^^ Pyramid..Ponzy.. whatever..after watching all those bitcoinistas revolutioneries on the tube transmiting from the bedrooms of their parents houses I have no doubts it's a fraud which made the millennials to believe that the wealth can be obtained without hard work..good luck getting rich..I am out of here.

Saw this news clip on the ABC this morning. It is about the split of virtual currencies. A new one called "Bitcoin Cash" is no win competition with Bitcoin.
www.abc.net.au/news/2017-08-01/bitcoin-split-threatens-as-business-watches-on/8763638

Also, if you go to the "fake news site" ABC, the second page will have another article about them, and some interesting comments by Shane Oliver of the AMP Investments.

As for the popularity of Bitcoin, a cafe in St Kilda, Victoria, said that it used to have 12 transactions per week paid for with Bitcoins. Now only 1 or 2 per week. Interesting about how wide spread the currency is going to be.

The blockchains have indeed split and there is now Bitcoin and Bitcoin Cash. Bitcoin is more so the way developers want bitcoin to go, Bitcoin Cash more so the way miners want bitcoin to go.

Bitcoin is planning to improve the transaction rate by a adding another layer, and the lightning network. This has already been proven with a previous and popular fork of bitcoin litecoin (litecoin.info/index.php/Main_Page). (I actually own some litecoin and consider it #2)

Bitcoin Cash is planning to improve the transaction rate by increasing the block size.

There has been a lot of political and idealogical arguments from both sides for many years. Now that there has been a split we can see which works better.

No, people can't buy coffee with bitcoin anymore because the transaction costs are too high. About 0.0005btc which is $1.70. Very good for large amounts, not so good for a coffee. Both bitcoin and bitcoin cash seek to resolve this issue by increasing the amount of transactions, significantly, thus reducing transaction costs.

We'll see which works better over the coming months.

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What would a split mean?

Generally speaking, chaos - though mostly limited to those who use or squirrel away bitcoin.

People who use bitcoin couldn't be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

Taking bitcoin, for instance, could leave you with currency you couldn't spend freely - and that might disappear entirely if it ended up being the "wrong" kind.

Yeah. Nah. It's really simple. The blockchain has split. All coins you had before the split are now on both chains. You have bitcoin and bitcoin cash.

I now have n bitcoins and n bitcoin cash. Free money.

To be sure sure move your bitcoin to a new address/wallet.
Your bitcoin cash will be available on the bitcoin cash chain at the old address/wallet.

You can exchange or keep either (will have to wait a bit to exchange bitcoin cash).

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I now have n bitcoins and n bitcoin cash. Free money.

How big is your "n" ? It will be a private secrete between you and meee

I have n.nnnnnn btc. : )

1 BCH (the new Bitcoin Cash) is trading for 0.17 XBT (Bitcoin). So everyone holding bitcoin before August 1st just made 17%. Although that number has fluctuated between 11% and 32% the last 24 hours. https://www.kraken.com/charts. The trading volumes for Bitcoin Cash are 10x the trading volume for Bitcoin, whatever that means.

I haven't decided what to do with my BCH yet. I might hold for a dead cat bounce.

...it's a weird hobby I'm now invested in.

Hey if my bitcoin is on am exchange how do i get my bitcoin cash??? Or have i missed out???

why everyone speculates on bitcoin and tries to work out how they can get their money out there is Alipay and WeChat pay with 400,000,000 users daily in china.

Stripe's Alipay and WeChat Deal Could Make Bitcoin Shopping Mainstream
bitsonline.com/stripe-alipay-wechat-bitcoin/

The two firms dominate the mobile-payments market in China, holding a combined 90 percent share in a country that not too long ago preferred cash payments to anything else.

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Razzonater said..
Hey if my bitcoin is on am exchange how do i get my bitcoin cash??? Or have i missed out???

Exchanges are for exchanging currency. Banks are for storing currency. With Bitcoin you are the bank. < Read that again.

This is definitely a pro/con as it's a huge change from what we are used to as it removes banks, institutions and any form of control completely from the system. It's a peer-to-peer currency system.

For your situation it depends on the exchange. From what I can gather most are completely against Bitcoin Cash and are just going to ignore it. Some are going to give their customers BCH. Google "[your exchange] bitcoin cash" and they'll surely have a post on how they are handling the fork/split.

See, if you keep your private keys with an exchange it's technically their money. Only they know the private keys to the wallets. I'd have to suspect if they aren't giving you your BCH they're surely selling it.

Solution in two words: use Electrum.

______________

Bitcoin Explained with Emoji (part 1)
medium.com/s/story/making-money-530d2bb2b8f7
See especially part 2 where it explains the public-private key pairing that is behind bitcoin addresses/wallets/money. Understand this concept. It will click.

Software
I'd recommend downloading Electrum and learning how to use it. It's not hard at all.

Security
Then you can move onto Jason Bourne/TinFoil Hat levels of securing your own money:
www.turnkeylinux.org/blog/secure-bitcoin-transactions

Personally I've used bitkey.io to have all my money in a wallet that has never been outside of RAM on an offline computer. It's probably tinfoil hat levels of paranoia, but it's also a fun and interesting technical exercise

Everything is now so ****ing secure that the problem becomes "what if I die?". My wife will be "huh?". It's a security/convenience balance I haven't quite got fully sorted just yet.

