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Fang_Farrier

LE
Kit Reviewer
Book Reviewer
Still got a whole block of them that must have been in place since the 90s at my current place.

At my last Health Board, when I was a Non Exec Director, we were officially told not to refer to them as portacabins, they were to be known as modular builds
 

Fang_Farrier

LE
Kit Reviewer
Book Reviewer
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Ciggie

GCM
I admit to being a bit (lot) of an amateur in the world of finance.
I don't "get" bit coins though.
Someone invented pretend money and people buy it in the ether.
It doesn't seem to be backed by anything substantial, yet he's a billionaire with it.
Will a bit coin buy a McD's or a kilomof spuds in the market?
Funny you should say that. Remember when General Motors went tits up in the 90s? This was a real company with millions and millions of dollars of real physical assets yet at the time it was valued at considerably less than the fledgling Yahoo, which was then basically a handful of computers and rented space and one hell of alot of guff. Of course as ais usually the case, GM was gobbled up by asset strippers and downsizers who borrowed the money to do the dirty deal from greedy banks. And that children is how economics works: lies, bullshit, puff and the innocent, the worthy and, usually the stupid, getting fucked. Lovely, isn't it?
 
Aye. Heres a list of places in the UK that accept Bitcoin. (There's loads.)

Bitcoin Shops

You can buy a Bitcoin today for £35,200. If thats too expensive, you can buy bits of a Bitcoin, handy for those spuds
Aye. Heres a list of places in the UK that accept Bitcoin. (There's loads.)

Bitcoin Shops

You can buy a Bitcoin today for £35,200. If thats too expensive, you can buy bits of a Bitcoin, handy for those spuds

Thanks for that AeM.
Still don't get what they are.
Seems nothing tangible and nothing to guarantee you hard earned.
Just seems, to me, that someone invented them and people jumped on the bandwagon.
I suppose it's OK as long as people believe?
 
Funny you should say that. Remember when General Motors went tits up in the 90s? This was a real company with millions and millions of dollars of real physical assets yet at the time it was valued at considerably less than the fledgling Yahoo, which was then basically a handful of computers and rented space and one hell of alot of guff. Of course as ais usually the case, GM was gobbled up by asset strippers and downsizers who borrowed the money to do the dirty deal from greedy banks. And that children is how economics works: lies, bullshit, puff and the innocent, the worthy and, usually the stupid, getting fucked. Lovely, isn't it?
You are Maynard Keynes and you owe me…
 

Joshua Slocum

LE
Book Reviewer
A nice bit of news for a change, I was shocked a while back when the relatives of a famouse Royal Engineer decided to auction all of his records, books documents, painting etc, all of it being split up to gain them more money, the RE museum managed to purchase some, but it would have been far nicer if the family had either donated it or sold it as one lot for a consideration

However in Today paper an article that restored my faith in humanity, decency and good manners
A treasured Keepsake box belonging to Charles Darwins daughters and containing mementoes of his famous voyage was left to English Heritage by his great Grandson ( take a bow that man, you have class breeding and our respect)
the box is to go on display at Down House in Bromley London following conservation

 

Arte_et_Marte

ADC
Moderator
Thanks for that AeM.
Still don't get what they are.
Seems nothing tangible and nothing to guarantee you hard earned.
Just seems, to me, that someone invented them and people jumped on the bandwagon.
I suppose it's OK as long as people believe?
I have read up on it quite a bit and understand how set up a wallet and buy and sell it. (There are hundreds of other cryto curriencies, Litecoin, Ethereum, Ripple and all at different prices. Buy low, sell high cash out. Cheers easy!)

I have no intention of buying into it but what I find fascinating, there is a maximum number of Bitcoins set at 21,000,000. When I last looked (Christmas 2020) there were 18.5 million on the market. (It has been going since 2009) The outstanding 2.5 million 'coins' can be 'mined' You can mine them, it is not illegal in the UK and given that they are worth over £32K gotta be worth having a go right? You only need a computer.

So, a decent 'computer' that is capable of mining Cryto Currency can cost $15,000 each, (second hand) you need a fridge to cool them and (and this will make your head explode) you dont actually 'mine' them, you create them!

Check out "Application-Specific Integrated Circuit (ASIC) mining computers." Buy one. Get a degree in Hyper Mathmatics. (ie, understand what this means: One terahash is a trillion hashes per second, one petahash is a quadrillion hashes per second, and one exahash is one quintillion hashes per second, that's a one followed by 18 zeros.) Get set up with a wallet, stand by for a whopping electricity bill and get RICH!

Linky to the power required

Linky to basic ASIC machine

As I said mate, I find this stuff more interesting than losing money.
 
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I admit to being a bit (lot) of an amateur in the world of finance.
I don't "get" bit coins though.
Someone invented pretend money and people buy it in the ether.
It doesn't seem to be backed by anything substantial, yet he's a billionaire with it.
Will a bit coin buy a McD's or a kilo of spuds in the market?
My understanding is that. -

Both conventional money and Bitcoin rely on consumer confidence for the system to work. Both the buyer and the seller must agree to accept them as a medium of exchange.

The difference is that there is an unlimited supply of conventional or 'fiat' money, be it £ or $ and the more of that money that is issued by a central bank the more its value is reduced by inflation. Fiat money is also subject to the whim of governments.

Bitcoin is different in that there will only ever be 21.5 million units in circulation and after that there will be no more. As there is only a fixed amount in circulation it is not subject to devaluation by inflation.
In that way Bitcoin is like the old Gold Standard Britain adhered to until the 1930s, ie the amount of cash in circulation was limited to the amount of gold the Bank of England had.

However a big advantage of Bitcoin transactions is that they cannot be affected by the fiscal policy of a government because they exist outside the banking system and across a network of decentralised computers known as a Blockchain, which note the transactions down in tamper-proof ledgers. When all ledgers across the network tally the Bitcoin is transferred to the end user.

In that way Bitcoin is thought to be safer than fiat money which can be subject to fraud and counterfeiting.

More here -

The difference between a cryptocurrency and fiat money
 
I can understand the idea of using chained sequences of computation intensive calculations to "mine" the Bitcoins, but I have a small sneaking idea, that in some forgotten Gulag, a bunch of Vlad's cryptobandits are just waiting for the right moment to release
  1. A virus to imprison the Bits for a ransom
  2. A method to forge the Bits and release the forgeries into the market
  3. Rubbing their hands with glee that the stupid Westerners actually believed that the Bitcoins invented by the Russkis was money.
 
A friend of mine got into bitcoin mining in its early days. He ended up creating about 16 of them from thin air and electricity.

He sold them and bought a new power supply with the free money.

Oh, how we laugh when I remind him.
 
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