Bitcoin

[frigidweirdo]

Is Bitcoin the biggest scam since Bernie Madoff? Is it just internet monopoly money? Do they have a Fort Knox to back it up or is it a virtual reality like Farmville? Is it a 21st century hoax?

Bitcoin is one of those things that will make some rich, and a lot poor.

 

[KissMy]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

 

[BuckToothMoron]

Is Bitcoin the biggest scam since Bernie Madoff? Is it just internet monopoly money? Do they have a Fort Knox to back it up or is it a virtual reality like Farmville? Is it a 21st century hoax?

To be fair, Fort Knox does not back up the greenback. Bitcoin is a mania, pure and simple. At some point the price will collapse, it may go to 100,000 or higher, but eventually it will fall dramatically.

 

[BuckToothMoron]

It is not a hoax, however it is unsecured currency with no guarantees to back it up.
More than one company has went belly-up with the use of bitcoin being the reason.

Not a challenge, but do you have links? Just curious.

I'm pretty excited by Bitcoins, and the whole idea of independent currency. If things work out, we might actually be able wrestle control of money away from bankers and armies.

That is not likely to occur unless the governments accept and recognize the currencies as legal tender, and why would they?

 

[BuckToothMoron]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

 

[BuckToothMoron]

Its 2017. Much has been revealed since 2014. BTC=$2550.00
In 7 of the last 8 years, BTC is the best performing currency in the world.

Bitcoin: Top Performing Currency For a Second Year in a Row

CryptoCurrency Market Capitalizations

Its not a real currency its virtual money, with no government backing or regulation.

How does government back your money? With a printing press?

You miss the entire point.
The U.S. Dollar can be spent all over the world. in fact it is often preferred to even the nations own currency in 3rd world states.
The reason for that is that every dollar is backed by the U.S. Government. Same for German Marks, the French Franc etc. etc.
It will always have value as long as these nations are...nations.
Bitcoin is backed by no one. It is a currency with no legal standing.

German marks and French francs are no longer legal tender, they use the Euronow.

 

[BuckToothMoron]

Is Bitcoin the biggest scam since Bernie Madoff? Is it just internet monopoly money? Do they have a Fort Knox to back it up or is it a virtual reality like Farmville? Is it a 21st century hoax?

Bitcoin is one of those things that will make some rich, and a lot poor.

A fool and his money......

 

[BuckToothMoron]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

His point is that the gains have not been realized yet.

 

[KissMy]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

 

[BuckToothMoron]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

 

[Tommy Tainant]

My nephew has invested into this and he was telling me all about it at a family event over xmas.

He bought it for pennies and now it is worth millions but he couldnt explain why or how. I suggested that he cashed in some or all of it to protect himself but he looked at me as if I was insane. His view was that he would lose out on future gains if he did so.

He spoke to me as though I was just out of touch with the modern investment world and didnt understand the new state of play. But I have seen this time and time again because nothing ever changes and people never learn.

He is only 23 so it wont kill him and he may learn something valuable.

I have also noticed that some folk are incredibly protective about this and like to shout down the doubters. This is because positivity is the only factor keeping it afloat. Negativity must be quashed.

 

[Tommy Tainant]

https://www.amazon.co.uk/Very-English-Deceit-History-Financial/dp/0007292783/?tag=usmb-20


This book gives a great insight into the mania that surrounds these scams.

It was all planned by one ambitious promoter, who had decided to launch ‘a company for carrying on an undertaking of great advantage, but nobody to know what it is’. This eighteenth-century mission statement has now acquired an almost uncanny resonance: these words could aptly have been applied to the bursting of the internet bubble and the collapse of Enron. With the financial scandals that have beset global companies recently, such as Rank Xerox and Worldcom, this tale is all the more relevant today.

Here is another.

https://www.amazon.co.uk/Tulipomani...y-Passions-Aroused/dp/0753827999/?tag=usmb-20

In 1630s' Holland thousands of people, from the wealthiest merchants to the lowest street traders, were caught up in a frenzy of buying and selling. The object of the speculation was not oil or gold, but the tulip, a delicate and exotic bloom that had just arrived from the east. Over three years, rare tulip bulbs changed hands for sums that would have bought a house in Amsterdam: a single bulb could sell for more than £300,000 at today's prices. Fortunes were made overnight, but then lost when, within a year, the market collapsed.

