Wazua
»
Investor
»
Offshore
»
Bitcoin: Does it have a future ?
Rank: Member Joined: 8/16/2012 Posts: 660
|
CBK won't be getting into or in the way of crypto currency But has a warped understanding. May be addressing the reffereral fees highlighted in the Business Daily article. Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: Elder Joined: 10/11/2006 Posts: 2,304
|
 I believe a sizable correction is coming in Bitcoin which will disappoint majority. The first target is $8190.00 Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
|
|
|
Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
|
It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope If Obiero did it, Who Am I?
|
|
|
Rank: Veteran Joined: 11/13/2015 Posts: 1,569
|
Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
wukan wrote:Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything BLOCKCHAIN. That is the key word you need to research and get to understand Swenani. It is not just applicable to bitcoin,currently being used/tested in many different ways for record keeping; land registry, ease of scrutiny, elimination of centralised intermediaries etc Think of it this way; A complete history of every transaction is stored on the blockchain, and all of these recorded transactions are open to public scrutiny. Those bold words are key to the craze. Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
mnandii wrote:I believe a sizable correction is coming in Bitcoin which will disappoint majority. The first target is $8190.00 One key event to watch will be the Trump presidency. Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: Veteran Joined: 9/18/2014 Posts: 1,127
|
mnandii wrote:I believe a sizable correction is coming in Bitcoin which will disappoint majority. The first target is $8190.00 Tanked by about 20% yesterday though these high octane corrections are somewhat expected given BTC's volatility. That chart though, gives a whole new meaning to a hockey stick chart. The main purpose of the stock market is to make fools of as many people as possible.
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
 Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
|
wukan wrote:Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything It's not backed by anything but it's guaranteed by someone/something that's why you will work to a mahindi choma guy take his mahindi and give him the 10 bob. Have you ever tried paying for your flight ticket with bitcoins? If Obiero did it, Who Am I?
|
|
|
Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
|
Museveni wrote:wukan wrote:Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything BLOCKCHAIN. That is the key word you need to research and get to understand Swenani. It is not just applicable to bitcoin,currently being used/tested in many different ways for record keeping; land registry, ease of scrutiny, elimination of centralised intermediaries etc Think of it this way; A complete history of every transaction is stored on the blockchain, and all of these recorded transactions are open to public scrutiny. Those bold words are key to the craze. Mimi bado si-shikanishi If Obiero did it, Who Am I?
|
|
|
Rank: Veteran Joined: 11/13/2015 Posts: 1,569
|
Swenani wrote:wukan wrote:Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything It's not backed by anything but it's guaranteed by someone/something that's why you will work to a mahindi choma guy take his mahindi and give him the 10 bob. Have you ever tried paying for your flight ticket with bitcoins? Isn't the zim dollar guaranteed by full credit of Zimbabwe govt. Venezuela's bolivar is backed by oil reserves and yet they announced they want to develop a virtual currency to replace it. Some companies in Venezuela are only exclusively accepting payment in bitcoin. It will only take massive currency printing by govt to make that mahindi choma guy to refuse your 10 bob. By the way what makes you accept m-pesa, it's not backed by anything just what is contained in the mpesa servers? M-pesa is a crypto-currency tied to the kenya shilling 1:1. You still use m-pesa currency for many transactions e.g paybills and only exchange for kshs when you withdraw from an agent. Bitcoin is like south sea company the eye-opener for joint stock companies. When the south sea bubble burst it didn't stop the formation of joint stock companies. Watch as bitcoin marches all the way to 60,000 dollars before any serious correction. Bitcoin is a concept whose future has arrived. It started off with gold farming Quote:In the 1990s and 2000s, gold farming was the practice of playing a massively multiplayer online game (MMO) to acquire in-game currency later selling it for real-world money.People in several developing nations have held full-time employment as gold farmers. Distinct from another popular method of cheating in online multiplayer games, gold farming specifically refers to paying for in-game currency not rank or experience points as in power leveling. The actual labor mechanics of these two practices may be identical or similar, and the "professional" gamers who held employment as gold farmers in the past may continue to work as power levelers to this day.
While most game operators ban the practice of selling in-game currency for real-world cash, gold farming was lucrative because it took advantage of economic inequality and the fact much time is needed to earn in-game currency. Rich players from developed countries, wishing to save many hours of playing time, were willing to pay substantial sums to gold farmers from developing countries. Read here how venezuelans are surviving on video game currency and earning more than office workers.
