# Bitcoin #
Ben, you're gonna get left behind mate. You need to start up a Swellnet Coin. Members can buy premium content with their swellnet coin, including top of the line up at Snapper!!!
Thanks.
@thermalben you will learn them soon enough if you choose to go through the process of investing
Coinspot is an aussie exchange where you can buy crypto coins for cash money or bank transfer
ICO is an acronym for initial coin offering, where you buy coins for a startup cryptocurrency, usually for the cheapest price they will ever be, but not always
Ethereum is a coin, the second largest to bitcoin and many of the other coins run on the ethereum platform
Casper is a soon to be released update for the ethereum platform that will solve congestion problems on the network
Gwei and gas limit refer to setting the fee you are prepared to pay for an ethereum transaction. The more you pay the faster the transaction. It is relevant at the moment because of network congestion
Myether wallet is a website where you can create your own secure wallet to store your crypto coins (as long as they are ethreum based)
Telegram is a chat channel with ios and android apps and I thin a web interface as well. Many icos use telegram to chat with potential investors
It is a bit confusing to begin with but not that hard to take in if you persist
https://itunes.apple.com/au/podcast/crypto-101/id1262351840?mt=2&i=10003...
My partner says that this is a great podcast for beginners, she is developing a good understanding of it all.
Somebody tell me I'm dreaming: there are over 1,300 crypto- currencies available right now?
thermalben, its really not hard at all.
Topsy, is Telegram only an IOS app? ie you can't sign up to get emails or see the online chats via a computer/web page?
@Topsy I watched that Youtube vid the other day.
Ha ha i don't know if it was a good advertisement for crypto though.
But it did go into aspects I've thought about.
Is the blockchain really the future?
The one point people not into crypto bring up is the energy issue, and its hard to not agree, its a waste.
I think like the video says Blockchain is a stepping stone but the future has to be different, it has to use little energy..
But that said its a worry that isn't Hashgraph patented?
I really hope IOTA and tangle can do what they say it can, if it can it's going to be a game changer.
Yes, 1300+ most are shitcoins, money grabs, but many are legit projects. Lets take golem for example. Golem creates a virtual computer on the internet using the processing power of yours, or anyone elses computer who would like to be paid to be a part of it. A use case could be Pixar, the company that makes movies like Toy Story. Pixar movies run at around 26 frames per second and it takes around 29 hours to render a single frame on a normal computer. They would use the processing power of all the computers on the golem network to do the job much faster.
Another examle
Ethereum and many of the coins that run on it use things called smart contracts. Using smart contracts means, among other things, that you can do “trustless” business with anyone, anywhere in the world. They can’t rip you off, the smart contract protects you.
Oh yes that vid didn't go near enough into smart contracts, IMHO smart contracts are one of the most important aspects in cryptocurrencies they can be used in so many different aspects of business and many other things, a complete game changer.
Topsy, with reference to your "They can’t rip you off, the smart contract protects you" I'd be interested to hear more about this as I bought an ICO that didn't reach the softcap hence it didn't go any further. ICO website gave instructions to receive ETH back for useless coin ico purchase (essentially a refund) but those instructions didn't work for me as I used imtoken to purchase the coin and it doesn't have a refund function. So i tried numerous other avenues to get my refund with no luck. I can see the smart contract on etherscan, but trying to get the refund is crazy hard (well for me anyway). So how does the smart contract protect you from being ripped off?
ie, say you used ETH to buy something on ebay. The goods never show up and the seller does a runner............how does the smart contract protect you in this instance?
@indodreaming
Ethereum is about to change to a different type of mining called proof of stake. It eliminates as far as I know most of the electricity problems. The long-term future may well be hashgraph or something else, but there is a lot of money and brainpower invested in cryptos at the moment and they will also evolve. Who knows what the future will bring. It is also possible that existing projects may be moved to hashgraph...maybe
@domweather
A smart contract is only as good as the code that creates it. I guess businesses will interact with smart contracts that are known to be safe. Programs that audit smart contracts are being created as we speak. The one you mentioned sounds like a dodgy one. There have been scam Icos that have deliberately written faulty smart contacts so they can hack themselves, blame the programmer and fuck off with the money.
