Author Topic: Cryptocurrency  (Read 1151 times)

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Online John Albert

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Re: Cryptocurrency
« Reply #15 on: July 03, 2017, 05:07:26 PM »
If the software has a significant cost or requires an significantly above average system, then its a bad idea.

It requires a significantly above average system. The processing is done on GPUs, and it is so computationally intensive that it will wear out or burn up the hardware unless you use some robust cooling system.

Nowadays, there are so many different cryptocurrencies going that the opportunity cost cuts significantly into your profit potential.

Offline moj

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Re: Cryptocurrency
« Reply #16 on: September 13, 2017, 12:43:57 PM »
http://www.reuters.com/article/us-bitcoin-dimon/bitcoin-slides-on-fraud-warning-from-jpmorgans-dimon-idUSKCN1BO232?feedType=RSS&feedName=topNews

Quote
LONDON (Reuters) - Bitcoin slid by more than 10 percent on Wednesday, as investors sold the cryptocurrency after a warning by JPMorgan (JPM.N) Chief Executive Jamie Dimon that it “is a fraud” and will eventually “blow up”.

Bitcoin, the original and still the biggest cryptocurrency, has been on a tear in recent months, hitting a record high just below $5,000 at the start of September after a more than fivefold increase in price since the start of the year.

But bitcoin and other cryptocurrencies have been falling since early last week, when China banned the issuance of new digital coins for fundraising purposes - a phenomenon known as initial coin offerings, or ICOs.

ICOs have fueled a rapid ascent in the value of all cryptocurrencies, from about $17 billion at the start of the year - with bitcoin making up around 90 percent of that - to a record high close to $180 billion at the beginning of September, of which bitcoin represented less than half.

More at the link, I have been skeptical of it's quick rise and have expected something like this for a bit now. Not sure it will go away or if this is just a small set back but don't own any or plan to by on the dip.

Offline moj

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Re: Cryptocurrency
« Reply #17 on: September 14, 2017, 09:40:06 AM »
and China is getting out of it

http://www.reuters.com/article/us-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-cites-regulators-concerns-idUSKCN1BP1J8?feedType=RSS&feedName=topNews

Quote
BEIJING/SHANGHAI (Reuters) - Chinese bitcoin exchange BTCChina will stop all trading from Sept. 30, it said on Thursday, as regulators crack down on the nascent cryptocurrency sector in a bid to stamp out potential financial risks.

China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand.

BTCChina, one of China’s largest bitcoin trading platforms, which also runs an international exchange out of Hong Kong, will stop registration of new users from Thursday, it said on its official microblog.

“We will stop all trades on the digital trading platform starting Sept. 30,” it added. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC international exchange, however.

The price of bitcoin and other cryptocurrencies tumbled after the news. By 1233 GMT, bitcoin was down 18 percent on BTCChina, at 20,510 yuan.

On U.S. exchange Bitstamp, it was down more than 6 percent at $3,632, down from its Sept. 2 record high of nearly $5,000.

BTCChina said its decision was based on a Sept. 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and which ordered a ban on initial coin offerings

Online Shibboleth

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Re: Cryptocurrency
« Reply #18 on: September 14, 2017, 10:08:24 AM »
I don't see the point due to the fact that country's money is getting to be more and more cyber in nature. I use electronic transfers for 90%+ of my transactions. I don't need a cyber currency because I already have on in US dollars.
common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools.

Offline moj

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Re: Cryptocurrency
« Reply #19 on: September 14, 2017, 12:02:03 PM »
Yeah me neither, for me it solves no problems I have with money. I know it's gotten more popular but don't think most people who use it realize how open it is. There are companies now using ledger data for marketing. Radio lab had a good podcast on it, not for me.

Online John Albert

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Re: Cryptocurrency
« Reply #20 on: September 14, 2017, 05:57:07 PM »
It's good for gambling, not so much as a currency.