Bitcoin kicking ass

[sakinago]

Bitcoin approaching 12,000


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I recommend you get together as much US currency as you can and buy into the fucking pyramid scheme ASAP! Bitcoin is a fucling ripoff and the only people REALLY making money are those converting the 'monopoly money' into actual US dollars. See how easy it is for you to ACTUALLY sell off your imitation gold 'bitcoins' into US cash. It will be like trying to return your newly purchased set of Encyclopedia Britannicas to the salesman you bought them from. HAAAA HAAAAA!

Ive already made back pocketed my original investment, did that last night. And now I’m up another couple hundred already. Even in the extreme unlikliness that it drops to zero, I’d still be nuetral.

The USD is fiat currency. Currency that the fed has been inflating at a clip of 2 trillion a year...Your USD is dropping in value. The American people are not getting a raise despite inflation going up. When global economic crisis hits, where do you think the billions of people who can’t afford gold or silver are going to put their money in?

You believe a global economic crisis won't affect your ability to access the web and your bitcoin ? Right now bitcoin costs more than gold.

Also is global economic crises going to crash the internet? Is that what you’re saying?

 

[sakinago]

Bitcoin approaching 12,000


Sent from my iPhone using USMessageBoard.com

I recommend you get together as much US currency as you can and buy into the fucking pyramid scheme ASAP! Bitcoin is a fucling ripoff and the only people REALLY making money are those converting the 'monopoly money' into actual US dollars. See how easy it is for you to ACTUALLY sell off your imitation gold 'bitcoins' into US cash. It will be like trying to return your newly purchased set of Encyclopedia Britannicas to the salesman you bought them from. HAAAA HAAAAA!

Ive already made back pocketed my original investment, did that last night. And now I’m up another couple hundred already. Even in the extreme unlikliness that it drops to zero, I’d still be nuetral.

The USD is fiat currency. Currency that the fed has been inflating at a clip of 2 trillion a year...Your USD is dropping in value. The American people are not getting a raise despite inflation going up. When global economic crisis hits, where do you think the billions of people who can’t afford gold or silver are going to put their money in?

I can trade my dollar for a coke. My dollar is real. It exists physically.
Your bitcoin is a completely imaginary product. Make your money while you can Mr Amway

Haha not for long. We’re already on our way to cashless, because banks want to have control
of 100% of your money. They want 100% control of your cash because they haven’t learned their lesson from the 2008 crash since govt bailed them out. Now they’ve gotten together with govt, and they both agreed they’re going to do a bail in instead of a bail out. So instead of government bailing them out, they’re gonna dip their hands into your account and take it. When another crash hits, they won’t let you withdrawal your money, they’ll give you a daily allowance, like in Greece. And then they’re going to put negative interest rates on your savings account so you either spend that money, or they leech off of it. They can’t do that if you have cash...or bitcoin. You got full control of bitcoin and can sell at any time. No negative interest rates, no bail ins. It’s unhackable.

 

[Remodeling Maidiac]

Bitcoin approaching 12,000


Sent from my iPhone using USMessageBoard.com

I recommend you get together as much US currency as you can and buy into the fucking pyramid scheme ASAP! Bitcoin is a fucling ripoff and the only people REALLY making money are those converting the 'monopoly money' into actual US dollars. See how easy it is for you to ACTUALLY sell off your imitation gold 'bitcoins' into US cash. It will be like trying to return your newly purchased set of Encyclopedia Britannicas to the salesman you bought them from. HAAAA HAAAAA!

Ive already made back pocketed my original investment, did that last night. And now I’m up another couple hundred already. Even in the extreme unlikliness that it drops to zero, I’d still be nuetral.

The USD is fiat currency. Currency that the fed has been inflating at a clip of 2 trillion a year...Your USD is dropping in value. The American people are not getting a raise despite inflation going up. When global economic crisis hits, where do you think the billions of people who can’t afford gold or silver are going to put their money in?

I can trade my dollar for a coke. My dollar is real. It exists physically.
Your bitcoin is a completely imaginary product. Make your money while you can Mr Amway

Haha not for long. We’re already on our way to cashless, because banks want to have control
of 100% of your money. They want 100% control of your cash because they haven’t learned their lesson from the 2008 crash since govt bailed them out. Now they’ve gotten together with govt, and they both agreed they’re going to do a bail in instead of a bail out. So instead of government bailing them out, they’re gonna dip their hands into your account and take it. When another crash hits, they won’t let you withdrawal your money, they’ll give you a daily allowance, like in Greece. And then they’re going to put negative interest rates on your savings account so you either spend that money, or they leech off of it. They can’t do that if you have cash...or bitcoin. You got full control of bitcoin and can sell at any time. No negative interest rates, no bail ins. It’s unhackable.

