Cryptocurrency chat

[DS197]

So after seeing Bitcoin reach $8000+ and Ethereum breaking the $400 barrier, it seems like there's plenty of money to be made! Anybody on here invest in cryptocurrencies or thought about it? I've got a little bit of money in OmisegGO as it seems to be very promising with a great team behind it, is a decent price at the moment and will see a lot of growth in the next year if they can stick to their roadmap.

 

[Benno]

So after seeing Bitcoin reach $8000+ and Ethereum breaking the $400 barrier, it seems like there's plenty of money to be made! Anybody on here invest in cryptocurrencies or thought about it? I've got a little bit of money in OmisegGO as it seems to be very promising with a great team behind it, is a decent price at the moment and will see a lot of growth in the next year if they can stick to their roadmap.

Depressing thinking about how I along with several friends of mine shunned Bitcoin a few years back in school...to think a couple of hundred quid could have been worth a hell of a lot now...

What sort of growth potential does OmisegGo have? I am thinking about investing a bit into either stocks or cryptocurrency now..

 

[DS197]

Depressing thinking about how I along with several friends of mine shunned Bitcoin a few years back in school...to think a couple of hundred quid could have been worth a hell of a lot now...

What sort of growth potential does OmisegGo have? I am thinking about investing a bit into either stocks or cryptocurrency now..

It could be worse mate, at least you weren't that idiot who had thrown away a hard drive that contained millions!

It's still in it's infancy, however there is a big milestone planned for Q1 of 2018, and rumours of coinbase adding OMG to their exchange too. I'd say it's a long term investment for sure, but if it all goes to plan and is successful, it could reach $40/$50 or even $100 a coin at the end of next year from the $7.7 it is now. Ethereum was trading at about $10 this time last year and it's just hit $400. There is still money to be made from Bitcoin, litecoin etc but I can't be bothered with the hassle and stress of short term trading.

 

[Pav]

interesting..will have to look into this..

 

[AmosMoses]

Just seen this thread, i currently own 1 Litecoin after dabbling this weekend. Fingers crossed this goes the way Bitcoin does!

 

[Ade T]

Anybody understand in layman's terms why Bitcoin is said to use so much energy from "mining"? Can't get my head around that one.

 

[AmosMoses]

Anybody understand in layman's terms why Bitcoin is said to use so much energy from "mining"? Can't get my head around that one.

Essentially when you send coins from one user to another they have to be verified (Mining) the code is scrambled into a massive puzzle, the computer that solves the puzzle will use a huge amount of energy doing so.

 

[Ade T]

Essentially when you send coins from one user to another they have to be verified (Mining) the code is scrambled into a massive puzzle, the computer that solves the puzzle will use a huge amount of energy doing so.

Beyond me haha

 

[Foxspeed]

so exactly where is the wealth/vlue in this? its not like a bar of gold in vault!

 

[jamesgw200]

ive got 300 invested in litecoin.
i recommend coinbase which only sell three currencies. bitcoin litecoin and Ethereum.
They also have an app which you can check from day to day.

 

[AmosMoses]

so exactly where is the wealth/vlue in this? its not like a bar of gold in vault!

This is exactly what bothered me, but after doing some reasearch I understand it a lot better.

Essentially it’s a decentralised way of moving money, making it untraceable and thus that’s its value.

As there is a finite amount of these “coins” the higher the demand the higher the value.

It makes little to no sense, but the world moves in mysterious ways!

 

[Foxspeed]

This is exactly what bothered me, but after doing some reasearch I understand it a lot better.

Essentially it’s a decentralised way of moving money, making it untraceable and thus that’s its value.

As there is a finite amount of these “coins” the higher the demand the higher the value.

It makes little to no sense, but the world moves in mysterious ways!

i still dont get how it has value...unlike a countries currency ie £ or $....do you get paid in ££ when you "cash" them in?

 

[AmosMoses]

i still dont get how it has value...unlike a countries currency ie £ or $....do you get paid in ££ when you "cash" them in?

So you buy them from an exchange with real money. Once you have the coins in your wallet you can then sell them back to the exchange where for a small fee they will pay you in real GBP or USD or Euro.

 

[Micah]

For those who cash in in one go, it appears you're liable for capital gains tax, unless you move abroad and then cash them in.
One of my friends has just messaged me to say he bought £400 worth in 2010... worth £4.8m.
Then he realised he actually paid £4 but still, that's £192k sitting right there!

 

[Big Ben]

For those who cash in in one go, it appears you're liable for capital gains tax, unless you move abroad and then cash them in.
One of my friends has just messaged me to say he bought £400 worth in 2010... worth £4.8m.
Then he realised he actually paid £4 but still, that's £192k sitting right there!

£4 investment is now worth £192k?

That seems quite good

And he can get that out in cash any time he wants?

 

[Beany]

Which exchanges have people used then for transfer “coins”

 

[Micah]

£4 investment is now worth £192k?

That seems quite good

And he can get that out in cash any time he wants?

Yes, apparently he has been withdrawing a coin here and there to pay for stuff. Lucky bugger!

 

[STODGY]

this lite coin now seems to be flying also hmmmmm

 

[DS197]

Anybody understand in layman's terms why Bitcoin is said to use so much energy from "mining"? Can't get my head around that one.

Technology used to mine them has become better, so this has to be offset by increasing the difficulty of mining them or else it wouldn't take long to mine them all as there are only a limited amount of bitcoins. There are now dedicated units designed to mine bitcoins which means better computing power but also more power consumption.

 

[Dmonk197]

bitcoin is limited to 21 million to be found, so far about 12.5 million have been fond.