Hi Everyone.
My husband asked me to post on here and find out if anyone is familiar with Bitcoin. Do you know anything about it? What is the mining like for it when you mine for coins?
Thank you for your help.
Angela
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Hi Everyone.
My husband asked me to post on here and find out if anyone is familiar with Bitcoin. Do you know anything about it? What is the mining like for it when you mine for coins?
Thank you for your help.
Angela
I thought it was just for drugdealers, money launderers, and nefarious types, since it's totally unregulated and anonymous.
It's kind of akin to a pyramid/Ponzi scheme, those that got in early might end up doing okay, and it might seem like the worth is climbing, but when that bubble bursts, it's going to be literally a virtual nothing for others.
Also, then there's the whole botnet thing -
http://www.businessinsider.com/malwa...itcoins-2013-4
As with everything, buyer beware!
I was listening to late night radio last night Coast to Coast AM and they had two men on the program discussing this very topic!
It is not a pyramid scam, that's what BIg Brother would like you to believe.....it's unregulated, which IMO is a good thing.....
It's unlike the central bank that just keeps printing money, further devaluing currency. Here's a link (if you haven't already read this)
https://en.bitcoin.it/wiki/Myths
I know there was some panic selling during the week.
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The Bitcoin virtual currency lost half its value on Wednesday because of a panic sell-off.
From a high of $260 (£169) for each Bitcoin, the value dropped to about $130 (£84) in just six hours.
The selling frenzy began as Bitcoin's main exchange, MTGox, struggled to keep up with the volume of trade in the virtual currency.
MTGox said it was working hard to improve the exchange to avoid future trading problems.
The high of $260 marked the end of a steep rise in value for Bitcoins, which were worth only $90 each two weeks ago. On Thursday, values recovered slightly to reach about $160 (£104).
In a statement explaining what happened, MTGox said the delays in trading had not been caused by a hack attack. In the past few weeks the exchange, and the bitcoin community, has been targeted by hackers looking to cash in.
Instead, said MTGox, the "rather astonishing" number of new accounts that had been opened in the past few days caused a bump in trading volumes that it was unprepared for. In one day, the number of trades in Bitcoins had tripled, it said.
My first time to learn about the word "Bitcoin".
Sigh, why is there always someone calling it a ponzi scheme? It's absolutely nothing like a ponzi scheme, there is no one person at the top, there's no triangle, it's an exchange between two people, nothing more. If those two people agree on the value of that bitcoin then it has value. It's no different than trading with gold & silver, or fiat currency.
I personally have not traded with bitcoin, but it's an interesting concept and I have high hopes for it.
Winklevoss twins plans $20m Bitcoin trust fund
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The Winklevoss Bitcoin Trust will initially sell $20m (£13m) worth of shares to investors, according to a filing with the US regulators.
The twins are among the key backers of Bitcoin, a virtual currency traded independently of monetary authorities.
Its value jumped earlier this year, but has been highly volatile.
In January its value surged from $15 for each Bitcoin, to a high of $260 on 10 April, before crashing.
Bitcoins are now trading at a price of about $90 each.
It's not worth your effort anymore. Essentially, if you knew about it about a year or two ago you could have made some decent money, but now it's being taken over by mining systems that have crazy rates of return...
Here's the general low-down. It used to be done with the CPU, and then they boosted it to GPU (AMD-based is best - nVidia sucks for the algorithms for whatever reason), and it's now moving to machines that specifically built ONLY to mine Bitcoin, such as the Avalon ASIC. The rate at which your computer tests algorithms is called the hash rate, and a good video card (GPU) has a hash rate somewhere between 150 - 200 MHash/s (700 if you have one of the fluky good cards at it). These new mining systems have hash rates around 50000 MH/s on the low end. Essentially, the higher (faster) your hash rate is, the more likely you are to find a bitcoin and contribute to the ledger, therefore earning more money. The catch? The speciality systems cost a pretty penny (up to 30k).
Realistically, Bitcoin is turning into someone only done by people who sink a huge chunk of money into start-up because these mining specific machines. The average person who has a nice video card for computer gaming (AMD-based), assuming they dedicated the computer solely to 24/7 bitmining would make about $1-3 per month (depending on electricity costs).