Topsy, this was it.
As I said, only problem is imtoken doesn't offer the "refund" function. Got any suggestions on how or what software I might be able to use to try and recover my refund?
https://www.netflix.com/title/80154500?s=i&trkid=13752289
Very informative video
@domweather will have a look tomorrow but it is probably beyond me. There could be info on reddit from people in the same situation.
@domweather
Maybe google “how do i execute the herby refund contract”
You may have already tried that but my tech knowledge is a bit limited. Good luck
Thanks Topsy. I've already tried all of the above and no success. Thanks anyway.
On another note what's your thoughts on the Bankera ICO?
Kodak is pivoting to blockchain with “KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.” https://t.co/a7pp5zWZHY
Ethereum is potentially having some issues at the moment , so it would be wise to wait and see what happens to the market before investing anywhere.
CCN.com for all Crypto news.
Cryptocurrencies have no inherent value and are an extreme example of a non-productive investment. This form of behaviour is called rent seeking and is considered despicable and parasitic. Just as a tick feeds on small amounts of blood these investments withdraw capital from markets where it would perform a useful function. But hey, everyone is doing it and since (common illusion) I am smarter than average I will get out before the bust.
@Blindboy
Although there is countless cryptos that are not active or finished projects yes basically start ups and a huge amount will fai,l many will not and many are already being used, even huge companies like microsoft are trialing the tech with certain cryptos and even banks are buying in (ripple) and even the Australian government(or state government) is trialing the use of Power ledger.
People can write this off as a fad or a bubble or whatever, but now is like the start of a new stockmarket, it's all an S curve and now we are in the very early stages, in time things will settle and we won't have the huge gains we are seeing.
The reality is the world is every changing I'm sure physical cash will always be around to some degree but currently systems like Visa and online banking, swift etc are either completely outdated or not secure or they have all kinds of issues that need updated much of this tech allows this and adds a lot more like smart contracts.
When you invest in cryptocurrencies(the right ones) you are investing in developing technology (one example IOTA), your basically investing in the future and helping things develop.
But yeah 100% many are just cash grabs with no real value and yes there could be a bust of some type but end of the day the quality cryptos will rise back up.
Indo the current investment level has nothing to do with developing the technology and everything to do with greed. Block chain technology may become an important financial tool but the current situation is pure speculation of the worst kind.
So if it calls itself a cryptocurrency, but in fact has an inherent value that is based only on the technology it uses, then I reckon it's selling itself short. Would it not be better to list on a stockmarket and pitch itself to investors - with a transparent business model and projections of earnings etc? Why call it a currency if the actual currency is the least valuable part of the deal?
Seems like an alternative market built on hype to me - spruiking to the uninitiated and/or uninformed (and I don't mean that in a patronising way)and based on the theory that there's a bigger fool out there. From my very basic knowledge of it all, the blockchain technology has merit and any system that can be amalgamated to protect existing (and treasury backed) money would be worthwhile. Also IP - like the one topsy mentioned for patents. I would be inclined to invest in these types if it weren't for the grey market under which it operates.
A little more on the KodakCoin:
I reckon that's a different thing, Ben. Looks like something that mines bitcoins for you, and pays a comm to Kodak. The other thing you mentioned is a blockchain.
Apparently you've gotta pay them US$3,400 up front, and then you make 50% of whatever your little box produces, for whatever it happens to do. Or something like that.
And now shares in Kodak have more than doubled in one day (up 117% - in fact, after hours trading jumped another 40% on top of that). Madness.
Where's a facepalm avatar when I need one.
Comments on that Twitter post are great BTW.
Hahaha, wow, just wow!
and I bet Kodak doesn't pay half your power bill
Donweather is right: we need a SwellnetCOIN. Dunno what it'll do, but we can work out the specifics later. Something something surf something blockchain something something crypto something.
...and you can only mine them when you're on the wet side of the low tide mark. Sign me up
A cryptohypto?
Agree Ben you need a SWcoin, link it to paid up subscriptions, it may be a novel way to get some of the regular commentariat to actually buy a subscription ..... says he who has just let his subscription lapse until autumn!!
