is down today for example due to Chinese government action against certain types of fundraising: http://www.abc.net.au/news/2017-09-05/c ... ng/8874738
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Re: BitCoin

Post by Digger »

bunyip wrote:
vicyak wrote:Also had losses where my whole investment was worth nothing 2 years later.
2 Years, can do better, bought 2000 shares in metal storm as it looked like a good idea having a handgun that would not fire unless being used by the designated operator and remote weapons systems that could detect a target, determine what it was and destroy, cost me $2 and after 3 months was worth 1c.
Also had a few cheap shares in local diamond mines, cost about 3c, after about a year a rich pocket was discovered in Qld and the price plummeted to 1c.
Have done OK on some other industrials but those two stick out.

I'm surprised that Metal storm didn't do better, the concept appeared to be accepted and it looked to have a great future. It's a long time since I looked at it though.

There was some resistance in the US to having access to the gun removed other than for the operator. They think differently to us over there!

I inherited a whole lot of shares in gold mines in PNG and a volcano wiped them out!!
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Re: BitCoin

Post by Steve_R »

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Re: BitCoin

Post by maverick »

If you understand the last paragraph of the apparently redacted version of report, but hey ABC report the truth don't they, then you will understand that the rest of the report is just noise

""Most importantly, given that the CEO does not think that shorting this trade would yield a more favourable outcome shows that the cryptocurrency has a lot more room to run."

He also reported that it would top out at $20,000/Bitcoin - at the moment it is trading at $4,000 (ish). Wow, so the bloke who is against it, still reckons you can get a 400% return on your money. Bill Gates & Richard Branson believe in it, but hey it is just another opinion which we are all entitled to.

But make your own opinions, doesn't bother me what others think. But if you are comparing Metal Storm, Poseiden and even Golden Products was thrown up the other day, then you don't even have the foggiest idea what cryptocurrency is.

Just think about this for a minute, a currency that isnot controlled by the Banks or the Governments, read ROTHSCHILDS, so it can't be regulated, manipulated, trashed or corrupted by Banks or Government. I can see why many people "don't like it" because they can't control it or own it. It allows people to trade freely around the world and not have to bother about currency exchange rates between countries. Trading BitCoin is secure, immediate and free.

Who knows what will happen with BitCoin or any cryptocurrency, probably the same as those other fads, email, the WWW or even Facebook.

Interesting interpretation/ruling from the Australian ATO on one aspect of Bitcoin. If I invest in shares and the shares grow in value and then I sell the shares to buy a car, I have to pay Capital Gains Tax on the shares, before I can buy the car. I can't buy the car with the shares. If I invest in BitCoin and the value increases and then I buy a car using BitCoin, without converting the BitCoin back to cash, then I don't pay Capital Gains Tax, so I don''t lose 15% - 30% of my investment. You can buy houses with BitCoin now, it won't be long before more mainstream items can be purchased, just saying.

AT THE MOMENT IT IS STILL LIKE GAMBLING - DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE.
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Re: BitCoin

Post by Steve_R »

The motivation behind that story or Gates or Branson's words (or any other person who may have the power to sway opinion and a vested interest in making money) are unknown. All I take out of the story is uncertainty. Investment uncertainty leads rocky ride. A rocky ride may make or lose fortunes, depending on your buy/sell timing.

Blockchain (the 'smarts' behind Bitcoin) is probably there to stay no matter what happens to Bitcoin or other Cryptocurrency.
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Re: BitCoin

Post by Hammertime »

There are issues with the time it takes for the bitcoin network to confirm a transaction on the network making it not realistic as a method of for widespread commercial use.

There are other cryptocurrencies, and I hold a small position on many of them, purely speculative, and with the understanding that I will likely only see pennies on the dime returned. It's like buying a lottery ticket really, if you bought bitcoin back when it first started and held all the way to the top, you stood to make tens to hundreds of millions of dollars. But to know about bitcoin, you had to be lurking in programming forums and it was a community that threw coins around for fun as a way of thanking each other for performing tasks.

If you put more than 10% of you total worth into cryptocurrency I'd say you're crazy.... Time will tell... I know I'm down about 30% from when I bought a few weeks ago, but the amount I put in was small, so its a small hit.
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Re: BitCoin

Post by fisho79 »

Hammertime wrote:There are issues with the time it takes for the bitcoin network to confirm a transaction on the network making it not realistic as a method of for widespread commercial use.

There are other cryptocurrencies, and I hold a small position on many of them, purely speculative, and with the understanding that I will likely only see pennies on the dime returned. It's like buying a lottery ticket really, if you bought bitcoin back when it first started and held all the way to the top, you stood to make tens to hundreds of millions of dollars. But to know about bitcoin, you had to be lurking in programming forums and it was a community that threw coins around for fun as a way of thanking each other for performing tasks.

If you put more than 10% of you total worth into cryptocurrency I'd say you're crazy.... Time will tell... I know I'm down about 30% from when I bought a few weeks ago, but the amount I put in was small, so its a small hit.
Several small/micro cap stocks in the crypto/blockchain space that are getting some market attention. Just another option for exposure to this boom.
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Re: BitCoin

Post by mingle »

Last night was a great time to pick up bargains when everyone else was running around like a headless chook, selling at a loss...

"When the market is greedy be fearful, when the market is fearful, be greedy" - that was us last night! :-)
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Re: BitCoin

Post by maverick »

fraud.jpg
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Re: BitCoin

Post by Steve_R »

Fossbytes news feed https://fossbytes.com/category/news/ seems to give regular Bitcoin updates. However, Fossbytes motivation is profit that comes from people reading the website - the more clicks, the more advertising revenue. Like any other media outlet, be wary a story may tend towards sensationalism (clickbait). For example, The headline in the following is sensationalism (number in this is speculation and may be very overblown).
https://fossbytes.com/hackers-mining-cr ... computers/.

Be wary of the rest of the stories, as well. Its a greedy world. People don't mind spreading non-factual information if they can profit from it.

******************

Harking back to hacking and security, the main risks to your wallet seem to be covered in this:
https://hackernoon.com/eight-simple-rul ... dddc9f674d

EDIT: another thought. You've taken care of all your security as advised. What happens to your investment when you die? If you share your information, the vast majority of people are worse than hopeless at computer security. I worked with a security adviser once who 1) game me his password to solve a problem he had created in a door access system (including locking me out as the administrator); and, 2) used qpzm10 as his password (look at your keyboard).

Scams: https://cointelegraph.com/tags/bitcoin-scams
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