Bitcoin ----- what is it EXACTLY???

[Dekster]

And run by government intelligence agencies in the first place. It's a nice honey trap for the greedy and stupid.

I've seen no evidence of it, but I have thought they would be a hell of a way for the government to track people attempting to circumvent normal financial channels. I personally think NFT's, which are even more off the beaten path that crypto, has to be a money laundering scheme. It would be one thing if you got some right to the art or whatever (which occasionally happens), but when you get nothing but a block chain token, surely it is a rigged game

 

[Dekster]

Like the OP I have looked into this a bit and like the OP I am still none the wiser. My nephews are both heavily into this and are huge evangelists for it.

It reminds me of the South Sea Bubble where normally sensible people threw proper money into a scheme that basically produced nothing. The promoters of the scheme were hugely positive about it because their own wealth was linked to encouraging new money into the scheme.

I can buy everything I need with boring old cash. And I can use that cash to divest into other assets. Im not sure that Bitcoin is as versatile. Who do you complain to ?

The Bubble was 300 years ago but there have been regular occurrences ever since. If it looks too good to be true then it probably is.

Best of luck to anyone in on it but take care.

Your cat about why he is starving to death if you don't keep your crypto in a secure offline wallet apparently. I have read also that these huge prices are the hold value. If you try to sell more than a coin or two at a time, your proceeds will be much lower.

 

[Idalia Ravenwood]

The first one to disappear with a couple hundred billion into a rabbit hole somewhere on a Russian server and the whole scam collapses, 'legit' ones or not.

So, Crypto is stored on the blockchain you're using. In other words, it's not stored in "a server", but a vast network. What you're describing is literally impossible. That's why when I responded to the previous poster suggesting that was a thing that could happen, I said "if that were possible".

If you want to talk about scams, we could talk about fiat, and how nobody would want to exchange in it if the Government weren't threatening people into using it. Case in point; The Government stealing people's gold so that they'd use their monopoly money. It can be stolen, traced, inflated, manipulated, and without Government force, it has no utility to speak of. Its value decreases over time, it collapses... like the Zimbabwean dollar.

Point being, any criticism you have towards Crypto applies to fiat, times a thousand, and is usually projection besides.

 

[DudleySmith]

I've seen no evidence of it, but I have thought they would be a hell of a way for the government to track people attempting to circumvent normal financial channels. I personally think NFT's, which are even more off the beaten path that crypto, has to be a money laundering scheme. It would be one thing if you got some right to the art or whatever (which occasionally happens), but when you get nothing but a block chain token, surely it is a rigged game

The art market is indeed a long running scam, both for money laundering and tax dodging via ridiculous valuations on art pieces being donated to frauds like MOMA. Good catch on the NFT thing; it's already been used in several high dollar frauds already.

 

[skews13]

The thing is, the US can ban it from being used within the US banking system, ban US companies from using it and ban it in a whole bunch of other areas, making it extremely hard to spend, which will crush its value. The moment the US decides to end Bitcoin, they can do it pretty easily.

Not going to happen. To many big players own it.

 

[dblack]

Not going to happen. To many big players own it.

I think they may have succeeded in creating digital gold. Short of complete meltdown (no internet, no nodes processing transactions) bitcoin is here to stay.

Of course, I could be wrong.

 

[Larsky]

 

[dblack]

View attachment 570074

Bitcoin isn't destabilizing us. It's just showing how unstable we really are.

 

[justoffal]

Since your friend couldn't explain it to you and the book was a waste, all you need to know is that its like anything else you invest in. It's worth what people believe it's worth. The security of the transactions are way better than anything else and it leaves a digital trail. The block chain, encryption, security, and algorithms that go into it will just confuse you more.

The blockchain linears have become so complex that it is no longer possible to mine them competitively with anything but an industrial machine that uses on the average about 3,000 Watts of 220v current.

I do see a lot of support for virtual currency that's not manipulated by a central bank and one that depends on community input to keep it going and make it valuable. But I do not see support for an ever-increasing energy consumption that will eventually become so expensive that it will outmatch the value of the currency itself.

 

[Opie]

There are only 21 million Bitcoins that can ever be mined. if the dollar fails which it will think of all the millionaires plus billionaire that will be fighting to own the 21 million which will only drive the price up as you seen last year during Covid. Took money out of stocks and put into Crypto

 

[candycorn]

Crypto is the Scientology of currencies and investments.

The money in your wallet is backed by the full faith and credit of the government that issues it. Crypto is backed by almost nothing.

 

[dblack]

The money in your wallet is backed by the full faith and credit of the government that issues it. Crypto is backed by almost nothing.

LOL - that's funny stuff right there.

 

[Captain Caveman]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

This link explains what cryptocurrency is -

Cryptocurrency: What is it and how does it work?

Cryptocurrency has been increasing in popularity in recent years, but what exactly is it and how does it work?

www.bbc.co.uk

 

[Deplorable Yankee]

Bitcoins in 56 k per coin

Etheriums we're all waiting on 2

Trading in the range 4500.00......told yas lol

 

[EvMetro]

Bitcoins in 56 k per coin

Etheriums we're all waiting on 2

Trading in the range 4500.00......told yas lol

Stake some CRO...

 

[Otis Mayfield]

Bitcoin just dropped $10,000 in value.

And for no apparent reason.

 

[CrusaderFrank]

I would suggest against it. Its possible that it could end up getting really big, but its more likely to go the other way. Bitcoin is facing several problems in the future. The first is, large companies are now getting into the cryptocurrency game. The market is going to get saturated with these and Bitcoin will take a big hit for it.

The other problem Bitcoin has is cyberwarfare. International crime syndicates are demanding bitcoin now as a ransom because, it cant be traced. Thats why governments are going to crack down on it, at which point it will be worth significantly less. The US is already looking into making a national virtual currency. If they go that route, bitcoin is over. China has already banned cryptocurrency.

I would look at bitcoin as a short term investment only, unless you have cash to spare.

Governments will use quantum computing to eradicate Bitcoin, it's an existential threat to central banks

 

[iamwhatiseem]

Bitcoin doesn't exist. But it has value because people are willing to invest in "nothing" - if they can make a profit off of someone else who is willing to buy that nothing at a higher price.
You could just as easily call it fairy dust.
Which, BTW, is how dogecoin happened. Some guy started it as a joke. It now has a market value of $54 Billion. A joke.
There is a lesson in that.
Bitcoin is likely to collapse at some point. It has zero intrinsic value. It's value is wholly dependent on people willing to play the game of buying nothing.
As the world markets have become more volatile and inflation is beyond the point of scary... the first thing investors will do is remove assets that have no actual value.

And that is why Bitcoin fell 7% in one day.

 

[Rodimus]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

i think you should just stick to buying gold and not bitcoin. just like the stock market is a scam to make wall street tycoons rich, if you invest in bitcoin, you are just giving your money to criminals with nothing in return.

 

[candycorn]

âLooking Uglyâ: Crypto Market Crash Intensifies After $300 Billion Sell-OffâHow Low Can Bitcoin Prices Go?

Bitcoin fell below $40,000 for the first time since September on Monday.

www.forbes.com