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Bitcoin: Does it have a future ?
Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Never store coins in digital wallets . Offline wallets is the way to go. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? To Each His Own
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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kayhara wrote:Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? Similar concept, even in Crypto, the holders are compensated, in or form or the other
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Rank: Member Joined: 8/16/2012 Posts: 660
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mnandii wrote:Quote:When powerful new technologies emerge, they attract droves of investors. We saw it with the internet sector in the late 1990s. At the time, we described it as a bubble in the making.
Obviously the internet survived the bubble--and now thrives. But many investors' portfolios didn't.
We expect the same with Bitcoin. The blockchain technology that's behind it and other cryptocurrencies holds great potential. But unprepared investors, oblivious to the big picture, will see -- and have already seen -- their positions get run over. "I WOULDN'T TOUCH BITCOIN: RISK OF COLLAPSE TOO BIG", DEC 2017 Quote:The Winklevoss twins cut up the key to their $1.3 billion bitcoin fortune and keep each piece in different bank vaults
People laughed at the Winklevoss twins in 2012 when they started buying bitcoin — but now, as their fortune has reached $1.3 billion, no one's laughing anymore.
Brothers Cameron (L) and Tyler Winklevoss talk to each other as they attend a New York State Department of Financial Services (DFS) virtual currency hearing in the Manhattan borough of New York January 28, 2014. REUTERS/Lucas Jackson play
Brothers Cameron (L) and Tyler Winklevoss talk to each other as they attend a New York State Department of Financial Services (DFS) virtual currency hearing in the Manhattan borough of New York January 28, 2014. REUTERS/Lucas Jackson (Thomson Reuters)
The Winklevoss twins, known for suing Mark Zuckerberg, started buying bitcoin in 2012.
Their bitcoin holdings are now worth $1.3 billion, The New York Times reported.
The twins keep the private key for their bitcoin fortune in multiple pieces in bank vaults around the country.
People laughed at the Winklevoss twins in 2012 when they started buying up bitcoin...Quote:The two Harvard-educated entrepreneurs bought about 120,000 bitcoins when they were less than $10 each, using funds they got from settling a lawsuit against Mark Zuckerberg over their claim that they came up with the idea for Facebook. 120,000 bitcins at around 1000 Kes each Today no matter what the price is the twins will always be smiling. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Stiffler wrote:kayhara wrote:Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? Similar concept, even in Crypto, the holders are compensated, in or form or the other By who? When your wallet is gone it'd gone. I heard that some people who bought bitcoin but crushed their computers are crying in the toilet. One is trying to sue the city council for not allowing them to go through mountains of trash in search of his hard drive. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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murchr wrote:Stiffler wrote:kayhara wrote:Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? Similar concept, even in Crypto, the holders are compensated, in or form or the other By who? When your wallet is gone it'd gone. I heard that some people who bought bitcoin but crushed their computers are crying in the toilet. One is trying to sue the city council for not allowing them to go through mountains of trash in search of his hard drive. Some exchanges do refund their customers in one form or the other. Read Bitfinex and the recent Coincheck hack
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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murchr wrote:Stiffler wrote:kayhara wrote:Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? Similar concept, even in Crypto, the holders are compensated, in or form or the other By who? When your wallet is gone it'd gone. I heard that some people who bought bitcoin but crushed their computers are crying in the toilet. One is trying to sue the city council for not allowing them to go through mountains of trash in search of his hard drive. Some exchanges do refund their customers in one form or the other. Read Bitfinex and the recent Coincheck hack
