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Profile Gordon Lowe
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Message 1907665 - Posted: 17 Dec 2017, 6:51:01 UTC

Can anyone here explain Bitcoin? I've read many articles online, but I still don't understand how it works. I'm intellectually curious about it, but I also want to know if it's a safe investment. If I put $1,000 into it today, and the value of Bitcoin goes up, how do I receive the profit?
The mind is a weird and mysterious place
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Message 1907669 - Posted: 17 Dec 2017, 7:34:54 UTC
Last modified: 17 Dec 2017, 7:42:13 UTC

https://en.wikipedia.org/wiki/Bitcoin

https://en.wikipedia.org/wiki/Profit_(economics)

https://en.wikipedia.org/wiki/Revenue

The first link perhaps is shouting here, but the latter two could be for that of a possible explanation of the subject.

But also that profit is not necessarily always the same as revenue either, and becomes two different articles in the Wikipedia.

Not reading the details here, because I am rather watching an interesting discussion.
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Message 1907673 - Posted: 17 Dec 2017, 8:38:57 UTC
Last modified: 17 Dec 2017, 8:45:36 UTC

Gordon $1000 will not get you much Bitcoin . Current price is $19,547 so I have to say your a bit late to make the Big bucks .

I'll start off by tell you that there will only ever be 24,000,000 Bitcoins . Because of this they are rare . Think of them like Gold or Diamonds

So the longer you hold on to them the higher the price should go . It's also known a scarcity

In the beginning it was profitable to mine them .... What is meant by Mining ?

Well Mining is conferming the transaction made by people sending coins from one person to another and checking that the coin has not been
spent twice and is in fact legit as to the rules of Bitcoin

In the beginning as you mined you create a new coin . This is part of the Bitcoin code , however as time went on it would get harder to make theses new coins and the code set limits
on how many would eventually be created and it also lifted the Difficulty of generating these new coins .

Each transaction has a fee and people mining it will be given the fee for mining . In the beginning you got the fee and where able to generate a new coin , But very soon now the miners will only get the fees charged

We are getting to the max now

Also the Difficulty would also increase as more and more users started to mine them .(I'm trying not to make this part to complicated )

Now days it is not profitable for the average Joe to mine it as you need expensive ASIC mining machines that use a lot of electricity.

Also the big miners are the Pools (web sites where lots of miners join together to mine and the fees are sheared between them)

These Pools have there own ASIC miners and now dominate the network and is one of the reasons little guys can no longer do it profitably

However there are other coins you can mine and do not need ASIC miners , you can use your computers GPU's to mine these coins

Once you mine these ALT coins as they are known you can trade them for Bitcoin or any other coins .

Each type of coin was created for different things so learn what the coin is and how it's being used .

This way you will be able to judge wether it will have value . Remember all the coins do have set numbers of coins so also have scarcity

Bitcoin and the ALT coins up to now have been used for illegal reasons , money lundering , drugs , black markets blah , blah , blah

Partly because Governments have been against them and not decleard them to be Currency's

This is now changing and Bitcoin with the help of Legislation to combat the illegal use are making Bitcoin and other ALT coins legit

Recently CBOE (Chicago Board Options Exchange) the largest Futers Exchange in the world has listed Bitcoin Futures and in 24 hrs CME the second largest Futures company in America

Will also start trading Bitcoin Futures .

This means Bitcoin has now crossed into the legitimate world of finance and is fueling the current rises in Bitcoin .

There are real legit reasons Bitcoin price is going up and it's not because of a bubble as the old guard Bankers are saying

They are actually seeing Bitcoin as a threat to there old fractional banking system . (But that is for another time to talk about)

I hope this lesson was helpful and I will try to explain things more if you have any more Questions .I have tried to keep it simple for the new bees
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Message 1907675 - Posted: 17 Dec 2017, 9:25:42 UTC

I guess I should have said Bitcoin is a currency just like Dollars

You can buy airline tickets , homes ,cars , and just about everything you can buy with Dollars .

