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Pleng
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Re: Bitcoin mining and cryptocurrency thread

Post by Pleng » Fri Dec 08, 2017 2:04 pm

Another Coinbase rant.... I strongly suggest that people find alternative locations to keep their coins; It took 6 hours on Wednesday morning for them to process my request for sending coin to another address, which was due to a backlog of transactions. The website was reporting "degraded performance" on Bitcoin and Etherium transactions

Last night I wanted to send some more coin and the app flat-out refused the trade saying 'We're very busy please try again later". The website was down completely. I understand that there's was a huge rush on bitcoin last night, but that's not really an excuse. We keep reading how vastly coinbase has grown in the last 12 months; but they're clearly not re-investing any of these huge fees they charge back into the business. And if they're not investing in infrastructure to handle high volumes, not to mention investing in staff to handle support tickets (6 weeks to respond to a simple request...), then one has to wonder if they're bothering to invest any of their profits in security, either.

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Re: Bitcoin mining and cryptocurrency thread

Post by StevePIraq » Fri Dec 08, 2017 2:10 pm

Vital Spark wrote:
Fri Dec 08, 2017 12:20 am
I'm glad I didn't heed your advice, Steve. Bitcoin's now trading at nearly 582,000 baht on the bx site.

Nobody knows when the bubble will burst (or if it will). As I, and others, have said if you're trading with money that you are prepared to lose, then this is a hell of a lot of fun. Just hang on to the roller coaster, and see where it stops.

VS
But do you have a target of when you will cash in or just going with the flow and "hoping" it never stops going up, when the flow goes down so do you. This happened with gold to so many peoples loss.
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Re: Bitcoin mining and cryptocurrency thread

Post by hhinner » Fri Dec 08, 2017 2:16 pm

Wonder how long before the BTC block chain becomes untenable. But mining (ie processing transactions on the block chain) right now must be very profitable.

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Re: Bitcoin mining and cryptocurrency thread

Post by StevePIraq » Fri Dec 08, 2017 2:19 pm

Blockchain is here to stay, the Australian Stock Exchange is implementing it as their main technology

http://www.bbc.com/news/business-42261456
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Re: Bitcoin mining and cryptocurrency thread

Post by Vital Spark » Fri Dec 08, 2017 3:06 pm

StevePIraq wrote:
Fri Dec 08, 2017 2:10 pm
But do you have a target of when you will cash in or just going with the flow and "hoping" it never stops going up, when the flow goes down so do you. This happened with gold to so many peoples loss.
The quick answer to that, Steve, is 'no' (not a firm date). If I was a savvy investor and sat glued to the computer watching tradings, then I would be selling and buying in the peaks and the troughs. We bought several months ago, so it'll have to fall a heck of a lot before we're in a loss situation. If, or when, it gets near to that point, then we'll sell.

VS
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Re: Bitcoin mining and cryptocurrency thread

Post by StevePIraq » Fri Dec 08, 2017 5:13 pm

Whilst I support the concept of an alternative to government/financial institutions and extremely wealthy individuals controlling our currencies and economies, I have concerns that maybe Bitcoin etc. growth may be controlled or manipulated by wealthy and or criminal entities, just waiting for it to get high enough then they sell out forcing the crash leaving the little guy with the consequences. Remember the Asian economic crash, this was supposed to be the reason behind that crash, a certain individual who invested billions only to sell once the prices went sky high.

Extract from BBC 08/12/2017
Bitcoin
Every high has a low. A look at the past five years of Bitcoin shows several stomach-churning moments where it has tumbled by 40% to 50% in a single day without any warning. The April 2013 Bitcoin meltdown where the currency fell by over 70% overnight from $233 to $67 still haunts many.
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Re: Bitcoin mining and cryptocurrency thread

Post by Bluesky » Fri Dec 08, 2017 10:18 pm

More than $70 million stolen in bitcoin hack

Hackers have carried out a heist on a leading digital currency platform, making off with bitcoins worth more than $70 million.
"Yesterday morning at about 1 a.m. a hacker or a group of hackers was able to infiltrate our systems through a compromised company computer," NiceHash CEO Marko Kobal said in a video statement Thursday.
NiceHash, which describes itself as the largest marketplace for mining digital currencies, said late Wednesday that it was suspending its operations for at least 24 hours because of the security breach. Kobal said attempts to bring the system back online are still underway.
Roughly 4,700 bitcoins were stolen from the site's account, the CEO said. They're worth roughly $75 million as of Friday afternoon in Asia. Cryptocurrencies are virtual "coins" that are "mined" by computers using complex algorithms. Bitcoin is the most popular one.
NiceHash provides a platform for users to mine for other cryptocurrencies and get paid in bitcoin. That could involve significant sums: Kobal said the site had paid out over $1 billion since it started four years ago.
Bitcoin's value has soared in recent weeks, crossing $17,000 for the first time on ThursdayNiceHash has notified all major bitcoin exchanges and mining sites about the breach in order to track and possibly recover the stolen currency.
The hackers appear to have entered the NiceHash system using the credentials of one of the company's engineers.
"Given the complexity and security of the systems in place, this appears as an incredibly coordinated and highly sophisticated attack," Kobal said.
He didn't say whether funds had been taken from NiceHash users' accounts as wellWhile the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords," NiceHash had earlier warned users.
"In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are cooperating with them as a matter of urgency," it said.The cyber heist is yet another reminder about the vulnerability of some digital currency platforms.
Bitfinex, a Hong Kong-based bitcoin exchange, was briefly shut down last year after hackers stole nearly 120,000 bitcoins -- worth more than $65 million at the time.
The year before, cyber thieves made off with about 19,000 bitcoins after breaking into European exchange Bitstamp.
Cybersecurity firm FireEye warned recently that North Korean hackers are stepping up their attempts to steal bitcoin in order to support Kim Jong Un's authoritarian regime.

