Crypto currency

[Cavey007]

Has anyone on here got any crypto currency? They have blown up to ridiculous amounts over the last week or so. Bitcoin, obviously the most well known is now at over $2600 per coin. If you had 100 bucks worth 7 years ago you'd now have $70million...

I randomly had 1 million reddcoin which turned out to be about 0.75 of a bitcoin. So cashed 650,000 for about 1k and left the rest to see what happens!

[DaveShoelace]

If I had $100 in bitcoin 7 years ago, I'm pretty certain I would have cashed out once it got to $120.

[Cavey007]

If I had $100 in bitcoin 7 years ago, I'm pretty certain I would have cashed out once it got to $120.

Fair point. Some guy paid for his pizza with them... Would have been worth 20m or so now. Shit happens, hopefully it was a good pizza

[Graham C]

There was a news article a few years ago where a guy threw out his computer by mistake and it had about ten million on it.     Never had any myself.  Some of the YouTube clips of people "mining" bit coin in China are interesting for a couple of minutes

[SuuPRlim]

If I had $100 in bitcoin 7 years ago, I'm pretty certain I would have cashed out once it got to $120.

Fair point. Some guy paid for his pizza with them... Would have been worth 20m or so now. Shit happens, hopefully it was a good pizza

The very first bitcoin purchase, no-one accepted them then so he put on the forum asking if someone will buy his dinner for bitcoin. He wanted a large pizza from Papa Johns, someone popped up and said sure I'll do it, he ordered the pizza on the guys behalf (and paid for it) and there is the first ever bitcoin transaction!

In todays value that was £22,5m !!!

Don't feel too bad for the guy though, he said it was only a tiny amount of the bitcoins he had at the time and given his enthusiasm for them you have to assume he did quite well from bitcoins!!! Might have been a massive moment for bitcoin actually as it kinda started the concept of bitcoins being exchanged for things (like money) it's a logical step for any currency of course so might have made no difference but someone had to start the river flowing

[Cavey007]

If I had $100 in bitcoin 7 years ago, I'm pretty certain I would have cashed out once it got to $120.

Fair point. Some guy paid for his pizza with them... Would have been worth 20m or so now. Shit happens, hopefully it was a good pizza

The very first bitcoin purchase, no-one accepted them then so he put on the forum asking if someone will buy his dinner for bitcoin. He wanted a large pizza from Papa Johns, someone popped up and said sure I'll do it, he ordered the pizza on the guys behalf (and paid for it) and there is the first ever bitcoin transaction!

In todays value that was £22,5m !!!

Don't feel too bad for the guy though, he said it was only a tiny amount of the bitcoins he had at the time and given his enthusiasm for them you have to assume he did quite well from bitcoins!!! Might have been a massive moment for bitcoin actually as it kinda started the concept of bitcoins being exchanged for things (like money) it's a logical step for any currency of course so might have made no difference but someone had to start the river flowing

Fair point, if you wanted proof that they have at least some worth then I guess that was it! I believe this latest rise is because of Japan, they took steps towards making it a proper currency so everyone is buying it right now.

The guy who organised our reddcoin purchase has told me he lost 7 million of them when his hard drive crashed (about 10k right now) but he's still made a considerable amount. Not millions but still, shows that it all has some worth. I mean they're at 0.0000078 of a bit coin. But that's about 60 times more than a week ago!

[The Camel]

Why is bitcoin so valuable, when you can use money for every transaction?

Decent link to explaining what bitcoin is, and why it's so popular?

[Cavey007]

Why is bitcoin so valuable, when you can use money for every transaction?

Decent link to explaining what bitcoin is, and why it's so popular?

Honestly. I have no idea. From the little research I did on this recent boom... It's regarded like gold. It's recession proof. It doesn't rely on the global market to maintain its value. It seems there's also a finite number of them, 21 million apparently.

As said I believe the latest boom is Japanese investors buying it up.

http://www.businessinsider.com/what-is-bitcoin-the-cryptocurrency-explained-2017-5

[POWWWWWWWW]

It's pretty much a god send for modern online poker. Being able to ship 5 figures on and off American facing sites within an hour or so is great. It can be off the site, down the chain and in your bank in 2 days with very minimal fees. Try not to have too much exposure of having actual Bitcoins lying around because of how volatile it is. Like today it's gone from $2.5k>2.8k>2.5k. I can't imagine the sweats the crypto traders face on a daily basis but they're probably all freerolling retirement if they got on it early enough.