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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murchr wrote:Stiffler wrote:kayhara wrote:Question, when a NORMAL bank is robbed eg the Thika KCB heist, depositors don't actually lose their deposits, what about the digital coins ? is hacked equal to loss to holders? Similar concept, even in Crypto, the holders are compensated, in or form or the other By who? When your wallet is gone it'd gone. I heard that some people who bought bitcoin but crushed their computers are crying in the toilet. One is trying to sue the city council for not allowing them to go through mountains of trash in search of his hard drive. Some exchanges do refund their customers in one form or the other. Read Bitfinex and the recent Coincheck hack
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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https://www.theguardian....o-make-bitcoin-transfer
I'll never make it public to anybody that I do trade cryptos. A new wave of opportunistic criminal gangs will crop up and take advantage of a quick transfer of funds at gunpoint. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Museveni wrote:whiteowl wrote:Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools 
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. This multilevel crap has nothing to do with bitcoin.How about signing up on BTCC or any other credible site and trading from there? It is always sad to see people being scammed. If it is mining one is interested in they should prepare to buy and run some pretty good hardware and be prepared to pay the electricity bills for the free bitcoins If it is trading in bitcoins they should dive in and buy the coins on their lows and flip on the highs. POINT ON. have been perusing this thread for the fifth time now from post one, but today i stop it here. why? @museven or someone out there and strictly without referrals unless of credible wwws, is required, by I, sue-able and can sue adult of sound mind, Muandiwambeu to give guidance on how to setup a bitcoin mining rig. the characteristics of the rig ought to be clear in terms of initial cost, processing power, memory capacity(ram/rom) os, modifications required(heat sinks bth/ wattage etcs) power cost and of-coarse bit thorough-put. i have sold 2mboroti and each shall identify with a risk factor to this experimental project. startup cost 300k. Hii pesa ni yangu bwana, sio yangu na mama yangu, eish? ,Behold, a sower went forth to sow;....
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. a pool is essentially pooling of resources to achieve a goal that would practically be impossible or difficult to achieve singlely and to distribute the risk. making an attempt singly, next i may require to pool up with equal minds for a common good. voila! ,Behold, a sower went forth to sow;....
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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muandiwambeu wrote:Museveni wrote:whiteowl wrote:Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. This multilevel crap has nothing to do with bitcoin.How about signing up on BTCC or any other credible site and trading from there? It is always sad to see people being scammed. If it is mining one is interested in they should prepare to buy and run some pretty good hardware and be prepared to pay the electricity bills for the free bitcoins If it is trading in bitcoins they should dive in and buy the coins on their lows and flip on the highs. POINT ON. have been perusing this thread for the fifth time now from post one, but today i stop it here. why? @museven or someone out there and strictly without referrals unless of credible wwws, is required, by I, sue-able and can sue adult of sound mind, Muandiwambeu to give guidance on how to setup a bitcoin mining rig. the characteristics of the rig ought to be clear in terms of initial cost, processing power, memory capacity(ram/rom) os, modifications required(heat sinks bth/ wattage etcs) power cost and of-coarse bit thorough-put. i have sold 2mboroti and each shall identify with a risk factor to this experimental project. startup cost 300k. Hii pesa ni yangu bwana, sio yangu na mama yangu, eish? I have a feeling that Bitclub will have people crying one day.
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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Spikes wrote:https://www.theguardian.com/uk-news/2018/jan/28/cryptocurrency-trader-forced-at-gunpoint-to-make-bitcoin-transfer
I'll never make it public to anybody that I do trade cryptos. A new wave of opportunistic criminal gangs will crop up and take advantage of a quick transfer of funds at gunpoint. 
