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Post by Deleted on Feb 11, 2014 11:15:20 GMT
silk road accounted for only 3.5% of bitcoin when it closed although has recently re-opened. these are the main money laundering,drug dealing,terrorist financing corporate criminals. www.bbc.co.uk/news/business-18880269Sorry, I was talking about the total percentage of Silk Road transactions, not BitCoin as a whole. Speculation makes up almost all the other Bitcoin exchanges, doesn't it? Yes it does, **************. You can buy pizza somewhere in London and (some) virtual goodies from various FaceBook gaming companies (and a host of - well, some - other stuff too) (Well, that and mining ... but that isn't really a transaction) |
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Post by boothenpaddock86 on Feb 13, 2014 12:39:01 GMT
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Post by Deleted on Feb 15, 2014 3:15:40 GMT
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Post by Deleted on Feb 26, 2014 15:55:24 GMT
I waited a day or two to post the latest news - I hope no one here got burned, if burned turns out to be what quite a few people have been? www.bbc.co.uk/news/technology-26352442Basically, "someone" ran off with about 10% of all the bitcoins in the world ... that was once thought to be worth quite a considerable amount of real money. It's not now. Given previous "hacks" and "thefts" I am no where near sure that the "long term theft" explanation - currently doing the rounds - is true. I do begin to wonder what penalties could be applied, if this is the start of the end, to the people who will be seen to have fleeced everyone else? It isn't like they have pulled a confidence trick (people just bought meaningless tokens because they wanted to) ... I am not even sure a bitcoin can be stolen (it is backed by no one and no government)? Given the supposed use of the currency by half the world's tech-savy criminals; could be a good watch. |
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Post by Billy the kid on Feb 27, 2014 20:20:33 GMT
I just don't understand the whole concept.
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Post by Deleted on Feb 27, 2014 21:18:29 GMT
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bitcoin
Feb 27, 2014 21:44:35 GMT
via mobile
Post by Billy the kid on Feb 27, 2014 21:44:35 GMT
So unlike real currency that is backed up by gold reserves, land and real estate, bit coin is backed by an internet connection and fresh air? Im out.
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Post by Deleted on Feb 27, 2014 21:48:21 GMT
So unlike real currency that is backed up by gold reserves, land and real estate, bit coin is backed by an internet connection and fresh air? Im out. I don't think that a £5 note will get you 5 pounds of Sterling silver these days either - as it's promised on the actual note. |
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Post by craig67 on Feb 27, 2014 23:32:37 GMT
So unlike real currency that is backed up by gold reserves, land and real estate, bit coin is backed by an internet connection and fresh air? Im out. I don't think that a £5 note will get you 5 pounds of Sterling silver these days either - as it's promised on the actual note. Where does it say on your £5 note that it entitles you to 5lb of sterling silver? Because it certainly doesn't on mine in front of me. |
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Post by Deleted on Feb 27, 2014 23:36:32 GMT
I don't think that a £5 note will get you 5 pounds of Sterling silver these days either - as it's promised on the actual note. Where does it say on your £5 note that it entitles you to 5lb of sterling silver? Because it certainly doesn't on mine in front of me. It says "I promise to pay the bearer on demand...", then you see the signature of the boss man at the treasury. Unless they scrapped it. Our currency is Sterling, as in Sterling Silver. So a pound note was backed up by a pound of silver in the vaults of the Bank of England. I think that's correct. |
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Post by craig67 on Feb 27, 2014 23:47:17 GMT
It promises to pay the bearer on demand the sum of 5 pounds-no mention of silver.
So no promise on the note about silver.
Right we've cleared that up.
Are we really trying to say that a bitcoin is a bit like a share and we pay what we think it is worth?
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Post by Deleted on Feb 28, 2014 0:28:44 GMT
It promises to pay the bearer on demand the sum of 5 pounds-no mention of silver.So no promise on the note about silver. Pound Sterling - that's our currency! What do you think a pound means? A pound of beans? A pound of butter? It used to mean a pound of silver...  |
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Post by craig67 on Feb 28, 2014 0:33:56 GMT
But you said it promised it on the note-it doesn't.
Plus it doesn't mention sterling either on the note.
Just because it meant that in the past doesn't mean it is the same now.
So is a bitcoin a bit like a share?
