Bitcoin (cryptocurrency)

I just think with £175m at stake, some tech company could extract the data at a chip level bypassing the encryption.
Wouldn't be cheap, but surely there must be a way.
The Israelis would crack it in hour an hour!

Or it could all be an hoax just to advertise the security of the said brand...
 
fulabeer said:
I just think with £175m at stake, some tech company could extract the data at a chip level bypassing the encryption.
Wouldn't be cheap, but surely there must be a way.
The Israelis would crack it in hour an hour!

Or it could all be an hoax just to advertise the security of the said brand...
Click to expand...

COUNT ON IRONKEY’S RUGGEDIZED DESIGN AND METAL CHASSIS​

Internal components are sealed with epoxy to protect against tampering. Additionally, the IronKey Basic exceeds military waterproof standards (MIL-STD 810F).

I will go with your hoax scenario
 
For those not so familiar with a bitcoin buying and security.

Most people buy bitcoin on coinbasepro, or kraken. (commonly referred to as exchanges)
There are other, bigger exchanges, that cater more to the Asian people.

To buy bitcoin, you join your exchange of choice, just like joining a bookie firm.
After depositing, you then buy bitcoin(think minimum transaction £20)

After buying you will now have 2 balances( one for unspent money, and one for your bitcoin)

In the past some exchanges have been hacked, and people have lost their coins, nowadays things are different, Coinbase exchange are planning to float with a valuation of 75 billion dollars, which if floated in the UK would make it one of the top 10 ftse company's. So fair to say leaving your coins there should be pretty safe.

However the idea of bitcoin is to be your own boss of your finances, and beholden to no company or entity. So most people get their own wallet and transfer the coins from the exchange to their own wallet.

if people are interested I will explain this step to your own wallet(where the guy with 7002 has come unstuck)
 
zerox said:
For those not so familiar with a bitcoin buying and security.

Most people buy bitcoin on coinbasepro, or kraken. (commonly referred to as exchanges)
There are other, bigger exchanges, that cater more to the Asian people.

To buy bitcoin, you join your exchange of choice, just like joining a bookie firm.
After depositing, you then buy bitcoin(think minimum transaction £20)

After buying you will now have 2 balances( one for unspent money, and one for your bitcoin)

In the past some exchanges have been hacked, and people have lost their coins, nowadays things are different, Coinbase exchange are planning to float with a valuation of 75 billion dollars, which if floated in the UK would make it one of the top 10 ftse company's. So fair to say leaving your coins there should be pretty safe.

However the idea of bitcoin is to be your own boss of your finances, and beholden to no company or entity. So most people get their own wallet and transfer the coins from the exchange to their own wallet.

if people are interested I will explain this step to your own wallet(where the guy with 7002 has come unstuck)
Click to expand...

I'm interested. Always wanted to know how you get your money out. So this guy remembers his password. How does he get his £175m ?
 
fulabeer said:
I just think with £175m at stake, some tech company could extract the data at a chip level bypassing the encryption.
Wouldn't be cheap, but surely there must be a way.
The Israelis would crack it in hour an hour!

Or it could all be an hoax just to advertise the security of the said brand...
Click to expand...
Some guy on Twitter says he can crack for 10%. Who knows?
 
zerox said:
For those not so familiar with a bitcoin buying and security.

Most people buy bitcoin on coinbasepro, or kraken. (commonly referred to as exchanges)
There are other, bigger exchanges, that cater more to the Asian people.

To buy bitcoin, you join your exchange of choice, just like joining a bookie firm.
After depositing, you then buy bitcoin(think minimum transaction £20)

After buying you will now have 2 balances( one for unspent money, and one for your bitcoin)

In the past some exchanges have been hacked, and people have lost their coins, nowadays things are different, Coinbase exchange are planning to float with a valuation of 75 billion dollars, which if floated in the UK would make it one of the top 10 ftse company's. So fair to say leaving your coins there should be pretty safe.

However the idea of bitcoin is to be your own boss of your finances, and beholden to no company or entity. So most people get their own wallet and transfer the coins from the exchange to their own wallet.

if people are interested I will explain this step to your own wallet(where the guy with 7002 has come unstuck)
Click to expand...
Thanks Zerox, I’m very interested
 
King_Ralph_Blumer said:
Thanks Zerox, I’m very interested
Click to expand...
So am I. Really dont understand how Bitcoin works but with all the talk of a monetary reset i am very interested in buying Bitcoin.
One thing I do not under is that if all currencies are reset/devalued will Bitcoin maintain its value?
 
To move bitcoin from the exchange to your own custody.
You need a wallet.

There are 2 kinds of wallet, hot or cold.

Hot just means that you have the wallet on your computer, or phone.
Cold means your wallet is on a dedicated usb, which is not connected to the internet.

Most people have both hot and cold, the hot wallet will generally have a very small amount of coin for everyday use, whilst major funds are kept in the cold wallet.
The reason for people having both is the fact that if your computer is hacked, or stolen your bitcoin is at risk.

HOT WALLLET
There are many brands of hot wallets I use Electrum available from electrum.org, they are free and you do not need any coin to download wallet.

COLD WALLET
Again many different brands, most popular are Trezor and Ledger. These cost around £80
Do not be tempted to buy on ebay etc, as they can be tampered with, only buy from official company.

SETUP

Whatever, hot or cold the setup is the same and simple.
Follow the instructions at each step, and remember they are not joking when they ask you to write down the seed phrase they will provide you with.