 

[sakinago]

Bitcoin approaching 12,000


Sent from my iPhone using USMessageBoard.com

I recommend you get together as much US currency as you can and buy into the fucking pyramid scheme ASAP! Bitcoin is a fucling ripoff and the only people REALLY making money are those converting the 'monopoly money' into actual US dollars. See how easy it is for you to ACTUALLY sell off your imitation gold 'bitcoins' into US cash. It will be like trying to return your newly purchased set of Encyclopedia Britannicas to the salesman you bought them from. HAAAA HAAAAA!

My MMA coach has become a millionaire off of Bitcoin.

My buddies been mining for a while now. He’s got a room with a decent sized rig with like 5 fans blowing on it. He’s raking it in, and just thinking about mining full time, and using what he makes to keep upgrading miners. He also does dent removal and is a storm chaser so he can go back to that at any time. But shit, he just bought a brand new Winnebago. I’m so mad I never bought back in a few years ago.

 

[Manonthestreet]

Do you really think when cashless arrives they will leave you an option they don't control?

 

[Dont Taz Me Bro]

Since bitcoin is backed by less than Enron it will suffer the same end. Fiat money is Fiat money no matter the name.

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer.

The good faith and credit clause of the U.S. government? LOL

As the feds keep running up the national debt (now surpassing $20 trillion) and the Federal Reserve bank keep printing more currency how much do you think your dollar is worth? How long do you think we can sustain all that borrowing before it comes crashing down like a house of cards? The purchasing power of the U.S. dollar has depleted over 90% over the past 100 years.

 

[Dont Taz Me Bro]

Yup, it just cleared what was the laughable prediction of 10,000 USD by 2018. I originally bought half a coin a few years ago, sold before a trip to Vegas, with the intentions of buying back in...but stupidly did not. Got lazy since my exchange updated their security and wanted my drivers license and I thought it was too much of a hassle, and I forgot about it....that half a coin (I bought 150 worth) would be worth over 5,000 now. Bought back in a couple months ago (again later than I was meaning too, since I wanted to buy back in early in the summer, but never got around to it). Anyway in about a month I’ve made an 80% return on investment....I DONT THINK ITS GOING TO STOP.

I was going to buy some a couple of years ago when it was only $220 a coin, but I let one of my friends talk me out of it.

That stinks, I got a buddy like that too. It’s definitly not too late in my opinion, it’s still very early on, even though it seems counter intuitive. We tend to think of it like a stock, and we think we’ve already missed out on the boom. Or that it’s a bubble that’s gonn crash. No the correct way to look at it is like a brand new separate stock market that was just created, an in that market there’s only a few big companies. But it’s a stock market that anyone in the world can get into, and very very few have gotten into it thus far...but it’s gaining a lot of traction, not only here but in China, India, Europe, South America, etc. In the actual stock market the number of people buying stocks stays roughly the same, and they’re pouring money into thousands of different companies. There aren’t many in the US playing around with stocks, let alone the rest of the world. But bitcoin/cryptos are very easy to get into for the young folks in the US and for pretty much everyone else in the world, even impoverished people, as long as they have at least a smartphone. And Coinbase alone, which is an American exchange, is adding 100,000 new users a day. Imagine how many people are being added worldwide as this is just starting to pick up steam, and they mainly are all buying into the same 3 or so cryptos (big companies if you want to think about it in those terms). What further tells us that this is still early on in the climb is that a vast majority of the people who have bitcoin, have less than 100 USD into it. So people in China or India making 3 bucks an hour playing around with 20 bucks or so have been making like an extra half days worth of money in a day doing nothing, playing in this easily accessible microcosm of a stock market, that they don’t have to pour their savings into just to buy a single share of something in the regular stock market. You best believe this is spreading like wildfire. The CME is treating ready to trade bitcoin in a couple of weeks, the rest of Wall Street will follow. Financial advisors will be telling the wealthy to buy into it, because there’s only a finite amount....and oh by the way when there’s economic crises somewhere in the world, people run to bitcoin. And I think we all recognize we’re probably due for something significant in the near future.

Not saying fully trust it. I could be wrong, but I really don’t think we should be looking at it through the eyes of, it’s a stock in such and such company and it’s a bubble. If anything I think it’s like buying into google or Facebook very early on. Again be careful, do your own research, don’t just listen to all the bitcoin bulls either, listen to the bears too. Put in money your willing to loose, and HOLD haha. If it does reach 1 million by 2020, and you put 100 in now, you’re looking at almost 10 grand in 2 years.

So, question for you. I opened an account on Coinbase in order to purchase some BTC. I haven't done it yet, but I'm also thinking about just doing a hundred dollars for right now. I also opened a wallet account on Blockchain because I've read you shouldn't keep your currency on the Coinbase exchange. So, I just buy the BTC on Coinbase and then transfer it to my Blockchain wallet to hold? Is that correct?