Finding the web sites is not that hard but you will have to look . As it becomes more wide spread more merchants will accept it.

Japan is one of the first Country's to acknowledge Bitcoin as a true currency and it will not be long now before other country's also acknowledge it

Oh one secret about Bitcoin is to make explaining complicated but it not . you do not need to know all the politics of it .

You can buy it at a Exchange or try to mine it or mine a ALT coin and swap or exchange it into Bitcoin good luck

One thing I will not do is give away witch coins I believe are the ones that will make you very Rich . I do have to keep some secrets to myself so please do not ask I have given some clues in other posts .
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Message 1907678 - Posted: 17 Dec 2017, 10:09:23 UTC
Last modified: 17 Dec 2017, 10:14:00 UTC

Gordon I forgot to also tell you 1 Bitcoin consists of 100,000,000 micro bitcoins and is expressed as 1.00000000 so your $1000 will get you

Approx 0.051 Bitcoin @ $19,500
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Message 1907684 - Posted: 17 Dec 2017, 12:03:47 UTC

Currency traders can now start speculate in falling bitcoin prices (short selling). This crash bitcoin, thinks a skeptic. This helps the price to become more stable, an optimist thinks. What the price is about say a month, is now the big question.
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Message 1907686 - Posted: 17 Dec 2017, 12:11:51 UTC

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Message 1907707 - Posted: 17 Dec 2017, 14:27:00 UTC
Last modified: 17 Dec 2017, 14:28:23 UTC

This may help some of you decide why I'm bullish on Bitcoin

https://www.coindesk.com/2018-year-central-banks-begin-buying-cryptocurrency/

When Central banks start to see value in Bitcoin you should listen
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Message 1907713 - Posted: 17 Dec 2017, 15:09:50 UTC - in response to Message 1907686.  
Last modified: 17 Dec 2017, 15:18:59 UTC

Might take a careful read


The investment bank argued that the recent jumps in cryptocurrency valuations—bitcoin prices are up more than 500% thus far this year, while rival Ether has soared more than 3,400%—as “a speculative bubble,"


Be careful what you read

Ether started the year of below $50 where Bitcoin at the same time was $1400

For Bitcoin to rise as much as Ether it would have to be $49,000

The funny thing about % is the higher the starting point the less in % something will rise

10% of $100 =$10 ,
10% of $1000 = $100
same % but value is different so if Bitcoin had risen as much as Ether then you would say Bitcoin is in a Bubble

example XYZcoin(I'm not using it's real name) was $0.20 but this coin has risen 300% in 1 week because it is still low it can rise 1000% and yet it will still be under $8
If said coin was $100 and went up 1000% it would have to rise to $1100

So be careful what you read when % is used to justify weather a commodity is in a bubble
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Message 1907717 - Posted: 17 Dec 2017, 15:30:00 UTC
Last modified: 17 Dec 2017, 15:32:04 UTC

Time for bed so last piece of advise there should be a correction of Bitcoin sometime between now and 4th of Jan , This date is the genesis date of Bitcoin and for the last 2 yrs on the 5th bitcoin has had a correction. Also if this happens all crypto coins will fall as Bitcoin is what most of them are pegged to at most Exchanges

Ergo: To by Bitcoin you would have to buy with USD but to buy many other coins you need Bitcoin not USD

So be careful and know what you are doing if your going to put your cash into it Goodnight and good luck
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Message 1907721 - Posted: 17 Dec 2017, 15:46:41 UTC
Last modified: 17 Dec 2017, 15:55:20 UTC

Should Bitcoins be understood as an investment asset. Whose value may increase, greatly increase, decrease or collapse as any other investment?
Those who cannot remember the past are condemned to repeat it.
--- George Santayana
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Message 1907722 - Posted: 17 Dec 2017, 15:56:16 UTC - in response to Message 1907717.  
Last modified: 17 Dec 2017, 16:12:39 UTC

Ergo: To by Bitcoin you would have to buy with USD....

