bows00 Posted February 3, 2018 Posted February 3, 2018 On 12/14/2017 at 6:13 AM, insite said: Where are we going with this , what are the risks and opportunities of such an investment and how will this impact on ex pat life here or elsewhere. Bottom line, don't invest in anything you don't understand. I consider myself to be a well invested retiree... and I stay FAR away from bitcoin. I frankly don't understand it's value - other than emotional speculation. 1 Link to comment Share on other sites More sharing options...
Happyhorn52 Posted February 3, 2018 Posted February 3, 2018 In this case investors were lucky that the brokerage came to the rescue, but that is no guarantee for the future. Link to comment Share on other sites More sharing options...
earthdome Posted February 3, 2018 Posted February 3, 2018 8 hours ago, Jack Peterson said: I said a Bubble wait to burst Did I not? ***He said: “I say it’s the mother of all bubbles and it’s also the biggest bubble in human history if you compare it to the Mississippi Bubble, the Tech Bubble or Tulip Mania.”*** Full page post.; https://www.express.co.uk/finance/city/913815/bitcoin-price-bubble-burst-btc-crash-news-cryptocurrency-value Bitcoin and other crypto currencies are very volatile with large price swings. There have been a number of bubbles in bitcoins short life. It burst at $30 back down to $1. It burst at $1100 back down to $200. This is just how the growth/adoption curve for these crypto currencies goes. Long term crypto currencies are here to stay. There is no putting the genie back in the bottle. Link to comment Share on other sites More sharing options...
Jack Peterson Posted February 4, 2018 Posted February 4, 2018 11 hours ago, earthdome said: There is no putting the genie back in the bottle. No i guess not but it seems many institutions are trying hard to put the Stopper back in the bottle to stop any further things started upand maybe hope the genies/s will just flutter away Each to our own but I will not be joining the Club Jack Morning All Link to comment Share on other sites More sharing options...
earthdome Posted February 4, 2018 Posted February 4, 2018 On 2/2/2018 at 7:47 PM, Dave Hounddriver said: Your précis seems well researched and accurate. It explains why banks and corporations would want blockchain technology. It does not explain why the founders would not go to the US treasury department, (or a similar entity), and ask for the backing of same. It does not explain why the anonymous founders did not say "Eureka" and immediately go get a patent so others could not copy their idea with hundreds of different types of bitcoin knockoffs. And it still does not explain why I, the consumer, would want some bitcoin rather than cash EXCEPT if I was greedy or had criminal intent. Thank you for what you have explained so far. I look forward to more. I can't speak for Satoshi Nakamoto, the creator, but I will do my best based on what is known.FYI, he disappeared 8 years ago. Here is a link to the whitepaper documenting his original research: https://bitcoin.org/bitcoin.pdf There are two general models for software development. The Cathedral and the Bazaar, https://en.wikipedia.org/wiki/The_Cathedral_and_the_Bazaar The Cathedral is proprietary closed source, think Apple or MS. The Bazaar is open source software which encourages participation and innovation. Think Linux and Mozilla Firefox. Most of the internet services people use are built on top of open source software. Bitcoin was released as open source by Satoshi to encourage participation and innovation. I suspect Satoshi was more of an academic or researcher than a computer programmer. The original source code was ok, but not what a professional would do. I think Satoshi was more interested in the project than making money, more interested in providing an alternative to government central banks and large financial institutions. At the time bitcoin was released in late 2008 the big housing bubble had recently burst with the huge government bailout of banks and other insitutions. Satoshi referenced this in a note in the first (genesis) block of the bitcoin blockchain. Based on analysis of the bitcoin blockchain it is estimated that Satoshi control's between 5-10 billion USD of bitcoin. Bitcoin that Satoshi has never used or sold. It seems Satoshi is one of those rare individuals who when he had access to great fame and fortune decided to remain anonymous and humble. I will address why someone like you might be interested in bitcoin in a later post. Link to comment Share on other sites More sharing options...
