Yeah if you have some questions hit me up.
Anyone on this site have bitcoin or dabble in e-commerce?
- Thread starter Summitric
- Start date
Yeah if you have some questions hit me up.
Uturn
Active VIP Member
I've never tried these. I buy and sell mine through a crypto broker, they charge a fee both ways. Takes a couple of days to get the money. As long as the government can't tax it, I'll keep playing in it.
Coworker got into Litecoin early and made great returns.
They want to tax it. The IRS is going after Coinbase users in the states. The way I trade is anonymous though, when I cash out probably will have to pay some tax. (id go through a broker to sell larger amounts, bank machine are good for smaller transactions)
But for now Im keeping it in crypto.
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Blockchain is amazing technology. It is decentralized in nature, the purpose of the "mining" is to to verify transactions on the network.
The computers are figuring out algorithms and are rewarded in blocks for solving the problems.
All the computers on the network have to agree on the transactions. Every transaction that happens on the network is stored on
the block chain forever. (Bitcoin is not anonymous in nature and that is why I am into Monero, but that is another topic.)
In order to "hack" Bitcoin you would have to hack every computer on the network.
(or over power the network)
The Bitcoin network is the most powerful computer network in the world, more powerful than google even. In 8years it has never been hacked.
At a high of 19,000$ US a coin there was plenty of incentive too.
The only way it could be possible is maybe with quantum computing, which is brand new technology still in development.
The Cryptic thing about Bitcoin is no one knows who invented it. It is open source code and that is how we have all
these "Alt Coins" They are all based off Bitcoin.
The computers are figuring out algorithms and are rewarded in blocks for solving the problems.
All the computers on the network have to agree on the transactions. Every transaction that happens on the network is stored on
the block chain forever. (Bitcoin is not anonymous in nature and that is why I am into Monero, but that is another topic.)
In order to "hack" Bitcoin you would have to hack every computer on the network.
(or over power the network)
The Bitcoin network is the most powerful computer network in the world, more powerful than google even. In 8years it has never been hacked.
At a high of 19,000$ US a coin there was plenty of incentive too.
The only way it could be possible is maybe with quantum computing, which is brand new technology still in development.
The Cryptic thing about Bitcoin is no one knows who invented it. It is open source code and that is how we have all
these "Alt Coins" They are all based off Bitcoin.
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snowcannon
Active VIP Member
Couldn't sleep so watched a couple mining vids. So in essence... roi on equipment is anywhere from 160 to 280 days. Prices for video cards are through the roof (poor gamers
) and on backorder. Prices are volatile and in my opinion, once companies are doing it at a mega-scale, the easy money times are over for the average joe.
) and on backorder. Prices are volatile and in my opinion, once companies are doing it at a mega-scale, the easy money times are over for the average joe.People have to be willing to buy it for money. Just like when
You go to sell anything else.
Except it isn't tangible. Lol, basically fictisous currency. I get it that money can be made, but its a house of cards. Like owning stocks, except you don't actually own anything.
skegpro
Active VIP Member
I have seen people remortgage their houses to buy Bitcoin and have lost their fawking shirts here in the past couple months.
Sure they are not making any more Bitcoin but what they didn't tell you is more cryptocurrencys are popping up every day.
Sure they are not making any more Bitcoin but what they didn't tell you is more cryptocurrencys are popping up every day.
Maybe so, bUT it sells currently for 7000us
Yeah if you bought at 19,000$ you probably aren't too happy right about now lol
jhurkot
Active VIP Member
So all the paper money in your wallet right now is backed by physical gold? The government doesn't print additional money whenever they feel like it?
S.W.A.T.
Active VIP Member
I really don't understand the cryptic currencies thing or how these mines work. I watched a couple videos on it and even more confused. Lol
Maybe I will just stick to what I know. Trading farm animals
Stompin Tom
Active VIP Member
No, paper money not actually backed by gold like the onetime theory that it should be, but it is backed by a countries economy. Paper money is tangible, this other stuff, not so much.
skegpro
Active VIP Member
That next years inflation.
Cause it's 2019.
Caper11
Active VIP Member
Hummm, there will be if there is another prisoner buyout apology.
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