Satoshi Nakamoto's dangly bits

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Lost Leopard Spot
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Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Tue Nov 28, 2017 6:54 pm

Did you know that Bitcoin has surged towards $10,000 a coin? The blockchain currency is now being touted as better than bricks and mortar, it pisses on gold, and makes most economists drool.
But however it is also forecast to be the next South Sea Bubble, worse than the Freddy Mac Fannie Mae saga, more disastrous than the great Dutch Tulipmania crash of 1637.

Do any of you 'hold' any bitcoin? Do you trade in it? Are you investors?

I only ask because some seedy pillock (a well known 'character' in these parts) has just tried to 'buy' a few pints and a fish & chip supper off a bunch of us by offering a wallet containing 10 Satoshis.
Yep, bewildered looks from all of us. One or two handled this wallet that looked like a cheap memorabilia padlock from the punk era with furrowed brows, but nobody bit (pun intended).
We told him to feck off with his bitcoin.

Did we make a mistake? Could I have been on the bitcoin escalator tomorrow? No idea, but as I've no real clue how it works, feck it.
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Tue Nov 28, 2017 7:06 pm

PS, one of us just googled what a Satoshi is 'worth'. Haha heehaw, apparently 171 of the fxckers is equal 1 US cent, so that's less than a penny then!

A straightforward rip off, as opposed to a scam then.
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Wed Dec 27, 2017 4:19 pm

I've taken the plunge. I've just bought £550 worth of bitcoin. I'm still not sure how I convert it back to cash but fxck it.
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Wed Dec 27, 2017 4:21 pm

This time next week I might be the owner of Vela.
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Re: Satoshi Nakamoto's dangly bits

Post by Montreal Wanderer » Wed Dec 27, 2017 10:21 pm

Lost Leopard Spot wrote:
Wed Dec 27, 2017 4:19 pm
I've taken the plunge. I've just bought £550 worth of bitcoin. I'm still not sure how I convert it back to cash but fxck it.
Well I hope you bought them in the afternoon as the value dropped dramatically from the morning price.
http://www.independent.co.uk/life-style ... 28526.html
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Thu Dec 28, 2017 1:25 pm

Montreal Wanderer wrote:
Wed Dec 27, 2017 10:21 pm
Lost Leopard Spot wrote:
Wed Dec 27, 2017 4:19 pm
I've taken the plunge. I've just bought £550 worth of bitcoin. I'm still not sure how I convert it back to cash but fxck it.
Well I hope you bought them in the afternoon as the value dropped dramatically from the morning price.
http://www.independent.co.uk/life-style ... 28526.html
Yep. At 4•00pm. It dropped a bit more then went up again. At the moment I'm in profit by about 10p. 8)

[PS when I bought £550 got me almost exactly 1/19 of a bitcoin]
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Thu Dec 28, 2017 1:44 pm

I've also only just discovered there is no 'central' value. Each exchange makes up the value independently from all the others! How quaint. How inefficient.
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Re: Satoshi Nakamoto's dangly bits

Post by TANGODANCER » Thu Dec 28, 2017 2:38 pm

Please see this as a valid point and not just another episode of "All Our Yesterdays"

Reading this Bitcoin whatever stuff, there are times (quite a lot actually) when I'm exceedingly glad I was brought up on pounds, shillings and pence. In my actual lifetime I've seen cod and chips (with scraps and pea-wet of course) rise from eleven pence then to almost a fiver (plus 1p for a plastic fork from a Gulliver's Travels outfit, oh, and an extra five pence if you want a plastic bag to carry them home in) today. Mind you, my dad was taking home about Two pounds-ten shillings for a week's graft at Trafford Park back in 1950. Now it costs far more than that to go to the Trafford Centre on a bus. This may seem like wild imagination; it isn't. It's the total truth. When all the laughing is done, it should make you think a little. A plastic bag costs one penny more today than my exceedingly good and filling supper did back as a lad. If you accept this as a reality, which it is, then what does the future actually hold if things, economic inflation etc, go on rising at these rates?

