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threw out a hard drive that had 7,500 bitcoins on it,

drwstr123drwstr123 Posts: 7,038 ✭✭✭✭✭
in Precious Metals
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  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I'm thoroughly confused by all this bitcoins stuff, so what is it they do, or it does? Seriously, I dont know. Guess my ignoarance is a result of being too busy with other things.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Here is what I know:

    1. Not physical.........stored online or hard drive or something like that

    2. Not backed by anything

    3. Can be stolen by hackers

    I still don't understand how people can put a value on it
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  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i>Here is what I know:

    1. Not physical.........stored online or hard drive or something like that

    2. Not backed by anything

    3. Can be stolen by hackers

    I still don't understand how people can put a value on it >>



    Sort of like the Federal Reserve's current policy!
  • gdavis70gdavis70 Posts: 256 ✭✭✭


    1. Not physical.........stored online or hard drive or something like that

    2. Not backed by anything

    3. Can be stolen by hackers


    1) Yes, not physical...although you could print out your hash and keep it as a backup...

    2) Not backed by anything except for peoples willingness to take it or buy it... which seems to be growing. (some legit and a lot speculating so buyer beware)

    3) Can not be stolen by the guy who robs your house, or wallet or when your house burns down...
    AntiqueBanknotes • National Currency
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭
    I may be wrong but I understood that the bitcoin could not be stolen because every bitcoin has a path that identifies who owned it (Anonymously mind you). That's how they know it's yours because you can identify where it is... Very odd, I did not and will not partake in it until 1) I fully understand it and 2) It is accepted everywhere a CC is accepted.

    In other words, I'm not touching it.

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    "1. Not physical.........stored online or hard drive or something like that

    2. Not backed by anything

    3. Can be stolen by hackers


    1) Yes, not physical...although you could print out your hash and keep it as a backup...

    2) Not backed by anything except for peoples willingness to take it or buy it... which seems to be growing. (some legit and a lot speculating so buyer beware)

    3) Can not be stolen by the guy who robs your house, or wallet or when your house burns down... "

    -------------------------
    umm, thanks for trying to explain it LOL. Just kidding. Doesn't sound like anything I'd be interested in but apparently there are those who are "getting" the idea of it all with the rise in market value. A good ol' SDB in a Banks vault that is fully backed in value is still good enough for me. Guess SDB's are now becoming the "old school" way of storing our metals.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Yep.... seems to have assigned value, but still have not heard of anyone cashing in and living the good life...Cheers, RickO
  • gdavis70gdavis70 Posts: 256 ✭✭✭
    umm, thanks for trying to explain it LOL. Just kidding

    fair enough... I tried.

    And SDB's are obviously not going anywhere... I myself have one stocked with metal of both varieties. Anyone who isn't diversified is a fool.
    AntiqueBanknotes • National Currency
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