Author Topic: Bitcoin...  (Read 9759 times)

Offline chrisc

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Re: Bitcoin...
« Reply #15 on: August 08, 2017, 05:40:25 PM »
The time to buy Bitcoin was in January.  It will go up vis a vis the Rand, of that there is no doubt (Zuma or no Zuma) but right now it is not a bargain.  My Bitcoins I have now, valued at R9000 cost me R1600 in October

My friend in London, to whom I should have listened better, paid 120 000 for his Bitcoins at about the same time or just after and is now worth 500 000 now.  He is not selling at the moment

No currencies are tied to precious metals, the last one was the ChFr, back in 1963.  If you want that, buy some gold Kruger Rands.  The silver KRs are also a waste.  Silver is about R230 an oz, yet the silver KR sells for R550.  You can do better buying silver ingots from suppliers in Jhb

Offline Kemosabe

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Re: Bitcoin...
« Reply #16 on: August 08, 2017, 05:42:20 PM »
Is it really viable to invest in a currency that is not tied to a physical asset like Gold? All "old gen" currencies are linked to gold reserves. Cryptocurrency isn't. It just still feels so dodgy.
Hey Rip van Winkle. Did you sleep through the past few decades. Gold standard abolished in USA and SA around 1932/1933.
I think you have just identified yourself as someone who should not put your hand up for cryptocurrencies.
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Offline JonnyP

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Re: Bitcoin...
« Reply #17 on: August 08, 2017, 05:50:01 PM »
I hear they are useful for buying items on the so called dark web as well.  In the future it is likely they will have regulation.  You can also buy beer and a burger in Berlin with them
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Offline chrisc

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Re: Bitcoin...
« Reply #18 on: August 08, 2017, 05:51:17 PM »
All currencies, incl Bitcoin, $ and can be manipulated.  However, Bitcoin being a Cryptocurrecy is not dependant on international norms and standards.  The whole edifice, if I can call it that, is totally transparent to everyone who cares to look

View the second-by-second transactions taking place in several Cryptocurrencies by visiting Poloinex (they deal in Etheriums as well)  https://poloniex.com/exchange#btc_eth

Btw:  The price of BTC went up by 3% today

Offline chrisc

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Re: Bitcoin...
« Reply #19 on: August 08, 2017, 05:52:08 PM »
I hear they are useful for buying items on the so called dark web as well.  In the future it is likely they will have regulation.  You can also buy beer and a burger in Berlin with them

The whole idea is that there cannot be regulation.  That is the founding purpose of Cryptocurrency

Offline JonnyP

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Re: Bitcoin...
« Reply #20 on: August 08, 2017, 06:03:25 PM »
The whole idea is that there cannot be regulation.  That is the founding purpose of Cryptocurrency

Which is why it was used on the Silk Road.  All currency can be used to buy child slaves, fund Daesh and buy cocaine, it's just easier with cryptocurrencies due to lack of regulation.  And then there's the Chinese mining operations and North Korean state sponsored use of them.....
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Offline Kemosabe

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Re: Bitcoin...
« Reply #21 on: August 08, 2017, 06:06:16 PM »
The whole idea is that there cannot be regulation.  That is the founding purpose of Cryptocurrency
Maybe no regulation but transactions are not as anonymous as people once thought. That whole idea's been blown apart. This is one of the reasons for ZCash for instance.
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Offline Kemosabe

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Re: Bitcoin...
« Reply #22 on: August 08, 2017, 06:08:05 PM »
Not directly connected with the crytocurrencies but look how Dread Pirate Roberts was apprehended by authorities when he thought he was invulnerable. Quite the opposite of anonymity Bitcoin keeps a permanent record of all transactions and these patterns of behaviour help to identify individuals.
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Offline BoerieZA

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Re: Bitcoin...
« Reply #23 on: August 08, 2017, 09:20:12 PM »
Hey Rip van Winkle. Did you sleep through the past few decades. Gold standard abolished in USA and SA around 1932/1933.
I think you have just identified yourself as someone who should not put your hand up for cryptocurrencies.

Wanna know what you just identified yourself as? Go on, guess. It's an easy one.

Offline tab.deboer

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Re: Bitcoin...
« Reply #24 on: August 09, 2017, 08:25:56 AM »
So how exactly does the "mining" work? Give your computer something to decode / process and get paid for it to do so?


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Offline chrisc

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Re: Bitcoin...
« Reply #25 on: August 09, 2017, 09:10:07 AM »
"Mining" means your computer shares some of the accounting and transaction work.  There being many transactions every second, a fast accounting system is needed so there is no lag.  Your computer will process whole or partial blockchains and you get paid for that as it were

Mining is all the rage and I know people who spent R40k on "mining rigs" only to find the returns minimal.  The speed and processing power of your "rig" is of the utmost importance

Offline ron g

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Re: Bitcoin...
« Reply #26 on: August 09, 2017, 10:19:42 AM »


still sounds like a pyramid scheme to me.
if you have money to spare then go ahead & speculate (gamble?)
i wouldn't put any real money in though.

i suspect that this will go down in history as the first major, world wide pyramid scheme to effectively make use of the internet, and to cause the loss of an unprecedented amount of money.

if millennials were faced with a zombie invasion, there would be zombie rights activists.

Offline oNyX

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Re: Bitcoin...
« Reply #27 on: August 09, 2017, 10:09:25 PM »
Bitcoin to me still feels like a fiat currency, regardless whether the banks or government cannot regulate it. Bitcoin is based on willing buyer and willing seller price point, but there is nothing that physically backs it. You are better off with solid gold, platinum or kruger rands stored in a bank deposit box or in-home safe.
« Last Edit: August 09, 2017, 10:13:44 PM by oNyX »
Recapping of vintage equipment isn't restoration. By definition, restoration means returning to it's original condition.

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Offline andredt

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Re: Bitcoin...
« Reply #28 on: August 10, 2017, 06:50:11 AM »
I bought 2k worth of bitcoin 3 months ago and its growing at a steady pace.
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Offline Dolby

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Re: Bitcoin...
« Reply #29 on: August 13, 2017, 05:21:01 PM »
I actually lost out on R140,000 (4 x R5,000.00 each could have been 4 x R40,000)

Now I've lost out on R200,000 ...