You Boys in Green Homepage YBIG Shop
Forum Home Forum Home : Other Forums : Whatever!
  New Posts New Posts RSS Feed - Bitcoin, Crypto and Stocks
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Bitcoin, Crypto and Stocks

 Post Reply Post Reply Page  <1 2425262728 30>
Author
Message Reverse Sort Order
colemanY2K View Drop Down
Roy Keane
Roy Keane
Avatar
Fresh minty breath

Joined: 01 Mar 2010
Location: London
Status: Offline
Points: 14959
Post Options Post Options   Thanks (0) Thanks(0)   Quote colemanY2K Quote  Post ReplyReply Direct Link To This Post Posted: 20 Dec 2017 at 8:31am
Had a chat with a couple of buddies working in finance who threw a few hundred euro into the cryptocurrency craic at the start of the year. One was showing me the app with charts of the various currencies he bought. Some of them increased in value at a steady rate and others were all over the shop. It appears to be a popular hobby amongst folk in the city of London.

It'll be interesting to see how this will pan out. Personally I'm staying well clear of it.

Edited by colemanY2K - 20 Dec 2017 at 8:39am
"One of the dominant facts in English life during the past three quarters of a century has been the decay of ability in the ruling class." Orwell, 1942.
Back to Top
Whelo79 View Drop Down
Davey Langan
Davey Langan
Avatar

Joined: 15 Feb 2012
Location: Dublin
Status: Offline
Points: 772
Post Options Post Options   Thanks (0) Thanks(0)   Quote Whelo79 Quote  Post ReplyReply Direct Link To This Post Posted: 18 Dec 2017 at 11:14pm
You can also quite easily link it to a credit card and spend as easily as you would with any other credit card bases on fiat. It's nowhere near as difficult as some people want to make out.
Back to Top
SuperDave84 View Drop Down
Robbie Keane
Robbie Keane
Avatar
ooh Thomas, how could you do this to me!

Joined: 26 Aug 2011
Location: Far Fungannon
Status: Offline
Points: 21384
Post Options Post Options   Thanks (0) Thanks(0)   Quote SuperDave84 Quote  Post ReplyReply Direct Link To This Post Posted: 18 Dec 2017 at 10:45pm
No, you just sell it to the next chump. It isn't that hard.

It's hard to spend directly at the minute, as there aren't that many places that accept it; that doesn't make it hard to sell, though.

Put it like this: could you buy a can of coke with a solid gold coin? Unlikely. But could you sell it for cash? Damned right you could.
Back to Top
colemanY2K View Drop Down
Roy Keane
Roy Keane
Avatar
Fresh minty breath

Joined: 01 Mar 2010
Location: London
Status: Offline
Points: 14959
Post Options Post Options   Thanks (0) Thanks(0)   Quote colemanY2K Quote  Post ReplyReply Direct Link To This Post Posted: 18 Dec 2017 at 1:22pm

Singapore sound alarm over bitcoin

Singapore’s financial watchdog has joined the chorus of concerns over cryptocurrencies.

Sopnendu Mohanty, the top fintech official at Singapore’s monetary authority (MAS), has warned that people who have invested in bitcoin will come a cropper when they try to withdraw their funds.

The Telegraph’s Ambrose Evans-Pritchard has the story:

Bitcoin has no fundamental value and is likely to end in tears once speculators discover how hard it can be to extricate their cash, Singapore’s financial watchdog has warned.

Sopnendu Mohanty, Fintech chief for Singapore’s monetary authority (MAS), said there was a crucial difference between Bitcoin and rival crypto-currency Ethereum, but it is far from clear whether either improves day-to-day transactions or has much potential as a tool for central banking.

“Bitcoin has no natural intrinsic value. Can you buy a house with it? Can you use it for daily interactions? It may be valued at $18,000 right now but what I want to know is how you convert it into fiat currency and realize that value. The risk comes at the moment of conversion,” he told the Daily Telegraph....

Is it true Bitcoin is difficult to convert into Euros, dollars etc. ?
"One of the dominant facts in English life during the past three quarters of a century has been the decay of ability in the ruling class." Orwell, 1942.
Back to Top
The White Cafu View Drop Down
Liam Brady
Liam Brady
Avatar

Joined: 15 Oct 2015
Status: Offline
Points: 2200
Post Options Post Options   Thanks (0) Thanks(0)   Quote The White Cafu Quote  Post ReplyReply Direct Link To This Post Posted: 15 Dec 2017 at 1:51am
Originally posted by Trap junior Trap junior wrote:

Was some bloke on Prime Time talking about Bitcoin there. Missed nearly all of it so didn't hear what he said

Watched it and he basically just talked absolute sh*te, was as if he was reading the Wikipedia page.
Back to Top
Trap junior View Drop Down
Robbie Keane
Robbie Keane
Avatar
YBIG Minister of Doom & Gloom

Joined: 25 Jan 2010
Location: Irish Riviera
Status: Offline
Points: 39489
Post Options Post Options   Thanks (0) Thanks(0)   Quote Trap junior Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 10:15pm
Was some bloke on Prime Time talking about Bitcoin there. Missed nearly all of it so didn't hear what he said
Pied Piper to: Baldrick, Brendan 88, 9Fingers, Borussia and more...