Eh No. I think you can buy Bitcoins with any currency.
At very least with SEK.
Why should I for instance buy USD with my SEK for an exhange cost and then buy Bitcoins?
https://bt.cx/en/buy-bitcoin/
Bitcoin is a cryptocurrency that is achievable in different ways, although the easiest way is to buy them from an exchange service online with a traditional currency. BTCX is the oldest Swedish actor, run by a Swedish company. You can easily buy bitcoin with Swedish crowns (SEK) through Swish or a bank transfer, or with euros through SEPA.
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Message 1907772 - Posted: 17 Dec 2017, 22:11:23 UTC - in response to Message 1907722.  

Ergo: To by Bitcoin you would have to buy with USD....

Eh No. I think you can buy Bitcoins with any currency.
At very least with SEK.
Why should I for instance buy USD with my SEK for an exhange cost and then buy Bitcoins?
https://bt.cx/en/buy-bitcoin/

Bitcoin is a cryptocurrency that is achievable in different ways, although the easiest way is to buy them from an exchange service online with a traditional currency. BTCX is the oldest Swedish actor, run by a Swedish company. You can easily buy bitcoin with Swedish crowns (SEK) through Swish or a bank transfer, or with euros through SEPA.


To make it clear for those that may not understand

Yes you can buy Bitcoin with sek if your using a Swedish exchange

You can buy Bitcoin with British pound if using a british exchange Japanes yen if using a Japanese exchange and so on . however you can not buy most coins with USD, YEN ,AUD,SEK,YUAN,POUND,EURO you would need to buy Bitcoin first then you can use that to buy the other types of coin

Howevr the largest exchanges are in the US and the US is the market leader so if they fall in the US then the rest will follow

CBOE is in Chicago CME is in New York , Poloniex is based in the US , Bittrex is in Las Vagus , Coin Base is based in the US and these are the market leaders

So like the New York stock Exchange if it falls the rest follows

The exchanges are pegged to the local currency's HOWEVER the USD is pegged to all other currency's as well as the Futures markets in Chicago or at least are influenced by them

As I said Know what you are doing before putting your money into it .

If your going to give advise get your facts correct there are people that may be watching this thread and I would not like to think they are making decisions based on what some here may say that obviously do not know how to trade and have not traded on a stock exchange before and are amateurs that are not aware of all the things you need to be aware of

So for the record I have watched the stock market for over 30 years and I have been a day trader and done very well at it . I never lost money while I have invested in the stock markets .
Even thou I did have to declare Bankrupt 14 years ago this was not because of investing in Stock Markets but because of physical injury's that stopped me working and even then it took 5 years of using my own money before I had to declare Bankrupt and even that was a way to protect my retirement funds as the Australian Government was about and did change the Bankruptcy laws and can now your creditors can make claims against your retirement funds . So I beat them to the punch so to speak and made shore my funds where safe

I was a Bankrupt that was not truly Bankrupt . I am no longer a Bankrupt person I was discharged over 11 years ago .
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Message 1907773 - Posted: 17 Dec 2017, 22:19:29 UTC - in response to Message 1907721.  

Clyde your smarter than that

But for the dummy's the short answer is yes as an investment asset and a currency

Whose value may increase, greatly increase, decrease or collapse as any other investment


The short answer is also yes however collapsing I would say no as a short answer , but like all investments it's never that easy to say yes or no

Or to put it this way can the USD collapse ??? Again there is no simple answer it all depends on what is going on in the financial world and what Governments do or do not do
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Message 1907830 - Posted: 18 Dec 2017, 8:35:31 UTC

Important Facts about ...8th January (correction)

http://www.bitcoinblockhalf.com/

The Bit Coin Countdown

https://en.bitcoin.it/wiki/Difficulty

A bit Technical but the maths guys will understand

https://en.bitcoin.it/wiki/Target

Beyond me to work it out but I get the gist of it

maximum number of coins 21 million ) oops I had that one wrong)

After this only fees payed for confirmation of transactions are expected

https://en.bitcoin.it/wiki/Transaction_fees

One thing to Remember is The Client software Bit coin Core Version...what ever there up to at present

The Math is one thing but it's how you use it is part of the trick with Bit Coin and all Crypto

It's also good to understand that there must be Consensus of said Core Code for it to work and how this leads into the security
of Bit Coin .

