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Crypto currencies

Discussion in 'Crypto Currency Investment and Financial Betting' started by slick, Dec 15, 2017.

  1. slick

    slick Administrator

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    13,917
    I've decided to get into this and spent the last few days studying how it works, I'll post up more when I get my head round it a bit more, from what I can see it's just like betfair on the exchanges but with various coins (tokens)

    I actually made a fiver on bitcoin from the time it took me to deposit money in a wallet and sign up with an exchange site with a £200 deposit.

    Seen are you into this because it looks right up your street.

    I've got my eye on a couple of investments which I'll explain more very soon.
    Last edited: Dec 15, 2017
  2. ONEDUNME

    ONEDUNME Administrator

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    11,470
    I've been discussing Bitcoin for a couple of years now and it's the sort of thing we need to be talking about.

    I'd be interested to know exactly how you bought and sold it because that is part of the problem I have with it - it's like the "have you been sold ppi world out there"
    Last edited by a moderator: Jan 5, 2018
  3. ONEDUNME

    ONEDUNME Administrator

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    This is what I posted in another forum exactly FIVE years ago tomorrow. Looks like I was wrong

    "The beast" is looking sick and wounded. The decline is impossible to deny. Worth just above a third of what it was a year ago with nothing to indicate that it is ever going to pull out of this dive towards obscurity.

    To be consigned to the book of historical warnings of not to believe anything that appears to be too good to be true in the same way as pyramid schemes and the South Sea Bubble. True, some will have made some money out of it by being lucky enough to buy at the right time but for each one of those there is a seller - a loser.
  4. ONEDUNME

    ONEDUNME Administrator

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    It's natural to think that if you're not in on the ground floor then you've missed the boat. There is no doubt that this is a mega, mega risky thing to be trading in and it's not a currency (as people would have you believe) it's a commodity and therefore only worth what someone is willing to pay without anything behind it to back it up. What also worries me is the method of "mining" it, and whether someone can develop a method of making it so prolific as to be devalued.

    Nevertheless, Bitcoin is one of the most googled words of this year and with countries planning on legislation to deal with its existence rather than denying its existence, there may be value in buying it even now.

    I know someone who bought £750 worth less than a year ago and it is now technically worth £20k. Whether he will ever see that money is something that I'm eager to find out but I'd be interested to know what people know.
  5. ONEDUNME

    ONEDUNME Administrator

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    11,470
    Whoops I'm wrong. Two and a half years ago, not five years ago. Silly me
  6. slick

    slick Administrator

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    13,917
    np's mate, I'm on my works do tomorrow so I'll explain more over the weekend.

    in the meantime tell me what you think of this...
    It doesn't go live until the 18th Jan and you can buy a token now for about 15p, I'm on the exchange at the moment trying to get a 1000 for about 10p each lol but will pay the full price before the 18th if need be.
    I reckon worst case scenario is you'll double your money after launch.

    It's a new deregulated sportsbook open to the entire world...
    https://wagerr.com/wagerr_whitepaper_v1.pdf

    if it takes off I reckon it could reach the moon.
  7. slick

    slick Administrator

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    13,917
    Just like your normal picks lol, wish I would have seen that at the time:lol
  8. slick

    slick Administrator

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    13,917
    You can't really miss the boat because bitcoin is sky rocketing, you don't have to buy a full one but I'd say now is the time to get on with whatever you can afford to lose because you can buy fractions of it.
  9. slick

    slick Administrator

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    13,917
    If it's worth £20k he can see the money because all he need do is cash out to his wallet which is funded by his bank account, if he had sense though he'd keep investing it because Crypto is still in it's infancy and has a long way to go yet I reckon.
  10. ONEDUNME

    ONEDUNME Administrator

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    Yeah or it could all crash tomorrow. Google Bitcoin price and check out a graph of its price.

    For me it’s something to get into with money u can afford to lose and then get ur stake back as soon as it doubles in price (if it does) and then leave the rest thereby avoiding any risk
  11. ONEDUNME

    ONEDUNME Administrator

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    I’ve read some of that link and I still don’t understand any of it lol
  12. ONEDUNME

    ONEDUNME Administrator

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    11,470
    Oh and I’d still be interested to know how u bought and sold Bitcoin although Coindesk.com has an article that says it’s likely to drop in price in the short term due to profit taking and people looking for alternative crypto currencies to take a gamble on
  13. traeth

    traeth Moderator

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    1,841
    cryptocurrency has been interesting me but I've been a bit wary.
    I've read of people who have made a lot of "money " but I do not know anybody who has invested.
    I've read some articles and the complexities of investing and reaping the profits have put me off.
    My opinion is that the internet is used mainly for social media, gambling , shopping and porn .
    If crypto currency is used in these sectors it has a future.
    It has been mentioned that Amazon will soon accept some of these "currencies" and if the betting exchange you mention becomes an user it could be worth considering.

    p.s. the word "arbitrage" @ 6.4 of that article rang some alarm bells
  14. Seen

    Seen Moderator

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    3,746
    I've never really managed to get my head around how it all works, to be honest. So mining is solving complex mathematical problems, but who sets these problems and where does the money come from to fund the rewards?
  15. ONEDUNME

    ONEDUNME Administrator

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    And what happens if someone develops a program that can solve this shit in seconds flooding the world with Bitcoin. And how do e wallets work and what's to stop people from hacking them and fucking off with your dosh?
    Kegman likes this.
  16. Kegman

    Kegman Moderator

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    I tried reading up on it a few montgs back but i couldn't make head nor tale of it. # this and # that.

    I'd hate to miss out but as odm asks what happens is some whizzkid develops a program and floods the market with #'s
  17. slick

    slick Administrator

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    13,917
    I'll read up and explain later.
    I'm not so sure about mining because that's an alternative and long winded way to acquire bit coins but I know it takes immense processing power to mine so people pool together with high spec computers to mine, so even if somebody developed a another program to mine(and there are lots) they would still need that processing power, plus the more bitcoins that are mined the harder it is to mine the next one as the algorithm becomes more complex.

    I've steered away from that but using my Bitcoin to trade on the crytpo exchanges, easiest way is to buy low and sell high, this way you are adding more to your bitcoin or hold onto it hoping that one day it will become as huge as bitcoin, Alternatively you can speculate like with that Wagerr token I mentioned earlier hoping that when it comes live the token will increase in price.

    First step is to open a wallet, the easiest I found was coinbase.com, there you buy your first percentage of bitcoin, I'll explain more about wallets and exchanges later.
  18. ONEDUNME

    ONEDUNME Administrator

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    11,470
    Nice one Slick
  19. slick

    slick Administrator

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    If anybody does open a coinbase account make sure you get your id verified first before depositing any money into it otherwise you won't be able to transfer it anywhere or withdraw it. It's to do with money laundering and all the ewallets do it.
  20. ONEDUNME

    ONEDUNME Administrator

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    11,470
    These coinbase people are well known as being trustworthy I assume?