 

[KissMy]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

Obviously Bitcoin could not have gone from 5 cents to $19,000 if more US Dollars were not being exchanged / converted to Bitcoin than the reverse! I knew a guy In 2014 who lived entirely using Bitcoins in NYC. I was shopping on eBay last week for an antiminer & some sellers would only accept Bitcoins for payment. NO US Dollars, other currency, credit cards or PayPal would be accepted. A Miami Condo Seller Only Accepting Bitcoin Thousands are mortgaging their homes for Bitcoin. The US Government trades Bitcoins!

 

[Tommy Tainant]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

Obviously Bitcoin could not have gone from 5 cents to $19,000 if more US Dollars were not being exchanged / converted to Bitcoin than the reverse! I knew a guy In 2014 who lived entirely using Bitcoins in NYC. I was shopping on eBay last week for an antiminer & some sellers would only accept Bitcoins for payment. NO US Dollars, other currency, credit cards or PayPal would be accepted. A Miami Condo Seller Only Accepting Bitcoin Thousands are mortgaging their homes for Bitcoin. The US Government trades Bitcoins!

It is staggering isnt it ? What you are describing is evidence of a mania rather than a real cultural shift.

 

[BuckToothMoron]

There is money to be made in bitcoin. There always is in these bubbles. The first of these was the South Sea bubble in Georgian Britain. People were invited to invest in nothing and they piled in as they saw the prices rocket. Millions were made and lost.

The problem for the speculators is this. It all depends on new money flooding in to support the price. Once the sentiment has gone the price collapses.

South Sea, Tulips,Dot Com. It has happened so often.

A few clever people will come out of it ok but the majority of saps will get burned.

Remember you havent made a penny until you realise your gains.

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

Obviously Bitcoin could not have gone from 5 cents to $19,000 if more US Dollars were not being exchanged / converted to Bitcoin! I knew a guy In 2014 who lived entirely on Bitcoin. I was shopping on eBay last week for an antiminer & some sellers would only accept Bitcoins for payment. NO US Dollars, other currency, credit cards or PayPal would be accepted. A Miami Condo Seller Only Accepting Bitcoin

Thanks for those anecdotes. Are you ready for reality now? Walmart, Amazon, Alibaba are 3 giant retailers and none of them accept any crypto currencies. In fact the number of retailers who do accept bitcoin is going down, not up.
Actionable Trading Ideas, Real Time News, Financial Insight | Benzinga
Got bitcoin burning a hole in your pocket? Many companies are beginning to see cryptocurrencies as a valid payment option for the wares they sell. Still, Morgan Stanley recently published a report detailing that only 0.6 percent of the top 500 online retailers accept bitcoin (down from 1 percent in 2016).

You are confused with the economics and math associated with bitcoin. The vast majority of bitcoins are held by a very small number of people. Conversely, the majority of bitcoin owners hold very few bitcoins. Ergo, bitcoin is not widely distributed and most bitcoins have never been sold by the original purchaser, and thus the value has not been realized.

Imagine if all the bitcoin whales decided to sell all their bitcoins over a few days. The supply of BTC would skyrocket and the price would plummet.

 

[KissMy]

The gains are realized in real currency. Cash done along with US credit!

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

Obviously Bitcoin could not have gone from 5 cents to $19,000 if more US Dollars were not being exchanged / converted to Bitcoin! I knew a guy In 2014 who lived entirely on Bitcoin. I was shopping on eBay last week for an antiminer & some sellers would only accept Bitcoins for payment. NO US Dollars, other currency, credit cards or PayPal would be accepted. A Miami Condo Seller Only Accepting Bitcoin

Thanks for those anecdotes. Are you ready for reality now? Walmart, Amazon, Alibaba are 3 giant retailers and none of them accept any crypto currencies. In fact the number of retailers who do accept bitcoin is going down, not up.
Actionable Trading Ideas, Real Time News, Financial Insight | Benzinga
Got bitcoin burning a hole in your pocket? Many companies are beginning to see cryptocurrencies as a valid payment option for the wares they sell. Still, Morgan Stanley recently published a report detailing that only 0.6 percent of the top 500 online retailers accept bitcoin (down from 1 percent in 2016).

You are confused with the economics and math associated with bitcoin. The vast majority of bitcoins are held by a very small number of people. Conversely, the majority of bitcoin owners hold very few bitcoins. Ergo, bitcoin is not widely distributed and most bitcoins have never been sold by the original purchaser, and thus the value has not been realized.

