€100 of Bitcoin in 2010 = €70m today

Cabbage · Post by **Cabbage** » Mon May 22, 2017 1:17 pm

Did anyone get in on it? Been reading horror stories where people bought thousands of bitcoins for pocket change but lost them all through hard drive failure or simply forgetting about them / wallet passwords. Someone once paid 10,000 bitcoins for 2 pizzas, worth €20m today

Farva · Post by **Farva** » Mon May 22, 2017 1:29 pm

Hope it was a good pizza.

sewa · Post by **sewa** » Mon May 22, 2017 1:44 pm

Is the point of a currency not that you can use it to buy things. If people are just holding it then it is no more than a pyramid scheme

Red5 · Post by **Red5** » Mon May 22, 2017 1:53 pm

How can you convert bitcoins into sovereign currency?

Sandstorm · Post by **Sandstorm** » Mon May 22, 2017 1:54 pm

Red5 wrote:How can you convert bitcoins into sovereign currency?

There are 3 or 4 different methods. Read here, it's fairly interesting

http://www.coindesk.com/information/sell-bitcoin/

Sandstorm · Post by **Sandstorm** » Mon May 22, 2017 1:56 pm

BTW this thread annoys me! I thought free Yahoo shares were stupid in 1996 and laughed them off. Ditto Bitcoin in 2010.

Azlan Roar · Post by **Azlan Roar** » Mon May 22, 2017 2:06 pm

Red5 wrote:How can you convert bitcoins into sovereign currency?

https://uphold.com/en do a good job of this.

Zakar · Post by **Zakar** » Mon May 22, 2017 2:43 pm

I've been thinking about puting £500 or so in etherium. I doubt it will spike as much as bitcoin, but still.

Insane_Homer · Post by **Insane_Homer** » Mon May 22, 2017 3:18 pm

sewa wrote:Is the point of a currency not that you can use it to buy things. If people are just holding it then it is no more than a pyramid scheme

you mean like an ISA?

sorCrer · Post by **sorCrer** » Mon May 22, 2017 3:22 pm

Zakar wrote:I've been thinking about puting £500 or so in etherium. I doubt it will spike as much as bitcoin, but still.

ETH is flying. Hit $USD175 today I bought them at $7 last year.

Ripple is up nearly 4000% since 01 Feb 2017. Stellar Lumens another to watch.

The age of fiat is coming to an end.

sorCrer · Post by **sorCrer** » Mon May 22, 2017 3:27 pm

Sandstorm wrote:
Red5 wrote:How can you convert bitcoins into sovereign currency?
There are 3 or 4 different methods. Read here, it's fairly interesting

http://www.coindesk.com/information/sell-bitcoin/

In SA we use luno.com. Money is in your bank account within an hour. Sold 2 BTC 2 weeks ago at R17k. They're trading at R32k today

Chuckles1188 · Post by **Chuckles1188** » Mon May 22, 2017 3:29 pm

Insane_Homer wrote:
sewa wrote:Is the point of a currency not that you can use it to buy things. If people are just holding it then it is no more than a pyramid scheme
you mean like an ISA?

Are ISAs denominated in their own unique currency?

globus · Post by **globus** » Mon May 22, 2017 3:29 pm

I just hung on to property.

sewa · Post by **sewa** » Mon May 22, 2017 3:41 pm

Insane_Homer wrote:
sewa wrote:Is the point of a currency not that you can use it to buy things. If people are just holding it then it is no more than a pyramid scheme
you mean like an ISA?

Are ISA's incredibly volatile assets?

kiwigreg369 · Post by **kiwigreg369** » Mon May 22, 2017 3:41 pm

Strange , not what your register of interests say.

Shirley you're not misleading someone .... are you?

KG

MorseCode · Post by **MorseCode** » Mon May 22, 2017 3:42 pm

sewa wrote:Is the point of a currency not that you can use it to buy things. If people are just holding it then it is no more than a pyramid scheme

Sometimes you can use them to unlock your computer

globus · Post by **globus** » Mon May 22, 2017 3:52 pm

kiwigreg369 wrote:Strange , not what your register of interests say.

Shirley you're not misleading someone .... are you?

KG

If you are referring to me, my register of interests do not have to include property not in the parish.

And they are miles away, not within many hours drive in all cases.

