Author Topic: Bitcoin and Cryptocurrency Thread  (Read 146031 times)

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Bamelin

  • Junior Member
Bitcoin and Cryptocurrency Thread
« on: October 24, 2017, 05:12:00 PM »
I missed the boat back in 2013 during the rocket to $1000, finally decided to get back in again with a small $400 USD purchase.  While the price is currently around 5900 USD per coin, I think there's a lot of room to grow and this is still the "early adopter" phase.

Anyone else on the Bitcoin train?

Nintex

  • Finish the Fight
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #1 on: October 24, 2017, 05:12:51 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge
🤴

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #2 on: October 24, 2017, 05:15:23 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

With the upcoming Segwit2X fork I think the BTC price will spike as everyone buys in to get their "free" coins (once the blockchain forks, those that own BTC will suddenly own an equal amount of 2X coins too)
« Last Edit: October 24, 2017, 05:22:32 PM by Bamelin »

Valkyrie

  • Good Christian
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #3 on: October 24, 2017, 05:15:56 PM »
Atra, please control your alt accounts.

MMaRsu

  • Administrator
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #4 on: October 24, 2017, 05:22:31 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(
What

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #5 on: October 24, 2017, 05:23:57 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(

You know you can own part of a bitcoin right?  I put in $400 USD and I think i came out to 0.06 BTC.  It's not out of your reach.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #6 on: October 24, 2017, 05:27:28 PM »
What are you all holding currently?  :doge

So far I'm only holding about 0.547 btc since I just started. Hopefully I can get that up to 5 btc in the coming months.

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #7 on: October 24, 2017, 05:40:51 PM »
I'm at 0.0655 but hoping to grow it.  I think there is a huge upside (won't surprise me at all to see the price shoot up past 10k in the next year).

The age of putting in 10 bucks into BTC and becoming a millionaire 5 years later is over, but putting in that 10 bucks might become 100 bucks over that 5 years.  Which means, speculative or not it's still a decent enough investment assuming you aren't throwing your life savings into it.
« Last Edit: October 24, 2017, 05:58:11 PM by Bamelin »

MMaRsu

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Re: Bitcoin and Cryptocurrency Thread
« Reply #8 on: October 24, 2017, 05:42:02 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(

You know you can own part of a bitcoin right?  I put in $400 USD and I think i came out to 0.06 BTC.  It's not out of your reach.

I did not know that but that is very interesting, I'll look into that. Thanks Bamelin! And glad to have you on here bud.
What

Skullfuckers Anonymous

  • Will hunt bullies for fruit baskets. PM for details.
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #9 on: October 24, 2017, 05:47:59 PM »
Started investing a few months ago after my roommate convinced me. Got 1200(21) in Litecoin and 800 (.2) in Bitcoin right now using GDAX. I'll probably continue to invest $500 a month.

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #10 on: October 24, 2017, 05:56:35 PM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(

You know you can own part of a bitcoin right?  I put in $400 USD and I think i came out to 0.06 BTC.  It's not out of your reach.

I did not know that but that is very interesting, I'll look into that. Thanks Bamelin! And glad to have you on here bud.

Thank brother.  I'm really digging this forum.  Reminds me of GAF before GAF went insane.

Also a decent enough place to start looking at bitcoin and how it works: https://www.reddit.com/r/BitcoinBeginners/

Brehvolution

  • Until at last, I threw down my enemy and smote his ruin upon the mountainside.
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #11 on: October 24, 2017, 06:15:31 PM »
I have 2 co-workers that are just getting into it. 1 mining, the other throwing a lot of cash at it. He got a crypto wallet and is really serious about it.

I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Good luck to you guys though.

Plus, ya'll are probably just making skynet get here sooner.  :doge
©ZH

hungrynoob

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Re: Bitcoin and Cryptocurrency Thread
« Reply #12 on: October 24, 2017, 06:24:29 PM »
its one of those things were i want to, but it seems quite difficult to get inolved and be knowledgable about.

CatsCatsCats

  • 🤷‍♀️
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Re: Bitcoin and Cryptocurrency Thread
« Reply #13 on: October 24, 2017, 06:27:06 PM »
Will monitor this thread for meltdowns or job openings at Atraís new corporation

thisismyusername

  • GunOnô! Apply directly to forehead!
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #14 on: October 25, 2017, 12:23:35 AM »
I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Exactly why I will never invest in Bitcoin no matter how much it bubbles up. People forget MtG:Exchange and the fuckery of that.

*pay $5000 for 5 bitcoin or whatever*
(Next day someone hacks a "bank"/wallet site)
"LOL YOUR MONEY IS GONE!"

