Bitcoin kicking ass

[airplanemechanic]

I have a feeling in 5 years bitcoin will be like myspace.

 

[Ame®icano]

I don't trust it

I can see a time when you try to cash a Bitcoin and people just laugh at you

Like Confederate money

You sound just like every other "educated" leftist. Bitcoin is not going anywhere, and is here to stay weather you like it or not. About half of the world doesn't trust, don't like or even hate US dollar but they have to use it in international trades, because USD is not going anywhere.

Second, it's not currency that's important here, but the technology behind it, the blockchain that provides transparency and protection of the currency itself. When you look how BTC is created, as of now 12.5 BTC for every blockchain completed, it's backed by more than USD.

You could also see Hillary wining with 90% of votes, but you were as usually wrong. You were not laughing for the past year much, haven't you? Look at the list of companies that are currently accepting payment in BTC, and it's getting larger by day.

More you know, more you're worth, and you don't see to know much.

 

[Ame®icano]

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

I can use HITBTC credit card backed by around 30+ crypto currencies and pay for that coke just as you can with your "real dollar".

 

[Shrimpbox]

Ok, I will admit I have tried to understand bitcoin and what it means and I can’t wrap my head around it. Block chain technology is somewhat less obscure but not much. If the only reason for using bitcoin is to bypass the banks then what is going to happen when energy usage becomes so gigantic it dwarfs savings. But still it is my fault that I can’t understand it, no one else’s.

So I will come at this from another standpoint. My fear is the massive amount of artificial financial shenanigans that our money system is swimming in. Puts, calls futures, derivatives are all artificial creations that bring zero economic benefits and extreme risk especially if borrowed money is used for these transactions. All people are doing here is shuffling paper. They are not producing anything of value except in the ether of the financial universe, it is smoke. I could pay all my bills, have money in the bank, and be earning a good income and these creations could crash our economy and impoverish millions who have done no wrong. It has already happened.

Help me out here. Bitcoin has no integrity, BUT, allowing bitcoin to be traded in futures, etfs, and other derivatives would help to give it some legitimacy. We are going to make bitcoin legit by creating more risk. This stuff makes my head explode.

Talk about throwing up red flags. Bitcoin is run by computers. What could go wrong? What has gone wrong in the past. Some here seem to suggest that because it will get so big it will all be alright. It may do great and I will be proven to be a dinosaur. But warren buffet says he doesn’t invest in things he doesn’t understand. I think I am going to follow his advice.

 

[Toddsterpatriot]

Ok, I will admit I have tried to understand bitcoin and what it means and I can’t wrap my head around it. Block chain technology is somewhat less obscure but not much. If the only reason for using bitcoin is to bypass the banks then what is going to happen when energy usage becomes so gigantic it dwarfs savings. But still it is my fault that I can’t understand it, no one else’s.

So I will come at this from another standpoint. My fear is the massive amount of artificial financial shenanigans that our money system is swimming in. Puts, calls futures, derivatives are all artificial creations that bring zero economic benefits and extreme risk especially if borrowed money is used for these transactions. All people are doing here is shuffling paper. They are not producing anything of value except in the ether of the financial universe, it is smoke. I could pay all my bills, have money in the bank, and be earning a good income and these creations could crash our economy and impoverish millions who have done no wrong. It has already happened.

Help me out here. Bitcoin has no integrity, BUT, allowing bitcoin to be traded in futures, etfs, and other derivatives would help to give it some legitimacy. We are going to make bitcoin legit by creating more risk. This stuff makes my head explode.

Talk about throwing up red flags. Bitcoin is run by computers. What could go wrong? What has gone wrong in the past. Some here seem to suggest that because it will get so big it will all be alright. It may do great and I will be proven to be a dinosaur. But warren buffet says he doesn’t invest in things he doesn’t understand. I think I am going to follow his advice.

Puts, calls futures, derivatives are all artificial creations that bring zero economic benefits

Hedging future prices of commodities is a huge economic benefit.

