Bitcoin Mining & Other Crypto Currencies | Page 14 | Vital Football

Bitcoin Mining & Other Crypto Currencies

JuanPabloAngel said:
Oh dear...

Irish drug dealer loses £46m bitcoin codes he hid in fishing rod case

In early 2017 Clifton Collins, an Irish drug dealer, had a dilemma: where to hide the codes of his illicit €55m (£46m) bitcoin fortune.

His solution was to print them on to an A4 piece of paper and stash it in the aluminium cap of a fishing rod case kept at his rented home in Farnaught, Cornamona, County Galway. It seemed a good idea at the time.

Then three things happened. Police arrested Collins after finding €2,000 worth of cannabis in his car. He was sentenced to five years in jail. The landlord of the Galway house had it cleared out, resulting in Collins’ possessions being taken to a dump.

https://www.theguardian.com/world/2...llins-l46m-bitcoin-codes-hid-fishing-rod-case
Click to expand...

Amazingly, his investment must have been just €27k.
 
As a little experiment, I had some old video cards lying around, after upgrades. I read online about a Swiss bloke heating his home with rigs mining Bitcoin, so it gave me a little idea.

I have been heating my study with the old video cards, on a new £40 motherboard, for the last two winters, and have made a huge 0.055 bitcoins!!!!!!!!!

Before you scoff, that's £400 at current prices. I'm quite pleased with myself.
 
Last edited:
Just had a letter from Hargreaves Lansdown saying they FCA have banned derivative trading of these. I stuck a small amount into an Ethereum tracker which was pure speculation - money I was quite happy to lose as no more than a decent meal - and they’ve halved in price. Imagine these people that invested tens of thousands...

Although bitcoin is back up to £12k
 
Anyone watch the Keiser Report on RT? An obviously intelligent guy, talks a lot about the collapse of the US and the dollar as you can imagine which makes him popular on RT, but also a heavy advocate of Bitcoin. I don’t know what to make of him which might be because he talks quicker than my brain can process what’s he’s saying. But when I keep up, I agree with some of what he says such as quant easing.
 
danvilla2 said:
Anyone watch the Keiser Report on RT? An obviously intelligent guy, talks a lot about the collapse of the US and the dollar as you can imagine which makes him popular on RT, but also a heavy advocate of Bitcoin. I don’t know what to make of him which might be because he talks quicker than my brain can process what’s he’s saying. But when I keep up, I agree with some of what he says such as quant easing.
Click to expand...

Is he still going?

My brother got into gold and silver ten years ago. Max Kieser was spouting the same old clap trap back then too.
 
BodyButter said:
Is he still going?

My brother got into gold and silver ten years ago. Max Kieser was spouting the same old clap trap back then too.
Click to expand...

I don’t know a lot about him, but yes he’s still going then. And yes, still going on about Gold.

Made me think if the Russians want disruptive crypto currencies to help money laundering around the world? Putin isn’t one of the richest men on earth for nothing.
 
danvilla2 said:
I don’t know a lot about him, but yes he’s still going then. And yes, still going on about Gold.

Made me think if the Russians want disruptive crypto currencies to help money laundering around the world? Putin isn’t one of the richest men on earth for nothing.
Click to expand...

It's not just Max Keiser. There are a bunch of guys who join the circles of conspiracy theories, gold, bitcoin. It's a whole rabbit hole and they all back each other up, go on each other's podcasts, etc.

Of course, they all claim that they are telling the real news and that everyone else is blind. Oh, and the dollar is always on the verge of collapse.
 
BodyButter said:
It's not just Max Keiser. There are a bunch of guys who join the circles of conspiracy theories, gold, bitcoin. It's a whole rabbit hole and they all back each other up, go on each other's podcasts, etc.

Of course, they all claim that they are telling the real news and that everyone else is blind. Oh, and the dollar is always on the verge of collapse.
Click to expand...

Well bitcoin is a pyramid scheme and these the levels below then to keep coming in. I’d do the same if I had tens or hundreds of thousands invested in bitcoin
 
BodyButter said:
Is there any logic or reason to why it's gone back up? Bitcoin always looked hokey to me.
Click to expand...

Hedge against inflation of the US dollar I believe. US is like 20 Trillion in debt now? They're projected to go ever more in debt with further stimulus and will encourage inflation in 2 or 3 years which allows them to pay off debt quicker and without it being a burden.

It'll be interesting, they've tried to create inflation for 10 years and failed so we'll see how they plan to get it going.

I don't know enough about all this but I have a small bit of Bitcoin myself just in case the bull case ever happens and it hits $100,000.

The other theory on why Bitcoin is doing so well is people in their 20s, 30s and 40s who think gold is dumb.
 
HeathfieldRoad1874 said:
https://www.independent.co.uk/life-...ice-all-time-high-forecast-2021-b1759127.html

The price of bitcoin could hit $300,000 (£225,000) next year – more than 16-times its current value – according to a leaked report from Citibank.
Click to expand...

It does seem like some banks are getting FOMO from crypto’s, I believe Standard are looking at bitcoin.

The only reason I invested a very small speculative amount in Ether was something I read around being able to process the transaction much quicker than the current banking setup. I don’t know how much truth was in it, but the way technology is used to do the bookkeeping does seem to have some positives for banks not having to have huge amounts of money spent on servers and security.
 
I was surprised that these currencies followed the stock markets down when Covid hit. There shouldn't be any correlation, and indeed, I expected what this report says. It would be a haven many would move to in bad times, like Gold.

It seems institutional investment is now following this pattern.
 
HeathfieldRoad1874 said:
I was surprised that these currencies followed the stock markets down when Covid hit. There shouldn't be any correlation, and indeed, I expected what this report says. It would be a haven many would move to in bad times, like Gold.

It seems institutional investment is now following this pattern.
Click to expand...

Gold has some tangibility behind it at least, but isn’t the value linked to gold far in excess of actually how much gold is actually on the planet? People are trading derivatives as opposed to the metal I guess.

Cryptos have advantages if they can become the standard payment of the world without charges. Banks want to charge an obscene amount for me to spend Euros or Dollars - per transaction - so there would be consumer demand out there for a global payment currency that doesn’t have a middle man profiteering. The problem is banks and governments are reluctant to stand behind it for what I can tell.
 
There is far more Gold than the price justifies. Bitcoins are as good as a metal. I know you can't touch them, but they have a value. I think they've proved the doubters wrong.

I'd love to see my £800 turn into £10,000!!!!!
 
You must log in or register to reply here.