Previous Thread
Next Thread
Print Thread
Rate This Thread
Hop To
Page 1 of 2 1 2
#4393608 - 12/07/17 03:38 PM Do you bitcoin?  
Joined: Jan 2006
Posts: 2,204
Mr_Blastman Offline
Member
Mr_Blastman  Offline
Member

Joined: Jan 2006
Posts: 2,204
Atlanta, GA
Out of curiosity, who here owns bitcoins? If so, why? If not, why not?

http://www.zerohedge.com/news/2017-12-07/bitcoin-blasts-through-15000


Ron Paul asked today, "A wealthy person wants to gift you $10,000. You get to choose in which form you'll take the gift. But there's a catch: You must keep the gift in the form that you choose, and you can't touch it for 10 years.
In which form would you take the gift?"


I would take it in gold. At least I know it is finite and there can't be any more(with our current level of technology... some day we shall surpass this limitation). With crypto-currencies... we're one fork away from a whole new branch.

Inline advert (2nd and 3rd post)

#4393610 - 12/07/17 03:40 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Apr 2001
Posts: 104,502
PanzerMeyer Online centaurian
Pro-Consul of Florida
PanzerMeyer  Online Centaurian
Pro-Consul of Florida
King Crimson - SimHQ's Top Poster

Joined: Apr 2001
Posts: 104,502
Miami, FL USA
Can you say speculative bubble? I think bitcoin will go the way of 1990's dot.com stocks before too long.


Mandata tua!
#4393612 - 12/07/17 03:43 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Aug 2001
Posts: 9,563
JimK Online hick
Hotshot
JimK  Online Hick
Hotshot

Joined: Aug 2001
Posts: 9,563
New Ulm, MN
Thought about joining the craze and investing into it, but after reading up on how it really works. I better save my money for wiser investments. Just to unstable to
have any real worth to me. I can see this bubble bursting in ways those who have invested will really cry hard since non of these funds are protected.

Here is another reason I won`t invest.
http://www.popularmechanics.com/tec...e-us-exchange-opens/?src=socialflowFBPOP


Erebus Full Tower:Windows 7 Ult 64bit:Intel Core i7
3930K Processor(6x 3.20GHz)32GB[4 GB X8] DDR3-1866:GPU
NVIDIA GeForce GTX Titan 6GB:1.5Kw PSU: 43" Sceptre 4k:
LG Blu-ray burner,: hd1/750GB,hd2/2TB,hd3/1TB,hd4/1TB,HD5/4TB

Youtube videos
Flickr Photos
High Def Vimeo videos
#4393613 - 12/07/17 03:54 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: May 2005
Posts: 227
WharfRat Offline
Member
WharfRat  Offline
Member

Joined: May 2005
Posts: 227
temporally displaced
Nothing solid backing bitcoin. Gold has been accepted currency for over 6000 years.

#4393617 - 12/07/17 04:13 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Apr 2015
Posts: 4,825
F4UDash4 Online cool
Senior Member
F4UDash4  Online Cool
Senior Member

Joined: Apr 2015
Posts: 4,825
SC
I wish I had put a few hundred into Bitcoin early and were cashing out now!


“Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property. When government-- in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.” - Milton Friedman
#4393625 - 12/07/17 04:51 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Dec 2000
Posts: 11,762
No105_Archie Offline
No105_Archie  Offline

Veteran

Joined: Dec 2000
Posts: 11,762
N. Atlantic east of Canada
nope i do not


Archie Smythe

carpe diem
#4393626 - 12/07/17 04:51 PM Re: Do you bitcoin? [Re: WharfRat]  
Joined: Feb 2001
Posts: 2,532
mikew Offline
Senior Member
mikew  Offline
Senior Member

Joined: Feb 2001
Posts: 2,532
UK
Originally Posted by WharfRat
Nothing solid backing bitcoin.
Well, except the black market.

What do you do with piles of cash from drug deals these days, with currency controls being so tight.
One solution is to feed it into Bitcoin ATMs which is fairly anonymous, then cash in at another machine elsewhere. Perfect laundering, and even that process is profitable with the rising value.

#4393628 - 12/07/17 05:05 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jan 2002
Posts: 673
Pugio Offline
Member
Pugio  Offline
Member

Joined: Jan 2002
Posts: 673
Deep in the Leng Plateau
Maximum PC had a good article on cryptocurrency a month or two ago. But in sum, Bitcoin currently has an upper limit on the number of bitcoins that can be generated. In addition as more transactions take place the more computational power is need to solve the blockchain "security check". So unless more and more computational power is added to the Bitcoin network, transactions will take longer and longer. To the latter point, the concept was for a "free" currency that could not be regulated by the few, but now national and private groups are putting money into the creation of computing centers just to process the blockchains. There are other cryptocurrencies out there that seem to me like they all for the attraction of users with the idea of riding the next Bitcoin wave.

