While it is possible to do this,the processing power required to mine one Bitcoin is immense,and the more that are mined,the harder it is to mine those that are left.Millions of people could form a syndicate but tbh they would get hardly anything in return,if anything at all.It is that difficult. Of course other types of coin are available to be mined and and a greater number still to be mined: the trouble is they are nowhere near as valuable and so the returns ,(using a mobile phone for example),ridiculously small.
Indeed. And that is without even mentioning the cost of the electricity for doing the processing, which is substantial.
I’m of the opinion that, if you haven’t already done the mining, it’s too late to start now. The cost of equipment and running costs would probably outweigh what you end up mining.
You could always get on the early stages of it's competitor, Ethereum. https://www.ethereum.org/ http://fortune.com/2017/12/14/bloomberg-ethereum/
I notice that BitCoin has just lost a third of its value. Does this mean the bubble has burst? Not necessarily. The price may puff up and drop down two or three more times before the game is up and the whole scam collapses. Most likely a ransomware virus will soon make a widespread appearance, demanding payment in BitCoin only. That will perk up the price for a while. I feel sorry for the suckers who bet their shirts on BitCoin last Sunday, but panicked today and sold out - they have swallowed a massive loss which they won't get back - but not too sorry, since they have mainly their own greed and naivety to blame. These events keep on demonstrating the underlying purpose of the whole scheme, in case anybody still had any doubts.
https://www.vox.com/energy-and-environment/2018/1/18/16901422/bitcoin-price-crash-energy-emissions Interesting article, not just addressing the recent fall of value but also the massive energy consumption in mining/maintaining.
It's a bumpy old ride at the moment. One of my pet coins ceased trading after getting a couple of cease & desist threats in Texas,no surprise that the establishment don't want any form of trading currency they can't manipulate themselves.However I've received the full value of my investment from the issuing team and despite the fact they've dropped 90% of their value,(and one can't trade them at the moment),plenty of people are buying them and the price is going back up...bizarre watching millions of dollars changing hands for a suspended currency. Bitcoin etc took a hit but have bounced back to only two thirds of their peak,I'm not concerned as I'm looking at medium term and I haven't bet the farm. Crypto is not for the faint hearted right now,but I still believe it's the future. FIAT currencies like Sterling and the dollar are no longer underwritten by anything of value,crypto is no different in that respect and the more people that come to trust them,the less influence governments will have on their use.
I still ask myself: can I walk into any shop and buy something. Until that answer is yes, hipsters and wannabee hipsters and geeks are welcome to it. I’m going to assume lightening is a hipster
I'm gonna take that as an insult Bradders...I've never been anything but a Greaser LOLOL! A couple of comments though; Very few FIAT currencies are accepted worldwide without question,so it all depends on what currency you hold and and where you are. First,walk into a kebab shop in London with a handful of some dodgy South American money and you will come out still hungry...wrong currency for the situation,might as well have empty pockets.He probably doesn't take Bitcoin yet,but there will be a day. But lets say that today you had £100,and that new tyre you've been thinking of from Peru was £100. If the Government suddenly issues a load more money,(no gold standard anymore so they basically just print banknotes like confetti),and the likes of George Soros get wind of it just before they do,offload a load of quids,(like they do),the pound drops in value and now your rear tyre is £110. But you still have only £100 so no new back tyre. All because Government did something,and with the assistance of private individuals,manipulated the market. The likes of Soros make money from manipulating the market: By purchasing large amounts of currency,(driving the price up and then others see the rise/start buying/price goes even higher because people think it will keep going/they can sell at a profit),then when Soros decides the price has risen enough to make him a fortune),he offloads a huge amount in a short period,which gives the market the jitters/everyone starts selling/the price goes down/Soros buys again when it's cheap.....and on ....and on... The man in the street pays higher prices because Soros wants to be even richer,(then uses the money to manipulate politics and public opinion,another subject). FIAT currency is a scam: Crypto might be a scam: Soros is probably behind the volatility in Crypto and making money out if it the same way. But Governments don't have a hand in making it,they can't devalue it by printing more,and there will be a limited supply.If Soros buys all the Bitcoin it will be worthless too. All currencies,(except tangible commodities),are based on trust between the holders. If you suddenly decided you wanted to buy something of mine and you had the price Bitcoin,I'd accept it and the deal would be done. And wherever you were in the world,no matter what FIAT currency you used to buy your Bitcoin,it wouldn't matter to me because Bitcoin is Bitcoin is Bitcoin. Consider Bitcoin more as a digital travellers cheque.
