Bit Coins does anyone know about these things?

[Dan Stubbs]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

 

[Mikeoxenormous]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

They are crypto currency, backed by other currencies or products. So if you had 7 thingmagigs that could be worth 50 bitcoins, or $10,000. Instead of having to wait for the translation of money from 1 country to another, this is supposed to be a go between for faster service. My problem with crypto currency as has been shown, is hacking of said currency. Your thingamagig just lost some of its value...

Bitcoin price plunges after cryptocurrency exchange is hacked

 

[Toddsterpatriot]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

Bit coins.....think of a chain letter.....on a computer.

 

[hjmick]

Don't.

 

[CrusaderFrank]

Don't bother.

Trade desk

NVDIA

Namaste Technologies

 

[Sunni Man]

It's a scam based on nothing physical for suckers to invest into and lose their money. ....

 

[MarathonMike]

The technology behind bitcoin called blockchain is going to be a game changer. The value of bitcoin is based on little more than hype. The early investors in bitcoin are multi millionaires, you won't be.

 

[Dont Taz Me Bro]

I own some

 

[Treeshepherd]

Bitcoin is a digital currency which can be used anonymously, like cash. Think of how cash operates... The treasury is aware that a specific $100 bill is in circulation, assuming it hasn't been lost or destroyed. But nobody is sure whose wallet it's in at the moment.

The block chain program keeps a ledger of all the Bitcoin in circulation. But nobody knows whose digital wallet the value is stored in.

While new dollars are created thru banking and other shenanigans, new bitCoin is created according to a preset mathematical formula. It's governed by math, not policy-makers. No central bank required. That's especially appealing to people who live in countries with messed-up domestic currency.

Bitcoin can be instantly verified, as opposed to money wired from a bank, or a check deposited into a bank account. Money can be moved around the world much faster via crypto.

 

[airplanemechanic]

Bitcoin has lost value recently.

 

[Natural Citizen]

I'm pretty long on bitcoin since about 2009. My interest in it is on principle alone. The more competition for the Fed, the better. People should have the right to choose an alternate currency.

But...but...it's likely the biggest bubble of em all. Tread lightly, all. Much like the stocks and bonds market, there's no real means of figuring out bitcoin's actual value.

The value of bitcoin has become equally inflated.

Remember this. The definition of inflation is the surplus of money and credit. Rising prices are only one consequence.

 

[Natural Citizen]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

I'd tell him that you think gold is the only safe bet in 10 years and thank him for his interest in having your business, but no thanks.

And you'd be right.

My bet is that the caller is trying to defraud you, Dan.

And I'd be right.

Blow a big ass whistle in his ear and block his number. One of those metal ones.

 

[Sunni Man]

If a person had taken a chance and jumped on the Bit Coin wagon in the beginning that have most likely made money.

But like all Ponzi schemes, it's the people who get in the game later are the ones who eventually get fleeced. ....

 

[Treeshepherd]

If a person had taken a chance and jumped on the Bit Coin wagon in the beginning that have most likely made money.

Most likely? If you bought bitCoin just two years ago it would be worth more 10 times more today. If you jumped in at the beginning your investment would have grown by many thousands of a percent, too large of a number to even attempt to calculate this early on the West Coast.

But like all Ponzi schemes, it's the people who get in the game later are the ones who eventually get fleeced.

The Venezuelan Bolivar is a ponzi scheme. The Iraqi Dinar is a Ponzi scheme. The US dollar happens to be the strongest currency in a basket of Ponzi schemes. The dollar only holds its value because the strength of the currency is relative to the strength of foreign currencies.

The future strength of bitCoin will depend on how many people use it, how many businesses accept it as payment, and how secure the system is, just like with all other forms of money. Except unlike conventional currency, it won't be effected by govt/banker policies like quantitative easing.

I don't believe that bitCoin is the final answer, but cryprocurrency is the way of the future. Of that, I have no doubt. I've tried to explain the concept to old people, like my parents. It doesn't compute. Old people have an ingrained concept of what money is. They have an impossible time re-conceptualizing that idea.

 

[CrusaderFrank]

Bitcoin is how politicians are paid directly for, say selling uranium to the Russians

 

[DrLove]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

I had a nice crypto ride with Bitcoin, Ethereum and Litecoin starting late summer last year (about tripled my money).

IMHO not a great investment at this point - It took a dump early this year and been pretty flat ever since.

Cryptocurrency Market Capitalizations | CoinMarketCap

 

[McRocket]

Some guy has been calling about investing in the Bit Coin fiance and I really don't know crap about them. What are they used for./l

They are crypto currency, backed by other currencies or products. So if you had 7 thingmagigs that could be worth 50 bitcoins, or $10,000. Instead of having to wait for the translation of money from 1 country to another, this is supposed to be a go between for faster service. My problem with crypto currency as has been shown, is hacking of said currency. Your thingamagig just lost some of its value...

Bitcoin price plunges after cryptocurrency exchange is hacked

Bitcoin itself is not backed by anything. Some cryptos are - most, I believe, are not.


IMO, cryptocurrencies are doomed - especially ones that are backed by nothing (like Bitcoin).. I have thought this from almost the beginning.

Their transactions cannot easily be traced by the government. That's why terrorists/organized criminals love them so much. But if they ever REALLY took off, the government would just ban them...and that would be that.
If too many people started to live in a crypto universe (where they get paid and buy everything with cryptos), then the government would lose out on huge amounts of tax earnings. And there is NO WAY they will let that happen.
So, they will just ban them if they ever get too big. And the minute they do is the minute no major/medium company will touch them...or anyone that does not want to run afoul of the IRS.

The technology they are based on (blockchain) seems here to stay. But cryptos? Naaa. They will stay around in the black market. But as a mainstream currency? I highly doubt it.

Now...I am not saying they might not skyrocket again in price. Who knows?

But a currency that is based on absolutely nothing at all...not even a government to back it up? Pass.