Anyone Into Crypto?

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Bluesnose1812
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Post by Bluesnose1812 »

"Elon MuskHANNIBAL HANSCHKE /Getty Images

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At $25k profit per car, he only has to sell an extra 16,000 cars to cover it :-)
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Pivot
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Post by Pivot »

Celsius Is Crashing, and Crypto Investors Are Spooked

People with accounts at the crypto lending platform are no longer able to withdraw their money. "Looking back, it seems too good to be true."

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Post by New User »

For some reason this thread popped into my head today and reading the BBC News today brings it all home. Unregulated markets are really just a form of gambling and I hope people on here are not too badly affected by all this - I dont think we have seen the worst of it yet. Bitcoin is down 70% since its 2020 high. At the end of course Crypto currencies are worth nothing but as long as people are prepared to pay money for the prospect of getting rich later then, sadly, we will continue to see quotes like those below:

"I thought FTX was safe" one customer told the BBC.
"I've got about $3,000 (£2,630) worth of coins in my own crypto wallet but more worrying is that I invested $33,000 (£28,900) for my mum and step dad through the app. I don't yet have the heart to tell them what's happened."
Binance said reports of "mishandled customer funds and alleged US agency investigations" had swayed its decision not to buy FTX.
The Reuters news agency reported that the US Securities and Exchange Commission (SEC) was investigating FTX's handling of customer funds and its crypto-lending activities.
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Hitman999
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Post by Hitman999 »

In my opinion it's all being manipulated. Anyone into crypto needs to get their crypto off the exchanges and onto a hard wallet.
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wab172uk
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Post by wab172uk »

I'll admit I've never understood crypto currency.

How can someone buy something with real money, that technically doesn't exist, and yet something that doesn't exist gets mined? How can they mine nothing? I just don't get it.

I did try looking into it, and even thought about investing some money as a test. But I have no idea how to buy it. I registered on one site that looked legit for Bitcoin. Then for the next 7-8 months I got between 5-10 phone calls every single day from different companies wanting me to invest in Bitcoin with them. So clearly the site I registered with was a fake site. Luckily no bank details were given.

I do think though, as Governments around the world are increasingly hell bent on eliminating physical cash and bringing in their own crypto currency, that they will at some point outlaw anything that isn't a legislated crypto. As we know, without cash they control everything. Even down to what an individual is allowed to buy. And even selling an old CD will no doubt warrant TAX to pay.

Or maybe Bitcoin is the way to stop being tied to government crypto? But id they outlaw it being used, you can't buy anything with it anyway.

I'm not naïve to investing. I buy / sell shares, Invest in precious metals etc. But Crypto, I just don't understand it.

Anyone know a legitimate website that explains everything and lets you legitimately buy crypto?
Last edited by wab172uk on Fri Feb 24, 2023 11:38 am, edited 1 time in total.
Lanmate
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Post by Lanmate »

The "mining" is really doing lots of (CPU/GPU/memory/storage intensive) operations to verify and add new transactions to the blockchain. The blockchain is a distributed ledger which is supposed to be immutable once something has been added to it, so that everyone can verify it and arrive at the same answer as to what transactions have been previously added to it. If everyone has a copy, and the majority rules ethos applies, it's impossible for any single actor to rewrite history unless they can gain control more than 50% of the processing power of the entire mining network. If they control less than 50%, their attempt to rewrite history will be invalid as the rest of the network can "outvote" them on that the truth really is.
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Neil1911
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Post by Neil1911 »

wab172uk wrote: Fri Feb 24, 2023 9:22 am I'll admit I've never understood crypto currency.

How can someone buy something with real money, that technically doesn't exist, and yet something that doesn't exist gets mined? How can they mine nothing? I just don't get it.

I did try looking into it, and even thought about investing some money as a test. But I have no idea how to buy it. I registered on one site that looked legit for Bitcoin. Then for the next 7-8 months I got between 5-10 phone calls every single day from different companies wanting me to invest in Bitcoin with them. So clearly the site I registered with was a fake site. Luckily no bank details were given.

I do think though, as Governments around the world are increasingly hell bent on eliminating physical cash and bringing in their own crypto currency, that they will at some point outlaw anything that isn't a legislated crypto. As we know, without cash they control everything. Even down to what an individual is allowed to buy. And even selling an old CD will no doubt warrant TAX to pay.

Or maybe Bitcoin is the way to stop being tied to government crypto? But id they outlaw it being used, you can't buy anything with it anyway.