I would disregard Bitcoin as just a fad but some big players are now eyeing it as well so who knows. For long term, it is too risky for the every day man and short term would simply be gambling with investing with the right cryptocurrency.

The other option in earning the coins is in mining but unless you can invest in serious computing power and/or work as part of a network there is no meaning profit to be made.

Last edited by Pugio; 12/08/17 12:45 PM. Reason: grammer
#4393631 - 12/07/17 05:10 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jun 2002
Posts: 5,150
VF9_Longbow Offline
Hotshot
VF9_Longbow  Offline
Hotshot

Joined: Jun 2002
Posts: 5,150
Tokyo, Japan
Bitcoin or its offshoots are the future of currency.

I have some money in bitcoin, not a lot. If it goes up, that's great, if it goes down, that's fine.

I put about $1,000 into it when it was around $800 and am just going to let it sit there for 15 years.

If you had done that 15 years ago you would be sitting on a big pile of cash now.

The idea that bitcoin is backed by nothing is basically wrong. Bitcoin has a finite supply - it will stop being produced at a determined point in the future, so it cannot be printed infinitely like governments currently print money. Whether or not the global population will continue to use it is one thing, but for the moment it appears to have a solid future and governments and banks around the world are scrambling to either accept it or come up with a similar alternative to it.

Buy a little now and just sit on it for a few years.

I would suggest a similar strategy for stocks be they individual companies or an ETF - the only difference is stocks are more likely to give you a reliable, predictable increase in the long term where Bitcoin is a slightly risky but potentially hugely profitable gamble.

Don't forget that bitcoin is not really meant as an investment vehicle but as a currency and can still be used as a currency to buy goods and services. People out of touch with cryptocurrencies think they're only used for black market items but that is far from the truth. You can use bitcoin to pay for normal goods and services at a quickly growing number of legitimate businesses.

#4393729 - 12/08/17 02:24 AM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Sep 2001
Posts: 22,998
Dart Online smile
Measured in Llamathrusts
Dart  Online Smile
Measured in Llamathrusts
Lifer

Joined: Sep 2001
Posts: 22,998
Alabaster, AL USA
Originally Posted by Mr_Blastman

Ron Paul asked today, "A wealthy person wants to gift you $10,000. You get to choose in which form you'll take the gift. But there's a catch: You must keep the gift in the form that you choose, and you can't touch it for 10 years.
In which form would you take the gift?"



Whiskey.

Lots and lots of whiskey.


The opinions of this poster are largely based on facts and portray a possible version of the actual events.

More dumb stuff at http://www.darts-page.com

From Laser:
"The forum is the place where combat (real time) flight simulator fans come to play turn based strategy combat."
#4393781 - 12/08/17 11:50 AM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Apr 2001
Posts: 104,502
PanzerMeyer Online centaurian
Pro-Consul of Florida
PanzerMeyer  Online Centaurian
Pro-Consul of Florida
King Crimson - SimHQ's Top Poster

Joined: Apr 2001
Posts: 104,502
Miami, FL USA
If the supply of Bitcoin already has a pre-determined production run then obviously there is no way it can replace state-issued and state-backed paper currency.

Last edited by PanzerMeyer; 12/08/17 11:50 AM.

Mandata tua!
#4393783 - 12/08/17 12:07 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Sep 2001
Posts: 6,825
TerribleTwo Offline
Hotshot
TerribleTwo  Offline
Hotshot

Joined: Sep 2001
Posts: 6,825
It'll crash, and crash hard, and be right back at $200 a share.

The one thing propping it up is the heavy shorts.


"College graduates should not have to live out their 20s in their childhood bedrooms, staring up at fading Obama posters and wondering when they can move out and get going with life" - Paul Ryan
#4393784 - 12/08/17 12:55 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jun 2002
Posts: 5,150
VF9_Longbow Offline
Hotshot
VF9_Longbow  Offline
Hotshot

Joined: Jun 2002
Posts: 5,150
Tokyo, Japan
bitcoin is not a share.

how can you comment on it when you don't understand it?!

furthermore the supply is limited and people in china are using it as a means of getting their money out of the country because the government has set a limit of about $500 per person. they're not going to stop using it just because speculators mess with the price.

bitcoin and its offshoots absolutely can and will replace normal currency. governments will probably adopt similar currencies for themselves. japan has already started this process.

the US gov't as well as a number of other governments have also already accepted bitcoin as a legitimate currency. there's no stopping it now. ignore the price fluctuation, don't treat it as an investment, treat it as a currency to be used in exchange for goods or services and the mystery disappears.

