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SW19 CPFC Addiscombe West 13 Jan 21 5.10pm
Originally posted by Badger11 So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets? Ha. Indeed. Another reason why it will never win out Stirling is right re. the 'whales' Something like 2% of all holders (I nearly wrote investors there as that's what it is, an investment, albeit a mental one, certainly not a currency) own 95% of all the mined bitcoin. And of that 2% a smaller number are the 'whales' – they probably have some sort of cartel going on between at least a few of them to manipulate prices. I would. If a whale sold all their stash tomorrow the market would swing massively. Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value. Did you know? 98.0000001% of people are morons.
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SW19 CPFC

Addiscombe West 13 Jan 21 5.10pm

Originally posted by Badger11

So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets?

Ha. Indeed. Another reason why it will never win out

Stirling is right re. the 'whales'

Something like 2% of all holders (I nearly wrote investors there as that's what it is, an investment, albeit a mental one, certainly not a currency) own 95% of all the mined bitcoin. And of that 2% a smaller number are the 'whales' – they probably have some sort of cartel going on between at least a few of them to manipulate prices. I would. If a whale sold all their stash tomorrow the market would swing massively.

Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value.

Did you know? 98.0000001% of people are morons.

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SW19 CPFC Addiscombe West 13 Jan 21 5.13pm
Originally posted by BlueJay Jesus. I almost feel ill on his behalf from just reading this. There's another article about the welsh guy that threw out his hard drive in 2013 with all his bitcoin on it. The amusing thing is he'd put the hard drive in a drawer to save it, then forgotten what it had on it and threw it out some time later. Would now be worth around the same amount (£200m). Apparently it's in a landfill in wales. He even went back there a few months later when he realised what he'd done to try and find it. The workers said you can try, but it'll be buried a few metres deep by now. I think at that point he gave up – I'm not sure how you can make peace with that sort of error but sounds like he has! 'In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than $250m.' Did you know? 98.0000001% of people are morons.
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SW19 CPFC

Addiscombe West 13 Jan 21 5.13pm

Originally posted by BlueJay

Jesus. I almost feel ill on his behalf from just reading this.

There's another article about the welsh guy that threw out his hard drive in 2013 with all his bitcoin on it. The amusing thing is he'd put the hard drive in a drawer to save it, then forgotten what it had on it and threw it out some time later.

Would now be worth around the same amount (£200m). Apparently it's in a landfill in wales. He even went back there a few months later when he realised what he'd done to try and find it. The workers said you can try, but it'll be buried a few metres deep by now. I think at that point he gave up – I'm not sure how you can make peace with that sort of error but sounds like he has!

'In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than $250m.'

Did you know? 98.0000001% of people are morons.

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Stirlingsays 13 Jan 21 5.21pm
Originally posted by Badger11 So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets? True. Though to be fair to him the scale is a bit different. 'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)
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Stirlingsays

13 Jan 21 5.21pm

Originally posted by Badger11

So a cartel of nameless individuals who have a monopoly have rigged the currency market. Hang on isn't that what Tux was always complaining about mainstream markets?

True.

Though to be fair to him the scale is a bit different.

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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SW19 CPFC Addiscombe West 13 Jan 21 5.23pm
Originally posted by Badger11 See I don't get this. Why is there no password retrieval process? Why does Bitcoin care? His hard drive that he keeps the wallet in has the encryption, not the wallet itself. Apparently there is a way to try to game it so you can get a few more chances... but ultimately his hard drive uses an 'IronKey' encryption system which only allows 10 guesses. So really it's his own fault. Did you know? 98.0000001% of people are morons.
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SW19 CPFC

Addiscombe West 13 Jan 21 5.23pm

Originally posted by Badger11

See I don't get this. Why is there no password retrieval process? Why does Bitcoin care?

His hard drive that he keeps the wallet in has the encryption, not the wallet itself.

Apparently there is a way to try to game it so you can get a few more chances... but ultimately his hard drive uses an 'IronKey' encryption system which only allows 10 guesses. So really it's his own fault.

Did you know? 98.0000001% of people are morons.