[The Camel]

It's pretty much a god send for modern online poker. Being able to ship 5 figures on and off American facing sites within an hour or so is great. It can be off the site, down the chain and in your bank in 2 days with very minimal fees. Try not to have too much exposure of having actual Bitcoins lying around because of how volatile it is. Like today it's gone from $2.5k>2.8k>2.5k. I can't imagine the sweats the crypto traders face on a daily basis but they're probably all freerolling retirement if they got on it early enough.

Surely this is set up for a South Sea Bubble type collapse?

[Marky147]

Bill Perkins is quite heavily into it, so I imagine he's got a big chunk.

[Cavey007]

It's pretty much a god send for modern online poker. Being able to ship 5 figures on and off American facing sites within an hour or so is great. It can be off the site, down the chain and in your bank in 2 days with very minimal fees. Try not to have too much exposure of having actual Bitcoins lying around because of how volatile it is. Like today it's gone from $2.5k>2.8k>2.5k. I can't imagine the sweats the crypto traders face on a daily basis but they're probably all freerolling retirement if they got on it early enough.

Doesn't help that coinbase has fucking crashed as well so I can't do a thing about this latest crash even if I wanted too. Rather annoying

[POWWWWWWWW]

It's pretty much a god send for modern online poker. Being able to ship 5 figures on and off American facing sites within an hour or so is great. It can be off the site, down the chain and in your bank in 2 days with very minimal fees. Try not to have too much exposure of having actual Bitcoins lying around because of how volatile it is. Like today it's gone from $2.5k>2.8k>2.5k. I can't imagine the sweats the crypto traders face on a daily basis but they're probably all freerolling retirement if they got on it early enough.

Surely this is set up for a South Sea Bubble type collapse?

Click to see full-size image.

It crashed pretty hard first time around at the end of 2013. This recent boom is purely confidence based and it def is in for another big crash, but whether that's soon or after it's reached $5k I wouldn't like to speculate.

[POWWWWWWWW]

It's pretty much a god send for modern online poker. Being able to ship 5 figures on and off American facing sites within an hour or so is great. It can be off the site, down the chain and in your bank in 2 days with very minimal fees. Try not to have too much exposure of having actual Bitcoins lying around because of how volatile it is. Like today it's gone from $2.5k>2.8k>2.5k. I can't imagine the sweats the crypto traders face on a daily basis but they're probably all freerolling retirement if they got on it early enough.

Doesn't help that coinbase has fucking crashed as well so I can't do a thing about this latest crash even if I wanted too. Rather annoying

A lot of people are unaware that you can set your own fees when you send. In the middle of a boom if you send bitcoin and it rapidly increases in price at the old fee rate your transaction gets stuck to the back of the queue behind all the transactions at the now increased fee and you have to pay some miner to force it through for you. I sent a fair amount from blockchain to coinbase last week and it's still pending. Can't really complain when it's increased by 30% but having a large chunk of non existent currency stuck in virtual limbo isn't the best place to be.

[DropTheHammer]

My brother has been speculating in crypto currency for a while now, and has built up a nice portfolio of them. He is convinced that a few will stand the test of time and become mainstream. I wasn't sure about Bitcoin because of how anonymous it is and thought the Feds would shut it down somehow, but this looks less likely as time goes by.

My brother has been telling me I should invest in some but the daily swings are huge. Scarily so. Often 20%+. The other week I gave him £100 to invest in the latest one he was sending g me articles about: Etherium. I don't understand it but chucked him £100 to invest. This has already doubled. But i think I'll be holding out for it hitting five figures, or busting.

Perhaps I should throw a few more darts as my brother is pretty sharp at this sort of thing-he got me into poker 15 years ago after all and that was quite lucrative.

Here is the latest article about Etherium he sent me this morning:

http://m.nasdaq.com/article/the-rise-of-ethereum-cm794082