#4393804 - 12/08/17 02:59 PM Re: Do you bitcoin? [Re: PanzerMeyer]  
Joined: Jan 2006
Posts: 2,204
Mr_Blastman Offline
Member
Mr_Blastman  Offline
Member

Joined: Jan 2006
Posts: 2,204
Atlanta, GA
Originally Posted by PanzerMeyer
If the supply of Bitcoin already has a pre-determined production run then obviously there is no way it can replace state-issued and state-backed paper currency.


The supply is also only worth something as long as demand persists. With bitcoin forks ICOing and the founders making 30 million bucks on pre-minted crypto-coins, I bet we'll see a lot more of this fork/mint scheme here in the near future. And folks that bought at 5000 or 10000... well, they might realize, "Hey, why hold this expensive coin when I can buy the new version super cheap and experience the massive gains the early buyers of bitcoin did!"

And then bitcoin could plummet.

Raw gambling. Probably better going to Vegas and pumping coins into slots. Finite supply doesn't guarantee value, not if it isn't in sufficient demand.



Edit
Oh, and about the risk, this sums it up nicely:
Quote

My original $100 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.

If the price plummets before then, I'm out of luck. No socks for me.


I can buy a stock and sell it within seconds, minutes or hours. Yes, the funds might not settle for a couple of days, but I can trade with frequency should I choose. There's volume and liquidity and I can pull my money out if I want. With bitcoin... or any crypto for that matter, can you? Don't think so. And no telling how trustworthy the middle man is.

Last edited by Mr_Blastman; 12/08/17 03:21 PM.
#4393813 - 12/08/17 03:55 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jun 2002
Posts: 5,150
VF9_Longbow Offline
Hotshot
VF9_Longbow  Offline
Hotshot

Joined: Jun 2002
Posts: 5,150
Tokyo, Japan
i'm sorry but you've got no idea what you are talking about

there is no middle man. it is your choice to use an exchange. it is the same as a bank. you are not forced to do this.

you can pass a bitcoin to another person if you wish. you can use a bitcoin atm. the transfer is instant.

you can buy and sell bitcoin instantly at whatever price you want. finding a buyer or seller at a given price depends on you only.

so much misunderstanding and misinformation. please try to educate yourself a little more about what bitcoin actually is.

#4393818 - 12/08/17 04:10 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Oct 1999
Posts: 14,998
Haggart Offline
I Fought Diablo
Haggart  Offline
I Fought Diablo
Veteran

Joined: Oct 1999
Posts: 14,998
The Lone Star State
The banks are the ones who own bitcoin and the investors in bitcoin are the ones who will be left holding the empty bag when the scheme collapses

Bitcoin is an example of this theory:

'The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.
In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later."


"everything lives by a law, a central balance sustains all"
#4393819 - 12/08/17 04:14 PM Re: Do you bitcoin? [Re: VF9_Longbow]  
Joined: Jan 2006
Posts: 2,204
Mr_Blastman Offline
Member
Mr_Blastman  Offline
Member

Joined: Jan 2006
Posts: 2,204
Atlanta, GA
Originally Posted by VF9_Longbow

so much misunderstanding and misinformation. please try to educate yourself a little more about what bitcoin actually is.


I'm educated enough to know that bitcoin isn't rainbows like you make it out to be.


I know about the exchange on the coin and how the blockchain works. I also know as an investor, making money depends on a reliable way to buy in and out of any investment rapidly and with minimal risk through the transaction intermediary. Person to person exchange of coins is fine for small purchases, but for large investments, market makers and exchanges are absolutely necessary to facilitate this rapid and efficient transfer of ownership.

Bitcoin lacks rapid facilitation of this requirement on a large scale, from what I gather. I may be wrong. But Mt. Gox cost fox millions upon millions when it was robbed.

I don't invest in bitcoin, nor anything else that is hard to quantify and lacks both strong fundamental data and emotional driven news.



Try looking at it another way:

Why do dating sites exist? To bring people together.

Is it easier to find a date by visiting every single bar in every single city, one by one until you finally meet someone who might talk to you, or is it easier to log onto a website, look at thousands of faces and profiles over a week, send out invitations and put some coffee meetings on a calendar?

