Our fiat money hasn’t been backed by anything but the oil countries requiring exchange in US dollars. That is changing for many countries
OT, Bitcoins what are your thoughts??? Is it a Ponzi scheme or a pyramid scheme or Madoff scheme
- Thread starter world famous 3rd base hecklers
- Start date
So I guess you are insinuating that Bitcoin is the preferred currency used by New Spring Church?
I think we need to go digging, police can dig through land fills and find stuff years later, i would hire them if i was this dude
http://www.wired.co.uk/article/bitcoin-lost-newport-landfill
This man's lost bitcoin are now worth $75m – and under 200,000 tonnes of garbage
Pity poor James Howells. He has 7,500 bitcoins... but they're lost on a landfill in Newport
By NICOLE KOBIE
01 Dec 2017
Newscast/UIG via Getty Images
What does it feel like to lose $75,000,000 in bitcoin?James Howells tries not to let it get to him. And strictly speaking, he knows where his coins are — they're under 200,000 tonnes of garbage at a landfill in Newport, South Wales.
already worth millions. Thanks to the digital currency's value skyrocketing from between $300 and $1,000 in 2013 to more than $10,000 this week, his pile is now worth $75 million.
Why isn't he frantically digging through refuse? For that matter, why aren't you? The council won't allow it – it's dangerous and difficult. "I haven’t actually tried to search for the hard drive yet as I haven’t been given permission to look despite having financial backing in place and engaging the local council a number of times," Howells tells me via email. "Digging up a landfill is not as easy as just digging a hole in the ground." It would require diggers, plenty of specialist help, and, Howells says, be the first such excavation that wasn't related to a criminal investigation in the UK – though such an effort has been done in the US to retrieve dumped ET Atari cartridges.
A spokesperson for Newport City Council said it has been "contacted in the past about the possibility of retrieving a piece of IT hardware said to contain bitcoins". But the costs of digging up the landfill, and storing and treating the waste, would run into the millions and cause a "huge environmental impact on the surrounding area". And there's no guarantee the drive would be found or still work.
The landfill contains around 350,000 tonnes of waste, with 50,000 added annually, the spokesperson said. "It is likely that the hardware would have suffered significant galvanic corrosion due to the presence of landfill leachates and gases," they added.
Millions in costs, dangerous conditions, no promise of a reward... but what a reward if found. Newport City Council has faced budgetary concerns this year – the head of the council has warned that council tax will increase amid services cuts – and Howells believes bitcoin will eventually be worth so much they will have no choice but to let him search. "And obviously they would get a nice percentage as a gift or donation."
If this all makes you want to hop a train to Newport with a shovel in hand, be warned that aside from being dangerous, the landfill is not open to the public and "any potential treasure hunters" would be committing a criminal offence, the council spokesperson noted. And the effort required to search for the drive means you're sure to be noticed.
Howells still has the public address, so he can check that his coins haven't moved; if you do find the hard drive, note that the data is encrypted, so you'll need his help either way. "If they ever moved I would know," he says. "It's a little like looking at your bank account containing millions of dollars but not being able to spend it." If you doubt his good humour about the whole story, he follows that statement with a "lol".
Bitcoin Cash, the result of a hard fork in August, and he has plenty more to say about the post-fork discussion and the future of digital currencies than he does the lost coins.
If he had access to his digital fortune, he believes he'd have sold up some of it by now anyway, partially to invest in rival currencies. "Who knows for sure... honestly I probably would have sold 30 per cent or 40 per cent at around $1,000 in 2013 to invest in property and other cryptocurrencies such as Ethereum and kept the rest in bitcoin," he says. "I know for sure I would not have sold them all because I believe the bitcoin price will be much higher than $10,000 long term. Even $100,000 is a conservative figure." If that ever happens, his missing bitcoin will be worth $750m – which may well be enough to get Newport Council's attention.
http://www.wired.co.uk/article/bitcoin-lost-newport-landfill
This man's lost bitcoin are now worth $75m – and under 200,000 tonnes of garbage
Pity poor James Howells. He has 7,500 bitcoins... but they're lost on a landfill in Newport
By NICOLE KOBIE
01 Dec 2017
Newscast/UIG via Getty Images
What does it feel like to lose $75,000,000 in bitcoin?James Howells tries not to let it get to him. And strictly speaking, he knows where his coins are — they're under 200,000 tonnes of garbage at a landfill in Newport, South Wales.
already worth millions. Thanks to the digital currency's value skyrocketing from between $300 and $1,000 in 2013 to more than $10,000 this week, his pile is now worth $75 million.
