Bitcoin

[Sparkymart]

I wonder if any of the other crypto currencys are going to go the same way 

[Deanspoors]

8 hours ago, Martin Rice (Sparkymart) - Cornwall AO said:

I wonder if any of the other crypto currencys are going to go the same way 

I never realized how many there are until I did a quick search today. And they've all few over the last couple of days. I can see a lot of positives to the cryptocurrencies, mainly to do with the smaller fees related to currency conversion, but it's obvious with recent events that these are still too easily stolen. It sounds like bitcoin has mainly made rich people richer and is about to make the normal folk quite a bit poorer.  

[John Williams (Panda) - Joint Manchester AO]

its the exchanges that have been hacked targeted... I think I heard £84millon stolen.....

I also know someone who has lost their password with .999 locked in there wallet; so that's gone!

[Alan France]

18 hours ago, jonjh1964 said:

For my fiftieth Tricia allowed me to buy myself a Rolex

I bought a Rolex for the equivalent of £3 in Hong Kong in 1993. Sadly turned out not to be real. Gutted!

Even then it was a funny shopping experience, choose from photos in the street, a runner goes off to collect the watches, then pay when you receive the goods. ... and I thought all Rolex shops worked like that!

[CraigHew]

for £3 you seem naively surprised...

[Alan France]

22 minutes ago, CraigHew said:

 

for £3 you seem naively surprised...

 

I may have just had a moments thought that it was fake. I was working over the border in China for Tropicana at the time and many things were fake. Local “genuine” MK fuses with no idea when they would blow, fake crown valves taking out the boiler room. Time to stop I’m sounding old.

[Stuart]

Colleague of mine crowed loud and long in Beijing about how he'd just negotiated the best deal of any of us with a street trader for a fake Rolex.  An hour later it was 10 minutes slow........

[Dave Eastwood (Gadgetman) - Club Chairman]

A couple of years ago, a couple of the lads working for the same client as me bought various fake Rolex’s from a friend of the client, that was flying over for Christmas, to stay with them. (He brings them in every time he comes over for people, as he knows where to buy stunning replicas).

I wish I’d joined the deal now, but I bottled it, as they were quite expensive for fakes. (Between £200 and £400 if memory serves).

However we had a look at the six different Rolex’s and Omega’s he brought in and they were superb. The Omega’s felt no different in quality to my Seamaster, if anything the strap was actually better! The Rolex’s we compared to the clients, and other than being slightly heavier, again the quality differences felt minimal.

But the other plus, (he opened up an old watch of his own for us to see), was that while the cases were all high quality fakes, the internals were those generic Swiss automatic movements that are sold by the big Swiss trade manufactures for companies to fit in their own cases.

Pity he hasn’t been back since, always fancied a Rolex Sub-mariner!

[DonPeffers]

 

Sir James Goldsmith said "If you see a bandwagon, it’s too late to get on it".

Bitcoin like any investment can fall to zero with no recompense and it's not backed by anything.

Time will tell if this is another pyramid scheme, Ponzi style scam. Sudden hypergrowth in value is a sign of a bubble.

'North Korea is trying to amass a bitcoin war chest' states  http://money.cnn.com/2017/09/12/technology/north-korea-hackers-bitcoin/index.html  and as previously mentioned many tens of millions £ have gone missing.

https://www.cryptocoinsnews.com/explain-bitcoin-generation/  might explain how the coins are generated but not how the increasing computational power required will be available to all privately.

Maybe Blatman can enlighten us further.

[Alan France]

Like Jonjh, for his special occasion, I bought a Breitling to celebrate selling my business. Visiting the general manager at our local airport he pointed out we had similar watches. I said, no, the’re the same. Not quite he said, his featured an image of Concorde as Breitling had given all the Concorde captains a free one. From poser to loser in an instant.

[Alan France]

Internet based currency, what could possibly go wrong.

[DonPeffers]

2 minutes ago, Route66 said:

Internet based currency, what could possibly go wrong.

A quote from the Cat in science fiction comedy series Red Dwarf "there's just one thing I don't understand-----------------everything"

[Alan France]

History suggests a tiny, tiny, tiny few will make a lot, whilst everyone else will lose to pay for it. To highlight my expertise in this area would anyone like to swop their odd bitcoins for my Premier Foods shares, a snip at 40p a share, and I only paid a modest 360p a share. 

[jeff oakley]

2 hours ago, Route66 said:

History suggests a tiny, tiny, tiny few will make a lot, whilst everyone else will lose to pay for it. To highlight my expertise in this area would anyone like to swop their odd bitcoins for my Premier Foods shares, a snip at 40p a share, and I only paid a modest 360p a share. 

It is a fine line to run between success and abject financial failure. Over the years I have done okay but by using the old maxim, "if something looks too good to be true walk away" it has cost me.

Pendragon shares fell as they were going bust some years ago and went down to less than one penny a share, from if memory serves over £1. This guy I knew told me to buy as many as I could as they were so deep into Barclays for funding they would not be allowed to close. I did not as it seemed all wrong what he was saying, he was right and now they are back up to around 40p a share, he bought £100k of shares which he could afford to lose obviously and probably explains why he has a helicopter.

Being in the know is the best thing and I suspect that many who are making these huge gains on Bitcoins etc. are in the know and will be out leaving those not in the know to take a big hit.

[Sparkymart]

1 hour ago, jeff oakley said:

It is a fine line to run between success and abject financial failure. Over the years I have done okay but by using the old maxim, "if something looks too good to be true walk away" it has cost me.

Pendragon shares fell as they were going bust some years ago and went down to less than one penny a share, from if memory serves over £1. This guy I knew told me to buy as many as I could as they were so deep into Barclays for funding they would not be allowed to close. I did not as it seemed all wrong what he was saying, he was right and now they are back up to around 40p a share, he bought £100k of shares which he could afford to lose obviously and probably explains why he has a helicopter.

Being in the know is the best thing and I suspect that many who are making these huge gains on Bitcoins etc. are in the know and will be out leaving those not in the know to take a big hit.

The same with VAG shares when Volkswagen got caught out last year there price dropped load's but is now heading back in the right direction