Cryptocurrency

[Hardcore_Fan]

anyone here invest in cryptos?

I’ve recently made the plunge and am riding bitcoin to the moon. Its currently sitting at $9500 and is up $1000 today. I’m a bit late to the party though so have also purchased some ethereum, Monero and Litecoin.

Don’t know too much about it tbh but have started reading a bit into it.

Wish I had of bought in to btc when it was $10.

Is it a bubble? Who knows, the hype is getting stronger and stronger though. BTC has another fork mid month which may effect the price in the short term.

 

[Bazal]

Is that the kind of money Bigfoot uses?

 

[madunit]

anyone here invest in cryptos?

I’ve recently made the plunge and am riding bitcoin to the moon. Its currently sitting at $9500 and is up $1000 today. I’m a bit late to the party though so have also purchased some ethereum, Monero and Litecoin.

Don’t know too much about it tbh but have started reading a bit into it.

Wish I had of bought in to btc when it was $10.

Is it a bubble? Who knows, the hype is getting stronger and stronger though. BTC has another fork mid month which may effect the price in the short term.

You don't know much about it, but have already plunged thousands of dollars into it.

My type of investor.

Have you heard of the new currency called unitos? 1 share costs 350k (AUD)

They have a very unique structure wherein you get no fiscal return, or ever ownership, but you will get carton of beer of your choosing every month til the day you die. And a christmas card. And a birthday card.

 

[Hardcore_Fan]

Since making this post I am up 92% pretty good returns so far.

 

[Smack]

You don't know much about it, but have already plunged thousands of dollars into it.

My type of investor.

Have you heard of the new currency called unitos? 1 share costs 350k (AUD)

They have a very unique structure wherein you get no fiscal return, or ever ownership, but you will get carton of beer of your choosing every month til the day you die. And a christmas card. And a birthday card.

shutup and take my money!

 

[The Charlatan]

I'm not exactly an idiot, but I don't understand the whole principle behind mining bitcoins and how they come into fruition. As I understand it the Bitcoins are limited to a certain amount (I think it was something like 20 million IIRC,) and I am not sure how their transfer works.

I understand the concept in that it is a decentralised currency just not sure of the mechanics of it.

 

[madunit]

The problem with a finite currency is that it becomes so expensive that only a few people can own it and then the number of investors dramatically drop off.

Which in turn devalues the currency and everyone loses their money.

Its almost like a ponzi.

 

[Smack]

I'm not exactly an idiot, but I don't understand the whole principle behind mining bitcoins and how they come into fruition. As I understand it the Bitcoins are limited to a certain amount (I think it was something like 20 million IIRC,) and I am not sure how their transfer works.

I understand the concept in that it is a decentralised currency just not sure of the mechanics of it.

You also have to weigh up electricity costs to coins per day

 

[The Charlatan]

The problem with a finite currency is that it becomes so expensive that only a few people can own it and then the number of investors dramatically drop off.

Which in turn devalues the currency and everyone loses their money.

Its almost like a ponzi.

That's what I thought in regard to the maximum number of coins available will cause it to trend up to the point where no one can afford it and it becomes useless anyway.

 

[The Charlatan]

You also have to weigh up electricity costs to coins per day

Are you taking the piss?

 

[Smack]

Are you taking the piss?

No, this website for example.

https://www.cryptocompare.com/minin...it=GH/s&PowerConsumption=1293&CostPerkWh=0.12

 

[Different kind of Rabbit]

At $10,000 per coin, you'd have to think that it would be financially viable to mine for bitcoin now...

10 grand could run a super computer 24 hours per day for about 15 years.

 

[Hardcore_Fan]

It’s price won’t stop people investing. It’s always affordable as you can buy 1% if a bitcoin if you want.

But bitcoin is just one cryptocurrency of hundreds. The technology is the way of the future.

I invested in a company called powerledger, Australian owned and one of the team members Dr Green is a councillor for perth. The technology is a peer to peer energy trading Blockchain. They have just received a grant from the WA govt to trial the tech in Fremantle. Today they are off to India to negotiate a deal with the govt over there. I got in a .20cents, it’s now .80cents.

That’s just one example of what this is all about. It’s hardly a Ponzi scam.

Every day more and more business is jumping on board. Major companies are using adex for use in the advertising space. Google is set to make a partnership with a company called lsk. Microsoft has got on board with a company called NEO. Major Chinese banks are partnering with a company called OMG.

This is all early days as well.

 

[Smack]

At $10,000 per coin, you'd have to think that it would be financially viable to mine for bitcoin now...

10 grand could run a super computer 24 hours per day for about 15 years.

Yeah it's not that easy lol

 

[madunit]

It’s price won’t stop people investing. It’s always affordable as you can buy 1% if a bitcoin if you want.

But bitcoin is just one cryptocurrency of hundreds. The technology is the way of the future.

I invested in a company called powerledger, Australian owned and one of the team members Dr Green is a councillor for perth. The technology is a peer to peer energy trading Blockchain. They have just received a grant from the WA govt to trial the tech in Fremantle. Today they are off to India to negotiate a deal with the govt over there. I got in a .20cents, it’s now .80cents.

That’s just one example of what this is all about. It’s hardly a Ponzi scam.

Every day more and more business is jumping on board. Major companies are using adex for use in the advertising space. Google is set to make a partnership with a company called lsk. Microsoft has got on board with a company called NEO. Major Chinese banks are partnering with a company called OMG.

This is all early days as well.

Ahh, so it is a ponzi.

Good luck with your investments. You're going to need it.

 

[The Charlatan]

Again, how does it work, how are transactions ratified and how does mining work?

 

[Hardcore_Fan]

Ahh, so it is a ponzi.

Good luck with your investments. You're going to need it.

Well no, it’s not a ponzi. They are legit companies doing great things.

That’s fine that you don’t understand the concept of crypto. If you looked into it you would see it’s not a ponzi, especially when you have governments and major companies adopting different crypto techs.

But I am happy with my 90% gains for the month, only a small portion of that was through bitcoin.

 

[Hardcore_Fan]

Again, how does it work, how are transactions ratified and how does mining work?

Basically bitcoin is a currency for peer to peer transactions with no middle man.

Every transaction that has ever been made by anyone is recorded on a ledger called a Blockchain.

Each transaction requires a number of verifications to be approved before the transaction takes place. These approvals happen on nodes all around the world by using advanced software. People run these mining rigs and earn small amounts of bitcoin each time a transaction is verified. Once it’s verified by however many nodes, the transaction is then added onto the Blockchain.

 

[Smack]

Again, how does it work, how are transactions ratified and how does mining work?

Build rig, use rig to mine roughly $1.50-$7.50 per day, weigh up cost of electricity used by that rig to what you mined.

 

[madunit]

Well no, it’s not a ponzi. They are legit companies doing great things.

That’s fine that you don’t understand the concept of crypto. If you looked into it you would see it’s not a ponzi, especially when you have governments and major companies adopting different crypto techs.

But I am happy with my 90% gains for the month, only a small portion of that was through bitcoin.

Every investor in ponzi's also believed they were legit.

I understand the currency quite well. It looks and smells like either a ponzi or a pyramid scheme. Plenty of financial analysts share my view.

Good luck with it. I hope you sell up before it inevitably turns to shit.