Bitcoin Mining & Other Crypto Currencies | Vital Football

Bitcoin Mining & Other Crypto Currencies

TuBBz

TuBBz

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[img=http://cdn.pymnts.com/wp-content/uploads/2017/02/bitcoin-etf-sec-record.jpg]

No thread on this so thought I would start 1

Bitcoin, you have all heard of it but few will actually know anything beyond the fact that it is online currency

Here is a simple guide to Bitcoin

[youtube=R2zXZOsPQ1Q]

On the 8th of June, I invested £1000 in Bitcoin Mining

Every day I get a payment from my mining contract put automatically into my wallet of around 0.00231464 of bitcoin. Unlike your pennies and pounds, bitcoin can be split up to 8 decimal places

As I type this post, Bitcoin is worth $2571.88 per the whole bitcoin so my 0.00231464 of bitcoin is worth around $5.96 per day

I have already collected $133.19 worth of Bitcoin in JUST 21 DAYS!!

Where else are you getting those type of returns for your money? there isn't a bank in the world that will give you this amount of interest back.

At this rate, my £1000 investment will yield me 0.839 of Bitcoin at the end of a 1 year period if I do not invest any more money into it

This at today's price would be $2158.83 so at today's exchange = £1662.13

My initial investment of £1000 will run for as long as the mining operation is financially viable so there is an element of risk involved however it has to run at a loss for 60 days in order for this to be triggered

As with all investments, it is advisable to not put all your eggs into 1 basket and only invest what you are willing to lose so I have taken a punt

If I go 1 step further and reinvest the bitcoin that I am earning then you get what's called compound interest and anyone who works in finance will tell you that this is where it really starts to fly up

I have my account with Swiss Gold Global so if anyone is interested in purchasing a mining contract then feel free to join me and Iw ill try and answer any questions you may have.

with Bitcoin predicted to be worth anywhere between £10,000 & £100,000 within the next 10 years, its worth your attention

Had you have bought just £1000 worth of bitcoin when it 1st came out, you would now be worth in the region of £27,500000

https://signup.swissgoldglobal.com/en/products?fmid=590070626









 
Why not just buy $1000 worth of bitcoin if you want to gamble on it increasing in 'value'
(rather than falling back to ~$200 to $400 odd range it's been trading at for much of the last two years) or go direct to Genesis mining which Swiss supposedly use if that's your thing ?
(and on a quick further look Genesis contracts seem unlikely to be profitable)

'Swiss gold global' looks a somewhat dubious scheme but good luck with it.
 
Cheers Tubbz, you must have seen my post in the inventions thread :14:

Makes more sense now, just wished I had known about it when it first came out :10:
 
Yeah, be careful with this stuff mate. Anything that's too good to be true usually is.

Don't get greedy and take money out as often as you can.

Unless you are buying computers to do the actual mining, it sounds like a Ponzi scheme.
 
I was doing a job at an investment bankers house recently and he said Bitcoin was the place to invest, but wouldn't know where to start.
 
It's something I've only read small amounts on, fascinating world we see evolving though isn't it?

Bet the early investors are happy folks!
 
I am collecting the bitcoin from SGG daily

If I spent £1000 on BC I would get 0.52 of a bitcoin

If you invest that same amount in mining then you would get 0.839 of a bitcoin after 12 months and it will still keep collecting bitcoin, possibly for years

Makes sense to do mining would you not say?

As I said in my original post, Only invest what you can afford to lose as with any investment

I'm going to purchase an Etherium mining contract this month and see how I get on with that

 
So what's the difference between Bitcoin & Etherium you ask?

[img=http://images.huffingtonpost.com/2016-12-20-1482198878-2452631-EthereumAndBitcoinWhatsTheDifference-thumb.png]

While Bitcoin has long been dominant in the cryptocurrency scene, it is certainly not alone. Ethereum is another cryptocurrency related project that has attracted a lot of hype because of its additional features and applications.

Ethereum: More Than Just Money

The first thing about Ethereum is that it is not just a digital currency. It is a blockchain-based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and it uses its currency called ether for peer-to-peer contracts.

Ethereum’s smart contracts use blockchain stored applications for contract negotiation and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them. The decentralized aspect makes it incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide greater security than traditional contracts and bring down the associated costs.

The smart contract applications are powered by ether, Ethereum’s blockchain based cryptocurrency. Ether, as well as other crypto-assets, are held in the Ethereum Wallet, which allows you to create and use smart contracts. The system has been described by the New York Times as..

“a single shared computer that is run by the network of users and on which resources are parceled out and paid for by ether.”

The Finer Details: Differences Between Ethereum and Bitcoin

There are also many smaller aspects that differ between the two blockchain-based projects. Bitcoin’s average block time is about 10 minutes, while Ethereum’s aims to be 12 seconds. This quick time is enabled by Ethereum’s GHOST protocol. A faster block time means that confirmations are quicker. However, there are also more orphaned blocks.

Another key difference between them is their monetary supply. More than two-thirds of all available bitcoin have already been mined, with the majority going to early miners. Ethereum raised its launch capital with a presale and only about half of its coins will have been mined by its fifth year of existence.


The reward for mining Bitcoin halves about every four years and it is currently valued at 12.5 bitcoins. Ethereum rewards miners based on its proof-of-work algorithm called Ethash, with 5 ether given for each block. Ethash is a memory hard hashing algorithm, which encourages decentralized mining by individuals, rather than the use of more centralized ASICs as with Bitcoin.