Fuck. That.

Momo

  • Nebuchadnezzar
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Re: Bitcoin and Cryptocurrency Thread
« Reply #15 on: October 25, 2017, 12:54:04 AM »
help me get rich senpais

agrajag

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #16 on: October 25, 2017, 01:01:31 AM »
What are you all holding currently?  :doge

So far I'm only holding about 0.547 btc since I just started. Hopefully I can get that up to 5 btc in the coming months.

.36 btc

5.44 eth

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #17 on: October 25, 2017, 01:53:59 AM »
I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Exactly why I will never invest in Bitcoin no matter how much it bubbles up. People forget MtG:Exchange and the fuckery of that.

*pay $5000 for 5 bitcoin or whatever*
(Next day someone hacks a "bank"/wallet site)
"LOL YOUR MONEY IS GONE!"

Fuck. That.

People that kept their money on MTG were fools.  You keep your private keys on a mobile wallet or paper.
edit:  specifically exchanges your money can get stolen. On mobile wallets your private keys are on your phone.  Paper wallets your keys are offline.

NEVER keep your BTC on an exchange.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #18 on: October 25, 2017, 03:40:15 AM »
Yeah, once I really start amassing a bunch of crypto I'm definitely going to get a hardware wallet or two.

This will probably the first one I get:
https://www.ledgerwallet.com/products/12-ledger-nano-s

Also, I will consider getting a paper wallet or two as well since shit can happen with electronics:
https://www.coindesk.com/information/paper-wallet-tutorial/

MMaRsu

  • Administrator
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #19 on: October 25, 2017, 04:03:44 AM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(

You know you can own part of a bitcoin right?  I put in $400 USD and I think i came out to 0.06 BTC.  It's not out of your reach.

I did not know that but that is very interesting, I'll look into that. Thanks Bamelin! And glad to have you on here bud.

Thank brother.  I'm really digging this forum.  Reminds me of GAF before GAF went insane.

Also a decent enough place to start looking at bitcoin and how it works: https://www.reddit.com/r/BitcoinBeginners/

Reddit though

 :jeanluc
What

Bamelin

  • Junior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #20 on: October 25, 2017, 04:43:15 AM »
I bought in at 3.5K or so when people said it has peaked. It plunged to 2.5k and then grew to 5k.

So now I'm thinking 15k by christmas.  :doge

That would be super sick dude.

I recently started working at a bank and I'm gonna start looking at some investments soon. What's the best cryptocurrency to invest in right now?

Bitcoin is out of my reach :(

You know you can own part of a bitcoin right?  I put in $400 USD and I think i came out to 0.06 BTC.  It's not out of your reach.

I did not know that but that is very interesting, I'll look into that. Thanks Bamelin! And glad to have you on here bud.

Thank brother.  I'm really digging this forum.  Reminds me of GAF before GAF went insane.

Also a decent enough place to start looking at bitcoin and how it works: https://www.reddit.com/r/BitcoinBeginners/

Reddit though

 :jeanluc

lol I know right?

Fine an alternative:  https://bitcointalk.org/index.php

For us folgies that like old school forums

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #21 on: October 25, 2017, 05:44:57 AM »
I was kicking myself last week for not getting into bitcoin when I first heard about it around 2011/2012 but thinking back then I didn't really have any disposable income during that time (poor college student). Also, I probably would've lost it all putting it into MtGox or from panic selling.

But still, if I had bought about $2000 worth during then... I'd be pretty well off right now.  :doge

Also, one of the devs at my office used to mine bitcoin at the very beginning, when it was still highly profitable to do so. But ended up losing 3/5s of it all to some scam paper wallet producer.



Anways, here's hoping John McAfee doesn't have to eat his dick in 3 years.
https://twitter.com/officialmcafee/status/887024683379544065?lang=en
« Last Edit: October 25, 2017, 06:20:03 AM by Atramental »

Dennis

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #22 on: October 25, 2017, 06:50:06 AM »
I want to get in on this tulip craze.

Can someone send me a bitcoin to get started?

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #23 on: October 25, 2017, 06:54:17 AM »
I want to get in on this tulip craze.

Can someone send me a bitcoin to get started?
No but now is a great time to buy. The price plummeted yesterday and is still rather low today.

End of October/beginning of November it'll probably go past 6000 USD again if my charts are to be believed. 



edit:
Or maybe wait for it to pull back 30% and then buy.
« Last Edit: October 25, 2017, 07:13:58 AM by Atramental »

thisismyusername

  • GunOnô! Apply directly to forehead!
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #24 on: October 25, 2017, 08:06:18 AM »
I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Exactly why I will never invest in Bitcoin no matter how much it bubbles up. People forget MtG:Exchange and the fuckery of that.

