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Bitcoin FAQs

Back in 2014 I started hearing about Bitcoin and being inquisitive I researched it and found out how to buy some, which I did. I then promptly ignored them and carried on with my fumbling attempts to make money out of other things.

In fact, I couldn’t remember what my details were and how to access them.

Whilst clearing out some old paper work recently I stumbled across where I had written down my account details, so I logged into Blockchain and my bitcoins where still there and what was more pleasing I was sat on a 10 bagger.

Now at this point you are probably thinking “Smug Bastard” but no I was kicking myself.

At the time, I purchased I had thought “What am I going to do with them and they will probably go belly up as a scam and I only bought 0.1 bitcoins. Yes, I risked a massive £21 which is now worth £210 as I type.

So, I am now sitting thinking why didn’t you buy 1 or 5 or 10 for God’s sake it would not have broken you at the time.

So Doh! This making money game is easy when looking through a rear-view mirror.

I will hang on to my small stake and maybe it will 10 bagger again and I still don’t know what to do with them, but things are changing.
M

How can you possibly suggest with certainty this will continue its meteoric path for a further decade? (= 2027). Roughly that will mean this currency will be worth more than much of the World, which is clearly nonsense, since there is no "willing Buyer" of the Mkt-Value.
Companies like [BP] have a price that's based on Sentiment and some handle on Reserves, Ownership of extraction Rights and "know-how" as well as actual hardware, although things like office-blocks may be rented, they have an intrinsic value since the lease itself can be compared with similar buildings in the vicinity. That is not to say it is valued correctly, but it's maybe not too far off.

Bitcoin has the disadvantage that most-folks don't understand it.
Bitcoin value has risen to dizzying heights, such that folks that gambled maybe $1000 are multi-milionaires... while nothing has actually happened.....

A Biotech company sp starts reasonably high ( to gather Cash ), then slips away as the Phases lengthen, Trial are worked-out; BUT then something happens to renew Investor interest... there is some breakthrough to add the "perception" of future riches... but rarely does this cure-for-cancer ( as an example), mean the World is healthier; as we discover it only treats 1-in-100 - OR it is short-term - OR very expensive. However, as the business turns into Profit the sp starts to firm-up... it is possible to apply somewhat similar approach as in [BP] above, sp maybe it's worth several year's income . . . depending on your view and "Risk-profile"

Bitcoin, IMHO is all "Risk-profile" - it never had any intrinsic value... and now? Well the technology appears solid . . . but then so we believed ( read 1-dozen devices) were, until hacked = the criminals will be working on this... and I read that QUANTUM computers can theoretically perform cod-cracking maybe a million-times faster than our best computers-networked. Could a Nation-State use this to slip inside Bitcoin and drag out some value without anyone noticing?
That's just one fear (for me), but I think the 2015-2017 rise in Bitcoin-value is a pointer to disaster. If folks sell, what happens to the price? Won't that start a "Rush" in the direction of destruction, just as surely we are in a "Rush-to-Buy" phase.... just when is anyone happy with the "profit" they already hold ( er, Notionally - since a Profit is only a profit when it's back in yr hands as cash.). This principle is another reason (for me) to avoid....indeed I would happily work without Banks, The City and others that promise so much and are found Wanting, far too often.

UBS warns of bitcoin bubble as futures trading begins on CME – business live



https://www.theguardian.com/business/live/2017/dec/18/bitcoin-bubble-ubs-futures-trading-20000-cme-stock-markets-tax-business-live

To me I think it's obvious what is going to happen.

There are a limited number of bitcoins or will be and demand outstrips supply so it will continue up for some time yet as joe public becomes more aware.

Until it faces a crisis of confidence.

"I lost all my savings when my bitcoins were stolen and I didn't realise there was no protection"
"My hard drive failed and I've lost my entire savings even though they are still out there in the ether somewhere"
"My Dad told me I'd inherit all his bitcoins but there is no way to trace them"
"My bitcoins were stolen - I thought they were held in kind of like a bank account but it appears no own actually has them - I now know there's just numbers in the blockchain in a virtual world"
"As the price has starting falling I couldn't sell them, I set a target to sell but it I didn't act, thinking it would bounce. I did this several times watching the price fall and fall and now apparently the only thing I can buy with my bitcoins are this white crystal stuff that I don't know much about. Apparently it is real though and I can have it shipped"

Apparently, the Satsuma person or persons unknown who engineered Bitcoin holds around 1 million BTC. There must be scores of people like him/her/them who did the early mining when BTC were 10 a penny, and who are still sat on eWallets containing perhaps 20% or even 30% of the 16 million BTC currently in circulation.

I personally think BTC demand will continue to outstrip supply until such time as one of the early miners decide to cash in and drop shedloads of BTC into the market. However, that might not be for a few years yet.

How many are you selling?

None Fred, but we do have an 8 core dedibox in a Munich datacentre that we've been paying for on an all inclusive rental package and it's not even being used at the moment. I've asked if we can get it set up for mining and test its efficiency over a two month period.

With everything I've read about BTC mining, I very much doubt it'll be productive, but I'm using the argument that we'll never know for sure unless we set it up and try it.

South Korean cryptocurrency exchange to file for bankruptcy after hacking

EU considers launching database of Bitcoin owners to crack down on criminals


By James Titcomb
18 December 2017 • 4:13pm



The European Union is considering a database of Bitcoin owners in Europe under laws designed to fight money laundering and terrorism.

As part of a crackdown on virtual currencies, MEPs will consider setting up a central hub of people who use the online exchanges where Bitcoin is bought and sold.

The proposal, first mooted last year and agreed on Friday, follows fears that Bitcoin, which is partially anonymous, is being used to dodge taxes and finance criminality.

