bitcoin

Discussion in 'Betting and Gambling' started by shelfboy68, Dec 18, 2015.

  1. HildoSpur

    HildoSpur Likes Erik Lamela, deal with it.

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    He really doesn't get it. The vast majority of articles on Bitcoin in the Guardian have been laughable. Bitcoin already has a use - it's an alternative store of wealth outside of the banking system that is totally secure (if you store it correctly). If another financial crash happens the amount of cash flowing into bitcoin/gold/etc. will skyrocket.
     
  2. HildoSpur

    HildoSpur Likes Erik Lamela, deal with it.

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    The thing about bitcoin that makes it unique is that it is 100% decentralised - this is why it's the only crypto-currency that really matters.
     
  3. Speedy

    Speedy Active Member

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    Yes, don’t get me wrong, it’s got advantages as a wealth store. But most people don’t invest in anything at all in their lifetimes, apart from a pension or property - and are not by law allowed to buy shares unless they are certified as investors, which means someone has seen their balance sheets and they are over a set amount usually £100k, fraud checks and money laundering checks, the lot. If you want to buy into a company which is floating you have to be certified, especially in the US, so the barriers to normal people are often too high and restricted to the safest products like ISAs and pensions. You can’t just buy shares in Apple, except as a derivative on an mobile app which is a rip off. I suspect this is where the negativity comes from in the press, they are actually required by law to persuade people to not gamble, especially with ludicrous returns and price swings of crypto. So I don’t blame them really. If you take the mortgage laws as a example, that is so tightly regulated you can almost never be conned, or tricked, or given anything but the cheapest mortgages available because it’s so important that people,don’t get ripped off. And still people mess it up and get the wrong ones.
     
  4. SugarRay

    SugarRay Well-Known Member

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    Surely that can also be a negative long term though?

    I notice those slagging it off are usually representatives of the establishment. They usually get what they want eventually
     
  5. HildoSpur

    HildoSpur Likes Erik Lamela, deal with it.

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    They are the ones who have most to lose if bitcoin succeeds.
     
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  6. SugarRay

    SugarRay Well-Known Member

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    Yeah, it’s exactly why I think they won’t let it happen long term.
     
  7. HildoSpur

    HildoSpur Likes Erik Lamela, deal with it.

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    How can they stop it though? This is a worldwide thing - even if one country bans it (the exchanges)... still hundreds around the world that won't and since it's all decentralised so there is no one server or group of people to bring down. The horse has bolted.
     
    Last edited: Feb 3, 2018
  8. Woodyy

    Woodyy Well-Known Member

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    Interesting to see where it all goes, I sold my Bitcoin at about £11k per coin when it had just started tanking, bought back in again recently. Bought myself 1 Litecoin today as well at about £105, not sure if it'll get back up to nearly £300 but we'll see. If it gets anywhere near £200 I'll probably sell, I'm hoping the announcement of LitePay will see the value go up. Ethereum seems to be the one that holds it's value the best, the value graphs for Bitcoin and LTC are almost the same whereas Eth hasn't been hit quite as hard during the recent crashes. Not sure whether to buy into Ethereum as well?
     
  9. jonnyrotten

    jonnyrotten SC Supporter

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    Bitcoin and Litecoin are currencies. Ethereum is a blockchain. I think Ethereum will be around in ten years but the currencies that currently exist wont. Just my view.
     
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  10. Spurrific

    Spurrific Can't stop saying fella

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    @HildoSpur reckon it's worth me jumping on the bandwagon if this goes below £3k? Will it go that low?
     
  11. HildoSpur

    HildoSpur Likes Erik Lamela, deal with it.

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    It could go that low - nobody really knows. If it does then I'll be trying to buy more myself.
     
  12. ItsBoris

    ItsBoris Well-Known Member

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    What do you mean you can't just buy shares in Apple? You mean with bitcoin? Or have I misunderstood your point?
     
  13. ItsBoris

    ItsBoris Well-Known Member

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    You could ask the same question of any network - Facebook, for example. Anyone can set up their own social networking app, but what gives Facebook value as a network is its number of existing users. I'm sure there are social network apps out there that have a much better interface and usability than Facebook, but we're not all jumping ship to go to those apps because Facebook has a bunch of other people using it, which is what gives it its real value.

    You can pretty accurately predict the value of any network as being proportional to the square of the number of users: https://en.wikipedia.org/wiki/Metcalfe's_law

    It's also entirely possible that bitcoin is analogous to something like myspace - like a way for people to dip their toes into the world of cryptocurrencies before a new, superior one becomes more ubiquitous, kind of like how myspace was the first use of social networking for many people but has since died out basically. Myspace lost value as its number of users declined and the same would be true of any cryptocurrency.
     
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  14. Speedy

    Speedy Active Member

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    No, I mean it’s unlikely for a normal person to have any kind of investments because the barriers are quite high. The point is that the media has to protect consumers, so its not really hard to understand why they write negative articles all day long. Imagine if the bbc told everyone to go and dump £50k of your grandkids house deposit fund into some shitcoin ico! It’s just the nature of civilised reporting that they encourage the safest option and warn when sharks are circling.
     
  15. olliec

    olliec Well-Known Member

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    Wouldn't be so sure about that. Might want to check this out about litecoin.

    www.litepay.us

    and litepal

    LitePal is a Litecoin first payment processor. A cryptocurrency world where Litecoin is exploited by merchants from all over the world; a streamlined, simple, less confusing process.

    LitePal is expected to be released later this year. According to the official website, users will be able to use the service with PayPal, Western Union, Bitcoin and Litecoin, and the fees will be "bumpy low". Except for the vague word landing page, there is not yet any information about this service.

    These two payment methods are huge game changers in the crypto world.

    Hence why I invested so heavily in Litecoin.
     
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  16. neilp

    neilp Well-Known Member

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    There is a Panorama programme on Bitcoin on BBC 1 starting now (8.30)
     
  17. neilp

    neilp Well-Known Member

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    Actually it wasn’t that informative, just highlighting the millions people have made and the people who have lost loads - mainly through con tricks and pyramid schemes.
     

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