jack

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jack last won the day on December 12

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About jack

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  1. Interesting, I hadn't heard about that product. I wonder how closely it tracks the BTC price? Some of these products are only rough approximations to the price of the underlying assets, which may be fine.
  2. I don't believe there's a true bitcoin ETF yet. There's been a lot of talk about when the first product will be released - approvals have been sought but I think we're still at least a couple of months away yet. There is an ETF-like fund, but you'd be crazy to buy into it given the massive premium it sells for over the value of its (bitcoin) assets. In the UK, if you don't need/want anonymity, by far the best option is spread betting via an FCA-regulated broker. Tax free winnings, no need for wallets etc, and much faster trading (ie, no need to wait around for confirmation via the blockchain). If the whales at the top are artificially pumping the market up high so they can sell, it could pan out quite a lot like this. Hence, don't bet more than you're willing to lose.
  3. Something like that I guess. I can't remember the reason, but I'm sure I read something about it recently.
  4. It is traceable. That's how they were able to determine that BTC-e was effectively laundering money by allowing people to cash out stolen bitcoins. It's trivial to trace where the funds have gone, in terms of what addresses they've ended up at. There are cases of people chasing their funds as the thieves move them between addresses. But unless and until someone tries to convert the bitcoins to cash, there's no easy way of identifying who controls the addresses. I believe so, but I believe you need to be careful about keeping the both in-sync (eg, don't do transactions on different devices really close together in time).
  5. If you want to take a high risk high reward approach, is probably best to spread your funds across several small coins. It's too hard to predict how any individual coin will perform. Iota is an interesting coin. Risky, and some technical issues, but possibly high potential. Monero's another. More generally, have a look here for links to various coins, including charts of their performance and links to discussion forums. I don't know how practical it is to acquire some of these coins. I suspect some will require you to get hold of bitcoin first and trade using that.
  6. All good except for a couple of minor details in this passage: You're right that the other miners verify that you've guessed the right nonce. However, I believe that the reward (currently 12.5 bitcoins, not 25) is included as part of the block that you were hashing to find the right nonce. That is, the block will include a transaction something like "Allocate 12.5 bitcoin to address xyz", where address xyz is controlled by the miner doing the hashing. Accordingly, as soon as the successful mining result is verified by other nodes, the reward is confirmed and available to the successful miner at address xyz. Re: new blocks, there's a pool of pending (ie, unconfirmed) transactions. Miners are free to choose whichever transactions they like from this pool to make up the 1MB block that they hash. Of course, they'll tend to choose the transactions with the highest fees (people sending bitcoin choose how much they'd like to pay - too low and the transaction will be delayed or may never be confirmed).
  7. If you're okay with computers and Linux in particular, you could take a look at BitKey. It runs on two USB drives (one used to boot to Linux, the other to save data to). Basically it's a cut-down version of Debian Linux with Electrum (wallet) and other tools preinstalled. For full paranoia mode, turn off your wireless and disconnect any ethernet cable (or switch off your router/modem), then boot into BitKey on your now disconnected computer. Electrum is preinstalled, so you can start that up and get a Bitcoin receive address that way. You then use the receive address at the ATM. Edited to add: if you're only going to put a small amount of money into this, with the expectation that you're going to lose it when the bubble pops 5 mins after you buy, it probably isn't worth the hassle of cold storage and an air-gapped computer. I'd consider installing Mycellium on your mobile, or Electrum on your main PC and not getting too bogged down in paranoia for small amounts of money. Please note this is not any sort of financial advice. Assume that you'll lose everything you put in, either by making a mistake yourself, or being hacked.
  8. You'll do well in crypto with that attitude!
  9. Well downloading it is very simple. Click on a link, hit install, job done. I'll admit that actually using one is less simple. Despite everything I've said above, I've never actually done a crypto currency transaction! If I were to start putting money into this, I'd likely do it via spreadbetting. Use an FCA regulated broker, and trade using their tools. No wallet or crypto knowledge required. I missed this bit of the thread. Coincidentally, I'm reading a book by the guy that did the video @Construction Channel linked. Also worth a look is Seth Godin's education manifesto.
  10. It certainly is! And one characteristic of bubbles is that they usually go on long after they've been identified as a bubble. The trick is being able to get out when everyone else is running for the exits!
  11. You can just download one. Mycellium is a mobile platform, Electrum is desktop. Both have the nice property of being completely backed up just by carefully storing a 12-word phrase. With that phrase, no matter what happens to the wallet (eg, hard drive failure or phone stolen) you can restore it and all the addresses it contains. Naturally you'll want to store a copy of that 12-word phrase very carefully. A friend of mine who I introduced to crypto last year put a bit into Bitcoin, Litecoin and Ethereum. He's since cashed out his original stake and is letting the rest run. He drops me a line whenever there's a big surge - surprised I haven't heard from him following Litecoin's performance over the last few days. Litecoin has flown under the radar but is actually run well and has some fantastic characteristics that make it far more usable as a currency (in the buying things sense) than Bitcoin.
  12. If you have a spare £40 to throw into this, I'd suggest treating it as a complete write-off and then not looking at it for a couple of years.
  13. Resitrix

    Good memory - it was me. The product itself is fine, the people who installed mine were incompetent. As others have said, it's a finishing layer. They do a product specifically for going under green roofs, but I don't think that's what you're after either.
  14. Hello from London

    Welcome to the forum. I take it you've had a look at the basement sub-forum? Not many posts, but @Bitpipe's provide quite a bit of detail about what he ended up doing.
  15. Agreed, which was why I was happy to take it for free from my parents in law when they got rid of it less than a year after moving into their new-build (they removed it to make room for a cupboard beside the fridge). Free is the best mark-up!