Looks like Bitcoin is the Facebook of the crypto currencies at the moment. But what happens if another overtakes it? The advantage of precious metals, gold, silver, platinum is that that's that. The periodic table isn't going to come up with something brilliant that takes over leaving the others to fade away.

www.socialmediatoday.com/social-networks/facebook-remains-dominant-social-platform-infographic

^ if the central banks had their game on they could replace bitcoin themselves.

I am not a rich bloke, and I am not trying to be. Just being comfortably financially secure. Being safe and secure has its downside. It takes forever to get to the stage where you know you have had enough. Yes, there are ups and downs, but these are small ones in comparison to the huge swings.

The bad news we learned about people lost the bloody lot for investing in some get-rich-fast schemes. 10%, 20%, or even more were promised and accepted by the punters believing that money does grow on trees. Well, it really does. It grows on people's back...on people who got scammed. So it is ripping one poor bastard to pay for another potential poor bastard, while the scums who facilitate the scams got away with the riches.

But we don't learn. And I suspect we just don't want to learn because we believe we are not like the idiots before us. We are far smarter and we can smell a scam from a long way. But hello hello, people still lost their live savings.

It is my understanding that you can "mine" Bitcoins. To mine it, you need to be able to solve a series of difficult puzzles. For your efforts, you will be richly rewarded with Bitcoins. I got this from the ABC yesterday. Now that really bring me back to my original cynicism of cyber currencies. Playing and solving complex puzzles is now an occupation ? How many jobs can it create ? Dos it add any value to the society. So geeks wasting their youth solving puzzles now can get rich ?

Where is this world heading to ?

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Jupiter said..
So geeks wasting their youth solving puzzles now can get rich ?

Yeah, that's been going on for a while mate. Those puzzles are called algorithms and those geeks are known as programmers. A really rich one is called Mark. Not sure if he 'wasted his youth' though - $71 Billion before you are 35 is not bad really.

Yes you can mine Bitcoins or you could use the same home PC processing power for science.

I'm much happier and feel "richer" for having supported Folding for many years.
en.m.wikipedia.org/wiki/Folding@home [halo/]

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Mackerel said..

Jupiter said..
So geeks wasting their youth solving puzzles now can get rich ?

Yeah, that's been going on for a while mate. Those puzzles are called algorithms and those geeks are known as programmers. A really rich one is called Mark. Not sure if he 'wasted his youth' though - $71 Billion before you are 35 is not bad really.

If you measure one's worth or achievements in dollars, then yes. Definitely. I hold someone with much higher respect for other "frivolous" achievements such as discovering vaccines, new treatments for cancers.

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Jupiter said..
If you measure one's worth or achievements in dollars, then yes. Definitely. I hold someone with much higher respect for other "frivolous" achievements such as discovering vaccines, new treatments for cancers.

That is solving puzzles dude.

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evlPanda said..

Jupiter said..
If you measure one's worth or achievements in dollars, then yes. Definitely. I hold someone with much higher respect for other "frivolous" achievements such as discovering vaccines, new treatments for cancers.

That is solving puzzles dude.

So did the Bitcoin miners actually help to solve some of the medical puzzles? Or scientific puzzles? Is Bitcoin now acting as something akin to the Nobel Prize which awards people who ACTUALLY contributed to the common good of the society ? But the Nobel Prize is not just about money, but the prestige.

Has Bitcoin published a list of achievements by the Bitcoin miners yet ? May be such welcome news are hidden in Block-chains? Totally secretive and known only to those in the know ?

The blockchain has applications which are certainly for the good of society. Staying on the health theme:

http://prime-core.com/treating-cancer-with-blockchain-computing/

www.corrs.com.au/thinking/insights/using-blockchain-to-secure-and-share-health-data/

hbr.org/2017/03/the-potential-for-blockchain-to-transform-electronic-health-records

From the first link:
Computer processing has become an important tool for diagnosing and treating cancer. The idea is that with personalized treatments coming into a clinical setting, rapid analysis of a patient's data becomes more crucial. The same applies to research in finding more cures for cancer.

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bene313 said..
The blockchain has applications which are certainly for the good of society. Staying on the health theme:

http://prime-core.com/treating-cancer-with-blockchain-computing/

www.corrs.com.au/thinking/insights/using-blockchain-to-secure-and-share-health-data/

hbr.org/2017/03/the-potential-for-blockchain-to-transform-electronic-health-records

From the first link:
Computer processing has become an important tool for diagnosing and treating cancer. The idea is that with personalized treatments coming into a clinical setting, rapid analysis of a patient's data becomes more crucial. The same applies to research in finding more cures for cancer.

So now we need another "secure" means to transmit our health data. Whatever happened to our current one ? Is it not good enough ? Not fast enough ? Not secure enough ? If all of the above, why can't we just sort out the issues instead of looking for another spiffy way, ie. Block-chain to deliver similar essential requirements in transmitting health data ?