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Stirlingsays 13 Jan 21 5.28pm
Originally posted by SW19 CPFC Ha. Indeed. Another reason why it will never win out Stirling is right re. the 'whales' Something like 2% of all holders (I nearly wrote investors there as that's what it is, an investment, albeit a mental one, certainly not a currency) own 95% of all the mined bitcoin. And of that 2% a smaller number are the 'whales' – they probably have some sort of cartel going on between at least a few of them to manipulate prices. I would. If a whale sold all their stash tomorrow the market would swing massively. Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value. I think it's fair comment to regard this as my hubris. I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke. 'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)
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Stirlingsays

13 Jan 21 5.28pm

Originally posted by SW19 CPFC

Ha. Indeed. Another reason why it will never win out

Stirling is right re. the 'whales'

Further – it's estimated that at least 20% of all bitcoin mined to date is unrecoverable. Which of course further constrains supply and therefore increases value.

I think it's fair comment to regard this as my hubris.

I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke.

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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SW19 CPFC Addiscombe West 13 Jan 21 5.46pm
Originally posted by Stirlingsays I think it's fair comment to regard this as my hubris. I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke. Ha Well the main thing is you went into it with your eyes open, risk on Again if I were you I'd have split that pot and put 1/4 of it in now and the rest after the inevitable dip/crash. Actually, I'd just have waited for the crash. I still think it's only worth putting money in 10k or below... but it may not even get back to that in the short term. Literally guesswork. Did you know? 98.0000001% of people are morons.
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SW19 CPFC

Addiscombe West 13 Jan 21 5.46pm

Originally posted by Stirlingsays

I think it's fair comment to regard this as my hubris.

I won't deny it though...the old ego took a bit of a dent.....I was 400 quid up when that barsteward broke.

Well the main thing is you went into it with your eyes open, risk on

Again if I were you I'd have split that pot and put 1/4 of it in now and the rest after the inevitable dip/crash.

Actually, I'd just have waited for the crash.

I still think it's only worth putting money in 10k or below... but it may not even get back to that in the short term. Literally guesswork.

Did you know? 98.0000001% of people are morons.

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BlueJay UK 13 Jan 21 5.47pm
Originally posted by SW19 CPFC There's another article about the welsh guy that threw out his hard drive in 2013 with all his bitcoin on it. The amusing thing is he'd put the hard drive in a drawer to save it, then forgotten what it had on it and threw it out some time later. Would now be worth around the same amount (£200m). Apparently it's in a landfill in wales. He even went back there a few months later when he realised what he'd done to try and find it. The workers said you can try, but it'll be buried a few metres deep by now. I think at that point he gave up – I'm not sure how you can make peace with that sort of error but sounds like he has! 'In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than 0m.' I vaguely remember reading about this years back and my regret at not owning Bitcoin quickly turned to 'at least I'm not that guy'. Though I should've probably defaulted back to the initial thought being how much they've gone up in value over the years. That's the benefit of 'diversifying' I guess. Just buying some and forgetting about them for a few years - though not any corresponding passwords. A 'Time in the market, not timing the market' type approach
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BlueJay

UK 13 Jan 21 5.47pm

Originally posted by SW19 CPFC

I vaguely remember reading about this years back and my regret at not owning Bitcoin quickly turned to 'at least I'm not that guy'. Though I should've probably defaulted back to the initial thought being how much they've gone up in value over the years.

That's the benefit of 'diversifying' I guess. Just buying some and forgetting about them for a few years - though not any corresponding passwords. A 'Time in the market, not timing the market' type approach

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SW19 CPFC Addiscombe West 13 Jan 21 5.55pm
Originally posted by BlueJay I vaguely remember reading about this years back and my regret at not owning Bitcoin quickly turned to 'at least I'm not that guy'. Though I should've probably defaulted back to the initial thought being how much they've gone up in value over the years. That's the benefit of 'diversifying' I guess. Just buying some and forgetting about them for a few years - though not any corresponding passwords. A 'Time in the market, not timing the market' type approach Yep. I actually opened a wallet in 2014, with the dual purpose of buying for investment and for transaction on the now long defunct agora / silk road platforms. But it ended up being that or not going on holiday. I think I made the right choice in the end – the odds that I would have held onto it for this long are pretty small. I reckon I would have cashed out a while back anyway. Amazingly I still have the login details to it, which have somehow survived 3 computer upgrades. I've still made some useful side cash though through bitcoin and a couple of others, but nowhere near what could have been made if I'd actually focused on it a bit more in 2014. But you could say the same about a lot of things so it is what it is Did you know? 98.0000001% of people are morons.
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SW19 CPFC

Addiscombe West 13 Jan 21 5.55pm

Originally posted by BlueJay

Yep. I actually opened a wallet in 2014, with the dual purpose of buying for investment and for transaction on the now long defunct agora / silk road platforms. But it ended up being that or not going on holiday. I think I made the right choice in the end – the odds that I would have held onto it for this long are pretty small. I reckon I would have cashed out a while back anyway. Amazingly I still have the login details to it, which have somehow survived 3 computer upgrades.

