Bitcoin

[Newmarket]

Anybody use it or even understand it ?

If so , explain to this Cryptodinosaur please ?

[Whiskyman]

Don't use it but sort of understand it. I know a bloke who I used to work with back in the day who made a fucking massive killing by buying low and selling high about 18 months ago but there was no economic logic to it. I like to think I know my way around the financial world, having worked in it until I retired a few years ago, and I could advise you where to invest your heard earned at this moment in time and be reasonably confident that in 2 or 3 years you'd be saying "hey, that Whiskyman cunt knows his stuff".

But Bitcoin ? No logic in how the trading value moves up and down. World/local economics don't seem to matter or influence the price fluctuations so I'm staying well clear. So if you've got any spare cash stashed in your mattress my advice at this time is----buy gold and steer clear of bitcoin or any other crypto currency.

[Brookbonds73]

I received a heart rendering phone call not do long back from a bloke called Joyful alonjeyaki who was desperate for his wife to receive a highly sophisticated operation for the removal of a third foot growing from her ear.
He said he was Nigeria's top man for bitcoin and in return for 50k he would give me the heads up and double my investment, naturally I jumped at the chance and gave him the money.
But when I went to the lockup in deptford Joyful was nowhere to be seen. All I've got so far is a pair of size 6 snakeskin shoes, an imitation gold three quarter length smoking jacket and a Leo sayer LP.
I'm beginning to think this may be a ruse and I may have been Hornswoggled. I hope not as he seems a genuine chap.

[palerider]

I received a heart rendering phone call not do long back from a bloke called Joyful alonjeyaki who was desperate for his wife to receive a highly sophisticated operation for the removal of a third foot growing from her ear.
He said he was Nigeria's top man for bitcoin and in return for 50k he would give me the heads up and double my investment, naturally I jumped at the chance and gave him the money.
But when I went to the lockup in deptford Joyful was nowhere to be seen. All I've got so far is a pair of size 6 snakeskin shoes, an imitation gold three quarter length smoking jacket and a Leo sayer LP.
I'm beginning to think this may be a ruse and I may have been Hornswoggled. I hope not as he seems a genuine chap.

I sympathise my learned friend. I too received a call and I believe you've been duped.

He used the ruse of his sister being the victim of genital mutilation with myself, and that some scoundrels in Abuja General had inserted seven young men with no passports in her snatch and he needed the same amount of 50k to fly her to Blighty for a reverse operation and that I could have my investment trebled once they'd been removed and set to work in car-washes throughout the West Midlands.

Just as I was about to send the money, I smelt a rat and realised that Nigeria was on the government 'No Fly' list.

Had he said the flight was from the British Antarctic Territory I'd have been conned.

[Whiskyman]

I received a heart rendering phone call not do long back from a bloke called Joyful alonjeyaki who was desperate for his wife to receive a highly sophisticated operation for the removal of a third foot growing from her ear.
He said he was Nigeria's top man for bitcoin and in return for 50k he would give me the heads up and double my investment, naturally I jumped at the chance and gave him the money.
But when I went to the lockup in deptford Joyful was nowhere to be seen. All I've got so far is a pair of size 6 snakeskin shoes, an imitation gold three quarter length smoking jacket and a Leo sayer LP.
I'm beginning to think this may be a ruse and I may have been Hornswoggled. I hope not as he seems a genuine chap.

I hate to say this sir but you are living proof the old saying that a fool and his money are easily parted is as valid today as it ever was.

Surely you must realise your friend Joyful is a scammer. Being a man of the world, as I had previously assumed you are, I am most selective when it comes to answering e mails emanating from Nigeria. I am currently waiting on a bank transfer of several million US dollars from a gentleman in Lagos to whom I sent my bank details as requested, and last night noticed the funds therein had been repatriated to Lagos. This is exactly as promised by my benefactor as these funds are needed to facilitate the transfer of the aforementioned dollars into my accouint and also, of course, as evidence of my own honourable intentions.

How did I know he was genuine, and not yet another scammer, you may well be asking. It is because he is no less than Crown Prince Mbongo Bin Mwapa Bongo Din, and until recently was first in line to the Nigerian crown. I must confess I was unaware Nigeria actually had a monarch but, as they say, one lives and learns. The monarchy was deposed during the recent civil unrest in the country but the Crown Prince had the foresight to ferret away millions before he had to flee the country and he has selected little old me to be a beneficiary of his largesse.

I have been promised the funds will be arriving in my account some time this week and, unlike your sad tale, I am confident that because of my good sense in dealing only with a personage of royal descent , I will not be disappointed. I do hate to gloat but you really only have yourself to blame for falling victim to such an obvious hoax. I hope you learn from your folly.

[Rick_Deckard]

https://en.wikipedia.org/wiki/Bitcoin

Its a bit like Quantum physics, if you think you understand it then you really dont !

[BlackDiamond]

The best story concerning Bitcoin and Bitcoin wallets (cyber currency bank accounts) is told through the account of the Silk Road website and it's founder/owner Russ Ulbricht.

Silk Road was a website operating on the dark web (the onion router) connecting customers and suppliers who traded money (bitcoins) for drugs.
An ebay for illegal substances if you like. And like ebay, customers rated the sellers products and posted reviews and that tended to keep all the transactions honest.

This enabled the good suppliers to become reputationally secure and drove up the quality of the merchandise being sold, because of the peer to peer review system. Those with the most excellent reputation sold the most and made the most money.

And all the distribution was handled via the US postal service.

The attraction for the customer was the ability to buy drugs using a computer - identities protected - and receive a discreet parcel through the mail. With no audit trail, electronic or financial.

The Silk Road website was the host and facilitated all it's trades and payments using bitcoin as currency. Like ebay it made it's money by taking a small percentage charge for every bitcoin transfer. Both ways customer and supplier. This resulted in millions being traded every day. You actually got your money when bitcoin was traded back into normal currency. The value of a single bitcoin fluctuated wildly, but what started with a value of half a dollar multiplied by a few thousand over 18 months.

Obvious plus points were absolute guaranteed that the products sold were of the highest standard. Anonymity. Removal of criminal element.

And nobody paid tax. Which is why all the US law agencies at some time were hunting for the Silk Road owner, Russ Ulbricht and his lieutenants .

[mkhammer]

https://en.wikipedia.org/wiki/Bitcoin

Its a bit like Quantum physics, if you think you understand it then you really dont !

Einstein after a lecture..."if you've understood what I've just said....you haven't been following..)...

And..."if you can't explain it simply,you don't know it well enough"......Clever Fuck wasn't he.....

[mkhammer]

Bit worrying...seems like it cuts out the middleman of the Banks....which are like a central fund that we can borrow
from and keep our money, getting interest...
This Crypto thing ,..seems like your "Money" is in a private account,and you have a direct transaction with someone,
you dont pay or buy thru a bank...
If the Banks don't have the money...how do we the public get Mortgages and Loans....how do you control interest rates..etc..

Plus seems like you can ballshit how much currency you actually have....read somewhere theres thousands of people
policing it..who pays them...so maybe best used as just an investment thing...not for general use,to secretive,and open
to fraud that couldn't be detected.
But I don't even like wireless payments in a boozer.....

Like most financial shit gets complicated...usually deliberately so...

[Newmarket]

So that’s a no then ?