97.6% chance this post will be replied to by Baldrick (source: PWC)
Back to Top
deise316 View Drop Down
Moderator Group
Moderator Group
Avatar
Don't ask me about car warranty

Joined: 11 Apr 2009
Location: The Déise
Status: Offline
Points: 10921
Post Options Post Options   Thanks (0) Thanks(0)   Quote deise316 Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 10:09pm
Fcukin hell Bob. That means our avian friends are better able to evaluate shiny metal than we are. That can't be good. 




Picked the wrong week to quit sniffing glue.....
Back to Top
Bob Hoskins View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 29 Jul 2007
Status: Offline
Points: 20175
Post Options Post Options   Thanks (0) Thanks(0)   Quote Bob Hoskins Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 11:15am
Originally posted by deise316 deise316 wrote:

Originally posted by Trap junior Trap junior wrote:

How is it a currency. There is nothing to back it up.  Real currencies have gold etc to back it up.  Sounds like a total make believe story unlike my currency which has gone up in value again.


There is nothing to back up any currency, only the belief we put in a piece of paper which is intrinsically worthless in itself. If that belief switches to bitcoin, or if enough people believe in the value of it, it's as good a currency as any of the rest of them. 

Gold as currency has always confused the fcuk out of me, that too, as a metal, while not completely useless (it's anti corrosive properties are useful in the electrical industry) is only worth anything because of a historical value ascribed to it by important people of the time, Kings and the like, who admired shiny stuff and it's relative rarity. As a metal, there are far more practical ones, so essentially, it has its value because we aren't all that far up the evolutionary chain from magpies, who also like shiny stuff. 

Back to barter after the revolution I suppose. 


Sorry to piss on your grapes there Deise

Magpies don’t like shiny things

12:30PM, AUGUST 26, 2014
magpie

Magpies have a reputation for thievery and are supposedly fond of shiny things. A new study finds no evidence of that.

SPONSOR MESSAGE
< width="300" height="250" ="https://g.adspeed.net/ad.php?do=&zid=47245&wd=300&ht=250&target=_top" border="0" scrolling="no">

Magpies deserve our apology. Apparently humans have been unnecessarily maligning the birds for centuries. They actually aren’t attracted to shiny things, and they’re probably not thieves, Toni Shephard and colleagues at the University of Exeter report in the August Animal Cognition.

The birds have a reputation for stealing jewelry and other bright objects. Look in the American Heritage Dictionaryand you’ll find a definition of magpie that isn’t for the bird but for “one who compulsively collects or hoards small objects.” And Rossini even based an opera on the birds’ reputation for thievery: In La gazza ladra, or “The Thieving Magpie,” a magpie takes several silver items and a maidservant gets executed for the crime.


Romario 2016: And the ticket mafia gets caught! Well, four years ago I had already told the government.
Back to Top
Huggybeer View Drop Down
Liam Brady
Liam Brady


Joined: 29 Mar 2011
Location: Ireland
Status: Offline
Points: 1420
Post Options Post Options   Thanks (0) Thanks(0)   Quote Huggybeer Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 9:34am
Remember the movie The Big Short, Christian Bales character who predicted the property crash in the states using analytics, invested all the cash he made into water. Scary times ahead
Getting old and intolerant
Back to Top
TonyNotJack View Drop Down
Liam Brady
Liam Brady


Joined: 16 Oct 2015
Status: Offline
Points: 2491
Post Options Post Options   Thanks (0) Thanks(0)   Quote TonyNotJack Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 1:18am
Still one of the best conpiracy theories LOL

http://www.politics.ie/forum/foreign-affairs/162186-strauss-kahn-framed-over-missing-fort-knox-gold.html
Back to Top
deise316 View Drop Down
Moderator Group
Moderator Group
Avatar
Don't ask me about car warranty

Joined: 11 Apr 2009
Location: The Déise
Status: Offline
Points: 10921
Post Options Post Options   Thanks (0) Thanks(0)   Quote deise316 Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 12:51am
Gold has been decoupled from paper currency since the 60's or 70's I think, though you are right about the origins of the banks having to store some in vaults etc. That no longer applies, as far as I know. 