http://money.cnn.com/2017/12/07/technol ... index.html
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sat Dec 09, 2017 10:55 am

The drops are called market corrections - it happens with every asset. As for the hacking - it is not advisable to hold your crypto on the exchanges, there are plenty of software and hardware wallets available for extra security.

Bitcoin finally dropping is good news for people holding altcoins as the sell off from Bitcoin usually goes into them. Litecoin is up 60% over the past few days. :dance:
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Re: Bitcoin mining and cryptocurrency thread

Post by STEVE G » Sat Dec 09, 2017 4:06 pm

....there are plenty of software and hardware wallets available for extra security.
Like this guy?:
A MAN who stored $140 million of Bitcoin on a hard drive that he accidentally threw out now wants help to dig through landfill to find it.
http://www.news.com.au/finance/money/in ... 1d37392ab2

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sat Dec 09, 2017 10:58 pm

7 years ago Bitcoin was worthless. Today it is a different story so you need to keep up with the times there Steve.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Mon Dec 11, 2017 6:45 pm

The first US regulated exchange offers Bitcoin futures contracts - and their site goes down due to demand:
http://www.newsbtc.com/2017/12/11/chica ... d-bitcoin/
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Re: Bitcoin mining and cryptocurrency thread

Post by Vital Spark » Mon Dec 11, 2017 11:21 pm

I know that this is a slightly serious thread, especially as we're talking about money, but I couldn't help thinking about the various types of people who are buying Cryptos at the moment, so I've come up with a few definitions. Feel free to add more:

Cryptoists:

The Shifter
A possibly shifty person who want to move money from one country to another. Not looking for long-term gain, and is prepared to lose a bit. Big investments in and out.

The Dabbler
Your Average Joe, who has heard about Bitcoin (but doesn’t really know much about it), and pops $50 dollars in to have a bit of fun. In out, in out, like a jack-in-the box. Making a few dollars here and there. Possibly brags to his mate that the pizza he bought was free, as he made the money on cryptos.

The Chancer
Willing to risk a bit more than a Dabbler and knows a little bit about how it all works. Hoping that the investment will come good. Has slight panics about massive drops, and sleepless nights about not getting in/out at the right moment.

The Plodder
Read articles about Cryptos and thinks long and hard before taking the plunge, but, once in, is too frightened to move or sell anything. Spends some time thinking ‘I should have…, then I would have made…’, but doesn’t lose any sleep over it.

The Ostrich
Heard and read negative stories about Cryptos. Worried that it’s a scam, so doesn’t investigate further. Prefers to invest in Premium Bonds or a nice safe bank account that offers 0.5% interest p/a.

The Savvy
Knows his stuff, but is still baffled, sometimes, by the unpredictable nature of Cryptos. Willing to take the risk with new Cryptos, but balances the portfolio to cover all bases. 24/7 watch on all the markets, so as not to miss out on profit.


VS :wink:
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Re: Bitcoin mining and cryptocurrency thread

Post by dundrillin » Tue Dec 12, 2017 12:31 pm

Vital Spark wrote:
Mon Dec 11, 2017 11:21 pm
I know that this is a slightly serious thread, especially as we're talking about money, but I couldn't help thinking about the various types of people who are buying Cryptos at the moment, so I've come up with a few definitions. Feel free to add more:

Cryptoists:

The Shifter
A possibly shifty person who want to move money from one country to another. Not looking for long-term gain, and is prepared to lose a bit. Big investments in and out.

The Dabbler
Your Average Joe, who has heard about Bitcoin (but doesn’t really know much about it), and pops $50 dollars in to have a bit of fun. In out, in out, like a jack-in-the box. Making a few dollars here and there. Possibly brags to his mate that the pizza he bought was free, as he made the money on cryptos.

The Chancer
Willing to risk a bit more than a Dabbler and knows a little bit about how it all works. Hoping that the investment will come good. Has slight panics about massive drops, and sleepless nights about not getting in/out at the right moment.

The Plodder
Read articles about Cryptos and thinks long and hard before taking the plunge, but, once in, is too frightened to move or sell anything. Spends some time thinking ‘I should have…, then I would have made…’, but doesn’t lose any sleep over it.

The Ostrich
Heard and read negative stories about Cryptos. Worried that it’s a scam, so doesn’t investigate further. Prefers to invest in Premium Bonds or a nice safe bank account that offers 0.5% interest p/a.