Imagine if all the bitcoin whales decided to sell all their bitcoins over a few days. The supply of BTC would skyrocket and the price would plummet.

View attachment 170750

Yes, so the rich own more than the poor?

 

[KissMy]

Bitcoin accepted for payment at many Major Retailers & Service Companies: Home Depot, CVS, Kmart, Sears, Amazon, Target, Apple, Dell, Bing, Microsoft, Bloomberg, Dish Network, Intuit, PayPal, MovieTickets, Overstock.com, granddaddy.com, eGifter.com, Subway, Tigerdirect, Victoria’s Secret, Virgin Galactic, Whole Foods, Zappos, just to name a few!

Governments accepting Bitcoin for tax payments.

The most widely-recognized Bitcoin critic, JP Morgan CEO Jamie Dimon confessed that he might have made an error in judgment when he criticized bitcoin believers.

 

[KissMy]

My nephew has invested into this and he was telling me all about it at a family event over xmas.

He bought it for pennies and now it is worth millions but he couldnt explain why or how. I suggested that he cashed in some or all of it to protect himself but he looked at me as if I was insane. His view was that he would lose out on future gains if he did so.

He spoke to me as though I was just out of touch with the modern investment world and didnt understand the new state of play. But I have seen this time and time again because nothing ever changes and people never learn.

He is only 23 so it wont kill him and he may learn something valuable.

I have also noticed that some folk are incredibly protective about this and like to shout down the doubters. This is because positivity is the only factor keeping it afloat. Negativity must be quashed.

While the Bitcoin hype may have currently pushed it's value to high, he is not wrong to want to keep it in his portfolio. It's worth every bit of $7.000 because it cost at least that to mine it. Big money on wall-street has been shorting it since $10,000. It's mining cost will double in 2 years & so will it's real value.

 

[BuckToothMoron]

And there is the catch. Until the gains are actually realized they are not true. So even though these crypto currencies have nearly three quarter oftrillion dollars in “worth” , until they are actually converted to money that can actually be spent, it is all hypothetical paper gains.

Wrong again retard. Bitcoins are saved & spent to buy goods & services without conversion to US dollars. Fewer places accept worthless US dollars. Many eBay sellers only accept Bitcoin for payment. More US dollars are converted to Bitcoin than the reverse.

I am not sure where you heard that nonsense or if you made it all up, but the reality is there is a minute fraction of retailers who actually accept bitcoins or any other crypto. U.S dollars converted to Bitcoins? Really? Mayhaps you can provide a link to support any of your silly notions.

Obviously Bitcoin could not have gone from 5 cents to $19,000 if more US Dollars were not being exchanged / converted to Bitcoin! I knew a guy In 2014 who lived entirely on Bitcoin. I was shopping on eBay last week for an antiminer & some sellers would only accept Bitcoins for payment. NO US Dollars, other currency, credit cards or PayPal would be accepted. A Miami Condo Seller Only Accepting Bitcoin

Thanks for those anecdotes. Are you ready for reality now? Walmart, Amazon, Alibaba are 3 giant retailers and none of them accept any crypto currencies. In fact the number of retailers who do accept bitcoin is going down, not up.
Actionable Trading Ideas, Real Time News, Financial Insight | Benzinga
Got bitcoin burning a hole in your pocket? Many companies are beginning to see cryptocurrencies as a valid payment option for the wares they sell. Still, Morgan Stanley recently published a report detailing that only 0.6 percent of the top 500 online retailers accept bitcoin (down from 1 percent in 2016).

You are confused with the economics and math associated with bitcoin. The vast majority of bitcoins are held by a very small number of people. Conversely, the majority of bitcoin owners hold very few bitcoins. Ergo, bitcoin is not widely distributed and most bitcoins have never been sold by the original purchaser, and thus the value has not been realized.

Imagine if all the bitcoin whales decided to sell all their bitcoins over a few days. The supply of BTC would skyrocket and the price would plummet.

View attachment 170750

Yes, so the rich own more than the poor?

Ok, so we were discussing bitcoin and you decide to gone off on a non-linear tangent about wealth in the US. Deflection is the most sincerest way to say “you’re right, I am wrong and I have no more points to make”. I’ll consider the discussion done.

 

[BulletProof]

What the f is wrong with people, treating bitcoin like money. It doesn't have a long future.

Mining is a bad way to expand the money supply. And, there's a 21 million coin limit, which will put an end to mining, anyway, and the bubble will pop.