I've still made some useful side cash though through bitcoin and a couple of others, but nowhere near what could have been made if I'd actually focused on it a bit more in 2014. But you could say the same about a lot of things so it is what it is

Did you know? 98.0000001% of people are morons.

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Badger11 Beckenham 13 Jan 21 6.05pm
Originally posted by SW19 CPFC Yep. I actually opened a wallet in 2014, with the dual purpose of buying for investment and for transaction on the now long defunct agora / silk road platforms. But it ended up being that or not going on holiday. I think I made the right choice in the end – the odds that I would have held onto it for this long are pretty small. I reckon I would have cashed out a while back anyway. Amazingly I still have the login details to it, which have somehow survived 3 computer upgrades. I've still made some useful side cash though through bitcoin and a couple of others, but nowhere near what could have been made if I'd actually focused on it a bit morle in 2014. But you could say the same about a lot of things so it is what it is When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon. One more point
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Badger11

Beckenham 13 Jan 21 6.05pm

Originally posted by SW19 CPFC

I've still made some useful side cash though through bitcoin and a couple of others, but nowhere near what could have been made if I'd actually focused on it a bit morle in 2014. But you could say the same about a lot of things so it is what it is

When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon.

One more point

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Tom-the-eagle Croydon 13 Jan 21 7.17pm
Originally posted by Badger11 When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon. Please let me know of all other investments you wish to avoid. "It feels much better than it ever did, much more sensitive." John Wayne Bobbit
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Tom-the-eagle

Croydon 13 Jan 21 7.17pm

Originally posted by Badger11

When the internet took off I bought various internet stocks they nearly all of which went bust. The one I steered clear off was Amazon.

Please let me know of all other investments you wish to avoid.

"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

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Badger11 Beckenham 13 Jan 21 7.28pm
Originally posted by Tom-the-eagle Please let me know of all other investments you wish to avoid. The best advice I can give anyone is if I recommend a stock avoid it. The worst thing is my picks were actually logically e.g. the biggest internet provide in Latin America, the company that provides the hardware which is the backbone of the internet, a fibre optic company that led the way with new technology and many others. Doh. I learnt my lesson my pension is managed by a wealth provider and so far they have done a good job. Edited by Badger11 (13 Jan 2021 7.30pm) One more point
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Badger11

Beckenham 13 Jan 21 7.28pm

Originally posted by Tom-the-eagle

Please let me know of all other investments you wish to avoid.

The best advice I can give anyone is if I recommend a stock avoid it. The worst thing is my picks were actually logically e.g. the biggest internet provide in Latin America, the company that provides the hardware which is the backbone of the internet, a fibre optic company that led the way with new technology and many others. Doh.

I learnt my lesson my pension is managed by a wealth provider and so far they have done a good job.

Edited by Badger11 (13 Jan 2021 7.30pm)

One more point

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cryrst The garden of England 13 Jan 21 7.37pm
Originally posted by mezzer Don't lose that password if you're in the bitcoin game!! "A Bitcoin owner has only two guesses left to unlock more than 0 million in cryptocurrency, the NYT reported. Stefan Thomas, a computer programmer in San Francisco, was given 7,002 Bitcoins more than 10 years ago, when they were worth between to each. Unfortunately for Thomas, the digital wallet where the Bitcoin is stored only allows 10 attempts before it seizes up and encrypts its contents forever. Thomas had kept the password on a piece of paper—which he lost years ago." A decent hacker would apparently get in but could also empty it into his/her own account. Got to be worth 50/50 and mates for life. Nothing to lose.
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cryrst

The garden of England 13 Jan 21 7.37pm

Originally posted by mezzer

Don't lose that password if you're in the bitcoin game!!

"A Bitcoin owner has only two guesses left to unlock more than 0 million in cryptocurrency, the NYT reported. Stefan Thomas, a computer programmer in San Francisco, was given 7,002 Bitcoins more than 10 years ago, when they were worth between to each. Unfortunately for Thomas, the digital wallet where the Bitcoin is stored only allows 10 attempts before it seizes up and encrypts its contents forever. Thomas had kept the password on a piece of paper—which he lost years ago."

A decent hacker would apparently get in but could also empty it into his/her own account. Got to be worth 50/50 and mates for life.
Nothing to lose.

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