The Savvy
Knows his stuff, but is still baffled, sometimes, by the unpredictable nature of Cryptos. Willing to take the risk with new Cryptos, but balances the portfolio to cover all bases. 24/7 watch on all the markets, so as not to miss out on profit.


VS :wink:
Interesting and probably pretty accurate however can't dilly dally I'm off to check my Premium Bonds - may have won £25 this month.

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Tue Dec 12, 2017 3:02 pm

I think I'm a bit of a combo of two of them, nice post.

Bitcoin had its party last week - time for Ethereum and Litecoin to get some love this week:
http://www.newsbtc.com/2017/12/12/big-b ... -litecoin/
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Re: Bitcoin mining and cryptocurrency thread

Post by Nereus » Wed Dec 13, 2017 3:37 pm

An explanation of sorts:
.........................................................................................
Bitcoin: Going back to the beginning

https://www.bangkokpost.com/news/specia ... -beginning

In recent weeks, bitcoin mania has crept to the fore. Having started the year at US$750 (24,500 baht), it was trading at $16,840 on Coindesk as of late yesterday evening.

The famously volatile currency's market capitalisation now stands at around $280 billion, ahead of Visa and even besting the world's largest bank, JP Morgan, at one point.

Over the weekend, bitcoin futures topped $18,000 in their trading debut on the Chicago Board Options Exchange. The CBOE contracts, set to be followed by similar offerings from CME Group Inc this Sunday and Nasdaq Inc next year, make it easier for mainstream investors to bet on the cryptocurrency's rise or fall.

Jaw-dropping predictions have invited rampant speculation, with former hedge fund legend Mike Novogratz saying bitcoin could "easily" reach $40,000 in 2018 and other "bitcoin bulls", including cybersecurity pioneer John McAfee and Paypal's Wences Casares, claiming it could hit $1 million within 5-10 years.

But what exactly is bitcoin? To answer that question, you need to go back thousands of years into the history of money.

"Nobody knows how old money is. It is certainly older than writing," said Tony Campbell, director of professional development at DFDL, which specialises in legal, tax and investment advice focused on South and Southeast Asia.

At first those transactions took the form of barter, where people would exchange goods and services that everyone agreed were of equal value. Shells and beads followed, then came precious metals.

Precious metals were successful because they combined some of the most important characteristics of money: they are scarce, easily transportable and relatively easy to divide into smaller pieces. All of those qualities made them universally valued.

But precious metals have two problems: large amounts of gold and silver coins and ingots are not easy to carry around every day, and because they are not difficult to steal, you have to spend a lot of money protecting them.

Then someone came up with a bright idea: you can deposit your gold with someone trustworthy -- a bank, for example -- which would then provide a piece of paper as evidence of the gold deposit. That meant you could trade the paper, rather than carrying around the gold. As a result, money changed its form again and became paper currency.

It took paper notes about 400 years to catch on as an idea. But when they did, notes became the only acceptable form of money. Banks and governments around the world issued the notes which, after a while, were no longer backed by gold, but simply by trust in the government or the institution that issued them.

Then, about 60 years ago, we saw an even newer form of money in the form of plastic cards, Mr Campbell said. Money became lines of computer code, recorded in transactions in the ledgers of banks and companies like Visa, MasterCard and American Express. And this change, together with other larger forces at work, led to the rise of bitcoin.

Bitcoin grew out of the global financial crisis that began in 2008. At that time, trust in institutions and the governments that regulated them were at an all-time low.

In the midst of this crisis, someone going by the name of Satoshi Nakamoto published a paper that outlined how a peer-to-peer electronic cash network could be created without the need to trust banks or financial institutions. Shortly afterwards, he published software that allowed people to start building the bitcoin network. Bitcoin, thus, was born.

The easiest way to describe bitcoin is to say that it is digital money. But it is much more than that.

Bitcoin is a technology and an international system of payment and exchange. The currency is decentralised: it does not rely on banks, governments or even a central company. No one owns it and no single person, corporation or government controls it.

Instead of physical coins, the technology uses a combination of mathematics and cryptography to confirm transactions and reward "miners" for doing so. Bitcoin has begun to acquire some of the basic characteristics of money.

Bitcoins are scarce. There will only ever be 21 million of them, nearly 17 million of which have already been mined. Bitcoin is divisible -- each one can be divided into 100 million smaller units, called satoshis. And they have value.

You can buy and sell bitcoin on exchanges, including three regulated and AML- and KYC-compliant exchanges in Thailand, and you can spend it -- including at Bangkok's oldest noodle shop. There is at least one ATM in Bangkok where you can conduct bitcoin transactions.

And blockchain, one of the technologies that underlie bitcoin, is being used across an increasingly wide range of industries.
So, what's next? There is Ethereum, Litecoin, Dash, Omisego and more than 1,000 other cryptoassets. This year has also seen a spike in ICOs (initial coin offerings).

With cryptocurrencies' rapid ascent, financial institutions, governments and regulators are finally taking notice. That is likely to mean an interesting year ahead for bitcoin.
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