 

[Moonglow]

Yup, it just cleared what was the laughable prediction of 10,000 USD by 2018. I originally bought half a coin a few years ago, sold before a trip to Vegas, with the intentions of buying back in...but stupidly did not. Got lazy since my exchange updated their security and wanted my drivers license and I thought it was too much of a hassle, and I forgot about it....that half a coin (I bought 150 worth) would be worth over 5,000 now. Bought back in a couple months ago (again later than I was meaning too, since I wanted to buy back in early in the summer, but never got around to it). Anyway in about a month I’ve made an 80% return on investment....I DONT THINK ITS GOING TO STOP.

These guys say it’ll go up to a million by 2020...and it sounds crazy, even to me but there are a few factors that are going to contribute to the continual rise. Even if it’s half or even a quarter of that...that’s still phenomenally outstanding.

As of now only 2% of the world use bitcoin, but all it takes to buy it is a smartphone...which’s everyone has nowadays, even in third world countries with how cheap androids are. Coinbase (a BTC exchange) is adding 100,000 new users a day. If you think of it like a stock, there’s really only a small group that stays roughly the same size buying into the stock market. And in that market they’re splitting that money into thousands of thousands of different companies. A very large majority of people in India, China, Europe, etc, and even here in the western world aren’t buying into the stock market...but they are starting to buy into bitcoin, because it’s easy, and un-hackable, they’re making money, and have 100% control of that money vs a bank. Now the more people who buy into, the more it keeps rising and rising. If the user-ship jumps up to a measly 4%....that alone will double the price. Like those guys said, this is just the first inning.

Secondly, bitcoin is forcing Wall Street to take a look, and they are all scrambling to figure out a way to start trading it on their exchanges. The CME is saying it will be exchanging it by the 2nd week in December! That’s gonna be a HUGE jump. As of now a very small percentage of BTC holders own over 100 USD worth in BTC. Not only will opening up BTC to Wall Street add even more users, it will add a lot more big players, as well as lend more validity to it.

Thirdly, economic crisis. People run to things like precious metals during economic crisis. But how many people have the know how and the funds to buy precious metals? Bitcoin is much easier and offers you full control of your money. Don’t get me wrong it’s very wise to own precious metals, but bitcoin could explode. There are plenty of countries on the verge of collapse, like Venezuela, Argentina, and once the happens, a good amount of people in that country will run to bitcoin. There’s even speculation that these countries might even just switch their currency over into cryptocurrency. On top of that, we’re due for at least an economic correction, and could very well be looking at economic crisis. Europe and China are in worse shape than us, and if we falter, that’s going to be a global crisis. On top of that, what’s gonna further drive people to bitcoin is the fact that all of our banks are ready to do a bail in (banks just take a percentage from everyone, 5% haircut across the board). Plenty of people are gonna day fuck that, I’m moving to bitcoin. Also these same banks are talking about doing negative interest rates on savings accounts, forcing people to spend instead of save. Again people will say fuck that, I’m gonna put my savings in bitcoin.

What makes me worry about bitcoin? Well governments could try to crack down on it. I don’t think they can fully eliminate it with their citizens, but they could make it difficult to use and exchange. On top of that the energy consumption of miners. They are using a lot of energy. But the beautiful thing about bitcoin is that it can fork, and change it’s form to something more workable, in a free market setting. It forks, people who have owns BTC before the fork own the same amount of the new fork, as well as classic BTC, then the two compete to see what’s better. I could see a fork into something using less power coming in few years. Or having cell phones, tablets, etc, join into the mining to take the load off computing, Or alternative energy sources to take the load off of energy.

If it does hit a million by 2020...I’m looking at 500,000 Dollars. I’d be perfectly happy if it only goes to 50,000 by 2020. That’s still a great freaking investment. I’m thinking about just putting in like 50 bucks every paycheck in, using it as a savings account on steroids. Anyway, buy in now. Put in money your willing to loose (I doubt you’ll ever loose it all, or even a portion), and just watch it go.

I'd pull out of bitcoin and bank on the profit, wait, you can't do that? You have absolutely no way to turn a bitcoin into actual cash? Nope

 

[Dont Taz Me Bro]

I'd pull out of bitcoin and bank on the profit, wait, you can't do that? You have absolutely no way to turn a bitcoin into actual cash? Nope

Of course you do. What are you talking about? You sell it on the exchange.

 

[Toddsterpatriot]

Chain letters are cool. What could go wrong?

 

[Toddsterpatriot]

Bitcoin approaching 12,000


Sent from my iPhone using USMessageBoard.com

I recommend you get together as much US currency as you can and buy into the fucking pyramid scheme ASAP! Bitcoin is a fucling ripoff and the only people REALLY making money are those converting the 'monopoly money' into actual US dollars. See how easy it is for you to ACTUALLY sell off your imitation gold 'bitcoins' into US cash. It will be like trying to return your newly purchased set of Encyclopedia Britannicas to the salesman you bought them from. HAAAA HAAAAA!

Ive already made back pocketed my original investment, did that last night. And now I’m up another couple hundred already. Even in the extreme unlikliness that it drops to zero, I’d still be nuetral.