FFS.
"Kodak seems to be following the footsteps of struggling beverage-maker Long Island Iced Tea Corp, which tripled in value after a simple name change to "Long Island Blockchain Corp" in late December.
Long Island said its plan is to focus more on exploring and investing in blockchain technology — while continuing to make its iced teas for supermarkets."
http://www.abc.net.au/news/2018-01-10/kodak-blockchain/9316810
Everybody's partying like it's 1999
Change the name of Swellnet to Swellblockchain and you're on a gold mine Ben1!!
topsy, any thoughts on Burst coin ? And Graft ICO?
Just looking at Burst, thought it was just another cheap coin at first, but it's claims of low energy use to mine are interesting 0.5KW per transaction (google says average house use 600 to 800 KW a month)
@Topsy
What do think of these ICO's?
Seems like they already have some decent names behind them and is it a first in this area?
And https://www.valhallacoin.com
Seems unique
I have no idea how you pick good ones, so many and so many good ideas.
I still don't get how it works with buying with ETH either, i mean if you had bought last week you would now be spewing with the price rise.
Hi guys, will try ro have a look at the above suggested icos but I ignore so many because of lack of time, not because I dont want to.
Remember the process, join whitelist first, then research. Never jump in because you “want” to get in. Resist the urge to jump in and do proper research from outside of the projects own sales page, its always designed to sound good. Business people have been watching this space and seeing millions raised in riddiculously short time in some cases. They all want a piece of the pie, they have the resources to make their proposal look good but if you really look deep using google for reviews etc they rarely fool the people who really know the technology. (I am not one of those people - I rely heavily on those types of reviews, reddit threads, steemit etc.) sign up for newsletters too, Finance Magnates, Coin Telegraph, Blockchain News and others and watch for ico articles but dont believe everything you read :)
https://gbx.gi/token-sales/
Dont miss this whitelist, it still needs to be researched, just saw it this morning
https://www.financemagnates.com/cryptocurrency/news/gibraltar-blockchain...
Indo, I see from your earlier post you bought bread. Can I ask what convinced you to buy bread?
http://www.smh.com.au/business/markets/warren-buffett-says-cryptocurrenc...
........but what would he know about investing?
There is no doubt cryptos are high risk but they are also high reward, market is down at the moment so i will be down a few K but 2 days ago when i looked when the market was up, i had almost hit 18K from 5K that was put in 6 weeks ago but that 5K wasn't even put in in one lump it was put in over a few weeks, if it was put in in one lump sum i would easily have 20K maybe even 25K
What other legal investment can basically guarantee these types of returns???
Look at Shore dumps mates who have made over 100K from 10K.
Warren Buffet doesn't need to invest in cryptos he is rich, if i was rich like him i would put my money in low risk safe investments too.
If i used the same investment strategies as him id have maybe $5, 500 by now if i was very lucky.
Some people are willing to take risk, some not, that's cool everyone is different.
BTW. Warren Buffet is heavily invested in traditional banks and the banking system and
https://www.cnbc.com/2017/05/06/warren-buffett-admits-he-made-a-mistake-...
@Donweather
About Bread to be honest i can't even remember, i made a list of cryptos i kept hearing good things about mostly from videos and ones that hadn't been around long (looks to only been on market since December)
I also focused on cryptos that were still cheap but had lowish supplies, although that one is much higher than many i bought.
These ones i bought on Binance and Crytopia and Kucoin are generally a little more riskier.
Im just going for a few strategies.
1. My ones from Coinspot dependable long term that i just leave.
2. My ones from exchanges that are more out of the top 50 riskier cryptos (and i might jump around and trade some of these).
3. A very small percentage on dirt cheap cryptos that could be boom or bust.
4. My next step is to get into ICO
What does WB know about investing in crypto currency? Nothing, it says it right there in the article!
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about?"
:)
Ok thanks Indo
I also bought Deep brain chain, Dragon Chain and RaiBlocks the other day, tried to get in on dips and used my Litecoin when it was up.
Reports today that the South Korean government is preparing to ban cryptocurrencies.
The Bitcoin graph looks Interesting ! ?