But tis still all the one really, as we have ascribed a value to gold which is arbitrary. In supply & demand terms, gold, like anything else, is worth whatever it is worth, but that's still only because there is a demand for it, 90% of which has zero practical value (10% is used in the electrical industry). If you aren't an electrical engineer, there isn't a hell of a lot you can do with gold only make jewelry out of it. 

Extreme, but in an apopalyptic scenario, where survivors of a worldwide flood or nuclear war are looking to build shelter for themselves, and jewelry is the last thing on their minds, what's gold worth in that scenario, in comparison to 10 tonnes of steel bars, or even a warehouse full of wooden logs ? Pretty much fcuk all, which means its intrinsic worth is pretty much fcuk all now as well. 


Picked the wrong week to quit sniffing glue.....
Back to Top
Trap junior View Drop Down
Robbie Keane
Robbie Keane
Avatar
YBIG Minister of Doom & Gloom

Joined: 25 Jan 2010
Location: Irish Riviera
Status: Offline
Points: 39489
Post Options Post Options   Thanks (0) Thanks(0)   Quote Trap junior Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 12:34am
Originally posted by deise316 deise316 wrote:

Originally posted by Trap junior Trap junior wrote:

How is it a currency. There is nothing to back it up.  Real currencies have gold etc to back it up.  Sounds like a total make believe story unlike my currency which has gone up in value again.


There is nothing to back up any currency, only the belief we put in a piece of paper which is intrinsically worthless in itself. If that belief switches to bitcoin, or if enough people believe in the value of it, it's as good a currency as any of the rest of them. 

Gold as currency has always confused the fcuk out of me, that too, as a metal, while not completely useless (it's anti corrosive properties are useful in the electrical industry) is only worth anything because of a historical value ascribed to it by important people of the time, Kings and the like, who admired shiny stuff and it's relative rarity. As a metal, there are far more practical ones, so essentially, it has its value because we aren't all that far up the evolutionary chain from magpies, who also like shiny stuff. 

Back to barter after the revolution I suppose. 





My understanding is that real currencies have Gold in the country's vaults to back up a certain amount of money.  Banks can then 'create' money on the basis that not all the money in the bank will be withdrawn at an one time and they can play around with that leeway.   But in a crisis they have a certain percentage of gold to fall back on which will always hold value like land.   Printing money doesn't work as far as I know to create wealth. 

Bitcoin has no physical essence at all.  Somebody made up something one day like TJ Coin and said these are valuable and people started buying them.   You can't even withdraw your money is that right?  You have to find someone to buy it off you.  There doesn't seem to be an institution.

It's like buying fairy dust.  I just don't get it at all.


P.S. I don't know why gold is precious either tbh.  But its at least something you can hold in your hand and barter with. 
Pied Piper to: Baldrick, Brendan 88, 9Fingers, Borussia and more...

97.6% chance this post will be replied to by Baldrick (source: PWC)
Back to Top
deise316 View Drop Down
Moderator Group
Moderator Group
Avatar
Don't ask me about car warranty

Joined: 11 Apr 2009
Location: The Déise
Status: Offline
Points: 10921
Post Options Post Options   Thanks (0) Thanks(0)   Quote deise316 Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2017 at 12:19am
Originally posted by Trap junior Trap junior wrote:

How is it a currency. There is nothing to back it up.  Real currencies have gold etc to back it up.  Sounds like a total make believe story unlike my currency which has gone up in value again.


There is nothing to back up any currency, only the belief we put in a piece of paper which is intrinsically worthless in itself. If that belief switches to bitcoin, or if enough people believe in the value of it, it's as good a currency as any of the rest of them. 

Gold as currency has always confused the fcuk out of me, that too, as a metal, while not completely useless (it's anti corrosive properties are useful in the electrical industry) is only worth anything because of a historical value ascribed to it by important people of the time, Kings and the like, who admired shiny stuff and it's relative rarity. As a metal, there are far more practical ones, so essentially, it has its value because we aren't all that far up the evolutionary chain from magpies, who also like shiny stuff. 

Back to barter after the revolution I suppose. 



Picked the wrong week to quit sniffing glue.....
Back to Top
TonyNotJack View Drop Down
Liam Brady
Liam Brady


Joined: 16 Oct 2015
Status: Offline
Points: 2491
Post Options Post Options   Thanks (0) Thanks(0)   Quote TonyNotJack Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2017 at 11:59pm
Interesting thread on Reddit about this from september. This lad in the UK cashed out his 4 million in bitcoin all at once without getting any advice.Seems like it was a big mistake.He now has to pay 15% tax (£600,000) to the UK government.If he'd moved to other EU countries like the Netherlands or Germany for a while it would have only been 61,000 tax there.