I'm not naïve to investing. I buy / sell shares, Invest in precious metals etc. But Crypto, I just don't understand it.

Anyone know a legitimate website that explains everything and lets you legitimately buy crypto?
Do I take it you thought better of following that link above from today's newest forum member for fear of another 7-8 months of harassment (or worse)? At least it makes a change from Dash Cams, rear light conversions and car covers being pushed :D
http://www.porsche-code.com/PP37WLA6, a Dolomite Silver S, collected from Stockport OPC on Valentine's Day 2023, after a 399 day wait.
Ex.: Gen2 S, Volcano grey 1/9/19 - 3/2/23 & 39,235 Smiles, RIP
wab172uk
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Post by wab172uk »

Lanmate wrote: Fri Feb 24, 2023 11:36 am The "mining" is really doing lots of (CPU/GPU/memory/storage intensive) operations to verify and add new transactions to the blockchain. The blockchain is a distributed ledger which is supposed to be immutable once something has been added to it, so that everyone can verify it and arrive at the same answer as to what transactions have been previously added to it. If everyone has a copy, and the majority rules ethos applies, it's impossible for any single actor to rewrite history unless they can gain control more than 50% of the processing power of the entire mining network. If they control less than 50%, their attempt to rewrite history will be invalid as the rest of the network can "outvote" them on that the truth really is.
Pardon ! :lol:

I think the most dangerous part of any crypto currency is that it's entirety digital.

Call me a conspiracy theorist, but as Governments push digital currency, even claiming it's help fight climate change :roll: , they are also warning the world that Cyber attacks in the future will be more damaging to mankind than any pandemic.

If the Internet is switched off, no one would be able to buy food, let alone anything else. I'm not alone in thinking that letting governments proceed with ending physical cash is the most dangerous thing to man kind.

Saying all that I wish I'd invested £1000 into Bitcoin at the very start :D
wab172uk
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Post by wab172uk »

Neil1911 wrote: Fri Feb 24, 2023 11:42 am
wab172uk wrote: Fri Feb 24, 2023 9:22 am I'll admit I've never understood crypto currency.

How can someone buy something with real money, that technically doesn't exist, and yet something that doesn't exist gets mined? How can they mine nothing? I just don't get it.

I did try looking into it, and even thought about investing some money as a test. But I have no idea how to buy it. I registered on one site that looked legit for Bitcoin. Then for the next 7-8 months I got between 5-10 phone calls every single day from different companies wanting me to invest in Bitcoin with them. So clearly the site I registered with was a fake site. Luckily no bank details were given.

I do think though, as Governments around the world are increasingly hell bent on eliminating physical cash and bringing in their own crypto currency, that they will at some point outlaw anything that isn't a legislated crypto. As we know, without cash they control everything. Even down to what an individual is allowed to buy. And even selling an old CD will no doubt warrant TAX to pay.

Or maybe Bitcoin is the way to stop being tied to government crypto? But id they outlaw it being used, you can't buy anything with it anyway.

I'm not naïve to investing. I buy / sell shares, Invest in precious metals etc. But Crypto, I just don't understand it.

Anyone know a legitimate website that explains everything and lets you legitimately buy crypto?
Do I take it you thought better of following that link above from today's newest forum member for fear of another 7-8 months of harassment (or worse)? At least it makes a change from Dash Cams, rear light conversions and car covers being pushed :D
It was terrible. I use my phone for work too (self employed) and I had to answer every call that came in. Blocked every number, but it was relentless.
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Neil1911
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Post by Neil1911 »

Lanmate wrote: Fri Feb 24, 2023 11:36 am The "mining" is really doing lots of (CPU/GPU/memory/storage intensive) operations to verify and add new transactions to the blockchain. The blockchain is a distributed ledger which is supposed to be immutable once something has been added to it, so that everyone can verify it and arrive at the same answer as to what transactions have been previously added to it. If everyone has a copy, and the majority rules ethos applies, it's impossible for any single actor to rewrite history unless they can gain control more than 50% of the processing power of the entire mining network. If they control less than 50%, their attempt to rewrite history will be invalid as the rest of the network can "outvote" them on that the truth really is.
Thats alright then. Although the inclusion of "supposed and If" is a worry :) As for "impossible and outvote" I'll believe that onky when Vlad says it!
http://www.porsche-code.com/PP37WLA6, a Dolomite Silver S, collected from Stockport OPC on Valentine's Day 2023, after a 399 day wait.
Ex.: Gen2 S, Volcano grey 1/9/19 - 3/2/23 & 39,235 Smiles, RIP
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