Bitcoin (others are available) and the volatility on price, just goes to show that what is really going on is 'betting'. Call it investment if you like, but IMO little more than a punt on the horses. Put on a few quid, not your shirt!
I get how it works, you can’t spend pounds buying a beer in Argentina, but you can buy a beer in Argentina if you have changed your pounds for whatever currency they are using this week. You can’t buy one with crypto bits of bytes and bots And, nor will you ever be able to, wholesale wise. Sure, the occasional pretentious vegan coffee shop will take it, but then they also rarely wash and the likelihood of buying a decent coffee is quite remote. But govt will never allow it to happen: too much money is made from controlling the value of money
That's HMRC's view,(or at least it was the last time I looked): They say it's betting,and therefore no tax is payable on any gains...can't claim any losses either. What are you paying with when you wave your phone around at Costa then? You must have noticed that Governments are pushing the cashless society,so bits and bytes is all you have! I repeat: I accept Bitcoin and a couple of other Cryptocurrencies as payment for stuff I sell...I'm not a pretentious coffee shop owner,I'm selling offf old shite and stuff I no longer need or want.There are more of us accepting it than you think,and not only because there is a lot of fluctuation in value.I see it as the future,and also because Government has no say in it. You might think now that it will never become popular,but some people said that about the Beatles,weaving looms and probably just about everything else that represents something different from the norm. The one thing I agree with is that too much money is made by controlling money. Given the chance,Crypto volatility will smooth out / calm down,and just like anything else it will be accepted. But like all new technologies,there will be casualties along the way,as much money will be lost as is made,and we've a way to go yet. When the Establishment hates something and the media is dismissive of it,I see that as a good reason to get involved...it's my rebellious nature LOL!
The authorities don't want any form of scam, fraud, Ponzi scheme, or unsustainable bubble to go unchecked. The originators of such schemes try to contrive ways of getting away with it for as long as possible, to fleece as many suckers as possible while it lasts, and to avoid a prison sentence at the end of it if possible. Responsible financial regulators and police try to stop them, or at least to warn potential suckers. This contest has been going on since time immemorial - we are just seeing the latest incarnation.
You are still paying in the local currency, and not everyone takes them (try buying apples in the street market) so govt will happily support. And you know it’s value: a pions is a pound is a pound. What I mean is, sure inflation can make things more expensive, but at the point of buying (or selling) you know the volatility.
To be fair the Ducatiforum was way out in front with alternative currencies...... Just look at all the offers made for second hand bits and bikes over the last few years. At least you could eat these.
not everyone takes anything,like I said it depends where you are. Camels are not currency but people trade their wives for them. Have you ever heard of SDR? (standard drawng rate or something) It’s a non-existent currency used for calculating the insurance value of cargo in transit. You cannot buy them,and the exchange rate is not widel advertised,but people accept their value by international agreement. Cryptocurrencies will be accepted more widely as time goes on,people will put their trust in them and they will become an accepted currency. You are thinking about NOW: 5 years ago hardly anyone had heard of Bitcoin and now some Governments see it as a threat.Singapore and a few others see it differently. I’m confident enough to accept some cryptocurrencies,as are many others. And I’m 100% behind the concept and the technology,for reasons already mentioned. Lets pick up this thread in a few years,yes?
classic bikes and houses. you can look at it, its tangible. you can insure it for loss or damage, you can live in it or ride it. that's my investments.
