Cryptocurrencies

What cryptocurrencies do you use/own?

  • Bitcoin (XBT)

    Votes: 30 27.8%

  • Ether (ETH)

    Votes: 16 14.8%

  • Litecoin (LTC)

    Votes: 15 13.9%

  • Peercoin (PPC)

    Votes: 0 0.0%

  • Dash (DASH)

    Votes: 3 2.8%

  • Dogecoin (XDG)

    Votes: 4 3.7%

  • Blackcoin (BLK)

    Votes: 0 0.0%

  • Zcash (ZEC)

    Votes: 3 2.8%

  • Other

    Votes: 14 13.0%

  • None

    Votes: 69 63.9%
  • Total voters
    108
I was just amazed at how easy it appears to be for thieves to get these wallets. With BTC at record highs you would think that owners would do everything they could to protect it.
I guess it's the old saying, "fools and money are easily parted!"
 
timeshifter said:
New Does wallet.dat store your private keys?
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Generally, yes, depending on what client software created it. There's more info here: https://en.bitcoin.it/wiki/Wallet

Barcelona said:
I was just amazed at how easy it appears to be for thieves to get these wallets. With BTC at record highs you would think that owners would do everything they could to protect it.
I guess it's the old saying, "fools and money are easily parted!"
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It usually won't be easy at all. Most wallets encrypt the wallet files or prompt users to do so. I guess they're hoping to get lucky. As you say "a fool and his money ... ". I suppose if you scan enough computers you might find one or two fools who have left an unencrypted wallet.dat file publicly accessible.

One of the good things to come from using cryptocurrencies is that it teaches people to take computer security seriously. With no central controlling organisation or bank to cry to, you have to learn to be fully responsible for your own funds. Suddenly those passwords seem much more important when they're protecting large amounts of money. Some people will of course choose to learn the hard way.
 
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Wow i am making some serious cash off of bitcoin BTM only one within 150km people think where does bitcoin gets it value when you cash it in it is like any other stock or currency people invest in bitcoin by buying it with cash prices are controlled by supply and demand the amount i see going through my BTM each week is amazing no wonder bitcoin is going up to record levels.
Banks are really worried about the returns you get from bitcoin almost panicking more and more people are investing money into bitcoin thus cutting banks out of the loop.
For other income some of you might want to look into getting a BTM in your shop i now get avg 10 people a day using it and is increasing by the month.
 
Galdorf said:
where does bitcoin gets it value when you cash it in it is like any other stock or currency people invest in bitcoin by buying it with cash prices are controlled by supply and demand
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Agreed, but also you have to consider the mining costs.

While cryptocurrencies are often criticised for the amount of energy required to mine them, it's the mining costs that helps establish their value. Every Bitcoin cost thousands of dollars/pounds to make, which is more than can be said for most (if not all) fiat currencies.

The biggest threat to the banks comes when people no longer need to convert between Bitcoin and fiat. As adoption continues to grow, more people will be able to earn and spend Bitcoin directly. When we reach that crucial tipping point, fiat currencies, and the banks that support them, start to become redundant.
 
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Barcelona said:
Wow, I never thought about that. Your right, as BTC becomes more and more mainstream, banks et al will, as you say, start to become redundant.
interesting discussion here.

https://www.reddit.com/r/Bitcoin/comments/7dww1q/could_banks_create_their_own_token_and_avoid_the/


http://www.newsbtc.com/2015/09/27/banks-bitcoin-and-blockchian-a-recipe-for-downfall/
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It's already happening in some countries that are in economic turmoil, such a Venezuela, where their own fiat currencies have become practically worthless; people there are turning to Bitcoin just to survive and buy food. And, if you look at what's happing economically around the world -- Brazil, Zimbabwe, Greece, to name but a few -- many countries are already heading for the same fate. When you consider that the global economy is a complex balance of individual economies, like a delicately balanced stack of playing cards, it doesn't take much to upset the balance and bring the global economy crashing down, bringing those at the top with it.

Studying cryptocurrencies makes you think really hard about what money is. We take money for granted but it's not until you start to wonder where the value is in cryptocurrencies that you start to question where the value in fiat currency is. You begin to realise that the world's economy is backed by nothing but governmental promises. It's a fragile mess, an enormous Ponzi scheme even, of money printed at will, creating ever increasing inflation (aka devaluation of your wealth). It's entirely unsustainable and, without wishing to sound like some 'end of the world is nigh' nut-job, I believe what we're witnessing is the beginning of a global economic collapse .... or at least a collapse of the 'present system'. As more people rush to move their wealth into cryptocurrencies, it's likely to accelerate that collapse very quickly, meaning it may be coming far sooner than any of us think it is.

The attempt by banks and governments to make their own cryptocurrencies is interesting. It demonstrates defeat ("if you can't beat them, join them"). The blockchain itself is nothing special; it's just a type of database or ledger. The banks already have those, and they already have digital money. What makes cryptocurrencies like Bitcoin special is their decentralised nature, the fact they're inherently secure (no single point of attack) and that nobody can control them or manipulate them. To create a centrally-held, government/bank-controlled cryptocurrency is to completely miss the point.

And here's where it gets really interesting: If all the wealth in the world eventually moves onto distributed, decentralised blockchains, away from governmental control and manipulation, not only do banks become obsolete, but so does government. If we separate money and state, the state loses its power. No longer can a few individuals decide how much of your money should be spent on war, healthcare, policing, etc, etc. Personally, as a proponent of technology, I like the challenges that presents and I look forward to a world where consensus rules through software and technology.
 