One of the reasons I bother mentioning this is we have "progressed" from an era where things like light bulbs lasted forever. Now, you're very lucky if you get a month out of some. Everything manufactued is done so with an eye on profit and nothing else. Things like electrical goods, even cars, are made to burn out, break down and to be renewed at increased cost in a couple/few of years, and your kids chances of buying a house equate with winning the lottery. This very day, a footballer has been transferred from one club to another for SEVENTY FIVE MILLION POUNDS. It all makes me wonder exactly what our government are actually doing (apart from raking loads of revenue in taxes in) when "cuts" in everything is the order of the day? They must be doing something down there in the seats of power beside throwing insults at each other, but what? I'm not expecting answers to these points; somewhere in the dim and distant future and probably long after I can shout "Come on you Whites!" that may happen. I wish you well ( especially my kids, grandkids and their offsprings, with it all. To think it isn't a real worry is defining "heads in sand" as an entry for the Oxford Dictionary.
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Thu Dec 28, 2017 3:22 pm

TANGODANCER wrote:
Thu Dec 28, 2017 2:38 pm
Please see this as a valid point and not just another episode of "All Our Yesterdays"

Reading this Bitcoin whatever stuff, there are times (quite a lot actually) when I'm exceedingly glad I was brought up on pounds, shillings and pence. In my actual lifetime I've seen cod and chips (with scraps and pea-wet of course) rise from eleven pence then to almost a fiver (plus 1p for a plastic fork from a Gulliver's Travels outfit, oh, and an extra five pence if you want a plastic bag to carry them home in) today. Mind you, my dad was taking home about Two pounds-ten shillings for a week's graft at Trafford Park back in 1950. Now it costs far more than that to go to the Trafford Centre on a bus. This may seem like wild imagination; it isn't. It's the total truth. When all the laughing is done, it should make you think a little. A plastic bag costs one penny more today than my exceedingly good and filling supper did back as a lad. If you accept this as a reality, which it is, then what does the future actually hold if things, economic inflation etc, go on rising at these rates?

One of the reasons I bother mentioning this is we have "progressed" from an era where things like light bulbs lasted forever. Now, you're very lucky if you get a month out of some. Everything manufactued is done so with an eye on profit and nothing else. Things like electrical goods, even cars, are made to burn out, break down and to be renewed at increased cost in a couple/few of years, and your kids chances of buying a house equate with winning the lottery. This very day, a footballer has been transferred from one club to another for SEVENTY FIVE MILLION POUNDS. It all makes me wonder exactly what our government are actually doing (apart from raking loads of revenue in taxes in) when "cuts" in everything is the order of the day? They must be doing something down there in the seats of power beside throwing insults at each other, but what? I'm not expecting answers to these points; somewhere in the dim and distant future and probably long after I can shout "Come on you Whites!" that may happen. I wish you well ( especially my kids, grandkids and their offsprings, with it all. To think it isn't a real worry is defining "heads in sand" as an entry for the Oxford Dictionary.
What you're basically describing, Tango, is inflation. It's been around since money was invented. The Romans were saying almost exactly the same thing as you, except exchange pounds for denarii and Trafford Park for the Coliseum.
Bitcoin isn't about 'inflation' as such, it's not even hyper-inflation. It's a classic bubble, like the South Sea Company and Tulip mania. it's going to burst and burst big style. My skin in the game is to try and outgamble the market. I should have jumped in five years ago, but I didn't - not because I don't understand the blockchain principle, but because I have no clue as to the practicalities of the market. It's only because I'm down in that there London for Christmas that I've come across a Bitcoin 'ATM' for want of a better description.
I might, just possibly make millions, I might lose the entire wad of £550, but in all reality I'll probably make or lose a bit because I've no more idea than anyone else when the bubble will burst.
But I know this, the mining of the coins is getting harder, so much so that in another year or so the entire electrical output of the planet won't be sufficient to 'coin' another thousand bitcoins. At that point one of three things occur - either the bitcoins in existence rise dramatically in price (above and beyond what they already have), or new methods of energy production come to fruition (founder companies bringing proto-Dyson sphere technology online), or the bubble bursts.
My money's firmly on the latter and I'll be playing a game of chicken to convert out of bitcoin at the last possible moment.
That, or I'll be dead by then. :lol:
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Re: Satoshi Nakamoto's dangly bits