The USD is fiat currency. Currency that the fed has been inflating at a clip of 2 trillion a year...Your USD is dropping in value. The American people are not getting a raise despite inflation going up. When global economic crisis hits, where do you think the billions of people who can’t afford gold or silver are going to put their money in?

The USD is fiat currency. Currency that the fed has been inflating at a clip of 2 trillion a year

What are you talking about?

 

[Toddsterpatriot]

Since bitcoin is backed by less than Enron it will suffer the same end. Fiat money is Fiat money no matter the name.

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer. What is bitcoins ? There are specific reasons the dollar could lose value and you can more or less be prepared for those that's not the case for bitcoin. In the event of a total collapse at least you could use money as toilet paper or to start a fire.

True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.

I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.

It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.

I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.

Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.

Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.

Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.

 

[Toddsterpatriot]

Since bitcoin is backed by less than Enron it will suffer the same end. Fiat money is Fiat money no matter the name.

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer.

The good faith and credit clause of the U.S. government? LOL

As the feds keep running up the national debt (now surpassing $20 trillion) and the Federal Reserve bank keep printing more currency how much do you think your dollar is worth? How long do you think we can sustain all that borrowing before it comes crashing down like a house of cards? The purchasing power of the U.S. dollar has depleted over 90% over the past 100 years.

and the Federal Reserve bank keep printing more currency

The Fed hasn't expanded their balance sheet since October 2014.
They're getting ready to shrink it. Shhhhhh.......

The purchasing power of the U.S. dollar has depleted over 90% over the past 100 years.

Keeping paper money in a jar is a bad idea.

 

[sakinago]

Do you really think when cashless arrives they will leave you an option they don't control?

Bitcoin certainly has a better chance to evade than the USD. I also think people will loose their shit when it’s the banks trying this BS vs the government. Banks are already pretty well hated by both sides. There’s gonna be a good amount of outrage that’s going to at least make the g-men think twice.

Again why are people acting like I’m telling them to dump their savings into it. Fuck no. I have my worries too. But I believe in it in principle, and I’m betting some money I don’t mind loosing, because I think it completely crashing isn’t gonna happen. I could see a partial crash, but it’s going to stabilze since a ton of people just trade it, buy low sell high with it. It’s been around for 8 years, and has been steadily climbing. Now it’s taking off BC it’s getting popular in China and India. But I also think it’s gonna keep climbing, and I think it’s perfectly reasonable that it’ll reach 50,000 by 2020.

If I was saying hey, buy some shares into this new tech company because it could explode...Nobody would have this much of a problem with me saying that. People are acting like I’m telling them offer their children to Satan hahaha. The reaction is just wild, I feel like I’m smelling a hint of jealousy?

It’s at the very least wise to dip your toes in. That’s all I’m saying. Like in poker, even if you have a crappy hand, but the pot is high, and the buy in is low...you make that bet every time and see what your cards do. Even if you only win it 9 out of 10 times, that’s still a profitable bet.

 

[sakinago]

Since bitcoin is backed by less than Enron it will suffer the same end. Fiat money is Fiat money no matter the name.

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer. What is bitcoins ? There are specific reasons the dollar could lose value and you can more or less be prepared for those that's not the case for bitcoin. In the event of a total collapse at least you could use money as toilet paper or to start a fire.

True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.

I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.

It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.

I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.

Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.

Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.

Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.

Not a lot, a majority of people trade with it, which adds stability. Look at all the past years, it’s been climbing steadily, because a lot people buy low and sell high with it. And the number of people doing that and the money involved has increased. But the amount of traders give me a lot of confidence that’s it’s not going to crash and burn, since once it drops 10% they’re all over it.

But like I said before there’s BTC debit cards and BTC ATMs, and people do use it peer to peer. Overstock accepts it as well. I don’t think places like amazon are going to adopt it in the near future...but maybe they should. Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month, with the way things are going. It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it. 32% of millennials preferr trading it over stocks. It’s easy to get into, and you don’t have to make over 50,000$ a year to get into it, like stocks. Friggen sweat shop workers can get into it.

Again, it’s wise to dip your toes in at the very least. Either this is a bubble, and you loose maybe 20% of the money you don’t mind loosing that you put in...or maybe these guys we’ve been calling crazy, who keep getting proven right, are also right that it’s gonna keep going up, and this is the very beginning of a larger parabolic curve. Only 2% of the world is currently using it, and a vast majority have less than 100 usd into it...what happens when it’s 3%? What happens when it start getting traded on Wall Street? What happens when economic crises strikes again?

 

[sakinago]

Yup, it just cleared what was the laughable prediction of 10,000 USD by 2018. I originally bought half a coin a few years ago, sold before a trip to Vegas, with the intentions of buying back in...but stupidly did not. Got lazy since my exchange updated their security and wanted my drivers license and I thought it was too much of a hassle, and I forgot about it....that half a coin (I bought 150 worth) would be worth over 5,000 now. Bought back in a couple months ago (again later than I was meaning too, since I wanted to buy back in early in the summer, but never got around to it). Anyway in about a month I’ve made an 80% return on investment....I DONT THINK ITS GOING TO STOP.

