Bitcoins

[stoop]

Anyone know much about them? Seems they are a virtual currency and whilst rather volatile it seems some have made quite a bit of money out of them.

My son bought $1000 worth at $100.90. They went up to $250 then down as far as $35. I noticed early (on the Bitcoin Exchange) they are now back uo to around $150.

Keeping my cash in the bank I think on this one but anyone with a speculative attitude to risk might want to have a dabble.

[SuzzPuss]

Interesting one.  Just googled it and think I'm going to steer well clear too.  Dealing in a virtual currency is too much for my little brain to cope with.    

I'm interested in why they would have called them bitcoins.  I wonder if it's because of the old 12.5 cent coin that's long gone out of use.  It was called a 'bit' and the 25 cent coin (a quarter) is still affectionately called 2 bits to this day.  Love this sort of thing.  I'll see if I can find out.  Thanks Stoop.

[stoop]

More go do with 'bites' I think. Computer speak  

[SuzzPuss]

Duh!  Good point.  Shame.  Still an interesting topic though.  Seems that you could make or lose quite large amounts of money this way.  Hope your son does OK.

[stoop]

Well he's a bit of a gambler (plays internet poker for a living whilst living in the sun) so I guess he's only put in what he can afford to lose.

[SuzzPuss]

Wow!  Living on the edge.   

[stoop]

Not really - Poker played correctly is quite easy to do. He just works out his odds very quickly and plays or folds. Been doing it for the last 5 or 6 years and making more than I ever did. I think the secret is to run it as a business and not chase losses. Not for me though  

There are some seriously rich young men out there on the back of internet poker. I know one of his mates who is a dollar milionaire at the sage of 26. However I imagine there are those who lose everything

[amca]

Bitcoins first came to my attention at the beginning of this month ...... in fact, the very first day of this month.

[Ian]

Well he's a bit of a gambler (plays internet poker for a living whilst living in the sun) so I guess he's only put in what he can afford to lose.

Didn't realise your lad lived in Scarborough

[karaokemark]

http://www.snotr.com/video/10944/Bitcoin_Explanation
I am still confused