Bitcoin: The internet of money and other Cryptocurrencies
- Thread starter mikesprints
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mikesprints
Active member
Ethereum the 2nd largest crypto looks to fork sometime tomorrow. Simple explanation in the linked article.
BTC forked on 8/1. When that happens you are issued the same amount of the forked currency. I held 5 BTC at time of split, Bitcoin Cash the forked chain hit a high of over $900 and currently is just above $300. BTC has 2 other forks on near horizon. BTC2 and BTCGold.... I held mine expecting the bulls to lift much higher, currently is making a descending triangle and may get a very nice bounce from the sub $300 level.
Most likely the BTC2 version will not occur while BTCGold very likely.
https://www.coindesk.com/watch-ethereums-hard-fork-happens/
BTC forked on 8/1. When that happens you are issued the same amount of the forked currency. I held 5 BTC at time of split, Bitcoin Cash the forked chain hit a high of over $900 and currently is just above $300. BTC has 2 other forks on near horizon. BTC2 and BTCGold.... I held mine expecting the bulls to lift much higher, currently is making a descending triangle and may get a very nice bounce from the sub $300 level.
Most likely the BTC2 version will not occur while BTCGold very likely.
https://www.coindesk.com/watch-ethereums-hard-fork-happens/
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bladerunner
Well-known member
Is it all really 'FAKE MONEY' ?????
https://au.finance.yahoo.com/news/bitcoin-drops-below-6-000-120800608.html
Bitcoin Drops below $6,000 as Bitcoin Cash Surges
Investing.com Investing.com13 November 2017
Investing.com - The price of the digital currency bitcoin fell below the $6,000 level on Sunday to trade down more than $1,000 from an all-time high hit on Wednesday amid a shift by traders to bitcoin offshoot Bitcoin Cash.
On the U.S.-based Bitfinex exchange, Bitcoin hit a low of $5,426.00, its lowest since October 25 before pulling back to trade at $6,143.30 by 04:49 AM ET (09:49 AM GMT), still down 2.5% for the day.
Bitcoin has fallen in recent sessions after a software upgrade planned for next week that could have split the cryptocurrency in a so-called "fork" was called off due to waning support.
The planned split or fork, known as "SegWit2x", had intended to allow for more transactions to be processed at any given time, making fees for bitcoin transactions much cheaper.
As Bitcoin tumbled, Bitcoin Cash, which was generated from another software split on August 1, surged.
Bitcoin Cash hit an all-time high of $2,790.00, before pulling back to $1,680.60, still up 26.36% for the day.
Bitcoin Cash has a total market cap of around $27 billion at current prices, making it the third most valuable cryptocurrency.
Bitcoin has tended to rebound quickly from pullbacks. Bitcoin started the year near $1,000 and at current prices has a total market capitalization of around $103 billion.
In a sign that the financial industry is starting to warm up to bitcoin, the world's largest derivative exchange operator CME Group (NASDAQ:CME) this month announced plans to launch bitcoin futures later this year, pending regulatory approvals.
The futures will allow investors to short-sell bitcoins, making two-way bets possible, a development that CME expects will attract major institutional investors, not just speculators.
CME’s announcement came just weeks after Goldman Sachs said it was considering setting up a new trading operation focused on bitcoin and other digital currencies.
Ethereum, the second most valuable cryptocurrency by market cap after bitcoin, was down 3.46% at $304.77.
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bladerunner
Well-known member
Last time I looked most of the 'worthwhile' companies/stocks had 'assets' to back them up.
What besides hype backs bitcoin??
flman
Well-known member
Hype that was worth
5 years ago, I only wish I knew what the hell it was, for $100 I could have cashed out now and I would be on easy street. It is traded as a common international currency with no boundaries.
bladerunner
Well-known member
Bought anything tangible with your 'hype' lately or at any point??Hype that was worth
It is traded as a common international currency with no boundaries.
Oh, I get it.............its when you cash out for REAL money that you then have a real asset......in the mean time you only hold a paper hype.................oh btw do you/can you actually get a Bitcoin certificate with your name and $number on it??
autostaretx
Erratic Member
For bitcoin transactions to be verified/incorporated into the blockchain, the computer farms that "mine" the coins are chewing up lots of power performing the more-or-less time-wasting calculations ("proof of work") required by the process.
The current estimate is that their annual power consumption totals a bit(coin) over 23 terawatt hours... roughly the power demand of Ecuador.
(some of the mining sites are trying to sell their waste heat)
Ethereum's developer is looking into switching over to a "proof of stake" instead of "of work" ... which would require putting a small amount of any transaction into (effectively) escrow until the calculations verify the transaction.
--dick
The current estimate is that their annual power consumption totals a bit(coin) over 23 terawatt hours... roughly the power demand of Ecuador.
(some of the mining sites are trying to sell their waste heat)
Ethereum's developer is looking into switching over to a "proof of stake" instead of "of work" ... which would require putting a small amount of any transaction into (effectively) escrow until the calculations verify the transaction.
--dick
bladerunner
Well-known member
Surprised dick you didn't incorporate that with AGW!
autostaretx
Erratic Member
I was flipping a (hard copy) coin to choose which thread to place that item into...Surprised dick you didn't incorporate that with AGW!