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Post by Deleted on Feb 28, 2014 6:21:11 GMT
But you said it promised it on the note-it doesn't. Plus it doesn't mention sterling either on the note. Just because it meant that in the past doesn't mean it is the same now. So is a bitcoin a bit like a share? Yes and No. A share has a realworld $ value according to it's market value. Bitcoin has a hypothetical value within the marketplace. Shares are backed up by tangible realworld items or commodities and can be cashed in. Bitcoins value is not assigned to anything other than itself, but can also be cashed in. |
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Post by RichieBarkerOut! on Feb 28, 2014 7:58:08 GMT
But you said it promised it on the note-it doesn't. Plus it doesn't mention sterling either on the note. Just because it meant that in the past doesn't mean it is the same now. So is a bitcoin a bit like a share? I have a feeling that Gordon Brown broke the link and sold our reserves down the river. That said, I might be confusing the issue with any one of his other fuck ups. |
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Post by Deleted on Feb 28, 2014 9:38:18 GMT
But you said it promised it on the note-it doesn't. Plus it doesn't mention sterling either on the note. Just because it meant that in the past doesn't mean it is the same now. So is a bitcoin a bit like a share? I have a feeling that Gordon Brown broke the link and sold our reserves down the river. That said, I might be confusing the issue with any one of his other fuck ups. That was our gold wasn't it? First of all the clown announced that we'd be selling it two days before, so we got bid in the bollocks on the day of the sale. We lost around £6 Billion...Worst PM in living memory. Here's Nigel "beating him up" in the European Parliament. No wonder Cameron and Milliband don't want a debate with him. This is ferocious. |
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Post by Deleted on Mar 2, 2014 14:39:14 GMT
But you said it promised it on the note-it doesn't. Plus it doesn't mention sterling either on the note. Just because it meant that in the past doesn't mean it is the same now. So is a bitcoin a bit like a share? No it's not even like a share. A share is - at least to an extent - based on the performance of a company. A bitcoin is literally a GUID (a unique "string") in a database: dgfjdek-98762hd-027dhe-09273wnhdk-hsgdtwr Those are sometimes called "tokens" and that is the best way to think of a bitcoin, a virtual token (like you got in penny arcades when you changed your "money" ... worthless OUTSIDE of the arcade) ... except those were made of metal or plastic ... bitcoins are made of nothing. And that is all it is. It was created (mined) using computer processor cycles. It is worth whatever YOU as a "buyer" think it is worth (in a "real" currency). But, it is no more or less a currency than a "real" currency. And the value of real currencies vary compared to one another (exchange trading). The only difference is that one is "backed" by a country (or larger), economy, government and population ... a bitcoin is only backed by nothing other than people's desire to own the "token". |
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Post by Deleted on Mar 3, 2014 7:00:20 GMT
But you said it promised it on the note-it doesn't. Plus it doesn't mention sterling either on the note. Just because it meant that in the past doesn't mean it is the same now. So is a bitcoin a bit like a share? No it's not even like a share. A share is - at least to an extent - based on the performance of a company. A bitcoin is literally a GUID (a unique "string") in a database: dgfjdek-98762hd-027dhe-09273wnhdk-hsgdtwr Those are sometimes called "tokens" and that is the best way to think of a bitcoin, a virtual token (like you got in penny arcades when you changed your "money" ... worthless OUTSIDE of the arcade) ... except those were made of metal or plastic ... bitcoins are made of nothing. And that is all it is. It was created (mined) using computer processor cycles. It is worth whatever YOU as a "buyer" think it is worth (in a "real" currency). But, it is no more or less a currency than a "real" currency. And the value of real currencies vary compared to one another (exchange trading). The only difference is that one is "backed" by a country (or larger), economy, government and population ... a bitcoin is only backed by nothing other than people's desire to own the "token". Actually, I think is it a bit like a share (if you'll excuse the wank pun)...the whole point of Bitcoin is that you have to believe in it...and that is it's net value...the faith you place in it...a bit like God I suppose. It's too abstract even for me. |
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Post by Deleted on Mar 3, 2014 7:18:44 GMT
No it's not even like a share. A share is - at least to an extent - based on the performance of a company. A bitcoin is literally a GUID (a unique "string") in a database: dgfjdek-98762hd-027dhe-09273wnhdk-hsgdtwr Those are sometimes called "tokens" and that is the best way to think of a bitcoin, a virtual token (like you got in penny arcades when you changed your "money" ... worthless OUTSIDE of the arcade) ... except those were made of metal or plastic ... bitcoins are made of nothing. And that is all it is. It was created (mined) using computer processor cycles. It is worth whatever YOU as a "buyer" think it is worth (in a "real" currency). But, it is no more or less a currency than a "real" currency. And the value of real currencies vary compared to one another (exchange trading). The only difference is that one is "backed" by a country (or larger), economy, government and population ... a bitcoin is only backed by nothing other than people's desire to own the "token". Actually, I think is it a bit like a share (if you'll excuse the wank pun)...the whole point of Bitcoin is that you have to believe in it...and that is it's net value...the faith you place in it...a bit like God I suppose. It's too abstract even for me. But a share - at least the type you buy on "markets" - is both an entitlement to a (very small % of) any dividend paid by the company; and an entitlement to vote (to have a tiny - 1 share 1 vote - say in some corporate policy/governance) While the price of company stock goes up or down - seemingly on a whim - what is being bought and sold is "access" to "income" and "benefits". Speculation occurs, but what is being speculated on has independent-of-speculation income and also benefits (voting rights). Bitcoins are nothing but a token in a database. They have no benefits nor independent-of-speculation income. Their only worth is what someone will pay you for them. Bitcoins are the best demonstration yet (that I can think of, anyway?), of what can be made from human greed and internet-hype. |