 

[Manonthestreet]

Here's What Bitcoin's Smartest Skeptics Are Telling Investors

 

[Shrimpbox]

Ok, I can understand airlines doing just that. But isn’t that technically buying the delivery of a,product. When you are betting that Facebook stock is going to go up or down, there is no tangible product backing that trade. I know what you are going to say. Facebook stock is the product. But what if the next new thing comes along and makes Facebook obsolete. Is there not a lot of risk here? Maybe not for a savvy investors, but most investors.

 

[Toddsterpatriot]

Ok, I can understand airlines doing just that. But isn’t that technically buying the delivery of a,product. When you are betting that Facebook stock is going to go up or down, there is no tangible product backing that trade.

Ok, I can understand airlines doing just that. But isn’t that technically buying the delivery of a,product.

No. Airlines are not buying jet fuel by taking delivery of futures contacts.

When you are betting that Facebook stock is going to go up or down, there is no tangible product backing that trade

If I have a chunk of Facebook stock that I plan to sell to finance college for my children, buying puts on that stock would give me very useful protection.

 

[DarkFury]

Ok, I will admit I have tried to understand bitcoin and what it means and I can’t wrap my head around it. Block chain technology is somewhat less obscure but not much. If the only reason for using bitcoin is to bypass the banks then what is going to happen when energy usage becomes so gigantic it dwarfs savings. But still it is my fault that I can’t understand it, no one else’s.

So I will come at this from another standpoint. My fear is the massive amount of artificial financial shenanigans that our money system is swimming in. Puts, calls futures, derivatives are all artificial creations that bring zero economic benefits and extreme risk especially if borrowed money is used for these transactions. All people are doing here is shuffling paper. They are not producing anything of value except in the ether of the financial universe, it is smoke. I could pay all my bills, have money in the bank, and be earning a good income and these creations could crash our economy and impoverish millions who have done no wrong. It has already happened.

Help me out here. Bitcoin has no integrity, BUT, allowing bitcoin to be traded in futures, etfs, and other derivatives would help to give it some legitimacy. We are going to make bitcoin legit by creating more risk. This stuff makes my head explode.

Talk about throwing up red flags. Bitcoin is run by computers. What could go wrong? What has gone wrong in the past. Some here seem to suggest that because it will get so big it will all be alright. It may do great and I will be proven to be a dinosaur. But warren buffet says he doesn’t invest in things he doesn’t understand. I think I am going to follow his advice.

Puts, calls futures, derivatives are all artificial creations that bring zero economic benefits

Hedging future prices of commodities is a huge economic benefit.

I may save dollars in a jar but even if the house burns down I have dollars.
I may invest in real estate but short of a nuke it's not going anywhere.

If it's built by people on a computer, it can be stolen by people on a computer.

 

[AvgGuyIA]

BitCoin is too expensive. What about the AltCoin crypto currency? Two weeks ago, IOTA was selling for 39 cents. This morning, it was $1.43. Right now it is $2.39. Agh!!!

 

[Shrimpbox]

Well Todd it is obvious I am in over my head here. You seem to have faith that every transaction you enter into will be honored irregardless of the direction of the economy. I do not have your experience or knowledge but am still very uncomfortable with this country’s financial state. I will stick with business and real estate.

 

[BuckToothMoron]

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.

Bitcoin is a classic bubble. It is not a Stock. It is not a currency. It is a Dutch tulip bulb. If you don’t know that reference then I suggest you research it. The problem with investing in a bubble is you never know when it is going to burst.

 

[BuckToothMoron]

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 dollar is backed by the US economy.

 

[Slyhunter]

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.

MLM's fail when you run out of suckers to buy in.

 

[Toddsterpatriot]

Well Todd it is obvious I am in over my head here. You seem to have faith that every transaction you enter into will be honored irregardless of the direction of the economy. I do not have your experience or knowledge but am still very uncomfortable with this country’s financial state. I will stick with business and real estate.

Well Todd it is obvious I am in over my head here.

Many people don't understand modern finance.
If you have any questions, I'll be happy to try to help you.

