Anyone had their BTC stolen

Discussion in 'General Discussion' started by Neogeo, Nov 21, 2020 at 11:30 AM.

  1. 21 Nov 2020 at 9:09 PM #41
    Yanto

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    So every 4 years, coins half, people buy in, price rise, then 4 years later coins half, people buy in, price rise etc. Rinse / repeat.

    I’m still confused on its valuation and how that valuation is tied to any other underlying asset performance apart from BTC value itself. Great when you’re in low and out high if you understand what causes price fluctuations. Maybe I’m missing the point / being stoopid, but it does feel a bit ponzi.
     
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  2. 21 Nov 2020 at 9:20 PM #42
    ADL

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    BTC price right now is essentially solely speculator driven.

    Price goes up and down as people either get fomo or spooked.
     
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  3. 21 Nov 2020 at 9:54 PM #43
    Yanto

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    So this rock lands in my garden. I claim it’s from the planet Zarg. The planet blew up and no longer exists and no more Zarg rock is available, ever.

    So I divide it into three and sell two bits of it. Four years later, the two owners divide that into two and sell it. Four years later those sellers divide into two etc etc. It’s Zarg rock FFS....no more available ever.....buyers pile in and prices rise with demand. Zarg rock is being traded for M3s and GT3s because it’s Zarg rock. I then sell my original third.

    Then everyone quickly realises Zarg rock is actually just a piece of rock. And the guy who just traded Zarg rock for his Mayfair townhouse or 250 GTO is wondering WTF did I just do ?

    Meanwhile, as I sip cold beers by the pool on my private island, by coincidence a rock from the planet Zarg1 falls into my back garden...
     
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  4. 21 Nov 2020 at 11:21 PM #44
    Chrisyboi

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    Crypto currency actually does something tho.

    So hypothetically a company in America is do a trade with a company in China for 100 mill. They do the deal via bank transfer, you have agreed 100 mill and the Chinese company sends the money. It takes a set amount of time (hours I think) for the money to transfer from bank to bank and in the time the exchange rate has changed for the worse and the American company has lost out on some of the money.

    doing this transaction with crypto currency takes a fraction of a second and gets rid of the risk.

    theres obviously other benefits to but that’s the main from what I understand
     
  5. 21 Nov 2020 at 11:25 PM #45
    Schmeel

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    Its a valid case use. Except the elephant in the room is the price volatility of crypto.

    Coupled with a defecit of regulation when compared to legacy currency.

    Block chain is great for sure. I just don't think we are there yet. In terms of it being a complete solution, ready for mass scale adoption.
     
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  6. 21 Nov 2020 at 11:32 PM #46
    Chrisyboi

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    I agree it has a long way to go yet but companies like PayPal getting behind it a few weeks back is only a good sign for the future of it
     
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  7. 21 Nov 2020 at 11:52 PM #47
    FrazerD

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    No one has yet to tell me how it is mined? And who has created all this and controls all of this? And if it halves every 4 years, how come that means the price goes up? If my shares kept being diluted by half every 4 years the price would keep going down. And no one has taken on my point about Tesco accepting it for a loaf of bread.

    As the post above, what’s stopping me coming up with a currency of grass clippings and every week I just keep making more.

    The argument of stuff being bought in different currencies though, that’s how the world works. The fact PayPal have got behind it means **** all, they are as bent as they come.

    Cheers :thumbsup:
     
  8. 22 Nov 2020 at 12:12 AM #48
    Neogeo

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    Some banks signed up last year as well
     
  9. 22 Nov 2020 at 1:04 AM #49
    Toffeeman

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    I’d keep hold of that Zarg rock if I were you.

    https://www.independent.co.uk/trave...teorite-crashes-indonesia-house-b1724999.html
     
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  10. 22 Nov 2020 at 2:31 AM #50
    DNX

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    Whilst I don't profess to know much about it, I do know someone who was presenting at a conference that I was at, he was from IBM iirc and into the platform and was telling us (this is going back to 2016 or 2017) that he had made (overnight one day that week) several £M on BTC and was planning to retire all unexpectedly, albeit he had hoped for an increase he never imagined it would happen and he did indeed retire, bought a big house on the West Coast and was (the last time I heard) looking for a classic Aston...
     
  11. 22 Nov 2020 at 10:01 AM #51
    BigAl

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    Isn't this the point tho. People either use crypto to buy/sell contraband or speculate solely on the currency to earn. Neither of those things make it stable enough to actually use it in a manner which apparently would make it beneficial over regular currency??? :oops:
     
  12. 22 Nov 2020 at 10:42 AM #52
    Yanto

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    And more power to him and others on this thread for making good money out of it. I’m certainly not knocking their actions at all.

    I just wish I understood it better :)
     
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  13. 22 Nov 2020 at 10:49 AM #53
    Chrisyboi

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    So I don’t understand the mining process. This video should explain why crypto is going to be the future. Basically because it is an unregulated, unsanctioned currency that isn’t controlled by anyone.

    also the Russian kid in it that owns etherum is hilariously weird.

     
  14. 22 Nov 2020 at 10:52 AM #54
    FrazerD

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    I haven’t watched the video and I will when I get a minute but someone has to control it? Someone must of put it there to be mined in the first place and someone must half it every four years?

    None of that can happen on its own.

    Cheers :thumbsup:
     
  15. 22 Nov 2020 at 11:01 AM #55
    Chrisyboi

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    It’s explained in the video pal, mining isn’t literally mining. It goes to a crypto farm (confusing without watching the video) and it explains what mining is there.
     
  16. 22 Nov 2020 at 11:30 AM #56
    Peasley

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    Thanks for posting, it was an interesting watch. All a bit over my head though as I still don't fully understand it :think:
     
  17. 22 Nov 2020 at 11:36 AM #57
    ADL

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    Mining summed up:

    the transactions in Bitcoin have to be carried out by computers. This requires quite a lot of commuting power to enable it to happen.

    as a reward for carrying out these transactions people are rewarded with a tiny fraction of btc.

    people have turned this into an industrial model now with banks of super computers just carrying out transactions for bitcoin. This is known as mining.
     
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  18. 22 Nov 2020 at 11:41 AM #58
    klan8456

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    You are not alone. Blockchain / distributed ledger is great.

    BTC, on the other hand, still makes my head explode.
     
  19. 22 Nov 2020 at 12:09 PM #59
    FrazerD

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    No bother, I’ll have a watch.

    Even if I get my head around mining, it still has to be there in the first place. Maybe I’ll just let it go over my head.

    Cheers :thumbsup:
     
  20. 22 Nov 2020 at 12:32 PM #60
    Neogeo

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    Mining is algorithms thats all.
    Its not important.

    Starting to feel as a member pointed out that the exchange platform, blockchain are involved in the theft.
     

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