Investment markets exist to bring investors together. You might view bitcoin as a currency--and it is, but the majority of the population views it as an investment(gambling) vehicle.

A good is what it is perceived to be, not what it actually is. Goods are bought and sold on that perception of worth and potential reward, not necessarily the utility of the product. See the "Dutch Tulip Bubble:"

https://www.focus-economics.com/blog/tulip-mania-dutch-market-bubble

Last edited by Mr_Blastman; 12/08/17 04:24 PM.
#4393823 - 12/08/17 04:37 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jun 2002
Posts: 5,150
VF9_Longbow Offline
Hotshot
VF9_Longbow  Offline
Hotshot

Joined: Jun 2002
Posts: 5,150
Tokyo, Japan
sorry but your post shows to me clearly that you don't understand what is actually happening during a transfer of bitcoin.

mt gox occurred because people left their money in their wallets in the exchange, to put it very simply. imagine leaving your wallet out on the counter at the bank. not a very good idea. why did people do that? i don't know.

i think you need to look around at the different ways bitcoin can be exchanged, you are hung up on the idea of a few specific exchanges that may have policies that warp your image of what is actually going on. what one exchange is doing is not necessarily the same thing another exchange is doing.

it is possible (and normal) to transfer bitcoin instantly. this is the usual way. you can also buy huge quantities of bitcoin from private citizens. i am talking about more money than most of us will see in our lifetimes. some people have made a business out of this by charging transaction fees.

#4393826 - 12/08/17 04:47 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Jan 2006
Posts: 2,204
Mr_Blastman Offline
Member
Mr_Blastman  Offline
Member

Joined: Jan 2006
Posts: 2,204
Atlanta, GA
How easy is it to find someone with a million bucks in bitcoin that is...

a. Willing to sell at any given time

b. Willing to buy at any given time

c. Will buy or sell one coin, a hundred coins, or a thousand coins and moment's notice, without protest?

and

d. Does not participate in any listed exchanges


And yes, that's how folks lost money on Gox. They kept their money with the exchange. Dumb indeed. And then there's this guy:

http://www.zerohedge.com/news/2017-...er-100-million-reasons-dig-landfill-site

Last edited by Mr_Blastman; 12/08/17 07:00 PM.
#4393832 - 12/08/17 05:50 PM Re: Do you bitcoin? [Re: Mr_Blastman]  
Joined: Sep 2001
Posts: 22,998
Dart Online smile
Measured in Llamathrusts
Dart  Online Smile
Measured in Llamathrusts
Lifer

Joined: Sep 2001
Posts: 22,998
Alabaster, AL USA
A bit of clarification: the US government does NOT accept bitcoins. There is only one currency the US government will accept for the settlement of debt or the payment of taxes - the US dollar.

This is THE cornerstone of the value of the dollar as a currency, and how they killed off individual bank currencies early on. It's why we have a national bank and a treasury, both of which were very controversial in their creation.

Why accept one's salary or buy and sell goods in a currency one can't use to pay taxes, after all? If one doesn't pay taxes, the government will come and take one's stuff. Or throw one in jail. Or both.

There is no law against using whatever currency one wants to use in private transactions - if it floats one's boat to accept pesos or rubles or bitcoins, go for it. But in the end it all gets converted to dollars in the USA in order to pay the tax on it.

This is why the Bitcoin or any other crypto currency will never replace the US Dollar in this country.

Last edited by Dart; 12/08/17 05:53 PM. Reason: Horrible grammar and typos.

The opinions of this poster are largely based on facts and portray a possible version of the actual events.

More dumb stuff at http://www.darts-page.com

From Laser:
"The forum is the place where combat (real time) flight simulator fans come to play turn based strategy combat."
Page 1 of 2 1 2

Moderated by  Murphy, RacerGT 

Quick Search
Recent Articles
Support SimHQ

If you shop on Amazon use this Amazon link to support SimHQ
.
Social


Recent Topics
WWII Pilot Sits in Cockpit After 70 Years
by F4UDash4. 12/12/17 06:36 PM
What a difference 10 days makes....
by F4UDash4. 12/09/17 11:00 PM
I awoke to the sound of kids screaming outside
by Raw Kryptonite. 12/08/17 02:23 PM
Anyone oil painting?
by VF9_Longbow. 12/08/17 10:13 AM
Copyright 1997-2016, SimHQ Inc. All Rights Reserved.

Powered by UBB.threads™ PHP Forum Software 7.6.0