Why isn't he frantically digging through refuse? For that matter, why aren't you? The council won't allow it – it's dangerous and difficult. "I haven’t actually tried to search for the hard drive yet as I haven’t been given permission to look despite having financial backing in place and engaging the local council a number of times," Howells tells me via email. "Digging up a landfill is not as easy as just digging a hole in the ground." It would require diggers, plenty of specialist help, and, Howells says, be the first such excavation that wasn't related to a criminal investigation in the UK – though such an effort has been done in the US to retrieve dumped ET Atari cartridges.
A spokesperson for Newport City Council said it has been "contacted in the past about the possibility of retrieving a piece of IT hardware said to contain bitcoins". But the costs of digging up the landfill, and storing and treating the waste, would run into the millions and cause a "huge environmental impact on the surrounding area". And there's no guarantee the drive would be found or still work.
The landfill contains around 350,000 tonnes of waste, with 50,000 added annually, the spokesperson said. "It is likely that the hardware would have suffered significant galvanic corrosion due to the presence of landfill leachates and gases," they added.
Millions in costs, dangerous conditions, no promise of a reward... but what a reward if found. Newport City Council has faced budgetary concerns this year – the head of the council has warned that council tax will increase amid services cuts – and Howells believes bitcoin will eventually be worth so much they will have no choice but to let him search. "And obviously they would get a nice percentage as a gift or donation."
If this all makes you want to hop a train to Newport with a shovel in hand, be warned that aside from being dangerous, the landfill is not open to the public and "any potential treasure hunters" would be committing a criminal offence, the council spokesperson noted. And the effort required to search for the drive means you're sure to be noticed.
Howells still has the public address, so he can check that his coins haven't moved; if you do find the hard drive, note that the data is encrypted, so you'll need his help either way. "If they ever moved I would know," he says. "It's a little like looking at your bank account containing millions of dollars but not being able to spend it." If you doubt his good humour about the whole story, he follows that statement with a "lol".
Bitcoin Cash, the result of a hard fork in August, and he has plenty more to say about the post-fork discussion and the future of digital currencies than he does the lost coins.
If he had access to his digital fortune, he believes he'd have sold up some of it by now anyway, partially to invest in rival currencies. "Who knows for sure... honestly I probably would have sold 30 per cent or 40 per cent at around $1,000 in 2013 to invest in property and other cryptocurrencies such as Ethereum and kept the rest in bitcoin," he says. "I know for sure I would not have sold them all because I believe the bitcoin price will be much higher than $10,000 long term. Even $100,000 is a conservative figure." If that ever happens, his missing bitcoin will be worth $750m – which may well be enough to get Newport Council's attention.
If it is a Fonzi scheme, wonder if the Fonz has cashed in yet or is he still holding?
Won't end well, but yet may go parabolic!
Has already gone parabolic. The question now: is the trend your friend or have we strayed too far from the mean?
It sure as heck isn't a valid currency. It's traded like stock and doesn't track with any economic indicators (like GNP, inflation, currency exchange rates, etc) outside the stock market. It's a megabubble.
https://www.bloomberg.com/news/arti...-may-be-behind-40-percent-rally-in-recent-ipo
Bitcoin Debit Card May Be Behind 40 Percent Rally in Recent IPO
While this year’s IPOs widely failed to keep pace with the broader market, Metropolitan Bank Holding Corp. has risen nearly 40 percent since last month’s listing. The commercial bank’s outperformance may be thanks to a bitcoin debit card called Shift Card.
Metropolitan is the issuing bank for the Shift Card, which lets users spend bitcoin anywhere that accepts Visa. The card works by exchanging a customer’s bitcoin for U.S. dollars at the going rate whenever a sale is processed. This setup lets investors play the growth of bitcoin transactions without forcing the bank to hold the volatile cryptocurrency on its balance sheet.