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
BestCloserKenya wrote:i dont think Bitcoins have much of a future. They will only hit in the Geek world and wont be used much in the mainstream world. It is highly unstable if you buying to sell in the BitXchange. i once bought @ $96 and it fell to $49 and hasnt risen much since then,  possunt quia posse videntur
|
|
|
Rank: Elder Joined: 7/11/2012 Posts: 5,222
|
|
|
|
Rank: Elder Joined: 7/11/2012 Posts: 5,222
|
wukan wrote:Swenani wrote:wukan wrote:Swenani wrote:It appears to me bitcoin and other cyrpto-currencies are not backed up by anything apart from trust and hope So too is fiat currency just ordinary paper that we trust and hope holds value. As the people of Venezueala and Zimbabwe found out it's not backed by anything It's not backed by anything but it's guaranteed by someone/something that's why you will work to a mahindi choma guy take his mahindi and give him the 10 bob. Have you ever tried paying for your flight ticket with bitcoins? Isn't the zim dollar guaranteed by full credit of Zimbabwe govt. Venezuela's bolivar is backed by oil reserves and yet they announced they want to develop a virtual currency to replace it. Some companies in Venezuela are only exclusively accepting payment in bitcoin. It will only take massive currency printing by govt to make that mahindi choma guy to refuse your 10 bob. By the way what makes you accept m-pesa, it's not backed by anything just what is contained in the mpesa servers? M-pesa is a crypto-currency tied to the kenya shilling 1:1. You still use m-pesa currency for many transactions e.g paybills and only exchange for kshs when you withdraw from an agent. Bitcoin is like south sea company the eye-opener for joint stock companies. When the south sea bubble burst it didn't stop the formation of joint stock companies. Watch as bitcoin marches all the way to 60,000 dollars before any serious correction. Bitcoin is a concept whose future has arrived. It started off with gold farming Quote:In the 1990s and 2000s, gold farming was the practice of playing a massively multiplayer online game (MMO) to acquire in-game currency later selling it for real-world money.People in several developing nations have held full-time employment as gold farmers. Distinct from another popular method of cheating in online multiplayer games, gold farming specifically refers to paying for in-game currency not rank or experience points as in power leveling. The actual labor mechanics of these two practices may be identical or similar, and the "professional" gamers who held employment as gold farmers in the past may continue to work as power levelers to this day.
While most game operators ban the practice of selling in-game currency for real-world cash, gold farming was lucrative because it took advantage of economic inequality and the fact much time is needed to earn in-game currency. Rich players from developed countries, wishing to save many hours of playing time, were willing to pay substantial sums to gold farmers from developing countries. Read here how venezuelans are surviving on video game currency and earning more than office workers. Bet Taxis of the old, didn't see this coming. With the demonstrations and all. Neither will fiat/stocks, until a huge chuck of their capital has been taken up. Change being constant is unfortunately highly resisted
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Rank: Member Joined: 12/1/2007 Posts: 538 Location: Nakuru
|
http://www.businessdaily...002-143arliz/index.html
And the fall begins For investors as a whole, returns decrease as motion increases ~ WB
|
|
|
Rank: Elder Joined: 7/11/2012 Posts: 5,222
|
winmak wrote:http://www.businessdailyafrica.com/news/Bitcoin-falls-almost-20pc-from-recent-peak-week-low/539546-4236002-143arliz/index.html
And the fall begins  You wish It has found a new resistance. Futures, cause and effect, maybe? This is however a VERY exciting time in the Alt market. @Maka's XRP is 0.9, XVG 300% return in less than a week, BCH .. Infact every Alt coin seems to be soaring. Like the Gambler in Kenny Roger's song said, know when to hold and know when to fold, and God help us to know, if and when a time will come to walk away
|
|
|
Rank: Member Joined: 5/27/2016 Posts: 274 Location: Pub
|
winmak wrote:http://www.businessdailyafrica.com/news/Bitcoin-falls-almost-20pc-from-recent-peak-week-low/539546-4236002-143arliz/index.html
And the fall begins  I work so I can afford the amount of alcohol required to continue going to work
|
|
|
Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
|
Ryko wrote:winmak wrote:http://www.businessdailyafrica.com/news/Bitcoin-falls-almost-20pc-from-recent-peak-week-low/539546-4236002-143arliz/index.html
And the fall begins @McAfee is not an authority on anything taking into consideration his past investment decisions. Below is his argument as to why bitcoin is not a fraud and why it has value Quote:“You called bitcoin a fraud,” McAfee told CNBC. “I’m a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work. If Obiero did it, Who Am I?
|
|
|
Rank: Member Joined: 8/16/2012 Posts: 660
|
Swenani wrote:Ryko wrote:winmak wrote:http://www.businessdailyafrica.com/news/Bitcoin-falls-almost-20pc-from-recent-peak-week-low/539546-4236002-143arliz/index.html
And the fall begins @McAfee is not an authority on anything taking into consideration his past investment decisions. Below is his argument as to why bitcoin is not a fraud and why it has value Quote:“You called bitcoin a fraud,” McAfee told CNBC. “I’m a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work. The fall? LoL Once the masses adopted Bitcoin you should've rushed in. The only remaining step is the mainstreaming of exchanges to be able to convert Bitcoins to cash and vice versa easily. Once that happens, of course it will at some point, the price soars again and many will wish they got in now. Live and learn; and don’t forget, nothing ventured, nothing gained.
|
|
|
Wazua
»
Investor
»
Offshore
»
Bitcoin: Does it have a future ?
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|