BitCoin.... Anyone?

[Hondasxs]

Been reading up on it hard this past week, thinking about getting in!

 

[Admin]

 

[ohanacreek]

Value too unstable, do like that big brother wouldn't know EVERYTIME I bought anything online though.

 

[Hondasxs]

I should of bought. Lol.
$247 yesterday. $300 @ 9am today.

 

[moparornocar]

I bit a coin once. Tasted like blood.

 

[JACKAL]

I should of bought. Lol.
$247 yesterday. $300 @ 9am today.

But 18 months ago 1 Bit Coin was worth over $1200 as @ohanacreek indicated it is very volatile regarding it's value. You take it in exchange for something tangible that you had to pay cash for then its value drops noticeably you could have literally lost money.

QUOTED: Bitcoin Price Achieves Stability: Why It Will Continue - CCN: Financial Bitcoin & Cryptocurrency News

Mining Woes Support Price Rise
Unlike the Euro, bitcoin’ supply is modeled on commodities rather than conventional currencies. Its limited supply and the growing difficulty in mining should, depending on adoption rates, deliver a “fairly predictable” upward path.

Bitcoin’s price previously underwent wild swings, shifting from below $100 to over $1,000 in four months prior to more than halving in a two-week period. “There is still uncertainty as to what caused that ‘bubblette’ and it is likely that we will never truly know,” Tillier wrote.

At around $200 in January of 2015, bitcoin’s price has been relatively stable. It remained between $200 and $300 against the U.S. dollar during 2015. The BTC/USD emerged from that range at the end of 2015 and now approaches $450.

 

[Stauvo]

Been reading up on it hard this past week, thinking about getting in!

Good morning Hondasxs, check this out.

British computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.

The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system.

“Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr. George Danezis, who is working on the design at University College London.

“My advice is that companies should play very close attention to what is happening, because this will not go away,” he said. Layers of middlemen in payments systems face a creeping threat across the nexus of commerce, stockbroking, currency trading or derivatives. Many risk extinction over time.

“Deep in the markets there are dark pools buying and selling shares, and entities that facilitate that foreign exchange. There are Visa, Master, and PayPal. These are the sorts of guys that we are going to disrupt,” he said.

University College drafted the plan after being encouraged by the Bank of England last year to come up with a radical design for a secure digital currency. The Bank itself has an elite four-man unit grappling with the implications of crypto-currencies and blockchain technology.

Central banks at first saw Bitcoin as a rogue currency and a threat to monetary order, but they are starting to glimpse ways of turning the new technology to their advantage.

The findings of the University College team were delivered to the Network and Distributed System Security Symposium (NDSS) in San Diego last month (2/21-24), revealing for the first time what may be in store. Dr. Danezis said a national pilot project could be up and running within eighteen months if a decision were made to launch such a scheme.


The RSCoin is deemed more likely to gain to mass acceptance than Bitcoin since the ledger would remain exclusively in the hands of the central bank, with the ‘trust’ factor of state authority. It would have the incumbency benefits of an established currency behind it.

“It seems very unlikely that, to any significant extent, we’ll ever be paying for things in Bitcoins, rather than pounds, dollars, or euros,” said Ben Broadbent, the Bank of England’s Deputy Governor. There were an estimated $5 billion of Bitcoin transactions in the US last year, a remarkable phenomenon but a trivial sum in the greater scheme of things.

Mr. Broadbent said the attraction is the settlement mechanism used by Bitcoin, the so-called ‘distributed ledger’. “The function goes right to the heart of what central banks do,” he said in a speech earlier this month.

Bitcoin is inherently limited, a niche for aficionados and the ideological heir’s of the 19th Century ‘free banking’ movement. Its code restricts it to a limit of 21 million Bitcoins, and it can handle only seven transactions per second. “It is a Peter Pan system, and it doesn’t really grow up,” said Dr. Danezis.

Critics say it is also vulnerable to “double spending attacks”, a form of manipulation where the same money is paid to two different people. One of them is tricked and receives nothing. The victim has no legal recourse.

