Marsman Posted March 7, 2018 Share Posted March 7, 2018 I hope you didn't put alot of money in, they're not even the only company trying this. I didn't put more in than I can afford to lose. But thanks all the same. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted March 7, 2018 Share Posted March 7, 2018 Listen (via the i-player) to a salutary programme last night on BBC Radio 4 https://www.bbc.co.uk/programmes/b09tdyjz. Don't get fooled again! Link to comment Share on other sites More sharing options...
Mikes10 Posted March 7, 2018 Share Posted March 7, 2018 Listen (via the i-player) to a salutary programme last night on BBC Radio 4 https://www.bbc.co.uk/programmes/b09tdyjz. Don't get fooled again! Very interesting programme. But who or what is the final backstop for the currency? with the UK Pound or American Dollar its the UK or American government. Bitcoin appears to be a sort of IOU system for organised crime where some of the general public have been suckered in with the promise of get rich quick, a sort of Ponzi or Pyramid scheme for computer addicts. All you have to do is sit at your computer and between sessions of viewing salacious material, buy a few bit-coins how easy is that? Are you really that stupid? Link to comment Share on other sites More sharing options...
bkcin Posted March 7, 2018 Share Posted March 7, 2018 The problem is that people have been suckered into thinking it's one thing when its actually something else. The theory behind cryptocurrency and Blockchain technology is what is important, and what is almost definitely going to be the future backbone of many many things. Unless you really know what you are doing, trading crypocurrency is a lottery, a minefield and likely to lose you money. People need to look past the money making/investment side of cryptocurrency and look at the huge amount of applications that it can be used for. https://en.wikipedia.org/wiki/Musicoin - this coin gives content providers a platform that simplifies the process of revenue generation and and distribution. https://www.timicoin.io - this coin claims that "What problem are we solving? Till now, healthcare was not a connected network. Isolated facilities and isolated user data broke healthcare continuity. The scope was very narrow for data analysis, remote monitoring and global access to health data. Timi HR uses blockchain technology to create a network of authentic health data under which all the data can be accessed from anywhere in the world, anonymously and with the highest rate of availability and reliability" Smart contracts are also really interesting - https://en.wikipedia.org/wiki/Smart_contract This guy is very good at explaining the wider applications that cryptocurrency can provide - https://www.youtube.com/aantonop Link to comment Share on other sites More sharing options...
Marsman Posted March 8, 2018 Share Posted March 8, 2018 Very interesting programme. But who or what is the final backstop for the currency? with the UK Pound or American Dollar its the UK or American government. Bitcoin appears to be a sort of IOU system for organised crime where some of the general public have been suckered in with the promise of get rich quick, a sort of Ponzi or Pyramid scheme for computer addicts. All you have to do is sit at your computer and between sessions of viewing salacious material, buy a few bit-coins how easy is that? Are you really that stupid? You ask about the 'backstop' for the Bitcoin currency then go on to mention the governments of the UK and the US without understanding that you are possibly taking about the two largest perpetrators of organised crime in the world. One of the main hopes for cryptocurrencies is that they will to some degree curtail the activities of these organisations. ---------- Post added 08-03-2018 at 12:11 ---------- Listen (via the i-player) to a salutary programme last night on BBC Radio 4 https://www.bbc.co.uk/programmes/b09tdyjz. Don't get fooled again! I think the lesson (for those who hold criptocurrencies) is NOT to hold the major portion of them in online wallets (like Mt. Gox) but rather in either paper wallets or in a hard wallet (like Trezor or Leger Nano) in one's own possession. Link to comment Share on other sites More sharing options...
Cyclone Posted March 11, 2018 Share Posted March 11, 2018 How do you hold cryptocurrency in a paper wallet? Wouldn't a USB stick be just as good as a very expensive USB stick marketed for holding cryptocurrency? How is bitcoin doing right now anyway? Down from the high of nearly £15k to about £6.5k, steadily falling for the last 3 months... Link to comment Share on other sites More sharing options...
Marsman Posted March 11, 2018 Share Posted March 11, 2018 (edited) How do you hold cryptocurrency in a paper wallet? Here's a YouTube which in the second half shows how to generate a paper wallet (for Litecoin). I tried this out and it was fairly easy to do. Instead of having the address and private key on paper this could also be in a USB stick. When the USB stick is plugged in it would be a good move to disconnect the computer from the internet. Edited March 11, 2018 by Marsman Link to comment Share on other sites More sharing options...
Waldo Posted March 11, 2018 Author Share Posted March 11, 2018 (edited) How do you hold cryptocurrency in a paper wallet? Wouldn't a USB stick be just as good as a very expensive USB stick marketed for holding cryptocurrency? How is bitcoin doing right now anyway? Down from the high of nearly £15k to about £6.5k, steadily falling for the last 3 months... With a paper wallet, you just jot down the 12 or 24 seed words. There are 1024 possible seed words, so you can imagine how many combinations there are for a 12 word phrase. This phrase represents a number which is your private key. To send coins from one address in the blockchain to another, you need both the public key (wallet address) and the associated private key (which is synonymous with the 12 word phrase). Anyone can know your wallet address / public key; but if your private key is found out, your funds are likely to go missing. The big security concerns are in how you store your private key, storing it electronically opens you up to being hacked / malware etc. The very expensive usb sticks could be a Ledger Nano S you're talking about? This is more secure because the private key is never revealed to you (other than once when you setup the device and write down your seed phrase). Edited March 11, 2018 by Waldo Link to comment Share on other sites More sharing options...
Cyclone Posted March 11, 2018 Share Posted March 11, 2018 Storing it electronically on an offline USB stick that you only connect when you want to use it would be secure though, you can't hack a stick that is disconnected. Link to comment Share on other sites More sharing options...
Jim Hardie Posted March 11, 2018 Share Posted March 11, 2018 Listen (via the i-player) to a salutary programme last night on BBC Radio 4 https://www.bbc.co.uk/programmes/b09tdyjz. Don't get fooled again! Lol, good to hear that the Virtual Currency Girls' frozen account has been 'defrosted'. Link to comment Share on other sites More sharing options...
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