Bitcoin and Ethereum also cost their transactions in different ways. In Ethereum, it is called Gas, and the costing of transactions depends on their storage needs, complexity and bandwidth usage. In Bitcoin, the transactions are limited by the block size and they compete equally with each other.

Ethereum features its own Turing complete internal code, which means that anything can be calculated with enough computing power and enough time. Bitcoin does not have this capability. While there are certainly advantages to the Turing-complete, its complexity also brings security complications, which contributed to the DAO attack in June.

Ethereum and Bitcoin: Two Very Different Beasts

While many will compare the cryptocurrency aspect of both Ethereum and Bitcoin, the reality is that they are vastly different projects and have different intentions. Bitcoin has emerged as a relatively stable digital currency, while Ethereum aims to encompass more, with ether just a component of its smart contract applications.

Read More Here

http://www.huffingtonpost.com/ameer-rosic-/ethereum-vs-bitcoin-whats_b_13735404.html
 
Can the money experts on here put this into layman's terms and advise?

I have looked at Bitcoin before but struggle to grasp the theory behind it.
 
Possible future price of Bitcoin??

[img=https://comparesilverprices.com/metals/wp-content/uploads/2016/12/Wences-Casares-300x200.jpg]

“Most of the people who are on the sidelines not buying bitcoins today will start to buy when it gets over $1,000, and then a greater percentage of people will definitely plow into bitcoin once it trades over a $10,000,” once said financial analyst Max Keiser on his RT show The Keiser Report.

The irreverent Mr. Keiser, a longtime proponent of buying silver, is one of the many leading Bitcoin voices who believe that bitcoin won’t only reach it’s all-time highs of approximately $1,200 USD, but will then increase to $10,000, and even $1,000,000 per bitcoin. Some of them are included in a video which feature those who believe Bitcoin could reach $10,000 to $1,000,000.

Those who agree cite reasons including Bitcoin’s deflationary model, fiat currency inflation and hyperinflation, currency war, and increased demand for Bitcoin as it proves itself useful to increasing number of individuals.

Mr. Keiser often interviews Rick Falkvinge, a more calculating financial analyst than Keiser who uses data to demonstrate that, indeed, Bitcoin very well could one day be worth $1,000,000.
Mr. Falkvinge, like other analysts, view Bitcoin’s central value as the cryptocurrency’s transactional purposes, which is made possible by the underlying blockchain technology. The question then becomes: How much of the transactional market can Bitcoin capture?

Estimating the size of the transactional currency market is hard to do, but the amount of money in circulation worldwide is posited at 60 trillion. Mr. Falkvinge believes it’s reasonable for Bitcoin to capture 1% to 10%. Mr. Falkvinge writes:

This leads us to a target market cap of 600 billion to 6 trillion USD, to be fulfilled by about 6 million bitcoin, which makes for easy calculations. That means that each bitcoin would be worth $100,000 at the low market cap and $1,000,000 at the high market cap.

More Here

https://comparesilverprices.com/metals/bitcoin-price-one-million-dollars/
 
It's not for everyone Fulford but you then need to ask yourself the following question...

If every investor is saying do not invest, why are some of the big banks buying them?

[youtube=JvF3FTS5cQ4]
 
It may be for me, but even after watching the vids I'm still a bit baffled.

For instance can you just invest an amount of money and draw the profit whenever you want?
 
TuBBz - 30/6/2017 17:28

I am collecting the bitcoin from SGG daily

If I spent £1000 on BC I would get 0.52 of a bitcoin

If you invest that same amount in mining then you would get 0.839 of a bitcoin after 12 months and it will still keep collecting bitcoin, possibly for years

Makes sense to do mining would you not say?

As I said in my original post, Only invest what you can afford to lose as with any investment

I'm going to purchase an Etherium mining contract this month and see how I get on with that
Click to expand...

The problem is that it sounds like a Ponzi scheme. Of course, it's your money mate. You are free to do with it as you wish. We are just trying to make sure you are on the right track.

Max Kieser has been screaming about investing in silver for at least a decade. I bought 2 kg a few years ago. It's worth a lot less now than it was then.

Personally, I don't understand bitcoin. I believe that you need it to buy drugs off the internet but I'm not into that so I don't need it. From the research I've done, the market seems very unstable and nobody knows what the correct value should be so there are wild swings in the price. People like Max Kieser believe it will be worth a million dollars and others believe it's essentially worthless.

 
Fulford - 30/6/2017 15:24

It may be for me, but even after watching the vids I'm still a bit baffled.

For instance can you just invest an amount of money and draw the profit whenever you want?
Click to expand...

You can invest your money and sell the Bitcoin at the price it is on the day

The real question is, do you think the price will rise above and beyond what you paid for it?

Personally I think it will but this is your choice my friend

 
https://www.theguardian.com/technology/2017/jul/01/bitcoin-fake-site-uk-dealer-charged-us-multimillion-dollar-scam
 
A quick Google for Swiss Gold Global shows that the commission is all based on recruitment. It's a pyramid scheme.

I hope you can get your money back, Tubbz.
 
My wife invests my wages on a monthly basis, I am pretty sure I have shares in Next, New Look and Fat Face clothing companies, or returns seem to come in bags with receipts.

:86: :86:
 
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