Bitcoins again.

danforth

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@Spectre, know you started the earlier thread, thought better in General Chat, move if you wish.

I'm intrigued by the current fiasco, and can't help feeling it's hilarious if you don't have any.

First the reports on bitcoins show pictures of coins that afaik don't exist (the whole point of the currency).:Biggrin2:

Some apparent difference between "lost" and "missing". Gave up on that one!

Then MtGox reports one or the other, with values of 744,000 bitcoins relating to £210m to £300m.
Now it's gone to 750,000 (reported 850,000 last night) bitcoins relating to £240m.
Using those figures, I make roughly £28, £32, and £40 per bitcoin. Reported values were in the £700 range dropping to around £320.(very,very latest no idea):Biggrin2:
Later FlexCoin reported losing (or missing) 896 bitcoins, valued at £358,560, or £400 per bitcoin, making more sense.

Maths aside, (I may be doing something wrong), the financial institutions are accusing the exchanges of being careless with
other peoples money, not something they'd do, is it!:Biggrin2:

Every time I watch Robert Peston talking about bitcoins, he seems about to collapse with laughter!
I don't know about his financial credibility, but I find his presentation style fascinating for some reason.:)

Every time I've seen a bitcoin enthusiast interviewed on TV, it's either a smart suited "car salesman" type, with transparent interest,
or an incoherent, dressed like he's just been dragged out of the nearest squat. The exchange rate seems to dip thereafter.
All those visionary brains, who can't recognize a set up!:)

And finally my favourite, which appeals to my (arguably quirky) sense of humour.

The sight of demonstrators outside MtGox complaining about a 21st century virtual currency, carrying a hand written notice
on piece of cardboard, nailed to stick......... Priceless!:LOL:

I'm sorry if you have bitcoins, but the best days look over, wtf were you thinking, and why are you still holding?
 
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It wasn't me @danforth and I don't have any :). I did reply to a Bitcoin thread though.

I found out about it late on really, I did look at it but I still can't understand why companies market special "mining" hardware. If you had access to many devices to make Bitcoins would you not just set up a farm of them?
 
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It wasn't me @danforth and I don't have any :). I did reply to a Bitcoin thread though.

I found out about it late on really, I did look at it but I still can't understand why companies market special "mining" hardware. If you had access to many devices to make Bitcoins would you not just set up a farm of them?

Sorry, I thought you could move it to join the other thread, if you thought necessary, not that you had any. I should have been clearer.:)

I've been watching bitcoin, off and on, for some time, trying to grasp it. Why would you have obviously potential hackers "mining" or whatever?

It never made sense. No encryption will ever be completely secure, with enough incentive to break it. Well maybe quantum algo's but even then....time only.

Conventional systems spread the risk, so hackers are a relatively minor hazard, in overall terms. "Convention" may have even be behind this.
 
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