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> Cryptocurrency, The future of money?!!!
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°ʎpp∀
post Dec 14 2017, 06:39 AM
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Is any of you familiar with digital currency...I keep reading articles as they are making news headlines every minute lol.

I have no idea how it works nor is it safe to invest but I just bought some shares of Bitcoin, Litecoin and Etherium. My co-worker actually did invest couple of months ago some thousand dollar and now he made ten thousands and more:o...so I was like let me try and see what happens, even though I suck and I am a chicken at gambling with money because basically investing in digital currency is considered gambling (but I already did it lol).

Have you heard or are you planning investing/gambling?!


From Wiki:

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.[1][2][3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
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Q.
post Dec 14 2017, 08:45 AM
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I don't really understand it yet but the first time I came across the concept was when one of my favourite musicians released her album in such a way that people who buy the physical copy (I think it's just the physical, I bought it off iTunes) get 100 bitcoins lol. Apparently they can also receive some by sharing links about the music and stuff I think, and going to gigs.
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PeteFromLeeds
post Dec 14 2017, 03:44 PM
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I'm taking Computer Science so cryptocurrency is batted around quite a bit, but I'm fairly 'out of the loop' with it. I know it costs a couple of thousand for a Bitcoin and if the value goes up you can 'cash out' but that's about it tongue.gif Oh and you can mine them if you have lots of GPUs apparently unsure.gif
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Iz
post Dec 15 2017, 07:22 AM
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If you bought Bitcoin for pennies a few years ago and sat on it and not sold when it first went above $1000 as you obviously would have, then you'd be very rich right now. It's questionable if it's worth making them, well, back then it was, as you'll probably use more in electricity mining it. And more importantly its value will burst at some point, the only thing keeping it going is speculation about how far it'll rise (I'm no economist but this is what I've gleaned) so I wouldn't say it's particularly safe at all, even if it could be profitable, there's no way of telling how long it'll be before you lose everything. And that bubbleburst is coming soon, Steam just stopped accepting it because it's literally failed in its job as a currency, I'm sure other online retailers will follow if they haven't already.

Other cryptocurrencies might be alright, Bitcoin's the one most talked about, but I really don't know enough about Etherium or the like to know if it'll do the same as Bitcoin or just be a damp squib.
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Atonement
post Dec 15 2017, 08:29 AM
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I literally don't know anything about how this works and don't understand it at all, but my boyfriend is in the financial world and he invested in some coins just last week. One day later the coins were already worth 5/6 times as much. He's still bitter he missed the boat on bitcoin after one of his neighbors tipped him on it before it got big.

If I knew more about it I would probably be investing too, but it's not like I even have any money to invest laugh.gif.
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ubɹǝɯbƆ
post Dec 15 2017, 01:52 PM
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Can someone tell me what Bitcoin is laugh.gif
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Iz
post Dec 15 2017, 02:18 PM
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Computer power given life as currency. I'm not sure on how that's actually presented in real terms, I believe it's a series of complicated digital files that are verified and take time to make so that they can act as a currency.
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Klaus
post Dec 22 2017, 05:25 PM
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the decline has started, Bitcoin down 30% today oops
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°ʎpp∀
post Dec 22 2017, 05:29 PM
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Its been going up and down all the time though
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Rooney
post Dec 22 2017, 05:38 PM
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Yeah bitcoin is volatile because nobody actually knows the monetary value. Personally I think the bubble will eventually burst, but not for some time yet. Still worth an investment as long as you don't get cold feet.
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Brett-Butler
post Dec 22 2017, 05:45 PM
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Bitcoin is far too volatile to consider as an investment, and although some people have made fortunes off the rise of its value, its hyper-inflated value is going to collapse when the bubble bursts, at a rate that will put the Dutch Tulip Bulb bubble of the 17th Century to shame, and it will completely wipe out the fortunes of thousands of people who've pinned their hopes on it.

I do have quite a few investments, although cryptocurrency is not something I would consider putting my money in.
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Doctor Blind
post Dec 22 2017, 09:46 PM
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QUOTE(mAddy Xmas @ Dec 22 2017, 05:29 PM) *
Its been going up and down all the time though


It's almost halved in value.

What a stable and sensible investment... NOT! Almost as overvalued and bubble-licious as the UK property market. biggrin.gif

http://www.bbc.co.uk/news/business-42457983


This post has been edited by Doctor Blind: Dec 22 2017, 09:48 PM
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ubɹǝɯbƆ
post Dec 22 2017, 11:54 PM
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Iím so confused, why does Bitcoin cost so much
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Brett-Butler
post Dec 22 2017, 11:57 PM
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QUOTE(Sqntq Clqus @ Dec 23 2017, 12:54 AM) *
Iím so confused, why does Bitcoin cost so much


Because people place value on it, and demand outstrips supply. Which is also the answer to all "why does x cost so much" questions. #Capitalism101
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°ʎpp∀
post Dec 23 2017, 02:19 PM
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QUOTE(Doctor Blind @ Dec 22 2017, 11:46 PM) *
It's almost halved in value.

What a stable and sensible investment... NOT! Almost as overvalued and bubble-licious as the UK property market. biggrin.gif

http://www.bbc.co.uk/news/business-42457983


Yeap, its not a good investment lets say for retirement, but people are making money for trading them in daily, weekly, monthly basis.
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Somad1990
post Dec 26 2017, 11:45 AM
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Wish i could mine them loool. I could've been rich beach biggrin.gif
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Suedehead2
post Dec 28 2017, 09:03 PM
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The most important piece of investment advice is never to invest money you can't afford to lose in a risky venture. Cryptocurrencies are about as risky as it gets.
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Popchartfreak
post Dec 28 2017, 09:23 PM
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never invested in anything as I'm not capitalisty-inclined (I don't include banks in this who pay interest rates on savings), which is why I dont even own my own property, but of all the things I would be least-likely to invest in, made-up internet stuff sold and controlled by a few people certainly tops my list. Anyone who loses money totally deserves it...
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Doctor Blind
post Jan 21 2018, 10:09 PM
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Trying to work out if we're in the 'capitulation' phase or the despair phase...



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Suedehead2
post Jan 22 2018, 01:14 AM
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We're in the nobody has a clue phase.
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