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Post by Deleted on Apr 20, 2021 16:27:59 GMT
I wonder how many out there are either doing this or considering their options. With the news headlines this week predicting an incoming boom in trading I wonder how many new millionaires maybe in the making? Now I know nothing of this stuff other than what my IT son has been trying to tell me and his siblings. This has resulted in him not 9nly setting up his own mining operation for a new coin being released onto the stock exchange next month bu also in setting up devices for another two of my sons who invested with him, although not as much. Today the coins appeared on a site where some people take a gamble and trade before the official launch, like an IOU. Clealy there is a lot of interest in this new coin, especially in China where they have been pumping millions into hard drives, we now have a world shortedge.. ok, so what price did they reach' they are currently ( well a few hours ago when last checked) at $1700...they peaked at $5000... what does this mean, well for my IT son who is now ranked 66 in the world for total coinage, this afternoon if he had sold he would now be a millionaite...I excitingly await to see what happens when they go live.... Pete
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Post by silverfox on Apr 20, 2021 17:36:44 GMT
Peter
you said
what does this mean, well for my IT son who is now ranked 66 in the world for total coinage, this afternoon if he had sold he would now be a millionaite
Well he won't and he isn't
When i was in BT and we were given free and had options to buy more at 'mates rates!' one chap reckoned he was worth over 50k
I pointed out to him that would only be true if he sold them, until then it is only monopoly money
I sold mine when they were, IIRC £15.00+ per share and the cash sat in my bank He didn't and they plummeted in the late 90s Where was his 50K???
Someone is going to fleece a lot of gullible people, i just hope your lad isn't one of them
If it looks to good to be true.........
Perhaps i am seeing it all wrong, but i cannot understand why everyone panics when share prices drop and they go one about how the acme companys value has dropped X pounds BUT the Acme company has not lost a penny and could still have a very healthy order book For example When they floated they say sold 1m shares at 10.00 each They then had 10m in the petty cash fund!
Now if the shares go up do they get anymore money?...No if they go down do they have to shell out the difference? no. The Stock market is just a big posh betting office where the punters rob each other instead of the bookie doing it lol
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Post by Deleted on Apr 20, 2021 17:47:47 GMT
Hmm...well the cryto market isn't the same thing as normal shares....we shall see what happens next month...keep an eye on the news channels is what I would say. Oh and if he had sold now it would be a risk as it's not regulated in these IOU schemes...I don't know why anyone would take the chance. The fact is though, that some people traded today on these IOU conditions and some paid $5k for the previledge.
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Post by Roger on Apr 20, 2021 18:48:36 GMT
I looked into mining Bitcoin, but it's a mug's game. The goal posts are constantly moving, so it's ever harder to make any money. If you're sharp enough and pick the right currency, you can certainly make money. However, it's probably the most risky form of dealing you'll ever get involved in. It's more like gambling than anything else.
You're better off picking good tech stocks such as Tesla or some of the Genetic research companies in my opinion.