At the end of setup they will ask you to choose a password.

So you now have a password and seed phrase (a seed phrase is 12 words provided by the wallet)
to get your head round this just think the following>

The password relates to the actual device your wallet is on(computer, phone, Trezor, etc), and the seed phrase is not needed whilst you are using the original device.

The SEED PHRASE though is the be all and end all.
If you lose access to the original device, you can regain access by just installing another wallet and entering the seed phrase.
 
ChicagoBlue said:
GBTC or OBTC...takes the work out of it and you can buy or sell it all day long
Click to expand...
not true, gbtc trades at a premium to bitcoin, and has a 6 month lock in.
Not familiar with OBTC

There is a fund available on DEgiro that can be traded as you suggest, but the spread is many times a bitcoin exchange which is 1 cent on an asset worth 40000 dollars, so you would just be throwing money away
 
Last edited:
zerox said:
not true, gbtc trades at a premium to bitcoin, and has a 6 month lock in.
Not familiar with OBTC
Click to expand...
Trade it, as in BUY IT, anytime you want from a brokerage account.

OBTC is the new challenger to Grayscale, called Osprey, which is supposed to charge 0.5% instead of 2%.

For novices, trading these is much easier than trying open multiple accounts, open wallets, and remember encryption passwords, IMHO.

cryptocurrencyfacts.com

Understanding The Bitcoin Investment Trust (GBTC)

Grayscale Bitcoin Trust (GBTC) is the world's largest Bitcoin ETF. It also has higher fees than other Bitcoin ETFs
cryptocurrencyfacts.com cryptocurrencyfacts.com
 
zerox said:
To move bitcoin from the exchange to your own custody.
You need a wallet.

There are 2 kinds of wallet, hot or cold.

Hot just means that you have the wallet on your computer, or phone.
Cold means your wallet is on a dedicated usb, which is not connected to the internet.

Most people have both hot and cold, the hot wallet will generally have a very small amount of coin for everyday use, whilst major funds are kept in the cold wallet.
The reason for people having both is the fact that if your computer is hacked, or stolen your bitcoin is at risk.

HOT WALLLET
There are many brands of hot wallets I use Electrum available from electrum.org, they are free and you do not need any coin to download wallet.

COLD WALLET
Again many different brands, most popular are Trezor and Ledger. These cost around £80
Do not be tempted to buy on ebay etc, as they can be tampered with, only buy from official company.

SETUP

Whatever, hot or cold the setup is the same and simple.
Follow the instructions at each step, and remember they are not joking when they ask you to write down the seed phrase they will provide you with.

At the end of setup they will ask you to choose a password.

So you now have a password and seed phrase (a seed phrase is 12 words provided by the wallet)
to get your head round this just think the following>

The password relates to the actual device your wallet is on(computer, phone, Trezor, etc), and the seed phrase is not needed whilst you are using the original device.

The SEED PHRASE though is the be all and end all.
If you lose access to the original device, you can regain access by just installing another wallet and entering the seed phrase.
Click to expand...

Thanks. How do you get your £175m out of Bitcoin and into the bank ?
 
zerox said:
Pretty much a given, bitcoin is increasingly seen as a store of value, just like gold.
Click to expand...

It doesn’t actually have any intrinsic value though and is basically based on the trust of the people in the system set up. We could set up a BMcrypto currency between us as I think there are 70,000 users - I’m sure Ric would be up for it..
 
AlgarveBlu said:
It doesn’t actually have any intrinsic value though and is basically based on the trust of the people in the system set up. We could set up a BMcrypto currency between us as I think there are 70,000 users - I’m sure Ric would be up for it.
Click to expand...
It is not as hard as you think to make your own coin, I have coded my own coin in less than an hour, of course it is not worth anything. THere are many tutorials on the internet how to.
 
Newman Noggs said:
Thanks. How do you get your £175m out of Bitcoin and into the bank ?
Click to expand...

You’ll need to send the Bitcoin in your wallet to the exchange. So if you have an account with Coinbase (an Exchange) for example, you click on deposit bitcoin within Coinbase, it will generate an address for you to send it to. Send your Bitcoin to that address and it will then show in your Bitcoin balance in your Coinbase portfolio. On the exchange you then sell the Bitcoin for £ or whatever it is you want, then from there send your £‘s from the exchange to your bank account.

That is one way anyay.
 
@algarveblue.

I know you were jesting, but the idea of a bluemoon coin is brilliant, it would be a fantastic way to get funds for the running of the forum.
A lot of thought would have to be put in as to how it would work, and it would not be compulsory, so the forum would carry on as is.
It would be revolutionary, but I would wager when it got going, it would slaughter donating based football forums for collecting running costs.
 
zerox said:
@algarveblue.

I know you were jesting, but the idea of a bluemoon coin is brilliant, it would be a fantastic way to get funds for the running of the forum.
A lot of thought would have to be put in as to how it would work, and it would not be compulsory, so the forum would carry on as is.
It would be revolutionary, but I would wager when it got going, it would slaughter donating based football forums for collecting running costs.
Click to expand...
I think the problem you/Ric would have is that it is inevitable in the near future that cryptocurrency will come under FCA /BOE regulations at some point to at the very least stop private investors from getting burned whilst institutional investors would most likely be allowed a freer reign as they should have a better understanding of risk in financial instruments.

it’s a nice thought but suspect it would require Ric for example to set up all sorts of checks and balances and registrations/paper work which would be a colossal undertaking even if he did have any interest in it.
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top