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Moltuae said:
We take money for granted
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Hahah! Others might but I certainly don't! It's too hard to come by!

Moltuae said:
And here's where it gets really interesting: If all the wealth in the world eventually moves onto distributed, decentralised blockchains, away from governmental control and manipulation, not only do banks become obsolete, but so does government. If we separate money and state, the state loses its power. No longer can a few individuals decide how much of your money should be spent on war, healthcare, policing, etc, etc. Personally, as a proponent of technology, I like the challenges that presents and I look forward to a world where consensus rules through software and technology.
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Government? Wow, this whole paragraph actually frightens me!
we could plummet headlong into total anarchy! I could see the rich getting mega richer and the poor dying of starvation!
 
Barcelona said:
Government? Wow, this whole paragraph actually frightens me!
we could plummet headlong into total anarchy! I could see the rich getting mega richer and the poor dying of starvation!
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I'd like to think it's something that would work itself out eventually through consensus (not to be confused with democracy). Maybe I'm being naive or overly optimistic but we're probably talking about a fairly gradual change spread over decades. I see it as a crucial next-step in human evolution. Without the move to a world ruled by consensus (through technology), I don't see any way to progress to the next level. Besides, anything has to be better than the present system of a world ruled by systemic corruption, tyrants and dictators.
 
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Hey, @Moltuae when you build a new mining rig how long do expect it to mine profitably?

All the numbers I'm seeing looks like it takes about 11 months to get the investment back. So I think of it like planting a money tree. You bury your money in the ground for a year and then after that year (or 11 months) it produces fruit. I know it won't produce that fruit for the next 50 years, but maybe two or three would be nice before I cut it down and use it for firewood (i.e. sell the hardware on eBay for 20% of it's initial cost).
 
timeshifter said:
Hey, @Moltuae when you build a new mining rig how long do expect it to mine profitably?

All the numbers I'm seeing looks like it takes about 11 months to get the investment back. So I think of it like planting a money tree. You bury your money in the ground for a year and then after that year (or 11 months) it produces fruit. I know it won't produce that fruit for the next 50 years, but maybe two or three would be nice before I cut it down and use it for firewood (i.e. sell the hardware on eBay for 20% of it's initial cost).
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That's a good way to look at it and I think 11 months is about right as a 'safe' ROI estimate, by which I mean it's likely to be much sooner than 11 months if you hold on to the BTC earned and it continues to increase in value at the present exponential rate. It's a little riskier than immediately cashing-out of course but you could effectively see your ROI time halved. Which raises the question of why you shouldn't simply invest in BTC instead of mining, and for some people that may make more sense. My reasons (apart from being an incurable geek and 'it's just what I do') are that I can make use of the heat produced, the electricity is a business expenditure and the graphics cards are either an investment or stock (depending on when/whether I sell them later). If instead I buy BTC, etc to invest in, the money comes out of my own pocket.
 
Moltuae said:
Which raises the question of why you shouldn't simply invest in BTC instead of mining, and for some people that may make more sense.
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Hindsight is 20/20, but man if I had done that! Around the middle of July I had invested about $4,000 in equipment. If I had put it all in BTC that would be worth $14,000 today.

The past few months have been pretty exceptional. Many think BTC is on it's way to $100,000. Some think the bubble will pop first and something will recover.

I just can't stomach the thought of putting real money into such a volatile commodity that's virtual. If I buy equipment that's something tangible and feels a little more responsible. Worst case there's a bottom if it all goes to hell. That bottom is the resale value of the equipment.
 
timeshifter said:
I just can't stomach the thought of putting real money into such a volatile commodity that's virtual. If I buy equipment that's something tangible and feels a little more responsible. Worst case there's a bottom if it all goes to hell. That bottom is the resale value of the equipment.
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I know what you mean, although if you diversify your portfolio, spreading your investment across a number of different cryptocurrencies, you can greatly reduce any risk, especially if you do your research first and monitor the progress and development of each cryptocurrency you invest in.

I haven't directly invested much myself either though, but mainly for the reasons I mentioned earlier. If I wasn't mining cryptocurrencies, I'd probably use the money that paid for the mining hardware to directly invest instead. I did invest a few £K in Bitcoin back when 1BTC was around $100-$300 but I've creamed-off that original investment several times over now (using a little to make purchases) so I view my remaining investments as 'playing with my winnings', which are presently over 20 times the value of my original investment.




Just spotted this while perusing the latest cryptocurrency news, a sign I think that cryptocurrencies are really beginning to hit mainstream attention ...

A Bitcoin ‘Big Bang Theory’ Episode Is Coming, God Has Abandoned Us
Link: https://motherboard.vice.com/en_us/article/vb393x/a-bitcoin-big-bang-theory-episode-is-coming-tv

 
timeshifter said:
Wow, total market cap for all cryptocurrencies just went over $300 billion!

https://coinmarketcap.com/
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I think this is just the beginning.

It seems every day now there's news of something else that suggests we're on the brink of mainstream acceptance and adoption.

I noticed earlier that in less than one month it'll be a year since I started this thread. Back then Bitcoin was approaching $1,000; now it's nearly $10,000. Given that the rise is exponential, rather than linear, and that growth spurs further development, ease of use and, in turn, further growth and adoption, I think by this time next year the price and rate of growth will totally dwarf what we're seeing now. My guess would be that, by then, prices and market caps will be at least 10 times what they are now.
 
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