Lesson 2 : Security of the Block Chain .... stay tuned same time same Bit Coin Channel

Lesson 3: Politics of Bit Coin and what it means for the Future ...To be announced .......

Lesson 4 : Investing and the Psychology of Greed......If your real Lucky then you may find a Vid about what goes on behind the scene of some of the Biggest traders
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Message 1907897 - Posted: 18 Dec 2017, 19:27:24 UTC

Gabbed Money out of Mattress. Money being U S Dollars.

Bought Horse and Hay

Horse ate Hay and Deposited Result.

Point: Money in My REAL Hands. REAL Horse Eating REAL Hay. Resulting PIle is REAL, with REAL Smell. I CAN SEE FEEL SMELL HEAR and TASTE REAL Dollars, Horse, Hay and Poop.

Now, if BitCoin can Give Anyone dA Above or Similar, then BitCoin is REAL

Until It is NOT.

When Something can be EXCHANGED fO REAL, then Horse POOP, if People So Desired, can be used to 'Purchase', well Horse POOP.

So Say dA Yap


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Message 1907917 - Posted: 18 Dec 2017, 21:01:19 UTC

The actual process of the mining is mysterious to me. I don't understand what my computer would actually be doing, or why it's so labor intensive.
The mind is a weird and mysterious place
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Message 1907918 - Posted: 18 Dec 2017, 21:16:51 UTC - in response to Message 1907917.  

Very simplified, mining consists of running numbers through a secure hash algorithm (SHA256 for BitCoin) and if the output confirms to a specific pattern it's a good thing. in Bitcoin's case it's if it starts with a number of zeroes I think. Because these numbers that hash to these desired patterns are rare and it takes a lot of computation to find them (and being secure there are no shortcuts... there's no known way of reversing the process) this is the "work" being done which prevents unlimited amounts of "coins" from being generated with no effort.

As well, as Darth noted, with the way it's set up there's also a hard limit of 21 million BitCoins which prevents inflation.
“Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has.”
--- Margaret Mead
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Message 1907930 - Posted: 18 Dec 2017, 22:53:56 UTC

.....a hard limit of 21 million BitCoins which prevents inflation.


Coinage Act of 1792; 1834; 1849; 1857; 1864; 1873; 1965

Recession, Depression of................

Yep. PREVENTING......

Yep

It's ALL IN dA Bag. or, BURIED in Code Somewhere

Under dA Rainbow....da da da da

Mattress full of Yap


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Message 1908017 - Posted: 19 Dec 2017, 8:08:39 UTC
Last modified: 19 Dec 2017, 8:20:33 UTC

+1 here Darth Beaver.

The problem becomes confusing with that of Economy as a subject with perhaps other things, because at least Bitcoin should be allowed,
but not necessarily the "la-la" land which sometimes could be making it that of science.

This because that of a tax should also be that of your income, but not necessarily any cost incurred when you (in a general sense) are passing away,
and someone needs to pay for the expenses.

For the lack of something else, I could choose to make the Universe an invented feature, or perhaps thing, but if rather that of Economy, it also could depend on the
particular subject.

Sometimes that of even going bust could happen, because it may not be written in any books of written text, or perhaps literature.

You always make a difference between having a fortune, or perhaps nothing, by that of a similar income, which could be that of a possible earning as well.

Subtract the possible tax, which should not be that of a loss, or perhaps that of any spending either, and you still could be a rich man.

Counting your money, and at least you could need a pocket calculator for doing so, but next still that of nature, which could sometimes be making no difference between
the rich or the poor, but rather be having its own ideas.
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