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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obiero wrote:Spikes wrote:obiero wrote:The worst is yet to come. Wakenya wanaweka pesa kwa servers zenye hata hawajawai ona. Na hapa Chase na Imperial zilianguka. Mtajua hamjui. Thank me later Kumbe sadists ni wengi hapa Wazua. Even banks are hacked but you still put your money there. Why can't you put your money under the mattress since banks are vulnerable? Bank-held money is insured and so long as you didn't compromise the access to funds you will be refunded either by the bank or KDIC. Is your chosen bitcoin exchange insured ama the thrill of price appreciation overcame rational thinking? A refund in the horizon. http://www.bbc.co.uk/news/world-asia-42850194
This market is young but growing and developing too fast outpacing traditional rivals such as banks. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 10/14/2011 Posts: 661
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Spikes wrote:obiero wrote:Spikes wrote:obiero wrote:The worst is yet to come. Wakenya wanaweka pesa kwa servers zenye hata hawajawai ona. Na hapa Chase na Imperial zilianguka. Mtajua hamjui. Thank me later Kumbe sadists ni wengi hapa Wazua. Even banks are hacked but you still put your money there. Why can't you put your money under the mattress since banks are vulnerable? Bank-held money is insured and so long as you didn't compromise the access to funds you will be refunded either by the bank or KDIC. Is your chosen bitcoin exchange insured ama the thrill of price appreciation overcame rational thinking? A refund in the horizon. http://www.bbc.co.uk/news/world-asia-42850194
This market is young but growing and developing too fast outpacing traditional rivals such as banks. Central Bank of Kenya governor, Dr Patrick Njoroge, has warned those trading in cryptocurrencies, such as Bitcoin, and the Russian fraudster Sergey Mavrodi’s MMM’s Mavron that the bubble might soon bust on them. bitcoin holdings in Kenya are about 2.3 per cent of the Gross Domestic Product, which means that we have put about Sh163.3 billion into cryptocurrencies. Mavrodi started the new Bitcoin-based Ponzi scheme known as MMM. The Russian version MMM-2011 was closed down in May 2012 while others were launched in Lithuania, Ukraine and Belarus. It is this new version that has been launched and operates in Kenya, Nigeria, Zambia and several other countries. On his website, Mavrodi tells his followers that MMM is neither a pyramid scheme nor an online business. Only Mr Mavrodi knows how far this scheme can run and at what points he will close down his website. With what we know about him, chances are that Kenyans are participating in a huge Russian gamble — and soon they will be on the streets asking the government to help. JOHN KAMAU https://www.nation.co.ke...81256-7jgcmn/index.html
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Thiong'o wrote:Spikes wrote:obiero wrote:Spikes wrote:obiero wrote:The worst is yet to come. Wakenya wanaweka pesa kwa servers zenye hata hawajawai ona. Na hapa Chase na Imperial zilianguka. Mtajua hamjui. Thank me later Kumbe sadists ni wengi hapa Wazua. Even banks are hacked but you still put your money there. Why can't you put your money under the mattress since banks are vulnerable? Bank-held money is insured and so long as you didn't compromise the access to funds you will be refunded either by the bank or KDIC. Is your chosen bitcoin exchange insured ama the thrill of price appreciation overcame rational thinking? A refund in the horizon. http://www.bbc.co.uk/news/world-asia-42850194
This market is young but growing and developing too fast outpacing traditional rivals such as banks. Central Bank of Kenya governor, Dr Patrick Njoroge, has warned those trading in cryptocurrencies, such as Bitcoin, and the Russian fraudster Sergey Mavrodi’s MMM’s Mavron that the bubble might soon bust on them. bitcoin holdings in Kenya are about 2.3 per cent of the Gross Domestic Product, which means that we have put about Sh163.3 billion into cryptocurrencies. Mavrodi started the new Bitcoin-based Ponzi scheme known as MMM. The Russian version MMM-2011 was closed down in May 2012 while others were launched in Lithuania, Ukraine and Belarus. It is this new version that has been launched and operates in Kenya, Nigeria, Zambia and several other countries. On his website, Mavrodi tells his followers that MMM is neither a pyramid scheme nor an online business. Only Mr Mavrodi knows how far this scheme can run and at what points he will close down his website. With what we know about him, chances are that Kenyans are participating in a huge Russian gamble — and soon they will be on the streets asking the government to help. JOHN KAMAU https://www.nation.co.ke...81256-7jgcmn/index.html