--dick
flman
Well-known member
autostaretx
Erratic Member
bladerunner
Well-known member
BITCOIN*
A lot of monkeys lived near a village.???????
One day a merchant came to the village to buy these monkeys!??????
He announced that he will buy the monkeys @ $100 each. ??
The villagers thought that this man is mad.?
They thought how can somebody buy stray monkeys at $100 each??
Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. ?
This news spread like wildfire and people caught monkeys and sold it to the merchant.?
After a few days, the merchant announced that he will buy monkeys @ 200 each. ???
The lazy villagers also ran around to catch the remaining monkeys!??????
They sold the remaining monkeys @ 200 each.?
Then the merchant announced that he will buy monkeys @ 500 each! ??????
The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.???????
The villagers were waiting anxiously for the next announcement.?
Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!???????????
He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.????????????????????????????????????????????????
The merchant went home.?
The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.☹??
Then the employee told them that he will sell some monkeys @ 700 each secretly. ?
This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.?
The next day, villagers made a queue near the monkey cage.??????????????????
The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
????????????????????
The villagers took care of their monkeys & waited for the merchant to return. ?
But nobody came! ...? Then they ran to the employee...?
But he has already left too !?
The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them! ??????????
The Bitcoin will be the next monkey business. ?
It will make a lot of people bankrupt and a few people filthy rich in this monkey business. ???
That' how it will work?
A lot of monkeys lived near a village.???????
One day a merchant came to the village to buy these monkeys!??????
He announced that he will buy the monkeys @ $100 each. ??
The villagers thought that this man is mad.?
They thought how can somebody buy stray monkeys at $100 each??
Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. ?
This news spread like wildfire and people caught monkeys and sold it to the merchant.?
After a few days, the merchant announced that he will buy monkeys @ 200 each. ???
The lazy villagers also ran around to catch the remaining monkeys!??????
They sold the remaining monkeys @ 200 each.?
Then the merchant announced that he will buy monkeys @ 500 each! ??????
The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.???????
The villagers were waiting anxiously for the next announcement.?
Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!???????????
He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.????????????????????????????????????????????????
The merchant went home.?
The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.☹??
Then the employee told them that he will sell some monkeys @ 700 each secretly. ?
This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.?
The next day, villagers made a queue near the monkey cage.??????????????????
The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
????????????????????
The villagers took care of their monkeys & waited for the merchant to return. ?
But nobody came! ...? Then they ran to the employee...?
But he has already left too !?
The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them! ??????????
The Bitcoin will be the next monkey business. ?
It will make a lot of people bankrupt and a few people filthy rich in this monkey business. ???
That' how it will work?
autostaretx
Erratic Member
Of course you all realize that you can install (micro)BitCoin "mining" apps on your cellphones.... they accumulate "Satoshi" (0.00000001 bitcoin ... i.e 1% of a microBitCoin) by utilizing your phone's spare CPU cycles. You can also get similar apps for your PC.
(i'm not making this up... it's true)
One of my lab's retired physics professors has it running, and it generates about $10 per month on his phone.
Evidently there are also "payments" if you watch ads on the apps' screens.
Why fetch monkeys from the jungle when you can breed them in your pocket?
--dick (my phone battery already has problems if i stress it too much)
(i'm not making this up... it's true)
One of my lab's retired physics professors has it running, and it generates about $10 per month on his phone.
Evidently there are also "payments" if you watch ads on the apps' screens.
Why fetch monkeys from the jungle when you can breed them in your pocket?
--dick
(my phone battery already has problems if i stress it too much)
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bladerunner
Well-known member
Curious..........and what exactly can he do with the "Satoshi" (0.00000001 bitcoin ... i.e 1% of a microBitCoin) @ about $10 per month in the real world??Of course you all realize that you can install (micro)BitCoin "mining" apps on your cellphones.... they accumulate "Satoshi" (0.00000001 bitcoin ... i.e 1% of a microBitCoin) by utilizing your phone's spare CPU cycles. You can also get similar apps for your PC.
(i'm not making this up... it's true)
One of my lab's retired physics professors has it running, and it generates about $10 per month on his phone.
Evidently there are also "payments" if you watch ads on the apps' screens.
Why fetch monkeys from the jungle when you can breed them in your pocket?
--dick
autostaretx
Erratic Member
The us$10 is deposited in his PayPal account. (his chosen method of pay-back)
He only mines BitCoins, he doesn't hold them
The company that supplied the app is the one actually dealing with BC.
--dick
p.s. according to an article in the 2-weeks ago Economist, you can buy a purpose-built house in Siberia for $8500... it has a small server farm in the basement that is the source of the house's heat, and the BC generated pay for the mortgage. Electricity in that area is about US 4 cents per kwh.
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bladerunner
Well-known member
The us$10 is deposited in his PayPal account. (his chosen method of pay-back)
Ok..........that's afrom me.
He only mines BitCoins, he doesn't hold them
Appears his confidence in Bitcoin is not long term.
The company that supplied the app is the one actually dealing with BC.
Wondering if the app is available for my end of the world??
--dick
p.s. according to an article in the 2-weeks ago Economist, you can buy a purpose-built house in Siberia for $8500... it has a small server farm in the basement that is the source of the house's heat, and the BC generated pay for the mortgage. Electricity in that area is about US 4 cents per kwh.
So when are you and Icarus moving to Siberia to help save the planet??