I was going to buy some a couple of years ago when it was only $220 a coin, but I let one of my friends talk me out of it.

That stinks, I got a buddy like that too. It’s definitly not too late in my opinion, it’s still very early on, even though it seems counter intuitive. We tend to think of it like a stock, and we think we’ve already missed out on the boom. Or that it’s a bubble that’s gonn crash. No the correct way to look at it is like a brand new separate stock market that was just created, an in that market there’s only a few big companies. But it’s a stock market that anyone in the world can get into, and very very few have gotten into it thus far...but it’s gaining a lot of traction, not only here but in China, India, Europe, South America, etc. In the actual stock market the number of people buying stocks stays roughly the same, and they’re pouring money into thousands of different companies. There aren’t many in the US playing around with stocks, let alone the rest of the world. But bitcoin/cryptos are very easy to get into for the young folks in the US and for pretty much everyone else in the world, even impoverished people, as long as they have at least a smartphone. And Coinbase alone, which is an American exchange, is adding 100,000 new users a day. Imagine how many people are being added worldwide as this is just starting to pick up steam, and they mainly are all buying into the same 3 or so cryptos (big companies if you want to think about it in those terms). What further tells us that this is still early on in the climb is that a vast majority of the people who have bitcoin, have less than 100 USD into it. So people in China or India making 3 bucks an hour playing around with 20 bucks or so have been making like an extra half days worth of money in a day doing nothing, playing in this easily accessible microcosm of a stock market, that they don’t have to pour their savings into just to buy a single share of something in the regular stock market. You best believe this is spreading like wildfire. The CME is treating ready to trade bitcoin in a couple of weeks, the rest of Wall Street will follow. Financial advisors will be telling the wealthy to buy into it, because there’s only a finite amount....and oh by the way when there’s economic crises somewhere in the world, people run to bitcoin. And I think we all recognize we’re probably due for something significant in the near future.

Not saying fully trust it. I could be wrong, but I really don’t think we should be looking at it through the eyes of, it’s a stock in such and such company and it’s a bubble. If anything I think it’s like buying into google or Facebook very early on. Again be careful, do your own research, don’t just listen to all the bitcoin bulls either, listen to the bears too. Put in money your willing to loose, and HOLD haha. If it does reach 1 million by 2020, and you put 100 in now, you’re looking at almost 10 grand in 2 years.

So, question for you. I opened an account on Coinbase in order to purchase some BTC. I haven't done it yet, but I'm also thinking about just doing a hundred dollars for right now. I also opened a wallet account on Blockchain because I've read you shouldn't keep your currency on the Coinbase exchange. So, I just buy the BTC on Coinbase and then transfer it to my Blockchain wallet to hold? Is that correct?

Yup, you actually just reminded me that I have a Blockchain wallet too from when I first bought bitcoin.
How To Transfer Bitcoin from Coinbase to Your Blockchain Wallet — Steemit
But I got a new phone since then and don’t think I remember the password, so I’ll probably just make a new one. Hope that link helps.

 

[sakinago]

Yup, it just cleared what was the laughable prediction of 10,000 USD by 2018. I originally bought half a coin a few years ago, sold before a trip to Vegas, with the intentions of buying back in...but stupidly did not. Got lazy since my exchange updated their security and wanted my drivers license and I thought it was too much of a hassle, and I forgot about it....that half a coin (I bought 150 worth) would be worth over 5,000 now. Bought back in a couple months ago (again later than I was meaning too, since I wanted to buy back in early in the summer, but never got around to it). Anyway in about a month I’ve made an 80% return on investment....I DONT THINK ITS GOING TO STOP.

These guys say it’ll go up to a million by 2020...and it sounds crazy, even to me but there are a few factors that are going to contribute to the continual rise. Even if it’s half or even a quarter of that...that’s still phenomenally outstanding.

As of now only 2% of the world use bitcoin, but all it takes to buy it is a smartphone...which’s everyone has nowadays, even in third world countries with how cheap androids are. Coinbase (a BTC exchange) is adding 100,000 new users a day. If you think of it like a stock, there’s really only a small group that stays roughly the same size buying into the stock market. And in that market they’re splitting that money into thousands of thousands of different companies. A very large majority of people in India, China, Europe, etc, and even here in the western world aren’t buying into the stock market...but they are starting to buy into bitcoin, because it’s easy, and un-hackable, they’re making money, and have 100% control of that money vs a bank. Now the more people who buy into, the more it keeps rising and rising. If the user-ship jumps up to a measly 4%....that alone will double the price. Like those guys said, this is just the first inning.

Secondly, bitcoin is forcing Wall Street to take a look, and they are all scrambling to figure out a way to start trading it on their exchanges. The CME is saying it will be exchanging it by the 2nd week in December! That’s gonna be a HUGE jump. As of now a very small percentage of BTC holders own over 100 USD worth in BTC. Not only will opening up BTC to Wall Street add even more users, it will add a lot more big players, as well as lend more validity to it.