*pay $5000 for 5 bitcoin or whatever*
(Next day someone hacks a "bank"/wallet site)
"LOL YOUR MONEY IS GONE!"

Fuck. That.

People that kept their money on MTG were fools.  You keep your private keys on a mobile wallet or paper.
edit:  specifically exchanges your money can get stolen. On mobile wallets your private keys are on your phone.  Paper wallets your keys are offline.

NEVER keep your BTC on an exchange.

So then you're telling me to be paranoid with my money and hide it in the ground near my house instead of putting it in the bank? :ohhh

Yeah, this is why Cryptocurrency's fail: Your money is too easy to "burn"/steal/etc.

meeb

  • Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #25 on: October 25, 2017, 08:09:08 AM »
I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Exactly why I will never invest in Bitcoin no matter how much it bubbles up. People forget MtG:Exchange and the fuckery of that.

*pay $5000 for 5 bitcoin or whatever*
(Next day someone hacks a "bank"/wallet site)
"LOL YOUR MONEY IS GONE!"

Fuck. That.

People that kept their money on MTG were fools.  You keep your private keys on a mobile wallet or paper.
edit:  specifically exchanges your money can get stolen. On mobile wallets your private keys are on your phone.  Paper wallets your keys are offline.

NEVER keep your BTC on an exchange.

So then you're telling me to be paranoid with my money and hide it in the ground near my house instead of putting it in the bank? :ohhh

Yeah, this is why Cryptocurrency's fail: Your money is too easy to "burn"/steal/etc.

Not only that. Who the fuck would ever spend bitcoin anymore on pizza/luxury goods? Or anything really. You want to horde as much as possible because it will only ever increase in value. That's what happens with 0 inflation.

It's not a currency.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #26 on: October 25, 2017, 08:22:43 AM »
It's an asset and I'm totally fine with it being an asset.

Someone else can worry about making a "true currency" with blockchain technology. There's a bunch of altcoins competing in that space right now.
« Last Edit: October 25, 2017, 08:54:33 AM by Atramental »

meeb

  • Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #27 on: October 25, 2017, 09:20:09 AM »
It's an asset and I'm totally fine with it being an asset.

Someone else can worry about making a "true currency" with blockchain technology. There's a bunch of altcoins competing in that space right now.

Yeah. I just wish r/bitcoin and most other investors would admit it.

kingv

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #28 on: October 25, 2017, 10:12:10 AM »
But itís an asset of... what exactly?

Itís basically digital gold, except without a thousand+ year tradition of having some kind of innate value for its beauty.

There really arenít any fundamentals to back up why it is worth $5000. Imo it is heading for a crash, eventually, but nobody knows when that is, so you can probably still make some money in the meantime.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #29 on: October 25, 2017, 10:38:11 AM »
One of bitcoin's biggest selling points, at least in my opinion, is that there will be a limited supply once all 21 million coins are mined.

Which means, it'll continue to increase in value due to its exclusivity and won't be subject to the type of inflation fiat currency is prone to.

You can potentially find more gold in the ground and print more money but you won't be able to make more (core) bitcoin after a certain point.

agrajag

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #30 on: October 25, 2017, 10:39:15 AM »
Can someone explain how you can just mine crypto and how it's different from printing your own money?

thisismyusername

  • GunOnô! Apply directly to forehead!
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #31 on: October 25, 2017, 10:46:01 AM »
Can someone explain how you can just mine crypto and how it's different from printing your own money?

I dunno about the later point, but the former you just use your GPU (well this was at the start) and burn it out while your computer does "clocks"/cycles until "bing, you found a bitcoin!" that is put into your wallet.

Kinda like Seti at Home or that one other cancer CPU-sharing thing.

meeb

  • Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #32 on: October 25, 2017, 10:51:03 AM »
Of course you can't mine as an individual anymore. Not profitably anyway. Or can you now that the price is so high?

agrajag

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #33 on: October 25, 2017, 10:56:21 AM »
Can someone explain how you can just mine crypto and how it's different from printing your own money?

I dunno about the later point, but the former you just use your GPU (well this was at the start) and burn it out while your computer does "clocks"/cycles until "bing, you found a bitcoin!" that is put into your wallet.

Kinda like Seti at Home or that one other cancer CPU-sharing thing.

I understand the mechanics of it, but not the abstract, but how does that work when there's only a finite amount of crypto out there?