The Sun God · Post by **The Sun God** » Mon May 22, 2017 4:01 pm

Cabbage wrote:
Did anyone get in on it? Been reading horror stories where people bought thousands of bitcoins for pocket change but lost them all through hard drive failure or simply forgetting about them / wallet passwords. Someone once paid 10,000 bitcoins for 2 pizzas, worth €20m today

I was having a drink last week in Dublin with a very clued in young Lady who I used to deal with in one of the banks. She is very blockchain/cryptocurrency savvie but she told me she liquidated her personal bitcoin position earlier this year having built a position over the past 3. Her net profit.....17 million Euros. I never got involved myself but I am starting to look at some similar avenues.

TheBouncer · Post by **TheBouncer** » Mon May 22, 2017 4:11 pm

The Sun God wrote:
Cabbage wrote:
Did anyone get in on it? Been reading horror stories where people bought thousands of bitcoins for pocket change but lost them all through hard drive failure or simply forgetting about them / wallet passwords. Someone once paid 10,000 bitcoins for 2 pizzas, worth €20m today
I was having a drink last week in Dublin with a very clued in young Lady who I used to deal with in one of the banks. She is very blockchain/cryptocurrency savvie but she told me she liquidated her personal bitcoin position earlier this year having built a position over the past 3. Her net profit.....17 million Euros. I never got involved myself but I am starting to look at some similar avenues.

Very impressive.

I'm biased but for now, in my humble opinion, eth is he only show in town. Bitcoin has the network going and I respect its contribution to the space but ethereum's potential is on another stratosphere. Ripple's rise makes no sense to me (what exactly is the value of XRP to merit this valuation?)

I'll keep an eye on others and their use cases (tezos, nem etc) but for now my entire position is eth and I don't foresee any substantial change soon.

sewa · Post by **sewa** » Mon May 22, 2017 4:24 pm

Your entire position is probably 20 quid ffs

Sandstorm · Post by **Sandstorm** » Mon May 22, 2017 4:25 pm

TheBouncer · Post by **TheBouncer** » Mon May 22, 2017 4:26 pm

i love you sewa don't upset me

sewa · Post by **sewa** » Mon May 22, 2017 4:43 pm

TheBouncer wrote:

i love you sewa don't upset me

No offence meant, when you see some of the high rollers (TSG, Globby etc) here talking about their money it makes me laugh. They'd swap it all for a decent hard on and a full head of hair

Mahoney · Post by **Mahoney** » Mon May 22, 2017 5:16 pm

TheBouncer wrote:I'm biased but for now, in my humble opinion, eth is he only show in town.

Could you recommend an exchange? I know that BTC had loads of issues with incompetently secured or dishonest exchanges not so very long ago.

JM2K6 · Post by **JM2K6** » Mon May 22, 2017 6:21 pm

Mahoney wrote:
TheBouncer wrote:I'm biased but for now, in my humble opinion, eth is he only show in town.
Could you recommend an exchange? I know that BTC had loads of issues with incompetently secured or dishonest exchanges not so very long ago.

That plus the inherent delays in authenticating transactions make me wonder about the real future for this stuff.

TheBouncer · Post by **TheBouncer** » Mon May 22, 2017 7:22 pm

Mahoney wrote:
TheBouncer wrote:I'm biased but for now, in my humble opinion, eth is he only show in town.
Could you recommend an exchange? I know that BTC had loads of issues with incompetently secured or dishonest exchanges not so very long ago.

I use Kraken (liquidity very good) but trade euro, haven't used it for sterling.

Nowhere is the infancy of the space more evident than the exchanges

-arduous verification processes
-non existent customer support
-ddos lockdowns

all a way of life but I haven't encountered any dishonesty.

I am concerned that many of the new wave will be scared off by the inadequacies of these exchanges... the pace of change elsewhere needs to be mirrored there

Zakar · Post by **Zakar** » Mon May 22, 2017 7:43 pm

Just tried to sign up to coinbase. 503 service unavailable.

Mahoney · Post by **Mahoney** » Mon May 22, 2017 8:06 pm

TheBouncer wrote:
Mahoney wrote:
TheBouncer wrote:I'm biased but for now, in my humble opinion, eth is he only show in town.
Could you recommend an exchange? I know that BTC had loads of issues with incompetently secured or dishonest exchanges not so very long ago.
I use Kraken (liquidity very good) but trade euro, haven't used it for sterling.

