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-   -   bitcoin (https://www.cpfc.org/forums/showthread.php?t=241915)

Mat ov CPFC 12-04-2013 10:09 AM

Quote:

Originally Posted by Dave
It's a distributed peer to peer currency with no central bank guaranteeing the currency

So you can buy and sell stuff with it then ?

FraserH 12-04-2013 10:16 AM

Quote:

Originally Posted by Mat ov CPFC
So you can buy and sell stuff with it then ?

It is still in its infancy but yes you can and if it keeps growing more sites will start to accept it as a form of payment. For example Wikileaks accepts donations in BTC as they are anonymous.

ExeterEagle 12-04-2013 11:05 AM

Hs anyone looked at bitpoins? I think they are going to go through the roof. Basically it's a print of my thumb after it's been put in a blob of paint.

Each bitpoin is worth 10 - but you need to get in quick - these things are going to the moon!

robcmitchell 12-04-2013 11:27 AM

Please stick me down for 20, if I am not too late.
Cheers

kevb 12-04-2013 11:37 AM

Quote:

Originally Posted by Blind_Eagle
If you see a bandwagon, it's too late.

My thoughts while reading the thread; it just looks like another bubble. However; for a bit of a fun - and with very limited downside - I'm happy to join in.

FraserH 12-04-2013 11:41 AM

We are putting 20 in each, it is laugh, we are not doing it to make lots of money. It is the equivalent of spending 20 down the bookies.

SEEPEEEFFSEE 12-04-2013 11:47 AM

PM'd russ but are we just paypal'ing him a score each?

FraserH 12-04-2013 01:05 PM

Quote:

Originally Posted by SEEPEEEFFSEE
PM'd russ but are we just paypal'ing him a score each?

Yeah think so mate. It looks like we have a few more than 10 people so the pot should be a bit bigger as well.

SEEPEEEFFSEE 12-04-2013 01:18 PM

Quote:

Originally Posted by FraserH
Yeah think so mate. It looks like we have a few more than 10 people so the pot should be a bit bigger as well.

Nice, more excited about this than this weekend's Goals Galore!

Mat ov CPFC 12-04-2013 01:24 PM

Quote:

Originally Posted by FraserH
It is still in its infancy but yes you can and if it keeps growing more sites will start to accept it as a form of payment. For example Wikileaks accepts donations in BTC as they are anonymous.

But why would they be worth speculating on ? What is the value in them ?

FraserH 12-04-2013 01:35 PM

Quote:

Originally Posted by Mat ov CPFC
But why would they be worth speculating on ? What is the value in them ?

As they become more widely used and known the value of each coin will rise, there are only 21 million available (each coin can be broken down into very very small bits e.g 0.0000000001 btc etc). They are only as valuable as the market dictates which is why it is all about timing and they are more a short term "bet".

The reason they are risky and I would never put a lot of money in them is as they are in their infancy there are susceptible to big swings in value caused by hacks and DDoS attacks. They reason they get attacked is due to criminal gangs attacking exchanges to lower values, they lump in and wait for the them to rise again.

When I first looked into them mid last year they were valued at $27, until the latest MtGox issue they were trading at $240.

Anyone who thinks we are doing this to make lots of money is foolish, we are just having a bit of fun on something that is very very new.

This links gives a good break down of what BTC are and how they work. - https://bitcointalk.org/index.php?topic=9430.0

Justin 12-04-2013 01:44 PM

Quote:

Originally Posted by FraserH
As they become more widely used and known the value of each coin will rise, there are only 21 million available (each coin can be broken down into very very small bits e.g 0.0000000001 btc etc). They are only as valuable as the market dictates which is why it is all about timing and they are more a short term "bet".

The reason they are risky and I would never put a lot of money in them is as they are in their infancy there are susceptible to big swings in value caused by hacks and DDoS attacks. They reason they get attacked is due to criminal gangs attacking exchanges to lower values, they lump in and wait for the them to rise again.