Bitcoin Debit Card May Be Behind 40 Percent Rally in Recent IPO
While this year’s IPOs widely failed to keep pace with the broader market, Metropolitan Bank Holding Corp. has risen nearly 40 percent since last month’s listing. The commercial bank’s outperformance may be thanks to a bitcoin debit card called Shift Card.
Metropolitan is the issuing bank for the Shift Card, which lets users spend bitcoin anywhere that accepts Visa. The card works by exchanging a customer’s bitcoin for U.S. dollars at the going rate whenever a sale is processed. This setup lets investors play the growth of bitcoin transactions without forcing the bank to hold the volatile cryptocurrency on its balance sheet.
If you cant hold it in your hand you dont own it.
https://www.pymnts.com/news/bitcoin...-holding-rises-40-percent-bitcoin-debit-card/
The smart people are taking out mortgages just to purchase the Bitcoins...
That is stupid!!!!!
Jamie Dimon said he would fire anyone at JPM who have their customers invest in Bitcoins...
In an interview with CNBC, Borg said that bitcoin shares have to level off at some point. “We’ve seen mortgages being taken out to buy bitcoin … People do credit cards, equity lines,” he pointed out. “This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”
The smart people are taking out mortgages just to purchase the Bitcoins...
That is stupid!!!!!
Jamie Dimon said he would fire anyone at JPM who have their customers invest in Bitcoins...
In an interview with CNBC, Borg said that bitcoin shares have to level off at some point. “We’ve seen mortgages being taken out to buy bitcoin … People do credit cards, equity lines,” he pointed out. “This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”
When Dimon made that quote in September, the price of Bitcoin was also less than $4,000. Now it is over $16,000.
Bitcoin and Ethereum {Blockchain/Cyrptocurrency in general) is likely the new world order in terms of storage of value and exchange. It was born only months after the 2008 banking debacle and had been a concept as early as the mid-80s. It's a beautiful concept but has several roadblocks before it hits mainstream. However, the best and the brightest are focused in on it and that's the reflection you see in price.... If they get this right, Bitcoin and or Ether {or their successors) might escalate into the millions as this is a global phenomenon....My suggestion would be to follow Amazon's movements closely. Overstock.com is already in but Amazon would bring the house down.
Party like it's 1999....
These Bitcoins remind me back in the late 90's where if a company said they have a website, their stocks shot up over $100 for a few days...
Like Longfin...
https://www.cnbc.com/2017/12/18/ceo...y-stock-this-market-cap-is-not-justified.html
Metropolitan Bank Holding Corp (MCB)
MCB is Coinbase/GDAX bank for deposits...
When you go to wire money to Coinbase/GDAX, its accounts at MCB. This is deposit growth..
https://charts.stocktwits.com/production/original_105431908.png?1513569615
https://newsjournal5.com/info/coinbase-metropolitan#shift_card_today
But if Google how to buy Bitcoins or Blockchains, Google it first and you'll see which companies are invested in this stuff... Like overstock.com
I think banks and credit cards are safe way to play this crazy Bitcoins thingy...
Just don't be the last person holding the bag if you buy Bitcoins...
These Bitcoins remind me back in the late 90's where if a company said they have a website, their stocks shot up over $100 for a few days...
Like Longfin...
https://www.cnbc.com/2017/12/18/ceo...y-stock-this-market-cap-is-not-justified.html
Metropolitan Bank Holding Corp (MCB)
MCB is Coinbase/GDAX bank for deposits...
When you go to wire money to Coinbase/GDAX, its accounts at MCB. This is deposit growth..
https://charts.stocktwits.com/production/original_105431908.png?1513569615
https://newsjournal5.com/info/coinbase-metropolitan#shift_card_today
But if Google how to buy Bitcoins or Blockchains, Google it first and you'll see which companies are invested in this stuff... Like overstock.com
I think banks and credit cards are safe way to play this crazy Bitcoins thingy...
Just don't be the last person holding the bag if you buy Bitcoins...