Thirdly, economic crisis. People run to things like precious metals during economic crisis. But how many people have the know how and the funds to buy precious metals? Bitcoin is much easier and offers you full control of your money. Don’t get me wrong it’s very wise to own precious metals, but bitcoin could explode. There are plenty of countries on the verge of collapse, like Venezuela, Argentina, and once the happens, a good amount of people in that country will run to bitcoin. There’s even speculation that these countries might even just switch their currency over into cryptocurrency. On top of that, we’re due for at least an economic correction, and could very well be looking at economic crisis. Europe and China are in worse shape than us, and if we falter, that’s going to be a global crisis. On top of that, what’s gonna further drive people to bitcoin is the fact that all of our banks are ready to do a bail in (banks just take a percentage from everyone, 5% haircut across the board). Plenty of people are gonna day fuck that, I’m moving to bitcoin. Also these same banks are talking about doing negative interest rates on savings accounts, forcing people to spend instead of save. Again people will say fuck that, I’m gonna put my savings in bitcoin.

What makes me worry about bitcoin? Well governments could try to crack down on it. I don’t think they can fully eliminate it with their citizens, but they could make it difficult to use and exchange. On top of that the energy consumption of miners. They are using a lot of energy. But the beautiful thing about bitcoin is that it can fork, and change it’s form to something more workable, in a free market setting. It forks, people who have owns BTC before the fork own the same amount of the new fork, as well as classic BTC, then the two compete to see what’s better. I could see a fork into something using less power coming in few years. Or having cell phones, tablets, etc, join into the mining to take the load off computing, Or alternative energy sources to take the load off of energy.

If it does hit a million by 2020...I’m looking at 500,000 Dollars. I’d be perfectly happy if it only goes to 50,000 by 2020. That’s still a great freaking investment. I’m thinking about just putting in like 50 bucks every paycheck in, using it as a savings account on steroids. Anyway, buy in now. Put in money your willing to loose (I doubt you’ll ever loose it all, or even a portion), and just watch it go.

I'd pull out of bitcoin and bank on the profit, wait, you can't do that? You have absolutely no way to turn a bitcoin into actual cash? Nope

I just did it last night. Goes straight to my account. Doubled my original investment I made like a month and a half ago, pocketed my original investment (like 100 short of it), so in the unlikely event it does crash and burn, I still come out even. Part of me wishes I hadn’t since I’ll be making money more slowly with a lower share of BTC. But I am seriously considering putting 50 or so bucks every paycheck, and just using it like a savings account on roids.

Obviously there’s still a lot of unknown about bitcoin here. It exhanges like a foreign currency. Like if you were to go to Mexico, and exchange 100 USD in pesos, then came back and exchanged the pesos back to USD. It’s not like it’s arcade tokens here that you can’t take to a currency exchange and ask for USD.

The price you buy in at, is locked in at that moment, it takes a while to verify that exchange, like a week. But if you buy 100 usd worth of BTC at 10,000USD, the moment you hit buy, even though the price is changing, is the amount of BTC you get. As far as selling, that seemed to happen instantaneously. I was at the bar when I did it and didn’t check my account right away, but it definitely wound up back into my account. You can buy or sell whenever you want. If you don’t like the way it’s looking just sell.

 

[Toddsterpatriot]

Since bitcoin is backed by less than Enron it will suffer the same end. Fiat money is Fiat money no matter the name.

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer. What is bitcoins ? There are specific reasons the dollar could lose value and you can more or less be prepared for those that's not the case for bitcoin. In the event of a total collapse at least you could use money as toilet paper or to start a fire.

True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.

I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.

It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.

I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.

Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.

Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.

Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.

Not a lot, a majority of people trade with it, which adds stability. Look at all the past years, it’s been climbing steadily, because a lot people buy low and sell high with it. And the number of people doing that and the money involved has increased. But the amount of traders give me a lot of confidence that’s it’s not going to crash and burn, since once it drops 10% they’re all over it.

But like I said before there’s BTC debit cards and BTC ATMs, and people do use it peer to peer. Overstock accepts it as well. I don’t think places like amazon are going to adopt it in the near future...but maybe they should. Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month, with the way things are going. It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it. 32% of millennials preferr trading it over stocks. It’s easy to get into, and you don’t have to make over 50,000$ a year to get into it, like stocks. Friggen sweat shop workers can get into it.

Again, it’s wise to dip your toes in at the very least. Either this is a bubble, and you loose maybe 20% of the money you don’t mind loosing that you put in...or maybe these guys we’ve been calling crazy, who keep getting proven right, are also right that it’s gonna keep going up, and this is the very beginning of a larger parabolic curve. Only 2% of the world is currently using it, and a vast majority have less than 100 usd into it...what happens when it’s 3%? What happens when it start getting traded on Wall Street? What happens when economic crises strikes again?