University College’s RSCoin is safer, faster, and far less volatile. It can scale up indefinitely. Its beauty is that it cuts out the middleman, and reduces costs to a wafer thin level.


Mr. Broadbent said such a currency could greatly widen the balance sheet of a central bank, hinting that the system could be designed in such a way that ordinary people could by-pass the commercial banks and hold balances directly with the Bank of England – a staggering concept. “It’s likely you’d see money moving out of existing deposits,” he said.

Mr. Broadbent said the system could in principle be used to cover government services, tax collection, and benefit payments. It is more likely to start with the settlement of bonds and equities, and for exchanges and clearing houses.

The settlement systems used by central banks – CHAPS, TARGET2, and Fedwire – are expensive and rely on stagnant technology. The UK-based CHAPS system handled £68 trillion of transactions last year.

RSCoin may be irresistible for central banks. Dr. Danezis said it is allows them to turn the money tap on and off with calibrated precision, and lets them track the sort of counterparty liabilities that nearly blew up the financial system during the Lehman crisis.

“There would be instant visibility. They could react very quickly in an emergency, ” he said.

Ultimately it could achieve some of the objectives of ‘narrowing banking’ proposed by Adam Smith in 1776. Arguably, this would make the financial system safer and less prone to boom-bust cycles.

Dr. Danezis said there are three big centers of research and innovation into the fast-moving area of ‘Fintech’ and crypto-currencies. The City is at the cutting edge. “The game is between London, New York, and Silicon Valley in California,” he said. Will London win the race?

Ambrose Evans-Pritchard is the International Business Editor of the London Telegraph.

 

[Hondasxs]

I should of bought. Lol.
$247 yesterday. $300 @ 9am today.

$247 you say... $300 a few hours later.

You dumb f***.
Should put every penny you could find into it.

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[toddvdh]

It’s only at $61,284.90 right now.

 

[P1K5Dave]

Not a good idea at 63K, only chiming in because the thread was dug up again. If anyone really cares for this economists analysis on bitcoin, let me know. Otherwise, no. Just no.

 

[toddvdh]

I agree Dave, my post was more of a mental math exercise for me. If he would have bought $15,000 dollars worth of bitcoin in 2015 instead of a P1000, it would be about 3 million right now……..

everyone would be millionaires if they could predict the future though, and there would be a whole lot less ex spouses.

 

[Remington]

I dont know about you guys? But id like to have full pice of coin not a bit of coin! 🤷‍♂️ 😂

 

[Killer223]

I got into bitcoin back in the early 09 I believe. Been happy with it's growth.
I dabbled in a few other crypto currencies back in the early 2k's none of i have now. bit gold and ?-money, i think it was.
the best thing about it is no central bank to control you. no way the irs can take it form you. you can all the sudden "forget" the wallet and keys. then it's lost forever. long as it's in you head and not written down.
If anyone has ever studfied modern money mechanics you know inflation and debt are designed into the system as such so are crashes and recessions, like a mathematical equation.

 

[Stauvo]

It sounds like the feds want the technology all to them selves.

 

[Remington]

Hi there! I know this thread is a bit old, but it's interesting to see how the attitude toward Bitcoins and cryptos, in general, has changed over the years.

Welcome, where you from? Just says US in your Avitar. What rig do u have?

 

[Jerryg]

Don't trust BC or crypto in general but I have heard that if privacy is what you are after, buy Monero.

Also, make sure you control your crypto with your own wallet. Just look at what happened with FTX.

 

[Vondy]

I dabble in it. Unfortunately I got started at the height of it so I am down. Slowly making it back though.

 

[ODAMO]

Anyone into Mallo Cup Money? You atleast get a tasty snack with every purchase

 

[Scoop]

Welcome, where you from? Just says US in your Avitar. What rig do u have?

Are you thinking what I'm thinking, @Remington?

 

[DG Rider]

Anyone into Mallo Cup Money? You atleast get a tasty snack with every purchase

Love those things, but a little hard to find...

 

[Hondasxs]

Don't bring this back up. Makes me sick.

It was at $180 a coin when I started messing with it.


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