By now, many people in the world must have heard of Bitcoins. The word is cryptocurrency. Many banks don’t recognise Bitcoins. Government don’t accept it as legal tender. But millions of people today are still wondering what is Bitcoins. Why?
People are buying high end computers to do Bitcoins mining? Internet networks are being tapped for its roaming capability. Reports suggest that tapping onto public WiFi leads to your notebook power being used to mine. What is mining? Why are so many people jumping onto this Bitcoin?
This Post and planned gathering is not intended to get anyone to buy into Bitcoins or any crypthocurrency. Please be warned risks are likely and experts have warned of a big bubble happening.
I am planning to organise a talk and discussion. Venue, date and time not available yet. There will be a cost, subject to venue and speaker. Not idea yet. Someone is assisting to piece together a known speaker. Venue likely a hotel.
As a show of hands, please raise your hands if you are interested, so that planning can go ahead. Unfortunately, I am travelling, but I will have someone to EO this gathering. Strictly for registered SilverHairsClub members only.
Govts are looking at bringing cryptocurrency and Bitcoins under control. There will be new legislation. But how and what and why?
Please continue discussions here. And if you are interested, please register here.
Terence Seah
Members who have Bitcoins accounts, traded in Bitcoins and make/lost money, and would like to give a short speech during the Bitcoins discussion, please raise your hand. TQ.
Terence Seah
A fellow SHC member has lost USD 20,000 investing in a scam involving Bitcoins Investment. The scammer claimed to be working in an oil rig, and needed money for her daughter. The connection was made via FaceBook.
Once connected via social media, there is pressure to contact the investor via phone, get ready to make the funds transfer via credit card and asking for security like utility bills, home address, etc.
Please share if you met with success or failure.
Terence seah
Hi Terence, I am very curious about Bitcoin. A life that is smooth sometimes we find it dull, so I love to tryout Bitcoin to have some challenges and excitement. Pls count me in for the talk and if possible invite a broker to give the talk so that we can sign up immediately. This could be a type of spice for excitement.
Hi SS James,
TQ. The gathering is being organised. Your name will be gathered.
I like your spirit and view on investments.
Terence Seah
Members who wish to attend a Bitcoins gathering, and listen to a speaker, must be cautious that the objective of the speaker is to sell Bitcoin coints investment. This is like crowd funding. The speakers are not there to warn you of a bubble or a sudden drop in Bitcoins price.
I am still hesitant about organising this gathering, as no one knows if your investment will make or lose money. As I said financial experts warned of a bubble, and that Bitcoin investments are not supported by banks, govt or fund managers. If you lose money, you lose it all.
One of our members has already lost all money through a Bitcoin scam.
I have no intention of organising this as as SilverHairsClub event. Because I myself do not support support members going into investments are our age, and especially when monetary authorities do not support cryptocurrency. SHC does not support this Bitcoin investment.
Usually, at such events, you will be coeirced and pressured into buying these investments. Many will fall into the pressure, and unable to say NO. You may be asked to put down a small deposit, only to realise you would finally need to fork out approx USD 20,000, depending on the Bitcoin price at the time.
You will hear of ICO, which is similar to IPO. You will be asked to buy before the ICO, and you will hear of strategies to buy now and sell, very quickly. All very short time, no holding.
On interest, besides the deposit you pay, you will finally need to fork out the balance of a Bitcoin, usually via credit card. Keep your credit card at home. Better still, keep your mobile phone at home, if you have Internet bank apps on your phone. So you do not hastily buy a Bitcoin.
If you give your mobile tel or email, you will be contacted. And you may not be able to resist hearing about the potention returns.
There are some Bitcoin investments talk going around, and they are hugely crowded. Remember, this is crowd funding. Be warned.
Just think, if over the coming period, there is a sudden huge drop in Bitcoin price, massive selling will happen, and your inventments will fall. No one will buy from you.
Terence Seah
Actually bitcoin is projected to be a universal currency. It will replace all the currencies of all nations. This will get rid of the currency exchanges and the various costs involved in the transactions between businesses.
For a start I read future trading of bitcoins has started in US. In Singapore virtual curency like bitcoins has be used as one of the means to purchase items at some online websites besides using credit cards.
I believe bitcoins will take root universally not as a means of investment but as a replacement for the different currencies we need to bring when we visit different countries. It may not happen in my lifetime but it will during our grandchildren’s time.
For me as an IT hobbyist I am more interested in what bitcoin will affect IT. There is an article on bitcoin mining and its impact. The subject is very cheem but I read that bitcoin mining is done daily by bitcoin miners on websites causing our computers to go slow when we open the affected websites because it will use our cpu power to supplement their mining.
For those who experienced this I suggest you install an addon called nocoin for your browser. It will block the mining and enable your computer to surf more efficiently. Cheers
Universal Currency is the name buying BITCOIN is the game.
Imagine when you go anywhere on planet earth, flash your mobile device to buy things and pay with your bitcoin-account. No exchange rates, no counterfeit notes and no value-fluctuation. Too good to be true? Yes it is…..for now.
Politicians are not keen because they want to control the issuance and distribution of money, hence the votes. Bankers are not keen because they like fluctuations and attempt to squeeze something out of everybody every day. Investors ( or speculators to be exact ) want to get back more than what they pay for, by hook or by crook. And of course, we have the digital scavengers who will use YOUR computer to work for them and feed them, giving the Government a good excuse to “outlaw” this currency. These are but teething problems.
I agree with Peter it is a matter of time that BITCOIN will be a universal currency – without boundaries and encumbrances. Till then, hold tight to your Sing $ — it is one of the best currencies in the world today.
DC
Terence, time is the essence of this game. So pls arrange for the talk asap. The swing is exciting!
It is the cyberspace platforms and technology that have helped to propel the worth of this “product”, which has neither substance nor intrinsic value.
At the start of this year, a bitcoin cost around US$1000. Today the same bitcoin can fetch close to US$20,000, if the seller wants to sell it.
Imagine if you had bought 100 bitcoins in January. Will the same bonanza be repeated next year? Read page A4 of the Straits Times today on what our Monetary Authority (MAS) has to say.
DC
We were planning to have a talk and discussion on Bitcoins on 20 Jan 2018. As interest is low, and in view of the potential risks with Bitcoin investments, I have decided to cancel this event.
Apology to those who have expressed interested.
Terence Seah
Hi..Happy new year. New year new venture. I am not sure whether anybody is still interested this topic. It is the talk of the town now, particularly at downtown. BItcoin, Litecoin, Ethereum and Ripple are now on the lunch menu.
You don’t have to sell your house or car to be part of this “madness” . For a mere S$150, you can open an account and swing with the BIG boys. Of course the more the merrier.
Google “Bitcoin Singapore” to learn more.
If you want to skip the jargons, go to this site :
https://www.buybitcoinworldwide.com/singapore/
Let us ride the roller-coaster together. Not for the fainthearted.
DC