An idiot was persuading me into the slaughter house of MMM....I tell you that guy believes more on scammer Sergrey Mavrod than even the Bitcoin itself. So sad how gullible Kenyans have become. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 8/16/2012 Posts: 660
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Spikes wrote:Thiong'o wrote:Spikes wrote:obiero wrote:Spikes wrote:obiero wrote:The worst is yet to come. Wakenya wanaweka pesa kwa servers zenye hata hawajawai ona. Na hapa Chase na Imperial zilianguka. Mtajua hamjui. Thank me later Kumbe sadists ni wengi hapa Wazua. Even banks are hacked but you still put your money there. Why can't you put your money under the mattress since banks are vulnerable? Bank-held money is insured and so long as you didn't compromise the access to funds you will be refunded either by the bank or KDIC. Is your chosen bitcoin exchange insured ama the thrill of price appreciation overcame rational thinking? A refund in the horizon. http://www.bbc.co.uk/news/world-asia-42850194
This market is young but growing and developing too fast outpacing traditional rivals such as banks. Central Bank of Kenya governor, Dr Patrick Njoroge, has warned those trading in cryptocurrencies, such as Bitcoin, and the Russian fraudster Sergey Mavrodi’s MMM’s Mavron that the bubble might soon bust on them. bitcoin holdings in Kenya are about 2.3 per cent of the Gross Domestic Product, which means that we have put about Sh163.3 billion into cryptocurrencies. Mavrodi started the new Bitcoin-based Ponzi scheme known as MMM. The Russian version MMM-2011 was closed down in May 2012 while others were launched in Lithuania, Ukraine and Belarus. It is this new version that has been launched and operates in Kenya, Nigeria, Zambia and several other countries. On his website, Mavrodi tells his followers that MMM is neither a pyramid scheme nor an online business. Only Mr Mavrodi knows how far this scheme can run and at what points he will close down his website. With what we know about him, chances are that Kenyans are participating in a huge Russian gamble — and soon they will be on the streets asking the government to help. JOHN KAMAU https://www.nation.co.ke...81256-7jgcmn/index.html
An idiot was persuading me into the slaughter house of MMM....I tell you that guy believes more on scammer Sergrey Mavrod than even the Bitcoin itself. So sad how gullible Kenyans have become. Mavrodi and bitcoin are not connected. His pyramid schemes have been discussed here again and again by @butterflyke and also @murchr This is a long shot article by J K, not factual though. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 8/16/2012 Posts: 660
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Mukiri wrote:muandiwambeu wrote:Museveni wrote:whiteowl wrote:Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. This multilevel crap has nothing to do with bitcoin.How about signing up on BTCC or any other credible site and trading from there? It is always sad to see people being scammed. If it is mining one is interested in they should prepare to buy and run some pretty good hardware and be prepared to pay the electricity bills for the free bitcoins If it is trading in bitcoins they should dive in and buy the coins on their lows and flip on the highs. POINT ON. have been perusing this thread for the fifth time now from post one, but today i stop it here. why? @museven or someone out there and strictly without referrals unless of credible wwws, is required, by I, sue-able and can sue adult of sound mind, Muandiwambeu to give guidance on how to setup a bitcoin mining rig. the characteristics of the rig ought to be clear in terms of initial cost, processing power, memory capacity(ram/rom) os, modifications required(heat sinks bth/ wattage etcs) power cost and of-coarse bit thorough-put. i have sold 2mboroti and each shall identify with a risk factor to this experimental project. startup cost 300k. Hii pesa ni yangu bwana, sio yangu na mama yangu, eish? I have a feeling that Bitclub will have people crying one day. The title of the article was bitcoin trading. While the content of the article is on mining. And the referrals ?  Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Elder Joined: 6/23/2009 Posts: 13,519 Location: nairobi
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80% bloodbath drop coming up within few days.. The drop of a lifetime awaits those investors, some of whom unfortunately are here on wazua.. Poleni lakini https://www.express.co.u...t-investors-value-latest
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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