Thanks!

jolindien · Post by **jolindien** » Mon May 22, 2017 8:41 pm

The Sun God wrote:
Cabbage wrote:
Did anyone get in on it? Been reading horror stories where people bought thousands of bitcoins for pocket change but lost them all through hard drive failure or simply forgetting about them / wallet passwords. Someone once paid 10,000 bitcoins for 2 pizzas, worth €20m today
I was having a drink last week in Dublin with a very clued in young Lady who I used to deal with in one of the banks. She is very blockchain/cryptocurrency savvie but she told me she liquidated her personal bitcoin position earlier this year having built a position over the past 3. Her net profit.....17 million Euros. I never got involved myself but I am starting to look at some similar avenues.

What a fail !
So basically you're telling us you have no bitcoin, you met a master girl with millions in bank in a bar and you didn't even end in some red and gold hotel room urinating on her face ?
Poor story really.
And what about that rule that could have saved your miserable post ?

Sandstorm · Post by **Sandstorm** » Mon May 22, 2017 8:46 pm

Fcuk me

CrazyIslander · Post by **CrazyIslander** » Mon May 22, 2017 9:40 pm

Wow@ value increase. Wish I had done it.

sunnybanana · Post by **sunnybanana** » Tue May 23, 2017 1:50 am

Bought in @ $30 back in 2011. Only 10 coins though.

Jeff the Bear · Post by **Jeff the Bear** » Tue May 23, 2017 1:58 am

jolindien wrote:
The Sun God wrote:
Cabbage wrote:
Did anyone get in on it? Been reading horror stories where people bought thousands of bitcoins for pocket change but lost them all through hard drive failure or simply forgetting about them / wallet passwords. Someone once paid 10,000 bitcoins for 2 pizzas, worth €20m today
I was having a drink last week in Dublin with a very clued in young Lady who I used to deal with in one of the banks. She is very blockchain/cryptocurrency savvie but she told me she liquidated her personal bitcoin position earlier this year having built a position over the past 3. Her net profit.....17 million Euros. I never got involved myself but I am starting to look at some similar avenues.
What a fail !
So basically you're telling us you have no bitcoin, you met a master girl with millions in bank in a bar and you didn't even end in some red and gold hotel room urinating on her face ?
Poor story really.
And what about that rule that could have saved your miserable post ?

fonzeee · Post by **fonzeee** » Tue May 23, 2017 3:25 am

I have to admit, I really don't understand how this works. Not dismissing it, mind.

sorCrer wrote:The age of fiat is coming to an end.

How do you mean?

Pat the Ex Mat · Post by **Pat the Ex Mat** » Tue May 23, 2017 5:26 am

fonzeee wrote:I have to admit, I really don't understand how this works. Not dismissing it, mind.

sorCrer wrote:The age of fiat is coming to an end.
How do you mean?

Chrysler takeover innit

sorCrer · Post by **sorCrer** » Tue May 23, 2017 6:34 am

fonzeee wrote:I have to admit, I really don't understand how this works. Not dismissing it, mind.

sorCrer wrote:The age of fiat is coming to an end.
How do you mean?

Paper money is coming to an end.

paneer · Post by **paneer** » Tue May 23, 2017 6:55 am

It amazes me how people are still surprised by bitcoin.

ethereum was on a run till yesterday.

fonzeee · Post by **fonzeee** » Tue May 23, 2017 7:05 am

sorCrer wrote:
fonzeee wrote:I have to admit, I really don't understand how this works. Not dismissing it, mind.

sorCrer wrote:The age of fiat is coming to an end.
How do you mean?
Paper money is coming to an end.

That's what I thought you meant.

I won't burden you by asking for further explanation since I'm sure it would be time-consuming to explain and, again, I probably won't get it anyway.

sorCrer · Post by **sorCrer** » Tue May 23, 2017 7:49 am

fonzeee wrote:
sorCrer wrote:
fonzeee wrote:I have to admit, I really don't understand how this works. Not dismissing it, mind.

sorCrer wrote:The age of fiat is coming to an end.
How do you mean?
Paper money is coming to an end.
That's what I thought you meant.

I won't burden you by asking for further explanation since I'm sure it would be time-consuming to explain and, again, I probably won't get it anyway.

Traditional money has too many faults for it not to be replaced. I barely even carry it anymore. Now we have an increasingly reliable alternative.

fonzeee · Post by **fonzeee** » Tue May 23, 2017 8:17 am

Oh sure, if you mean paper currency, but doesn't "traditional money" also include the dollars on my debit card, for instance? I guess what I'm asking is, how do the likes of Bitcoin and other digital currencies come into play in that regard?