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Post by Deleted on Mar 3, 2014 7:22:26 GMT
Actually, I think is it a bit like a share (if you'll excuse the wank pun)...the whole point of Bitcoin is that you have to believe in it...and that is it's net value...the faith you place in it...a bit like God I suppose. It's too abstract even for me. But a share - at least the type you buy on "markets" - is both an entitlement to a (very small % of) any dividend paid by the company; and an entitlement to vote (to have a tiny - 1 share 1 vote - say in some corporate policy/governance) While the price of company stock goes up or down - seemingly on a whim - what is being bought and sold is "access" to "income" and "benefits". Speculation occurs, but what is being speculated on has independent-of-speculation income and also benefits (voting rights). Bitcoins are nothing but a token in a database. They have no benefits nor independent-of-speculation income. Their only worth is what someone will pay you for them. Bitcoins are the best demonstration yet (that I can think of, anyway?), of what can be made from human greed and internet-hype. Your thinking is sound and true there kiddo. Bang on the money.  |
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Post by RichieBarkerOut! on Mar 3, 2014 8:00:48 GMT
But a share - at least the type you buy on "markets" - is both an entitlement to a (very small % of) any dividend paid by the company; and an entitlement to vote (to have a tiny - 1 share 1 vote - say in some corporate policy/governance) While the price of company stock goes up or down - seemingly on a whim - what is being bought and sold is "access" to "income" and "benefits". Speculation occurs, but what is being speculated on has independent-of-speculation income and also benefits (voting rights). Bitcoins are nothing but a token in a database. They have no benefits nor independent-of-speculation income. Their only worth is what someone will pay you for them. Bitcoins are the best demonstration yet (that I can think of, anyway?), of what can be made from human greed and internet-hype. Your thinking is sound and true there kiddo. Bang on the money. Not sure I like this new respect between you two. |
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Post by Deleted on Mar 3, 2014 8:20:39 GMT
Your thinking is sound and true there kiddo. Bang on the money. Not sure I like this new respect between you two. The "Black Bag" floats in...floats around...says something...brushes against a garage door...snags on a rosethorn...then floats away again... However, right is right and wrong is wrong. |
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Post by Deleted on Mar 3, 2014 8:23:19 GMT
Not sure I like this new respect between you two. The "Black Bag" floats in...floats around...says something...brushes against a garage door...snags on a rosethorn...then floats away again... However, right is right and wrong is wrong. Spot on, ************** |
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Post by RichieBarkerOut! on Mar 3, 2014 8:25:34 GMT
Not sure I like this new respect between you two. The "Black Bag" floats in...floats around...says something...brushes against a garage door...snags on a rosethorn...then floats away again... However, right is right and wrong is wrong. I felt a small prick, decided it was not my bag and took off again. |
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Post by Deleted on Mar 3, 2014 8:27:18 GMT
Bitcoin = Ponzi Scheme...Explanation over...
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Post by Deleted on Mar 3, 2014 8:29:25 GMT
 We love you RBO, even if you are "Black Bag". You faithful 'Border Bin Liner' you! |
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Post by Deleted on Mar 3, 2014 8:32:53 GMT
Bitcoin = Ponzi Scheme...Explanation over... Far too smart for me...a what? A Ponzi...what's that? |
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Post by Deleted on Mar 3, 2014 9:07:58 GMT
Bitcoin = Ponzi Scheme...Explanation over... Maybe - And only if you consider all the speculation (price increases) as the "commission" that has flowed up. And that also assumes the "original(s)" cashed out at the right times. I think it may well be genuine, in motive; but lacked a proper "problem to solve" ... I think (hope) it was as much a protest/demonstration of what currencies are - and what the Internet is - as it is a money making scheme for "the founders" (I can live in hope ... you leave me alone  ) |
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Post by Deleted on Mar 3, 2014 9:27:15 GMT
Bitcoin = Ponzi Scheme...Explanation over... Far too smart for me...a what? A Ponzi...what's that? In basic terms a Ponzi is like a pyramid scheme. Lets say you entice investor A with a great opportunity to make amazing returns. He gives you a £1000. You then get investor B to do the same, so you now have £2,000. You give "A" 1200, i.e. 20% in a very short time, he then lumps it all back in, plus a bit more, he tells his mates, you redeem "B" 1200, etc etc etc....You are feeding initial investors with new investments, and the people who lose are the people at the bottom of the pyramid, as all of their money has been given to people above them, and there are no new investments to pay them... |
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Post by Deleted on Mar 3, 2014 9:56:41 GMT
Far too smart for me...a what? A Ponzi...what's that? In basic terms a Ponzi is like a pyramid scheme. Lets say you entice investor A with a great opportunity to make amazing returns. He gives you a £1000. You then get investor B to do the same, so you now have £2,000. You give "A" 1200, i.e. 20% in a very short time, he then lumps it all back in, plus a bit more, he tells his mates, you redeem "B" 1200, etc etc etc....You are feeding initial investors with new investments, and the people who lose are the people at the bottom of the pyramid, as all of their money has been given to people above them, and there are no new investments to pay them... I'll get back to you on this... |
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