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Post by Deleted on Apr 20, 2021 19:34:13 GMT
I looked into mining Bitcoin, but it's a mug's game. The goal posts are constantly moving, so it's ever harder to make any money. If you're sharp enough and pick the right currency, you can certainly make money. However, it's probably the most risky form of dealing you'll ever get involved in. It's more like gambling than anything else. You're better off picking good tech stocks such as Tesla or some of the Genetic research companies in my opinion. From what my son tells me you need to be in at the start to make big money...no point in going for bitcoin now as that ship has already set sail. You probably saw the recent story of one guy who used some pf his bit coin to buy a pizza years ago, IIRC at today's prices that pizza cost him over £400k. You also have the guy who's put up a reward of £500k for anyone who finds his old hard drive with his bitcoin details on which was accidently thrown out some years ago. This new coin looks very promissing, I can't recall the name of the creator but he"s a big name in this field and highly respected. My son isn't gulible, he doesn't take risks and knows his stuff, plus with a 1st in Maths he's also very bright. Pete
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Post by Roger on Apr 20, 2021 20:32:53 GMT
I looked into mining Bitcoin, but it's a mug's game. The goal posts are constantly moving, so it's ever harder to make any money. If you're sharp enough and pick the right currency, you can certainly make money. However, it's probably the most risky form of dealing you'll ever get involved in. It's more like gambling than anything else. You're better off picking good tech stocks such as Tesla or some of the Genetic research companies in my opinion. From what my son tells me you need to be in at the start to make big money...no point in going for bitcoin now as that ship has already set sail. You probably saw the recent story of one guy who used some pf his bit coin to buy a pizza years ago, IIRC at today's prices that pizza cost him over £400k. You also have the guy who's put up a reward of £500k for anyone who finds his old hard drive with his bitcoin details on which was accidently thrown out some years ago. This new coin looks very promissing, I can't recall the name of the creator but he"s a big name in this field and highly respected. My son isn't gulible, he doesn't take risks and knows his stuff, plus with a 1st in Maths he's also very bright. Pete Hi Pete, I'm not saying that anyone is gullible. However, there are so many new Crypto currencies, each claiming to be the next big thing, and most sink without a trace. Maybe your Son has picked a winner, but there's simply no way to tell. Legislators can destroy these currencies in the blink of an eye. Hindsight is a wonderful thing, but I still contend that this is more gambling than anything else. Share dealing is risky, but Crypto is on another level.
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JonL
Elder Statesman
WWSME (Wiltshire)
Posts: 2,902
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Post by JonL on Apr 22, 2021 20:41:17 GMT
For some people to win, other people will have to lose. There are more losers than winners.
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Post by delaplume on Apr 22, 2021 21:30:56 GMT
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Post by Deleted on Apr 23, 2021 8:20:20 GMT
For some people to win, other people will have to lose. There are more losers than winners. That's not really the case with a new crytocion.....it's up to the individual how much they spend on the hardware that they use to mine/farm for coins. Two of my son's have invested approx £2k in hardware but that investment can not be lost, the hardware is theirs. My son-in-law following my son's instruction recently simply uses his home PC hard drive and amazingly has also gained a few coin. The chinese are now putting millions into hardware to mine faster I won't pretent to understand this stuff, it's way over my head, my son does. The coin is due to go live in a few weeks, it may only start at a few dollars each but then so did bitcoin which IIRC is now valued at £45k per coin. Pete
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Post by Deleted on Apr 23, 2021 8:23:30 GMT
Talking of Tesla, didn't he just invest a massive amount in crytocoin, somethinh like $1.5 billion which made him more many than all his companies put together?
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Post by silverfox on Apr 23, 2021 8:40:51 GMT
Peter
If this goes tits up what else can this hardware be used for? and will he get 2k back for it if he sold it?
Possibly being overcautious but i would rather miss out However tell him when he flies into LHR in his new his new Lear Jet and i will shake his hand ( Covid permitting)
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Post by Roger on Apr 23, 2021 8:50:51 GMT
Talking of Tesla, didn't he just invest a massive amount in crytocoin, somethinh like $1.5 billion which made him more many than all his companies put together? He certainly did, although I don't think he made as much money as you suggest. To be honest, it was a bit hypocritical really. He's always maintained that it's urgent to change to sustainable energy, yet Bitcoin wastes vast amounts of energy for no good purpose.
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Post by Deleted on Apr 23, 2021 9:17:00 GMT
I don't recall the details but some main banks are now using crytocoin. I think Alan's post was referring to the fact that you can now buy a Tesla using bitcoin. A year or so ago there was a very expensive house in London where the owner wanted to sell for bitcoin, not sure what the final outcome was? Ron £2k is very little for the possible return, anyway, he told my wife that when it goes as he expects he'll pay off our mortgage, mind you there's not much left on that now... Pete
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Post by silverfox on Apr 23, 2021 11:21:18 GMT
Peter
you should be a politician lol. Completely ignoring the question and then a totally useless answer gives a big IF...
anyway this seems to have been replaced by a third currency called ethereum see the story about a digital picture of Concorde over the Bristol suspension bridge 20 ethereum( £35k GBP) for a digitsal download. There is one born every minute, trouble is i can never find them to offload my latest wheeze
So back to the question What else will this hardware do apart from mine coins? and will he get back his 2k in full when he sells it should it goes tits up?
