Author Topic: Bitcoin  (Read 110192 times)

  • Offline matt5cott

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Re: Bitcoin
Reply #300 on: December 11, 2017, 16:21:18 PM
One problem is there are lots of companies and people trying to get others to invest their savings in bitcoin as if it was a good option. Some of them are very shady indeed. Ran into one a few days ago advertising on facebook, using a fake BBC page. This would partly explain why it has gone up so fast.

Very true, own research required.

The main problem at the moment is the limit of production.

That's not a problem.

If you want to get involved it's probably more sensible in building a swanky new processing computer and start making bitcoin yourself.

Several years too late fella, all ASICs now, you can still mine some alts mind.

  • Offline zpyder

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Re: Bitcoin
Reply #301 on: December 11, 2017, 19:50:25 PM
The problem for me is we don't have the money to make a rig, but could afford to lose a couple hundred dollars.

I know that kind of suggests we're better off not risking anything, but at the same time I feel I'd regret not doing anything if I don't do something soon!

  • Offline Sam

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Re: Bitcoin
Reply #302 on: December 11, 2017, 20:05:55 PM
The problem for me is we don't have the money to make a rig, but could afford to lose a couple hundred dollars.

I know that kind of suggests we're better off not risking anything, but at the same time I feel I'd regret not doing anything if I don't do something soon!

You've answered your own question - you can't afford to lose much, and the only reason you want to invest is because you're scared you'll be spiteful if it goes to $1m a coin and you've missed out. Isn't that the very definition of a speculation - when you invest simply because you keep reading about how something keeps going up and everyone else is making a fortune?

On the other hand if you want to invest because you a bitliever (see what I did there?) then go ahead, you won't panic sell on a drop and you'll hold for the long long term.

  • Offline zpyder

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Re: Bitcoin
Reply #303 on: December 11, 2017, 22:18:17 PM
I believe it hear for the long run. I've dabbled in shares with mixed success, so it's probably speculation and part investment. I've just registered with coinbase which I guess is a first step, next will be finding the exchanges that are most suitable for me?

  • Offline Sam

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Re: Bitcoin
Reply #304 on: December 11, 2017, 23:20:24 PM
I believe it hear for the long run. I've dabbled in shares with mixed success, so it's probably speculation and part investment. I've just registered with coinbase which I guess is a first step, next will be finding the exchanges that are most suitable for me?

Do think on why you're buying in. People like Will are traders and make money regardless of the long term by trading on swings of the price. Other people are totally sold on the technology and believe that crypto will replace (what they call) fiat. If you do buy in, buy in tranches in case it dips.

  • Offline matt5cott

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Re: Bitcoin
Reply #305 on: December 12, 2017, 08:40:56 AM
If you do buy in, buy in tranches in case it dips.

This, average out your entry point over days/weeks/months/whatever unless you're entirely apathetic about short/medium term movement.

  • Offline zpyder

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Re: Bitcoin
Reply #306 on: December 12, 2017, 18:22:19 PM
At the moment I'm just trying to find a wallet that is supported in NZ that doesn't look like a scam :/

Then it's the exchanges...and then I need to decide whether it's worth buying small amounts as I'm getting the impression some fees can be extortionate...

Re: Bitcoin
Reply #307 on: December 12, 2017, 18:40:25 PM
I don't know any NZ exchanges other than cryptopia, but I don't think they have FIAT markets.

Your best bet may well be an international exchange like Bitfinex, Bitstamp, Cex.io or Coinbase. You'd have to do a USD deposit to any of them. You can also us credit or debit cards on Bitstamp, Cex.io or Coinbase, but beware of fees.

  • Offline matt5cott

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Re: Bitcoin
Reply #308 on: December 12, 2017, 19:13:36 PM
I recommended this a few pages back,

https://localbitcoins.com/

Are an escrow service and have been around for ages.

  • Offline Serious

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Re: Bitcoin
Reply #309 on: December 12, 2017, 23:20:03 PM

The main problem at the moment is the limit of production.

That's not a problem.



The maximum bitcoin production is 3,600 bitcoins a day. Surprisingly that is built in to the system. They need to make some big changes to improve that limit.

If they don't then we hit max Bitcoin...

"The total number of bitcoins in circulation currently stands at 16.7 million, which will continue to rise until it reaches 21 million - the total supply set by the currency's rules."

Quote from link below. An interesting article from BBC, how much electricity does it need to make Bitcoin? Seemingly quite a bit.

http://www.bbc.co.uk/news/technology-42265728

  • Offline matt5cott

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Re: Bitcoin
Reply #310 on: December 12, 2017, 23:42:54 PM

The main problem at the moment is the limit of production.

That's not a problem.



The maximum bitcoin production is 3,600 bitcoins a day. Surprisingly that is built in to the system. They need to make some big changes to improve that limit.

If they don't then we hit max Bitcoin...

"The total number of bitcoins in circulation currently stands at 16.7 million, which will continue to rise until it reaches 21 million - the total supply set by the currency's rules."


So?

  • Offline Sam

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Re: Bitcoin
Reply #311 on: December 13, 2017, 00:44:46 AM

The main problem at the moment is the limit of production.

That's not a problem.



The maximum bitcoin production is 3,600 bitcoins a day. Surprisingly that is built in to the system. They need to make some big changes to improve that limit.

If they don't then we hit max Bitcoin...

"The total number of bitcoins in circulation currently stands at 16.7 million, which will continue to rise until it reaches 21 million - the total supply set by the currency's rules."


So?

Although it's often touted as a benefit, capping supply is an issue, because it is likely to ultimately lead to deflation. Although some people will claim that governments being able to print money is a bad thing (and in scenarios like QE I think it is), increasing M2 is one tool used to encourge inflation. And inflation is hugely important in maintaining the economy. https://en.wikipedia.org/wiki/Lost_Decade_(Japan)

There's many awesome things about blockchain. Capping supply is not one of them.

Re: Bitcoin
Reply #312 on: December 13, 2017, 02:29:08 AM

The main problem at the moment is the limit of production.

That's not a problem.



The maximum bitcoin production is 3,600 bitcoins a day. Surprisingly that is built in to the system. They need to make some big changes to improve that limit.

If they don't then we hit max Bitcoin...

"The total number of bitcoins in circulation currently stands at 16.7 million, which will continue to rise until it reaches 21 million - the total supply set by the currency's rules."


So?
There's many awesome things about blockchain. Capping supply is not one of them.

I think this is an argument for them to have nearer 2140  :P

  • Offline zpyder

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Re: Bitcoin
Reply #313 on: December 13, 2017, 06:46:31 AM
Well I'm trying to get verified with https://nzbcx.com :)

Re: Bitcoin
Reply #314 on: December 13, 2017, 07:01:28 AM
Ethereum has had a big jump!

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