It was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.

The amendments to the Fourth Anti Money Laundering directive included a clause saying that the EU may setting up a “central database registering users' identities and wallet addresses”.




The database will be considered...



http://www.telegraph.co.uk/technology/2017/12/18/eu-considers-launching-database-bitcoin-owners-crack-criminals/

Hil.

If I understood what you are up to I might agree with your decision.

I have an appointment with my grandson later and will ask him.

Chap from CoinShare on CNBC advising investors look at other cryptocurrencies so as to spread the risk:
1) Litecoin (LTC)
2) Ethereum (ETH)
3) Zcash (ZEC)
4) Dash. ...
5) Ripple (XRP)
6) Monero (XMR)

Bitcoin down nearly 10% in the last hour.

XTB Closing all CFD Trading from today on Crypto currencies. All open trades closed in New Year.

All good points, yet none that really pushes up the price//value of BTC. That reports of HDD failure wipe out yr savings must be wrong.... yet this isn't the first time it's been suggested.
The EU possibility of a "Register" would eliminate this (presumably?), and would collar the Criminals.... This is similar to the Banks saying their losses on Fraud are "only 1%" -so they let it continue.... yet they are funding criminal behaviour and should at least be fined an amount equal ( or double?) this amount to assist law-enforcement.
Then there was a Report that suggested the energy used to maintain the computers was becoming silly..... ( Anyone? ).... so that is also growing exponentially, if punters are to be believed.
AFAIK there is no limit to the number of Bitcoins... they are in effect the prime numbers which are generated by computers - the trouble being that as the prime numbers are maybe a million-digits long.... finding the next one is mighty troublesome, since every "new-number" has to tested for division by every number that's less. I think ( but don't know), this is where the computing-power is being used. As Bitcoin numbers increase their price rises, maybe in part due to the "cost of mining" - so, it's unlike anything else on earth....
That's where the problem lies IMHO - how can anyone put a "Value" on something so "Will-O'-the-Wisp" -
Er,
Cryptobabble = bargepoles

As the American investor guru, Warren Buffet, once told us, "I don't invest in anything I don't understand."

Bitcoin has gone so high now, that the chances of making any money from a punt on it, just have to be so very low, that it just isn't worth doing anything other than 'watching it from the sidelines'.

Since he was 'the bookies favourite' and just out of an amplification of interest, I was going to put £50 on Anthony Joshua to win SPOTY. But I didn't.

Joshua didn't even make the first three! Mo Farah won it and he wasn't even in the running. Please excuse the pun.

Hey Hilary have you got that Bitcoin mining going and dumped them on the Market? Big falls!

Lol, Martini. Not guilty. :o)

CEO dumps his Bitcoin, issues warning
Guy Gentile.
December 27, 2017
Chester Robards

The CEO of local online trading firm Swiss America Securities, Ltd. said he has dumped all of his Bitcoin, explaining that he thinks the cryptocurrency “bubble” is beginning to pop, though a press release issued by his company’s subsidiary Suretrader suggests people may simply look at other cryptocurrencies as Bitcoin’s value fluctuates.

Guy Gentile said he knew when the Bitcoin revolution became popular he would dump his cryptocurrency, believing that the movement is simply a fad.

“I always told myself that when everyone starts talking about it, I’m out… and (it’s at) that point,” said Gentile in the release.

“When retail starts buying, who is going to buy after retail? No one is buying after retail; they are the last ones in.”

The release said about 24 hours after Gentile made his predictions publicly, “Bitcoin began to rapidly decrease”.

“On Friday the most popular cryptocurrency dropped by more than 47 percent to $10,400 after trading at a record high of over $19,700 at the beginning of the week,” the release said.

“With most digital currencies in the red, the coin market saw a $200 billion devalue.”

The Suretrader release explained that companies could begin using the popularity of cryptocurrency to create what it termed “pump and dump” schemes.

He said some companies have changed their names to those that link them to the cryptocurrency market and have seen their stocks rise as a result.

The release cited the New York-based beverage manufacturer Long Island Iced Tea Corp.’s adjustment of its name to “Long Blockchain Corp.” as a decision to “leverage the benefits of blockchain technology”.

“After its announcement, Long Blockchain Corp.’s stock value rose over 200 percent, joining other companies including another beverage manufacturer that saw a drastic increase in its stocks after their own announcement,” the release stated.

Gentile said the actions of the companies reflect the classic traits of a “pump and dump” scheme. Companies change their names to something trendy, line up press releases, run up their stock, and then a secondary offering follows, causing retail buyers to be burned in the end.

According to Gentile, who spent years investigating penny stocks for the Federal Bureau of Investigation, companies that do this kind of investment are desperate for capital.

The release explained that regulators should surveil stock that has been trading at 100 percent for too long.

“To prevent buyers from being burned by pump and dump schemes and new coin investments, regulators should halt transactions after a stock has been trading over 100 percent all day, giving it time to cool off so that it can begin trading again the next day,” the release pointed out.

Bahamians have taken a keen interest in Bitcoin, and even The Bahamas government is deciding whether it should look at developing its own cryptocurrency and join the hype.

Live trades:

https://cryptowat.ch/bitfinex/btcusd

Hi guys compliments of the season all round and here is to a very happy healthy and prosperous New Year.

This is not meant to be a negative post so please take it as posted honestly even though I am no non asset backed Crypto fan.

I hold Lionsgold and we are planing our gold back crypto currency launch in India , hence my interest in events there.


Through this I found the following, plz make of it what you will:

Please read....this hxxp://www.lse.co.uk/AllNews.asp?code=j2n2gmgj&headline=India_Equates_Cryptocurrencies_To_Ponzi_Schemes_In_Warning