But back to modelling
Did you gritblast the tender before etching and grey primer?
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Post by Deleted on Apr 23, 2021 11:37:02 GMT
The hardware is basically high capacity storage that can be used for a number of roles, it can also be sold to other people wanting to take up crypto coin mining, running large servers, etc, etc, something that is big business these days. So much so that my son is seriously considering giving up his very well-paid job to just build these systems, he's even developed a method to increase the coinage return.
There are many crypto coin currencies out there, it will become the main currency of the future. The Bank of England along with a number of other country 'national banks' announced last year that they intend to launch their own joint crypto coin in the near future. More banks are joining in all the time, for example, Barclays now deal with crypto coin.
As for the tender, no it was keyed by hand, etched with acid 8, and then primed. The paint has been on there for 10 years now.
Pete
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Post by silverfox on Apr 23, 2021 12:40:28 GMT
Peter
Thanks for the info on the tender
I think i will close that part of the brain that deals with all this pseudo money. If i cant see or feel it, it doesn't exist.... That is why i have so many problems with electricity lol
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Post by Deleted on Apr 23, 2021 13:02:36 GMT
me too, Ron, btw my son has just been offered £1k for doing something crypto related for 1 week, get 100 offers like that per week and I can see why he's tempted...
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Post by Roger on Apr 23, 2021 18:03:28 GMT
If it's like Bitcoin, the controllers can adjust the difficulty of the mining algorithm to make it ever more difficult and control the 'money' supply. That's why it used to be possible for people to run a simple program and make a little money. Then people found ways of using Graphics Cards to perform the calculations, followed by dedicated hardware based on FPGAs. Each development is met by the raising of the bar, so that unless you're very quick at adapting, it soon becomes uneconomic. Some will certainly make money, but most won't. Owning Crypto Currency is fraught with danger. You can lose your entire wallet very easily, or can have vast amounts of money stolen. I'm not against Crypto Currencies in principle, but the practical aspects make it more like the Wild West than anything else.
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Post by delaplume on Apr 24, 2021 23:14:46 GMT
Peter Thanks for the info on the tender I think i will close that part of the brain that deals with all this pseudo money. If i cant see or feel it, it doesn't exist.... That is why i have so many problems with electricity lol You mean that new fangled thing called}...... e--lec---trickery ??........Bah !! Humbug Sir....It'll never replace good old Fanny by gaslight !!
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Gary L
Elder Statesman
Posts: 1,208
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Post by Gary L on Apr 27, 2021 19:29:39 GMT
If it's like Bitcoin, the controllers can adjust the difficulty of the mining algorithm to make it ever more difficult and control the 'money' supply. That's why it used to be possible for people to run a simple program and make a little money. Then people found ways of using Graphics Cards to perform the calculations, followed by dedicated hardware based on FPGAs. Each development is met by the raising of the bar, so that unless you're very quick at adapting, it soon becomes uneconomic. Some will certainly make money, but most won't. Owning Crypto Currency is fraught with danger. You can lose your entire wallet very easily, or can have vast amounts of money stolen. I'm not against Crypto Currencies in principle, but the practical aspects make it more like the Wild West than anything else. Well, I am against it on principle, and the clue is in Roger’s previous post. These high-powered computers doing nothing but churning away on pointless calculations are using up colossal amounts of energy worldwide, which is pumping serious amounts of CO2 into the atmosphere, and for what? The days of currency having any intrinsic value went out with Sovereigns and Pieces of Eight. But an international currency still has to meet two requirements to be worthy of the name. It has to be widely acceptable in exchange, and it has to be backed by a State. If the bottom drops out of my US dollars, I can expect some compensation from the Federal Reserve, but it won’t happen because the USA has stupendous economic reserves, and takes care to keep it that way. Ask yourself how much of this applies to Bitcoin and its analogues. “If something seems too good to be true...” Just saying... Gary
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