Bit Coins

[jomifl]

Did I imagine a question about bit coins or was I dreaming, anyway no sign of it now. I think the poster was working towards selling the ones he had made in his shed @£100 a throw.

[LazyGun]

You did not imagine it - It appears to have been pulled - The OP also had a post about behaviour towards wife/ family which I cannot find either, so not sure if the posts have vanished as a consequence of an action toward the OP or because of issues with the threads themselves.

[factor-fiction]

The thread comes up on a search but has been removed. It didn't ring true to me so I'm not surprised

[factor-fiction]

http://www.theanswerbank.co.uk/search/?q1=bitcoins

[jomifl]

Thanks LG. you know that strange feeling when you are not quite sure whether you can distinguish between fact and fantasy anymore and just stop short of asking god for help? .....I'm ok really just jesting :-)

[gettinblurry]

Pretty sure he wasn't mining in his shed though!

[jomifl]

You mean he actually bought them?

[LazyGun]

LOL Jomifl...

[factor-fiction]

You can read bits of some answers here:
http://www.theanswerbank.co.uk/search/?q1=bitcoins
(click on the Answers tab)

[gettinblurry]

To be honest, it's all a bit over my head.

Someone could be mining them in their (hi-tech) shed, but the poster I was thinking of said he bought them.

[LazyGun]

There are articles about "bitcoin mining", whereby new bitcoins are introduced into the market. This involves something weird and complicated about "solving complex algorithms" which I fail to understand.

Apparently, one of its attractions is that there is an absolute cap on the total quantity of bitcoins available - 21 million or billion or something - which make it potentially attractive to investors when compared to real world currencies that are subject to quantitative easing etc - but as an investment vehicle, it looks to be highly risky except as a small- scale savings toy that one can play around with.....

[jomifl]

They sound a bit like tulip bulbs to me, how on earth can you tell if they are real, if indeed they are ever real as the seem to be basedon a virtual currency. But if paypal accept them then they must be real, unless of course paypal make them....

[jomifl]

I like the concept of an 'absolute cap' I think there is an 'r' missing. It must stand up there with carbon credits issued by a Russian forestry organisation or blessings by the pope. Does gullibility have no limits?

[Mass_Hysteria]

They exist for real you can even trade them on ebay.

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

http://www.ebay.co.uk/sch/i.html?_odkw=bitcoin&_osacat=0&_from=R40&_trksid=p2045573.m570.l1313&_nkw=bitcoin&_sacat=0

[Mass_Hysteria]

I think he said he bought 2000 bitcoins @ £1 each. Today 1 bitcoin is trading for approx £145

[LazyGun]

Ironic - recent story showing that Bitcoin has plunged in value. Object lesson on the riskiness and volatility of an unproven investment....

http://arstechnica.com/business/2013/04/bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours/

[Kerker]

Indeed absolute cap of- 21 billion coins, means that sometimes, they all will be mined out. Nowadays ,there are bitcoin mines or farms, where hundreds computer work on "mining". If you want to know more - http://mining-profit.com/