Post by Prufrock » Thu Dec 28, 2017 4:14 pm

Steady inflation is one of the miracles of capitalism TD! Yes your fish and chips get more expensive on paper, but hopefully wages keep up. In the meantime the debt on your mortgage gets a hell of a lot cheaper.
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Re: Satoshi Nakamoto's dangly bits

Post by Prufrock » Thu Dec 28, 2017 4:35 pm

Two really interesting articles in the LRB on cryptocurrency.

This on Satoshi.

And this on currency, cryptography and blockchain technology.
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Fri Dec 29, 2017 3:09 pm

Just as my investment started to rise again, South Korea have put the kybosh on it! I'm now down about £15.
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Re: Satoshi Nakamoto's dangly bits

Post by Abdoulaye's Twin » Fri Dec 29, 2017 6:11 pm

Dude, it's a bubble that's gonna hit trouble. Buy low, sell high. You seem to gave bought once the hype and every man and his dog got involved, which means you've bought high... Let's hope you don't end up selling low!

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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Fri Dec 29, 2017 6:53 pm

Abdoulaye's Twin wrote:
Fri Dec 29, 2017 6:11 pm
Dude, it's a bubble that's gonna hit trouble. Buy low, sell high. You seem to gave bought once the hype and every man and his dog got involved, which means you've bought high... Let's hope you don't end up selling low!
I know, I know. I've decided to hang in there for a minimum of a year. It either works or it doesn't.
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Re: Satoshi Nakamoto's dangly bits

Post by Bruce Rioja » Sat Dec 30, 2017 6:10 pm

This bitcoin business strikes me as being the biggest load of smoke and mirrors since all of that .com bollocks. How's this bitcoin's value supported? By what exactly? People naming arbitrary numbers? :conf:
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Re: Satoshi Nakamoto's dangly bits

Post by Lost Leopard Spot » Sat Dec 30, 2017 6:57 pm

Bruce Rioja wrote:
Sat Dec 30, 2017 6:10 pm
This bitcoin business strikes me as being the biggest load of smoke and mirrors since all of that .com bollocks. How's this bitcoin's value supported? By what exactly? People naming arbitrary numbers? :conf:
It's supported by the difficulty of 'mining' one.
It's a similar concept to the value of gold or diamonds, i.e. rarity.
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Re: Satoshi Nakamoto's dangly bits

Post by Bruce Rioja » Sat Dec 30, 2017 7:33 pm

Hmmm. Not convinced at all, Spotty. In that diamonds and gold are tangible, physical, naturally occurring rarities, whereas this bitcoin appears to me to be something that somebody's decided exists.
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Re: Satoshi Nakamoto's dangly bits

Post by Prufrock » Sat Dec 30, 2017 9:05 pm

Like a limited company? Or pounds sterling?
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Re: Satoshi Nakamoto's dangly bits

Post by Bruce Rioja » Sat Dec 30, 2017 11:03 pm

Prufrock wrote:
Sat Dec 30, 2017 9:05 pm
Like a limited company? Or pounds sterling?
No, absolutely nothing like either of those.
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Re: Satoshi Nakamoto's dangly bits

Post by Prufrock » Sun Dec 31, 2017 10:30 am

"Someone that somebody has decided exists" is a pretty spot on description of fiat currency and many of the fundamentals of a modern economy. That bit of paper in your wallet that says "£20" on us absolutely no value unless we all decide it does. Bitcoin itself is clearly a massive bubble, but it seems inevitable to me that some sort of cryptocurrency that can be used to buy and sell widely is going to come about. That the person buying it knows he'll be able to spend it is where is value comes from, like all currency.
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