sonjack2847 Posted February 5, 2018 Posted February 5, 2018 Just read this on Yahoo. Lloyds bans credit card customers from buying Bitcoin over debt concerns PA Money News By Ryan Wilkinson, Press Association,PA Money News 5 hours ago The cryptocurrency has slumped in value in recent months. Lloyds Banking Group has banned credit card customers from buying Bitcoin amid fears they could be left in debt as the cryptocurrency’s value deflates. The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the digital currency, which has more than halved in value in recent months. Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate. Significant numbers of people in Britain are thought to have bought Bitcoin as it surged in value, peaking at nearly 20,000 US dollars (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was around 8,000 dollars (around £5,700). A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.” The move follows warnings by regulators in the US, South Korea, China, Russia and India over the cryptocurrency. Germany’s Bundesbank has also called for global regulation of Bitcoin and France’s finance minister wants tougher rules for cryptocurrencies. Meanwhile, Facebook banned adverts for Bitcoin and other cryptocurrencies on its sites after recent criticism from users about scams and hoaxes being promoted in their newsfeed. Critics say cryptocurrencies are used by criminals and rogue states to carry out clandestine transactions. Earlier this month, US billionaire Warren Buffett ruled out a foray into cryptocurrencies, warning that the Bitcoin boom will “come to a bad ending”. The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency. His comments came just a day after JP Morgan chief executive Jamie Dimon said he regretted calling Bitcoin a “fraud”. Despite the slide, Bitcoin’s current value is significantly higher than its 900 dollar (£640) position recorded in January 2017. Link to comment Share on other sites More sharing options...
Jack Peterson Posted February 5, 2018 Posted February 5, 2018 It is just not us and if it was, what the Hell are we doing here in the cheap Country, Come on Guys Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted February 5, 2018 Forum Support Posted February 5, 2018 Mastercard stated that their overseas transactions increased by 1% as a result of buying cryptocurrencies with credit cards. Wow, that is something I had not considered. I guess some people get so caught up in the hype they will risk not just what they can afford to lose, but money they they do not even have. I just cannot imagine the panic of seeing cryptocurrency prices drop knowing you bought them with borrowed money at credit card interest rates. Makes me wonder who is going to be left holding those empty bags when this all shakes out. https://www.express.co.uk/finance/city/914716/Bitcoin-price-news-today-worth-stock-BTC-USD-cryptocurrency-XRP-Ripple-ethereum-video Link to comment Share on other sites More sharing options...
earthdome Posted February 5, 2018 Posted February 5, 2018 (edited) 25 minutes ago, Mike J said: Mastercard stated that their overseas transactions increased by 1% as a result of buying cryptocurrencies with credit cards. Wow, that is something I had not considered. I guess some people get so caught up in the hype they will risk not just what they can afford to lose, but money they they do not even have. I just cannot imagine the panic of seeing cryptocurrency prices drop knowing you bought them with borrowed money at credit card interest rates. Makes me wonder who is going to be left holding those empty bags when this all shakes out. https://www.express.co.uk/finance/city/914716/Bitcoin-price-news-today-worth-stock-BTC-USD-cryptocurrency-XRP-Ripple-ethereum-video This doesn't make sense to me. Those selling bitcoin and other crypto currencies normally don't accept credit cards for two reasons. First the card might be stolen and second what if the person does a charge back after they receive the bitcoin? For these reasons buying crypto currencies with credit cards has not been very common. I could buy bitcoin with my credit card using my Coinbase account but that is strictly limited to small amounts and only if you have already setup for direct bank transfers. Edited February 5, 2018 by earthdome Link to comment Share on other sites More sharing options...
Snowy79 Posted February 6, 2018 Posted February 6, 2018 2 hours ago, earthdome said: This doesn't make sense to me. Those selling bitcoin and other crypto currencies normally don't accept credit cards for two reasons. First the card might be stolen and second what if the person does a charge back after they receive the bitcoin? For these reasons buying crypto currencies with credit cards has not been very common. I could buy bitcoin with my credit card using my Coinbase account but that is strictly limited to small amounts and only if you have already setup for direct bank transfers. Down to just over $6,500. There must be a few people hurting just now. I still can't get my head around giving a process that makes transactions simpler a value that varies so much from rival crypto currencies. The differences in the blockchain must be like trying to convince someone two similar bicycles but painted differently have a massive price difference. A bit like when I used to do biathlon competing. I could buy last years skis which were identical in manufacturing as this years skis but almost 1/3 less due to being last years colours. Link to comment Share on other sites More sharing options...
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