When I first looked into them mid last year they were valued at $27, until the latest MtGox issue they were trading at $240.

Anyone who thinks we are doing this to make lots of money is foolish, we are just having a bit of fun on something that is very very new.

This links gives a good break down of what BTC are and how they work. - https://bitcointalk.org/index.php?topic=9430.0

I have enjoyed reading this thread and realise you are all just punting it for a bit of fun ,although I suspect a few of you truly believe in this rubbish. My posts on here have been tongue in cheek despite what you may think. I am thoroughly enjoying some of the more celebrated BBS lefties piling in hoping to make a quick buck!

However there is a lot of misreporting going on by the pro-lobby. There is no evidence there has been an issue in the past few days beyond the fact the price tanked from $250 to under $100 in a very short space of time and it is entirely possible that this fall was entirely justified as people were desperate to sell and so the "exchange" was simply closed to stop the selling. I would also suggest you post implies that the price was kind of steady at $240 - it wasn't. Within the same day it had ramped up from below $200 to the new high before tanking again in the blink of an eye.

FraserH 12-04-2013 01:49 PM

Quote:

Originally Posted by Justin
I have enjoyed reading this thread and realise you are all just punting it for a bit of fun ,although I suspect a few of you truly believe in this rubbish. My posts on here have been tongue in cheek despite what you may think. I am thoroughly enjoying some of the more celebrated BBS lefties piling in hoping to make a quick buck!

However there is a lot of misreporting going on by the pro-lobby. There is no evidence there has been an issue in the past few days beyond the fact the price tanked from $250 to under $100 in a very short space of time and it is entirely possible that this fall was entirely justified as people were desperate to sell and so the "exchange" was simply closed to stop the selling. I would also suggest you post implies that the price was kind of steady at $240 - it wasn't. Within the same day it had ramped up from below $200 to the new high before tanking again in the blink of an eye.

MtGox had a back log of orders due to the amount of selling off. This selling off was caused by another round of DDoS attacks. These attacks hapen all the time as criminals realise there is money to be made by manipulating the price (almost like an online pump and dump but in reverse). The attacks can be on everything from the exchanges or the "mining" pools that mine the bit coins. As soon as people get wind of this they panic sell.

I never said they were steady at $240, I said they were trading that high then, just to show how much variance there is over an 8 month period.

Russ_uk 12-04-2013 02:02 PM

OK lemme do a quick tally of those who are in, we've certainly hit 20 people which is great :lux:

Russ_uk 12-04-2013 02:13 PM

OK the official 20 places have been taken by the following people:

wavey
SEEPEEEFFSEE
Cake and Eat It
FraserH
Dave
StudentEagle
Psychokiller
Pidster
EagleinOz
Icy
IW_Eagle
Isle of Wight
simplex
SamuelCPFC
Ridcully
Travelcard
Keele Eagle
congress
HOPE
Goldberg Basher


But we have the following people who are also interested:

humpo
swissroll
Tomo
Bobby Big Nuts
kevb
jamesc_24
robcmitchell
Lardy
AJ's right boot


Which makes 29!

If we can get turn the extra 9 people into 10 (nice round figure) then there all in :p

So 1 more person! - which I'm sure we can get before the end of the day.

30 people will 100% be the limit though, we've gotta draw the line somewhere.

jamesc_24 12-04-2013 02:26 PM

PM'd back mate, Im in :)

AJ's right boot 12-04-2013 02:30 PM

Go on then im in for 20 :p

Russ_uk 12-04-2013 02:36 PM

Quote:

Originally Posted by jamesc_24
PM'd back mate, Im in :)

I've added you to the short list. As long as we get 2 more people 1 more person your in :)

Russ_uk 12-04-2013 02:37 PM

Quote:

Originally Posted by AJ's right boot
Go on then im in for 20 :p

Added :)

1 more place left!!

Cost 20, payable by paypal

jamesc_24 12-04-2013 02:38 PM

come on chaps 1 more!


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