You seem to have faith that every transaction you enter into will be honored irregardless of the direction of the economy.

I do?

I will stick with business and real estate.

Probably a good idea. People successful in one arena often get their ass handed to them if they try something new without enough info.

 

[DarkFury]

Well Todd it is obvious I am in over my head here. You seem to have faith that every transaction you enter into will be honored irregardless of the direction of the economy. I do not have your experience or knowledge but am still very uncomfortable with this country’s financial state. I will stick with business and real estate.

Well Todd it is obvious I am in over my head here.

Many people don't understand modern finance.
If you have any questions, I'll be happy to try to help you.

You seem to have faith that every transaction you enter into will be honored irregardless of the direction of the economy.

I do?

I will stick with business and real estate.

Probably a good idea. People successful in one arena often get their ass handed to them if they try something new without enough info.

You know I tried to sell you on coal for months. And right now I'm cleaning up. Then real estate in Josephine county Oregon. And it's doing better. NOBODY can steal that. Right now I'm looking at another company I think will make money. But with each investment I get a physical item. Let's the Kim rip loose an EMI attack on SoCal.
What happens to your bit coin? There is no repository beyond the net. It just goes poof!

 

[Chuz Life]

I am so glad that I am smart enough to not buy into this shit but I would be lying if I said I didn't wish I were smart enough to take advantage of the fools who DO buy into it.

 

[JimBowie1958]

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

Not really.

Wikipedia explains three kinds of currencies:

Fiat money is a currency without intrinsic value established as money by government regulation. It has an assigned value only because the government use its power to enforce the value of a fiat currency. The term derives from the Latin fiat ("let it be done")[1] used in the sense of an order or decree.[2] It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity). Representative money is similar to fiat money, but it represents a claim on a commodity (which can be redeemed to a greater or lesser extent).​

Virtual currencies like Bitcoins are not strictly defined yet as to what they are.

In July 2016, Judge Teresa Mary Pooler of Eleventh Judicial Circuit Court of Florida cleared Michell Espinoza in State of Florida v. Espinoza in money-laundering charges he faced involving his use of bitcoin. Judge Pooler stated "Bitcoin may have some attributes in common with what we commonly refer to as money, but differ in many important aspects, they are certainly not tangible wealth and cannot be hidden under a mattress like cash and gold bars."[15] In September 2016, a ruling by Judge Alison J. Nathan of United States District Court for the Southern District of New York contradicted the Florida Espinoza ruling stating "Bitcoins are funds within the plain meaning of that term.— Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment."[16]

The U.S. Treasury categorizes bitcoin as a decentralized virtual currency.[17] The Commodity Futures Trading Commission classifies bitcoin as a commodity, and the Internal Revenue Service classifies it as an asset.[16]​

Virtual commodites are something new that the legal system has not caught up to yet as the contrary rulings and regulatory positions suggest.

But we do know that virtual currency are not real currency since no one is compelled by law to accept them in payment of debts. There is also no value set by any government; it is purely free market, which also makes the value extremely volatile.

But it is some form of virtual asset or virtual commodity. It has a very restricted supply and is in demand as an alternative to world currencies that are in a race to the bottom of value so that nations can get a perceived advantage to their export markets.

It isnt that Bitcoin is such a great asset as that legal currencies are collapsing, and physical commodities are either subject to 'electronic' certificates that over supply the markets and apparently are being subjected to a sort of fractional reserve system.

 

[JimBowie1958]

I am so glad that I am smart enough to not buy into this shit but I would be lying if I said I didn't wish I were smart enough to take advantage of the fools who DO buy into it.

It is a new form of commodity and is doing fine so far.

Virtual currencies are here because of the unfettered race to the bottom of currency values for national currencies.

They are the virtual 'last man standing' is all.

 

[JimBowie1958]

What happens to your bit coin? There is no repository beyond the net. It just goes poof!

The internet is designed by the DoD to withstand a nuclear war.

I dont think we have as much to worry about as fiat currency holders do. And that is not all that much either.