If people are interested in virtual currency mining, try another avenue like Litecoin... still won't make much, and they're not worth as much as Bitcoin, but the difficulty is much lower. You still only stand to gain $5/month or so though. Really not worth it in my opinion.
US makes Bitcoin arrests after Silk Road closure
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The operators of two exchanges for the virtual currency Bitcoin have been arrested in the US. The Department of Justice said Robert Faiella, known as BTCKing, and Charlie Shrem from BitInstant.com have both been charged with money laundering.
The authorities said the pair were engaged in a scheme to sell more than $1m (£603,000) in bitcoins to users of online drug marketplace the Silk Road.
The site was shut down last year and its alleged owner was arrested.
Mr Shrem, 24, was arrested on Sunday at New York's JFK airport. He was expected to appear in court on Monday, prosecutors said.
Mr Faiella, 52, was arrested on Monday at his home in Cape Coral, Florida.
The website of Mt. Gox suddenly went dark on Tuesday with no explanation, and the only activity at the company's Tokyo office was outside, where a handful of protesters said they had lost money investing in the virtual currency.
http://ca.finance.yahoo.com/news/bit...1--sector.html
surprise, surprise....
There is no real assets supporting these coins, so it can be gone just like air.
This is bad investment poor souls should have knowledge about this hideous bit coin thing It's a scam all right
(That news broke and I am glad that I did talked with my brother and the office went away with the legit money
I pity (a) fools! Dumb move!
:thumbs_down::thumbs_down:
Bitcoin bank closes after $600,000 hacker theft
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Flexcoin, the Canada-based Bitcoin bank, is to close after losing $600,000 in a hacker attack.
Its entire stock of Bitcoins stored on-line, in its so-called "hot wallet", were stolen.
Coins held in "cold storage" or in servers not connected to the internet were not taken.
Last week, the world's biggest Bitcoin exchange, Mt Gox, filed for bankruptcy protection after it suffered a $500m theft.
Bitcoin is a digital or crypto-currency which is bought and sold online, but not backed by any country's central bank or government.
>>Quote:
Originally Posted by Angela273
mother of all scams. if it is so good, why is the basis of it recruiting more people? no rich man is going to tell regular folk how to get rich. google bitcoin pump and dump. stay away from bitcoin.
At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use BTC, where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system. If you want to know more, subscribe to crypto signals group
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When the 30-year-old founder of a Canadian cryptocurrency exchange died suddenly, he took the whereabouts of some C$180m ($135m; £105m) in cryptocurrency to his grave. Now, tens of thousands of Quadriga CX users are wondering if they will ever see their funds again.
In 2014, one of the world's biggest online cryptocurrency exchanges - MtGox - unexpectedly shut down after losing 850,000 Bitcoins valued at the time at nearly $0.4bn (£0.3bn).
Its meltdown shook investors in the volatile emerging marketplace - but the calamity at the Tokyo-based company proved a boon for a new Canadian online cryptocurrency exchange.
"People like the fact we're located in Canada and know where their money is going," Quadriga CX founder Gerald Cotten said at the time.
Some five years later, Cotten's sudden, untimely death has left thousands of his customers scrambling for information about their own missing funds.
"We don't know whether or not we're going to get our money back," Tong Zou, who says he is owed C$560,000 - his life savings - told the BBC.
"There's just a lot of uncertainty."
This month, Quadriga - which had grown to become Canada's largest cryptocurrency exchange - was granted temporary bankruptcy protection in a Canadian court.
https://www.bbc.com/news/world-us-canada-47203706
Good only for trading. If you can get in low and get out high in a quick time, then maybe. Would definitely not hold it long term.
Extremely risky, volatile, prone to hacks, scams etc. Some say even a ponzi scheme.
Bitcoin pyramid scheme leaves Kenyans out of pocket after exit scam
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A Bitcoin-fuelled pyramid scheme from Brazil has pulled its inevitable “exit scam,” stealing tens of thousands of dollars from a number of Kenyan cryptocurrency investors.