By the way, I notice the word "potential". My mom told me I do have potential, loads of it too. But look at meee

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Jupiter said..

evlPanda said..

Jupiter said..
If you measure one's worth or achievements in dollars, then yes. Definitely. I hold someone with much higher respect for other "frivolous" achievements such as discovering vaccines, new treatments for cancers.

That is solving puzzles dude.

So did the Bitcoin miners actually help to solve some of the medical puzzles? Or scientific puzzles? Is Bitcoin now acting as something akin to the Nobel Prize which awards people who ACTUALLY contributed to the common good of the society ? But the Nobel Prize is not just about money, but the prestige.

Has Bitcoin published a list of achievements by the Bitcoin miners yet ? May be such welcome news are hidden in Block-chains? Totally secretive and known only to those in the know ?

Jesus Christ man, it's just a currency.

Today: www.xe.com/currencycharts/?from=XBT&to=AUD

My Token / ICO / Blockchain Capital Markets Landscape
medium.com/@etiennebr/my-token-ico-blockchain-capital-markets-landscape-617e6ff1eae1

^ I still can't see the advantage of a hardware wallet over an offline wallet.


Public Service Announcement
If you had Bitcoin (btc) before August 1 you also have the equivalent in Bitcoin Cash (bcc).

You can trade your bcc for btc now at https://hitbtc.com. Takes a minute to sign up as you're not adding or withdrawing any $AUD. No photo Id or confirmation required; it's all crypto.

You probably want to exchange your bcc now, before the other exchanges allow everyone to dump bcc.
Unless you believe in bcc of course. Currently trading at .075 btc

Interesting evil panda, I thought about dumping mine but I though dammit and am just going to hold it...
It may be worth little now and for the next 6 months but with bitcoin and bitcoin cash combined it is still a relatively low number of tokens compared to many of the other top ten.
You know whats hot right now and will be into the future is neo or antshares , i got a hundred bucks of them at 5 dollars and now they are well over 20 ....... they may go down again but i dont think below 10 bucks so pretty happy.
It does sort of counteract my other poor selections which have halved in value.........interesting... I put in a grand and will report as stated 12 months from when i started no selling no trading no buying more just a bit of a gamble and a looksie...
I think it was bitcoin which if you put a grand in 7 years ago it would be worth 28 million.........
Even if im 10% of 10% as fortunate with my 1000 spread across the top ten I will be stoked.....
Hell 1% of 10% would still be a round the world trip....

^ I read elsewhere of conservative estimates of 10,000 ICOs by 2022 or something like that.

99% will fail. But 1% will become the next tech goliaths.

It's like ecommerce in 1997.

^ Why does the next tech Goliath need to be built on a blockchain? I'm still fishy on Ethereum. I can't see any use cases for it that aren't ...mediocre.

The blockchain, and blockchain technology, is essentially an immutable database.

This is excellent for a ledger, company shares, wills, property, community tokens.

But what else? What could this future tech. Goliath built on the blockchain possibly even be? Back in the dot-com boom the possibilities were endless. And still are. The/a blockchain is very limited compared to the internet at large.

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evlPanda said..
Back in the dot-com boom the possibilities were endless. And still are.

That is a bit of a stretch, innit ? The Dot Com "phenomenon" was a con pure and simple. You can dice, slice and cut it in as many ways as you like, it was a massive con to lure greedy people in, and left them high and dry when they bled them comprehensively!

Please do tell us about the possibilities of the Dot Com other than the massive losses suffered by the easy-led.

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evlPanda said..
^ Why does the next tech Goliath need to be built on a blockchain?

They don't have to be. But we've got all these companies raising all this capital through ICO and some of them will be successful. Some will end up being giants.

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Jupiter said..
That is a bit of a stretch, innit ? The Dot Com "phenomenon" was a con pure and simple. You can dice, slice and cut it in as many ways as you like, it was a massive con to lure greedy people in, and left them high and dry when they bled them comprehensively!

Please do tell us about the possibilities of the Dot Com other than the massive losses suffered by the easy-led.

Oh, didn't you notice the trend:

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bene313 said..

Jupiter said..
That is a bit of a stretch, innit ? The Dot Com "phenomenon" was a con pure and simple. You can dice, slice and cut it in as many ways as you like, it was a massive con to lure greedy people in, and left them high and dry when they bled them comprehensively!

Please do tell us about the possibilities of the Dot Com other than the massive losses suffered by the easy-led.

Oh, didn't you notice the trend:

The Dot Com didn't create tech giants like The Apple, Goggle, etc. The Dot Com promised to make you rich fast without lifting a finger, and many idiots liked that and believed in such con. Do you remember even mining companies got into the act by "diversifying" into porno ? Or smartly suited hombres showing potential investors (suckers) their "business plans" ? Those were noting more than a big white board with lots of thought bubbles, and they ended up as just that, bubbles !

It has gone for good. But I bet some other forms of "though bubbles" will lure people with money but little sense in. I just hope this Bitcoin, Bitcoin Cash, whatever, whatever, will end up in similar fashion.