Not a lot, a majority of people trade with it, which adds stability.

A currency, not being used as a currency, adds stability? What stability?

it’s been climbing steadily, because a lot people buy low and sell high with it

Ummmm.....if you buy low, you bought from someone selling low.
If you sell high, you sold to someone buying high.

Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month,

Or the $30 in bitcoin could turn into $15.......

It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it.

Yes, adding more lemmings does extend the scheme.

you don’t have to make over 50,000$ a year to get into it, like stocks.
Friggen sweat shop workers can get into it.

Wasn't there a story about a shoeshine boy giving Joe Kennedy some stock tips?

is is the very beginning of a larger parabolic curve.

And we all know parabolic curves never end......

 

[sakinago]

What do you think the U.S. dollar is?

The US Dollar is backed by the Federal government which is backed by the US taxpayer. What is bitcoins ? There are specific reasons the dollar could lose value and you can more or less be prepared for those that's not the case for bitcoin. In the event of a total collapse at least you could use money as toilet paper or to start a fire.

True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.

I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.

It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.

I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.

Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.

Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.

Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.

Not a lot, a majority of people trade with it, which adds stability. Look at all the past years, it’s been climbing steadily, because a lot people buy low and sell high with it. And the number of people doing that and the money involved has increased. But the amount of traders give me a lot of confidence that’s it’s not going to crash and burn, since once it drops 10% they’re all over it.

But like I said before there’s BTC debit cards and BTC ATMs, and people do use it peer to peer. Overstock accepts it as well. I don’t think places like amazon are going to adopt it in the near future...but maybe they should. Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month, with the way things are going. It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it. 32% of millennials preferr trading it over stocks. It’s easy to get into, and you don’t have to make over 50,000$ a year to get into it, like stocks. Friggen sweat shop workers can get into it.

Again, it’s wise to dip your toes in at the very least. Either this is a bubble, and you loose maybe 20% of the money you don’t mind loosing that you put in...or maybe these guys we’ve been calling crazy, who keep getting proven right, are also right that it’s gonna keep going up, and this is the very beginning of a larger parabolic curve. Only 2% of the world is currently using it, and a vast majority have less than 100 usd into it...what happens when it’s 3%? What happens when it start getting traded on Wall Street? What happens when economic crises strikes again?

Not a lot, a majority of people trade with it, which adds stability.

A currency, not being used as a currency, adds stability? What stability?

it’s been climbing steadily, because a lot people buy low and sell high with it

Ummmm.....if you buy low, you bought from someone selling low.
If you sell high, you sold to someone buying high.

Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month,

Or the $30 in bitcoin could turn into $15.......

It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it.

Yes, adding more lemmings does extend the scheme.

you don’t have to make over 50,000$ a year to get into it, like stocks.
Friggen sweat shop workers can get into it.

Wasn't there a story about a shoeshine boy giving Joe Kennedy some stock tips?

is is the very beginning of a larger parabolic curve.

And we all know parabolic curves never end......

They don’t end well in stocks, I absolutely agree...but the bears of bitcoin have been calling for it to crash since it hit 2000, and have a been saying the same thing every single “unrealistic” milestone it has hit. Why have they kept getting it wrong? It’s because they are thinking of it like it’s a stock, in the market. A market that has roughly the same amount of investors, divvying up their money among tens of thousands of companies. It’s not that. It’s more like a brand new stock market, that a street chicken vendor in India can get it on, with only 3 or 4 big companies in the market. (Sure there’s a very small minority of people like the shoe shine boy) but that rarely ever happens. It’s much easier now for a the street vendor in india to buy bitcoin, than it is for him to buy shares of Fitbit or whatever. Here’s the kicker only 2% of the world are actually using that. And it keep growing and growing. What happens when it reaches 3% 4% 5%? What happens when Wall Street starts adopting it (CME is getting ready to this month)? Your talking about drawing from a pool that includes basically the entire world outside of the severely impoveished, vs a pool that stays roughly the same size of those investing in stocks.

There’s millions of people who’ve wanted to get into bitcoin who just never got around to it, millions who are on the fence about it. The confidence in it just keeps rising and rising, and more and more will buy it. It’s still early in the first inning.

I’m sure you or many people who don’t play the lottery will buy a ticket when the jackpot is huge. Just because, what the hell, it’s only 5 bucks. This has better odds than the lottery, and if it doesn’t work out, the chances of you loosing all of your money are astronically low. So what it you only get 3 of your 5 bucks back?

It’s like I’m telling you guys you could buy shares for cheap for what could turn out to be the next google or Facebook. Maybe it won’t be, sure, but I think it’s worth the risk. A small risk I might add, again I’m not saying pour your savings into it. Dip your toe in. Or not, and I’ll keep posting like a gitty teenage girl when it keeps going up. Or you could be right, and I already made my money back, so I’m at least nuetral. That happened in about a month and a half, and I thought I bought in late at the time.