The scam, known as “Velox 10,” suddenly disappeared early this week. It apparent closed its website, making of with millions in Kenyan shillings contributed, Nairobi News reports. The domain is currently up for auction.
mber 2017, the phony firm had been luring unsuspecting Kenyans into contributing money to its supposedly sound “Bitcoin $BTC▲3.15% investment fund,” under the guise continual dividends.
Velox 10 founder, Ricardo Rocha, promised investors up to $4,000 in daily profits (the amount would depend on the “membership fee” paid). He even pledged to take the biggest contributors on an all-expenses paid trip to the United Arab Emirates for an exclusive meeting with “top global business gurus.”
One victim was told she could earn up to 50-percent profits on her contributions, and that her revenue would increase if she introduced more people to the scam. Sound familiar? (Can I get yet another BITCONNNEECCTTT!?!).
She unfortunately wired $3.2 million Kenyan shillings ($32K) to Velox 10, and filed a police complaint six months later when no return on investment was seen. She was also denied a refund.
Quadriga's cryptocurrency wallets empty,fate of $137 million in doubt
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The money was there — it was just locked away. At least that's what the QuadrigaCX cryptocurrency exchange had been saying, before an auditor revealed it had finally accessed digital wallets set up by Quadriga's late CEO Gerald Cotten — and that instead of holding $137 million, the wallets were empty, drained in 2018.
Six "cold wallets" Quadriga used to securely store cryptocurrency offline were expected to hold millions. But they were emptied out in April, months before Cotten's death was reported, "bringing the balances down to nil," audit firm Ernst & Young says.
The news furthers the frustrations of Quadriga's 115,000 users, who have been unable to withdraw their money — much of it in the form of bitcoin — from the troubled exchange. And in a new twist, an auditor says the company was also found to have created what look to be more than a dozen fake accounts.
Quadriga has been under debt protection from its creditors since Feb. 5, by order of the Supreme Court of Nova Scotia. The court also appointed Ernst & Young to the role of monitor, to sort out how much money the exchange still has and where it should go.
I have some doubts about bitcoin. Recent price fluctuation of the cryptocurrency shows that there is no trust in such currency. Besides, I don't think that it can replace dollars or euro in recent time. However, I think that blockchain technology is very useful, and it should be implemented in our daily life from governance to healthcare.
i bought into bitcoin a little while back and dont regret it. Its doubled my small amount of money so far but im sure there will be a correction soon. Its at a high of almost $73000CAD right now and some say it will hit $100k before the year is up. Tesla invested 1.5 billion into bitcoin this month and apparently profited 930B , and will soon accept it as a form of payment. if they are in, then Ill take my chance.
Musk loses USD15 billion in a day after Bitcoin warning
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Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6 per cent on Monday, wiping US$15.2 billion from his net worth.
Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added US$1.5 billion in Bitcoin to its balance sheet.
I only know that a Bitcoin Well exists in Mapleview Centre's lower corridor leading to the Amazon lockers and restrooms. In Burlington ON if you have a shopping trip coming up...
Bitcoin and other Cryptos down today
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Bitcoin (BTC) was down -0.56% at 10am on 7 September, followed by Ethereum (ETH) -4.36%, Cardano (ADA) -8.91%, Binance Coin (BNB) -4.73%, Tether (USDT) +0.11%, XRP (XRP) -0.93%, Solana +24.34%, Dogecoin (DOGE) -7.47%, Polkadot (DOT) -2.58%, Uniswap (UNI) -10.42%, Chainlink (LINK) -4.70%, Bitcoin Cash (BCH) -4.54%, Litecoin -8.14%.
It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
Bitcoin crashes on first day as El Salvador's legal currency
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Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender.
The price of Bitcoin on Tuesday crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.
An opposition politician said the fall caused one of Latin America's poorest countries to lose $3m.
The rollout of bitcoin in El Salvador was far from what President Nayib Bukele would have envisaged when he began his bold experiment.
Platforms such as Apple and Huawei weren't offering the government-backed digital wallet, known as Chivo, and servers had to be pulled offline after they couldn't keep up with user registrations.
I saw the headline on a morning show about El Salvador adopting Bitcoin as legal tender but did not know about the crashes. Some news story without a key piece of detail about day one...