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #34 on: October 25, 2017, 11:10:15 AM »

agrajag

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #35 on: October 25, 2017, 11:17:05 AM »
by the way, my buddy made several hundred dollars today with options contracts, he bet against AMD stock

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #36 on: October 25, 2017, 11:32:35 AM »
ARGH. I hate how fucking long it takes coinbase to take money out of my checking account. I could be buying this lush dip.  :-\

Skullfuckers Anonymous

  • Will hunt bullies for fruit baskets. PM for details.
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #37 on: October 25, 2017, 11:56:33 AM »
ARGH. I hate how fucking long it takes coinbase to take money out of my checking account. I could be buying this lush dip.  :-\

Coinbase should allow you to instantly buy through your checking account as you're willing to deal with the 2.5% fees.

BobFromPikeCreek

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #38 on: October 25, 2017, 11:58:29 AM »
Planning to throw some money at this and see what happens. I have enough kicking around in my savings that I can definitely afford to buy like 2 coins as a longterm gamble.
zzzzz

kingv

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #39 on: October 25, 2017, 12:21:36 PM »
One of bitcoin's biggest selling points, at least in my opinion, is that there will be a limited supply once all 21 million coins are mined.

Which means, it'll continue to increase in value due to its exclusivity and won't be subject to the type of inflation fiat currency is prone to.

You can potentially find more gold in the ground and print more money but you won't be able to make more (core) bitcoin after a certain point.

A limited supply of what though?

Like what is the innate value of a Bitcoin? If itís a currency, it has value because you can exchange it for goods and services. If itís not a currency, and you canít actually buy anything with it, or it doesnít make sense to buy anything with it because it is too volatile, then why does anybody want them?

The answer is that you can sell them for money. But other than that, they are about as valuable as some numbers written on a piece of paper. The fundamentals of that should make people very wary about holding much of their savings in BTC. At least with tulip futures you could actually get some tulips eventually.

With BTC, the smart money might eventually just decide that the risk is too great and dump it, leaving you holding a bag of bytes.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #40 on: October 25, 2017, 12:44:24 PM »
One of bitcoin's biggest selling points, at least in my opinion, is that there will be a limited supply once all 21 million coins are mined.

Which means, it'll continue to increase in value due to its exclusivity and won't be subject to the type of inflation fiat currency is prone to.

You can potentially find more gold in the ground and print more money but you won't be able to make more (core) bitcoin after a certain point.

A limited supply of what though?

Like what is the innate value of a Bitcoin? If itís a currency, it has value because you can exchange it for goods and services. If itís not a currency, and you canít actually buy anything with it, or it doesnít make sense to buy anything with it because it is too volatile, then why does anybody want them?

The answer is that you can sell them for money. But other than that, they are about as valuable as some numbers written on a piece of paper. The fundamentals of that should make people very wary about holding much of their savings in BTC. At least with tulip futures you could actually get some tulips eventually.

With BTC, the smart money might eventually just decide that the risk is too great and dump it, leaving you holding a bag of bytes.





brawndolicious

  • Nylonhilist
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #41 on: October 25, 2017, 12:46:11 PM »
I think the main use for bitcoin is when you want to transfer money Internationally. Which I guess is more difficult in some countries than others.

by the way, my buddy made several hundred dollars today with options contracts, he bet against AMD stock

My dad actually told me that his friend always shorts AMD stock when a quarterly report is about to come out (they beat estimates). It has something to do with how investors always get over enthusiastic and pump the price up before the quarterly report.
« Last Edit: October 25, 2017, 12:53:24 PM by brawndolicious »

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #42 on: October 25, 2017, 01:23:55 PM »


:six:  :mjcry  :noah

Rufus

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Re: Bitcoin and Cryptocurrency Thread
« Reply #43 on: October 25, 2017, 01:25:28 PM »
Could he have ever cashed them out?

kingv

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #44 on: October 25, 2017, 01:32:02 PM »
I watched that final video and his argument essentially boils down to ďbitcoin has value because people use itĒ, and by use it, he has to mean ďare in its block chainĒ because itís not all that readily used as an actual currency.

I get that it has some uses like to send money overseas, or to buy things illegally, or launder money, and maybe that sort of ďevade official channelsĒ usage is enough to sustain its value. But that argument is somewhat circular.

I.e it has value because it has demand, it has demand because people use it, and people use it because it has value. Itís that sort of weak logic that makes me highly skeptical of crypto currency in general.

But there are people like Jamie Dimon who say itís a bubble.

agrajag

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #45 on: October 25, 2017, 01:42:39 PM »
WTF coinbase changed it's layout?? I can't see the stats over the past hour, week, month anymore?