 

[Toddsterpatriot]

The US Dollar is backed by the Federal government which is backed by the US taxpayer. What is bitcoins ? There are specific reasons the dollar could lose value and you can more or less be prepared for those that's not the case for bitcoin. In the event of a total collapse at least you could use money as toilet paper or to start a fire.

True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.

I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.

It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.

I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.

Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.

Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.

Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.

Not a lot, a majority of people trade with it, which adds stability. Look at all the past years, it’s been climbing steadily, because a lot people buy low and sell high with it. And the number of people doing that and the money involved has increased. But the amount of traders give me a lot of confidence that’s it’s not going to crash and burn, since once it drops 10% they’re all over it.

But like I said before there’s BTC debit cards and BTC ATMs, and people do use it peer to peer. Overstock accepts it as well. I don’t think places like amazon are going to adopt it in the near future...but maybe they should. Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month, with the way things are going. It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it. 32% of millennials preferr trading it over stocks. It’s easy to get into, and you don’t have to make over 50,000$ a year to get into it, like stocks. Friggen sweat shop workers can get into it.

Again, it’s wise to dip your toes in at the very least. Either this is a bubble, and you loose maybe 20% of the money you don’t mind loosing that you put in...or maybe these guys we’ve been calling crazy, who keep getting proven right, are also right that it’s gonna keep going up, and this is the very beginning of a larger parabolic curve. Only 2% of the world is currently using it, and a vast majority have less than 100 usd into it...what happens when it’s 3%? What happens when it start getting traded on Wall Street? What happens when economic crises strikes again?

Not a lot, a majority of people trade with it, which adds stability.

A currency, not being used as a currency, adds stability? What stability?

it’s been climbing steadily, because a lot people buy low and sell high with it

Ummmm.....if you buy low, you bought from someone selling low.
If you sell high, you sold to someone buying high.

Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month,

Or the $30 in bitcoin could turn into $15.......

It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it.

Yes, adding more lemmings does extend the scheme.

you don’t have to make over 50,000$ a year to get into it, like stocks.
Friggen sweat shop workers can get into it.

Wasn't there a story about a shoeshine boy giving Joe Kennedy some stock tips?

is is the very beginning of a larger parabolic curve.

And we all know parabolic curves never end......

They don’t end well in stocks, I absolutely agree...but the bears of bitcoin have been calling for it to crash since it hit 2000, and have a been saying the same thing every single “unrealistic” milestone it has hit. Why have they kept getting it wrong? It’s because they are thinking of it like it’s a stock, in the market. A market that has roughly the same amount of investors, divvying up their money among tens of thousands of companies. It’s not that. It’s more like a brand new stock market, that a street chicken vendor in India can get it on, with only 3 or 4 big companies in the market. (Sure there’s a very small minority of people like the shoe shine boy) but that rarely ever happens. It’s much easier now for a the street vendor in india to buy bitcoin, than it is for him to buy shares of Fitbit or whatever. Here’s the kicker only 2% of the world are actually using that. And it keep growing and growing. What happens when it reaches 3% 4% 5%? What happens when Wall Street starts adopting it (CME is getting ready to this month)? Your talking about drawing from a pool that includes basically the entire world outside of the severely impoveished, vs a pool that stays roughly the same size of those investing in stocks.

There’s millions of people who’ve wanted to get into bitcoin who just never got around to it, millions who are on the fence about it. The confidence in it just keeps rising and rising, and more and more will buy it. It’s still early in the first inning.

I’m sure you or many people who don’t play the lottery will buy a ticket when the jackpot is huge. Just because, what the hell, it’s only 5 bucks. This has better odds than the lottery, and if it doesn’t work out, the chances of you loosing all of your money are astronically low. So what it you only get 3 of your 5 bucks back?

It’s like I’m telling you guys you could buy shares for cheap for what could turn out to be the next google or Facebook. Maybe it won’t be, sure, but I think it’s worth the risk. A small risk I might add, again I’m not saying pour your savings into it. Dip your toe in. Or not, and I’ll keep posting like a gitty teenage girl when it keeps going up. Or you could be right, and I already made my money back, so I’m at least nuetral. That happened in about a month and a half, and I thought I bought in late at the time.

but the bears of bitcoin have been calling for it to crash since it hit 2000, and have a been saying the same thing every single “unrealistic” milestone it has hit. Why have they kept getting it wrong?

Chinese people trying to get their wealth out of Yuan keep piling into Bitcoin.

It’s because they are thinking of it like it’s a stock, in the market.

I don't think it's a stock. It has no earnings. Pays no dividends. More like a chain letter.

It’s more like a brand new stock market, that a street chicken vendor in India can get it on, with only 3 or 4 big companies in the market.

Yes, when unsophisticated poor people buy into a new fad nothing bad ever happens.

It’s like I’m telling you guys you could buy shares for cheap for what could turn out to be the next google or Facebook.

Exactly!
It could turn out to be Google ($19 billion annual net income) or
Facebook ($10 billion annual net income).