Edited by TonyNotJack - 14 Dec 2017 at 12:04am
Back to Top
Gaz View Drop Down
Moderator Group
Moderator Group
Avatar
You'll always be Gazsh to me.

Joined: 18 Oct 2007
Location: Ireland
Status: Offline
Points: 11545
Post Options Post Options   Thanks (0) Thanks(0)   Quote Gaz Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2017 at 10:28pm
Some clarity on the bro in law:

- he's single yeah. No woman would let you gamble your life savings

- he has 30 bitcoins. He started buying them in Jan and has bought some after that. Total investment was 50 grand

- can't see him selling. He's adamant it will keep rising. I reckon it's gonna plummet in the near future but sure what do I know
I dont email the count anymore, its been 9 months : ( He even sent me a YBIG scarf for my Birthday
Back to Top
Saint Tom View Drop Down
Jack Charlton
Jack Charlton


Joined: 03 Jan 2009
Location: Ireland
Status: Offline
Points: 9979
Post Options Post Options   Thanks (0) Thanks(0)   Quote Saint Tom Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2017 at 1:13pm
Originally posted by MC Hammered MC Hammered wrote:

Originally posted by Trap junior Trap junior wrote:

I read up a little on it over the last day or so.  The founder(s) of it are anonymous. Just a tad shady.  Why is that I wonder? 

How does one cash in their bitcoin for proper money like Euro?  From what Iread you have to find some other lad online to buy them off you.

Is it just me or is it like buying thin air that someone says has a value and that value is going up?

Also what the f**k is ''mining bitcoin''?Wacko

There are other cryptocurrencies like TJ Coins to invest in now too.


Bitcoin found a niche for allowing people to make transactions online which were difficult to trace. So if you wanted to buy/sell drugs, guns, whatever on the internet then you could do so relatively anonymously. There are ethical issues at play and I'd imagine that's why the founders are happy enough to fly under the radar. 

The thing that would concern me is that they are purposely not producing more Bitcoin. So you have a increasingly massive global interest in it (demand) set against a small and not growing supply. Obviously prices skyrocket under those conditions. And that leads to further demand but still no more supply. 

That's a bubble. 


any currency by its nature has to be scarce and of finite supply.
My destination inchicore my next stop being kilmainham
Where patriots and super saints are the topics of conversation
Back to Top
Borussia View Drop Down
Roy Keane
Roy Keane
Avatar

Joined: 14 Oct 2010
Location: UK
Status: Offline
Points: 10608
Post Options Post Options   Thanks (0) Thanks(0)   Quote Borussia Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2017 at 12:10pm
Originally posted by AntrimMan AntrimMan wrote:

You can still mine bitcoin but the computing power needed to do so it crazy. People buy specialist mining rigs. The idea was it was easy to do in the beginning and the complexity and resource needed would grow and grow. I think at current rate the last one will be mined in 2147 or something.

Interesting this week that CBOE and CME are launching futures in this. Its an unprecedented 'Legitimacy' for want of a better word given to a Crypto. It means institutional investors can get involved and you can hedge against the bubble bursting. Which in theory would control crazy price rises.

Goldman Sachs appear a bit ahead of the game here ( or taking a massive gamble - based on your POV ) by setting up a specialist Crypto trading desk 

They could have saved themselves a lot of hassle but just getting a Revolut card.
Back to Top
AntrimMan View Drop Down
Jack Charlton
Jack Charlton
Avatar
YBIG's resident Nordy/London Hipster

Joined: 16 Oct 2007
Location: Christmas Island
Status: Offline
Points: 9442
Post Options Post Options   Thanks (0) Thanks(0)   Quote AntrimMan Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2017 at 12:08pm
You can still mine bitcoin but the computing power needed to do so it crazy. People buy specialist mining rigs. The idea was it was easy to do in the beginning and the complexity and resource needed would grow and grow. I think at current rate the last one will be mined in 2147 or something.

Interesting this week that CBOE and CME are launching futures in this. Its an unprecedented 'Legitimacy' for want of a better word given to a Crypto. It means institutional investors can get involved and you can hedge against the bubble bursting. Which in theory would control crazy price rises.

Goldman Sachs appear a bit ahead of the game here ( or taking a massive gamble - based on your POV ) by setting up a specialist Crypto trading desk 
@AntrimMan85
Back to Top
 Post Reply Post Reply Page  <1 2425262728 30>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.00
Copyright ©2001-2018 Web Wiz Ltd.