Bitcoin

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Manchesteral
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Bitcoin

Postby Manchesteral » Thu Nov 23, 2017 5:59 pm

Today, I had an exchange with a gel haired, badly tailored moron called Cameron (god bless his parents for that) who tried to sell me a story of the wanton financial surge of "Bitcoin" I walked out of this encounter after less than 5 minutes ! Anyway to cut a long and very implausible story short, can anyone tell me of any retail outlets who accepts bitcoin ??

Please don't try to sell me any fairy stories, I just want the name of any retailers who will accept this as monetary exchange !!

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White Horse
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Re: Bitcoin

Postby White Horse » Thu Nov 23, 2017 6:46 pm

It's a virtual currency and fraught with potential problems, instability, and worse of all criminal involvement in money laundering.
Barge pole comes to mind.

olive
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Re: Bitcoin

Postby olive » Thu Nov 23, 2017 7:13 pm

I have four friends who have dabbled.

Two have done extraordinarily well. Taken out double their original money and left the rest to run. Very wise

The other two have both been hit by the same scam. had technical problems and went to what they thought was a bitcoin wallet advice site only to inadvertently download a virus. Then when they restarted their win10 PC's and tried to login to their Bitcoin wallet (which has in effect a double password , one of which is sent to your mobile) the PC sent that data and crashed again. During the time to get into the wallet site the scammers had effected a transfer and emptied their wallet. Sums involved were £50 odd and £134 ish. Not bank breaking but the end of the adventure. Bitcoin wallet provider unsurprisingly not interested. The cynic in me suspects the scammers to have very very good inside knowledge. Former employee , maybe even current employee.

Manchesteral
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Re: Bitcoin

Postby Manchesteral » Thu Nov 23, 2017 7:34 pm

But can you use it in Carrefour ??

olive
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Re: Bitcoin

Postby olive » Thu Nov 23, 2017 8:46 pm

Have a google.

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Flexo
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Re: Bitcoin

Postby Flexo » Thu Nov 23, 2017 11:27 pm

Bitcoin can be used for various things, including web purchases and in many countries stuff like cab rides, beer etc. However, it is not a currency, it is an electronic commodity, more like virtual gold than virtual dollars. It does not have a pre-defined value and there is a max limit on the number of bitcoins so it cannot really be a currency.

It has some major flaws when it comes to usability, one is the high transfer fee and the second the overvalued rate for which it is purchased. A few years ago plenty of people used bitcoins to buy beer and such, now you have to be stupid if you do so. For transactions, other cryptocoins are better. Monero for instance is much more anonymous than Bitcoin. Check http://www.cryptocompare.com.

jhonie99
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Re: Bitcoin

Postby jhonie99 » Fri Nov 24, 2017 11:31 am

Just think of tulips. Same Difference.

The fact that it's called a "coin" is the con. It makes people think it's real.

It's irrelevant that some people are making "fortunes". Traders (like myself) never reveal our losses. We always have to have people with less knowledge, to make money for ourselves.

Pamela1
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Re: Bitcoin

Postby Pamela1 » Fri Nov 24, 2017 1:38 pm

Less knowledge? ....Are you suggesting that you have to have people who are easily conned in order for you to make money??? I'm sorry if it's not the case but i doubt i won't be the only one who has interpreted this way...

Stevemul
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Re: Bitcoin

Postby Stevemul » Fri Nov 24, 2017 1:52 pm

I don’t believe Jhonie99 meant this at all. I have previously done some reading about Bitcoin trading involving “mining” bitcoins etc. I concluded that I was finding it difficult to understand and ever so boring so I stopped. That of course made me less knowledgable about it but I wouldn’t say that makes me less or more easily conned.

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Flexo
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Re: Bitcoin

Postby Flexo » Fri Nov 24, 2017 5:02 pm

Mining bitcoins has been economically dead since 2013, it now costs more energy than what you can possibly get back.

My advice to n00bs is to start with small purchases, never store large amounts in online wallets, and never keep too large amounts in the same wallet. Make backups of large wallets and make sure nobody else can touch them (don't use online backup for wallets, keep them on a flashdrive or external HD).

Electrum is a good wallet I personally use.

anyroads
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Re: Bitcoin

Postby anyroads » Mon Nov 27, 2017 12:56 pm

As Bitcoins are now "approaching $10,000 a piece" as per today's business news, surely one coin would be a large wallet !

As an aside, there is a rumour that Amazon is considering accepting Bitcoin as payment.

anyroads

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Flexo
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Re: Bitcoin

Postby Flexo » Tue Nov 28, 2017 9:57 pm

And don't do anything this stupid:
http://altdigitalcurrency.com/bitcoin-h ... s-network/

and if you have an intel processor, update your BIOS as soon as your computer manufacturer has fixed the backdoor bug from last week.

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Enrique
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Re: Bitcoin

Postby Enrique » Wed Nov 29, 2017 8:39 am

Hi Flexo,

"and if you have an intel processor, update your BIOS as soon as your computer manufacturer has fixed the backdoor bug from last week"

A more specific link would be of use................. :idea:
UNIX is basically a simple operating system, but you have to be a genius to understand the simplicity.

Stevemul
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Re: Bitcoin

Postby Stevemul » Wed Nov 29, 2017 9:28 am


Manchesteral
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Re: Bitcoin

Postby Manchesteral » Wed Nov 29, 2017 6:30 pm

If you own or have a position in Bitcoin can you convert them to, say Cayman dollars or US ?? What would be the trading value, in other words if I have 10. 000 bit coins how would that be converted to US dollars or Cayman dollars ?

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Flexo
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Re: Bitcoin

Postby Flexo » Wed Nov 29, 2017 9:28 pm

You cannot convert them, you can sell them. The regulations regarding Bitcoin trading is different in different countries. I think here in Spain you will need to file information about the buyer and include it in your tax return but that is just what I have noticed other sellers do here in Spain.

You can buy and sell from private traders at sites like Localbitcoins ( https://localbitcoins.com/ ) , usually at worse rates than bigger trading sites but I haven't seen a big trading site like an actual bank that offers to buy larger amounts of bitcoins since 2014 or so.

Manchesteral
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Re: Bitcoin

Postby Manchesteral » Wed Nov 29, 2017 9:38 pm

Thanks Flexo, I think you've answered my question, I'm trying to help someone but I don't want to put myself at a legal or financial disadvantage !!

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firsttango
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Re: Bitcoin

Postby firsttango » Thu Nov 30, 2017 1:57 pm


Manchesteral
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Re: Bitcoin

Postby Manchesteral » Fri Dec 01, 2017 5:40 pm

OK, thanks to everyone who contributed to this thread.
I am trying to help a long term business associate out with a small cashflow problem, I won't be able to help him in this case, looks too dodgy to me, thanks again for your patience, Al.

anyroads
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Re: Bitcoin

Postby anyroads » Sun Dec 10, 2017 8:12 pm

The ironical thing is..

"Cameron" would have doubled your money by now !

anyroads


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