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Ben X

bitcoin and other cryptocurrencies

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Currently wishing this mining boom could be over so I can afford a midrange graphics card. Need to upgrade, but prices have been crazy for the last 6 months or so...

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I suddenly imagined a story about an autistic savant who is able to solve the cryptographic puzzles without using a computer and the various people trying to make money off him/stop him. Basically the Rain Man Las Vegas sequence for a whole film.

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Wait. Wtf. The price has gone from $3000 to $7000 in the last month... 

 

i saw all the articles when when it hit $3000 and thought that’s that then, the ship has sailed. How easy is it to buy this stuff, I think I should chuck some money at it

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I've just opened a blockchain account, once my bank transfer has been verified i think i might buy £1000 and see what it looks like at Christmas.

 

The worst that could happen is i lose a few hundred pounds, best i'll gain a few. Then i can say i've done it! and not keep saying if only i done it a month ago i'd have doubled my money

 

i feel like I’m the right kind of idiot to make my fortune in cryptocurrency. 

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Please please please don't get involved in this disastrous system. It's terrible on social, economical and environmental levels.

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On 03/11/2017 at 12:11 PM, Ben X said:

I suddenly imagined a story about an autistic savant who is able to solve the cryptographic puzzles without using a computer and the various people trying to make money off him/stop him. Basically the Rain Man Las Vegas sequence for a whole film.

 

Sounds like a version of Pi for the modern age.

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There is a lot of focus these days on the crypto-currencies themselves, but I think the governments need to pay more attention to the blockchain tech that makes the crypto-currencies possible. Right now there are multiple companies in the Bay Area and Silicon Valley that are working to create blockchains that would easily enable the packaging, slicing, and repackaging of opaque financial instruments without the sort of regulatory oversight those instruments would typically receive. For anyone familiar with the details of the last financial crisis, that should set off a ton of alarm bells. All of which is to say that since the U.S. federal government has been taken over by a clown show, there are a lot of very bad things approaching on the horizon.

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6 hours ago, MuntyG said:

BTC is the future, I know many think that it's a bubble but the price is almost $10 000

 

It's interesting that you value it in U.S. dollars rather than in BTC. A similar argument would be that U.S. dollars are the future because the price is currently 0.0001 BTC

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I mean, I think it is a bubble but I also think it's fundamentally unworkable. It's like Rapture: like, it's an incredible technological achievement and hats off to the insane dude who managed to create his own parallel universe, but I still don't want to live there.

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I mean that BTC became very popular for the last years. Sure as every cryptocurrency it has quite unpredictable price, if to speak about BTC the price in March dropped to $8000 from $10000. Well it's a bit dissapointed. But I think it's temporary. You know in Canada bitcoin is legal (as far as I know many countries want to regulate cryptocurrency market). I read on  ICO Pulse blog that its government carefully solves issues concerning the safety and liquidity of cryptomarket. Regulation contributes to the economic development of Canada. Also Kraken is one of the most popular Cryptocurrency exchange in Canada. It has a solid reputation and is very reliable: cryptoexchange Kraken has never been hacked since its launch. Hope US government will regulate bitcoin market soon. 

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As stated above in this thread, it's also a fundamentally awful technology that should be abolished.

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one of the reasons bitcoin is bad is because it needs to be regulated but it was created and adopted by people who demanded it should never be regulated.

 

If you said to me "refinements in blockchain tech could lead to currency improvements in the future" then i'd agree with you.

 

Bitcoin, though, is bad.

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