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #46 on: October 25, 2017, 02:07:34 PM »
WTF coinbase changed it's layout?? I can't see the stats over the past hour, week, month anymore?
I can see it on my end.  ???

seagrams hotsauce

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #47 on: October 25, 2017, 02:13:18 PM »
(Image removed from quote.)

:six:  :mjcry  :noah



lol like anyone could ever convert btc to that much money

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #48 on: October 25, 2017, 02:14:17 PM »
I watched that final video and his argument essentially boils down to ďbitcoin has value because people use itĒ, and by use it, he has to mean ďare in its block chainĒ because itís not all that readily used as an actual currency.

I get that it has some uses like to send money overseas, or to buy things illegally, or launder money, and maybe that sort of ďevade official channelsĒ usage is enough to sustain its value. But that argument is somewhat circular.

I.e it has value because it has demand, it has demand because people use it, and people use it because it has value. Itís that sort of weak logic that makes me highly skeptical of crypto currency in general.

But there are people like Jamie Dimon who say itís a bubble.
Have faith in Satoshi Nakamoto's vision, kingv.  :doge

spoiler (click to show/hide)
[close]

I dunno, man. I'm cautiously optimistic and I'm going to ride this train as long as possible.

kingv

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #49 on: October 25, 2017, 03:26:53 PM »
I watched that final video and his argument essentially boils down to ďbitcoin has value because people use itĒ, and by use it, he has to mean ďare in its block chainĒ because itís not all that readily used as an actual currency.

I get that it has some uses like to send money overseas, or to buy things illegally, or launder money, and maybe that sort of ďevade official channelsĒ usage is enough to sustain its value. But that argument is somewhat circular.

I.e it has value because it has demand, it has demand because people use it, and people use it because it has value. Itís that sort of weak logic that makes me highly skeptical of crypto currency in general.

But there are people like Jamie Dimon who say itís a bubble.
Have faith in Satoshi Nakamoto's vision, kingv.  :doge

spoiler (click to show/hide)
[close]

I dunno, man. I'm cautiously optimistic and I'm going to ride this train as long as possible.

Thatís cool! Iím either skeptical or bitter that I didnít buy a couple hundred when I was reading articles about it in 2011 for like 50 cents each.

Of course I would have almost definitely kept them at Mt Gox, so Iíd probably be BTC poor anyway.

:-)

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #50 on: October 25, 2017, 03:37:08 PM »
People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were.  :doge

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #51 on: October 25, 2017, 03:42:00 PM »
<click to expand image>

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #52 on: October 25, 2017, 04:32:40 PM »

meeb

  • Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #53 on: October 25, 2017, 04:44:16 PM »
People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were.  :doge

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.


Brehvolution

  • Until at last, I threw down my enemy and smote his ruin upon the mountainside.
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #54 on: October 25, 2017, 04:57:23 PM »
But it was backed by gold.  :paul
« Last Edit: October 25, 2017, 09:02:33 PM by Brehvolution »
©ZH

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #55 on: October 25, 2017, 04:57:42 PM »
People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were.  :doge

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.

Well, that might change if the rumors about Amazon accepting bitcoin are true.  :doge

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #56 on: October 25, 2017, 05:07:48 PM »
But it was back by gold.  :paul
It was and guess happened when the US dollar was no longer backed by gold? The value of the dollar went up.

It's all make believe shit at the end of the day.  :doge

brawndolicious

  • Nylonhilist
  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #57 on: October 25, 2017, 05:19:19 PM »
But it was back by gold.  :paul

A metal based currency being replaced by a fiat currency makes sense once people have confidence that there won't be hyper inflation (remember only a finite number of bitcoins).

Iono that's totally possible for bitcoin to achieve that status or it might end up being dumped to oblivion if a bunch of countries outlaw it. Since there is a finite amount of bitcoin, it's easy to see it just end up as a commodity like gold where you can sit on it and hope it appreciates but you can't legally use it to barter for goods.

Atramental

  • Senior Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #58 on: October 25, 2017, 05:42:53 PM »
Anyone have some juicy altcoins they want to shill?
« Last Edit: October 25, 2017, 05:52:13 PM by Atramental »

meeb

  • Member
Re: Bitcoin and Cryptocurrency Thread
« Reply #59 on: October 25, 2017, 05:44:53 PM »
People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were.  :doge

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.

Well, that might change if the rumors about Amazon accepting bitcoin are true.  :doge

If Amazon starts accepting Bitcoins you'd have to be omega distinguished mentally-challenged to actually purchase anything using a bitcoin. Use fiat so your bitcoin will gain 100000% more value.