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McLovin's Avatar
 
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Letís talk Bitcoin

5 years ago I would have said thatís nuts.
2 years ago the same.
Heck, even last year.
Now . . . Iím not so sure.
Major institutions like JP Morgan, PayPal, etc a year ago said Bitcoin was crazy, but now even theyíre jumping into cryptocurrencies.
One of the reasons Iím thinking about it is you can now buy and sell it through PayPal, which makes it easy.
And I do wonder about where the US dollar is going with the unlimited printing. Irrefutable math would seem to indicate that the value of currently existing dollars has to eventually be hurt by the printing of trillions of new ones, a trend that seems unlikely now to ever end.
I was thinking about Bitcoin when it was stagnant at $10k, but with recent events like PayPal itís jumped to $16k.
Still, who knows where it could go. I wouldnít be surprised if it hits $100k relatively quickly.
Thoughts?

Old 11-15-2020, 05:44 PM
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I would purchase Silver and let it go up in value, I would probably wait until the bit coin actually works and the bugs are out of it ,before even thinking about trying it, im open, but I will wait..
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Old 11-15-2020, 05:49 PM
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Blockchain is here to stay. Bitcoin and other examples of cryptocurrency are competing like multiple versions of VHS and Beta.

I ended up putting money in Litecoin. Wish I'd put in a LOT more!
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Old 11-15-2020, 05:58 PM
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Last edited by sugarwood; 11-15-2020 at 06:02 PM..
Old 11-15-2020, 05:58 PM
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Bitcoin will always go up, up, up!

$136,147 .... easy
Old 11-15-2020, 06:05 PM
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Quote:
Originally Posted by techweenie View Post
Blockchain is here to stay. Bitcoin and other examples of cryptocurrency are competing like multiple versions of VHS and Beta.

I ended up putting money in Litecoin. Wish I'd put in a LOT more!
Like most things, canít the Govt destroy cryptocurrencies?
It seems like there hasnít been much interest in the govt to meddle in it because it hasnít achieved mainstream success yet, or become a real threat to the dollar as a widespread means of exchange. Itís relatively under the radar now.
But it seems like even govt talk about heavily regulating crypto could cause a collapse in price.
Old 11-15-2020, 06:23 PM
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It's been a very volatile investment, which of course means that people have made boatloads of cash on it. And lost the same.
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Old 11-15-2020, 06:27 PM
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Bitcoin will always go up, up, up!
Just like the stock market, right?
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Old 11-15-2020, 06:40 PM
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One serious issue to consider is that you need a way for your heirs to access the bitcoins if you croak. I know of a true story of a guy who died w serious 7-figures in crypto and no one can get it out because of encrypted passwords that no one knows.
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Old 11-15-2020, 08:01 PM
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Quote:
Originally Posted by McLovin View Post
Like most things, canít the Govt destroy cryptocurrencies?
Theyíd have to put a helluva lot of computing power to suborn the Bitcoin network at this juncture. Chinas probably the only one that could manage it.

Iím not going to type out a long boring treatise about Merkle trees and distributed trust that no one will read.

Instead Iíll leave you with this.

https://news.bitcoin.com/the-bitcoin-network-now-consumes-7-nuclear-plants-worth-of-power/
Old 11-15-2020, 08:48 PM
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Just like the stock market, right?
Limited - finite - supply builds in scarcity. So itís slightly different.
Old 11-15-2020, 08:49 PM
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Quote:
Originally Posted by Alan A View Post
Theyíd have to put a helluva lot of computing power to suborn the Bitcoin network at this juncture. Chinas probably the only one that could manage it.

Iím not going to type out a long boring treatise about Merkle trees and distributed trust that no one will read.

Instead Iíll leave you with this.

https://news.bitcoin.com/the-bitcoin-network-now-consumes-7-nuclear-plants-worth-of-power/

Wow.

That is a lot of electricity.
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Old 11-16-2020, 07:35 AM
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Quote:
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It's been a very volatile investment, which of course means that people have made boatloads of cash on it. And lost the same.
Isn't BTC pretty close to pure speculation vs an investment?
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Old 11-16-2020, 07:45 AM
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Is the ďvalueĒof the Bitcoin supposed to be the energy and computing power put into it? Or something else? If it is, does that represent any real value or isnít it (as I suspect) just resources consumed that couldíve / wouldíve been used for something more meaningful - like running hospitals or something?

Just curious. Iím not in the Bitcoin game but am intrigued by how this is all supposed to work. I know itís the ďgo toĒ currency of people who donít want to be tracked / traced (which I can agree with, the obvious downside being that it attracts terrorists, drug dealers, human traffickers, ransomware developers, scam artists and other human refuse...)
Old 11-16-2020, 07:56 AM
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Quote:
Originally Posted by Porsche-O-Phile View Post
?

Just curious. Iím not in the Bitcoin game but am intrigued by how this is all supposed to work. I know itís the ďgo toĒ currency of people who donít want to be tracked / traced (which I can agree with, the obvious downside being that it attracts terrorists, drug dealers, human traffickers, ransomware developers, scam artists and other human refuse...)
The main value of bitcoin is it is a currency secured by math that isn't subject to any government whims.

I also find it funny that people associate bitcoin with drug dealers when it's been proven 90+% of US currency has traces of cocaine.
Old 11-16-2020, 08:07 AM
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75 Years Ago The U.S. Dollar Became The World's Currency. After WW2 there was no other real superpower but the US. Times they are a changing.

If I had gobs of money from some slightly illicit source bitcoin makes sense. The Feds can't touch it with any source without the password.

I do 100% of my money earning and spending in the standard banking and credit union world. If the US dollar collapses the entire world will suffer, and I suspect bitcoin will have little more to offer if it can only be traded among the bitcoin world. I really bet bullets will become the new currency if the dollar collapses.

It is just to volatile for me to get into bitcoins.
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Old 11-16-2020, 08:58 AM
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Quote:
Originally Posted by Porsche-O-Phile View Post
Is the ďvalueĒof the Bitcoin supposed to be the energy and computing power put into it? Or something else? If it is, does that represent any real value or isnít it (as I suspect) just resources consumed that couldíve / wouldíve been used for something more meaningful - like running hospitals or something?

Just curious. Iím not in the Bitcoin game but am intrigued by how this is all supposed to work. I know itís the ďgo toĒ currency of people who donít want to be tracked / traced (which I can agree with, the obvious downside being that it attracts terrorists, drug dealers, human traffickers, ransomware developers, scam artists and other human refuse...)
The value isnít the energy put into it.
Itís kind of another form of fiat currency, but unlike the US dollar or other fiat currency, it canít just be ďprintedĒ in unlimited amounts on a whim.
Thatís because of the energy and time it takes to create it, and also it ultimately has a cap on how much can be created.
So in that way, it is also like gold.
In the past there was the drug dealer thing and it was an ďundergroundĒ thing, but it has recently gained major mainstream acceptance with the big banks, PayPal etc.
Thatís my understanding at least.
Old 11-16-2020, 09:38 AM
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Imagine if you were a drug dealer a few short years ago, accepting Bitcoin as payment when it was worth ~$20 a BC. Now it's worth ~$17k and climbing.

We're in the wrong business.
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Old 11-16-2020, 11:09 AM
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Didn't some guy spend bitcoin to purchase a pizza years ago - and that bitcoin quantity is worth something in the multi-millions now?

Edit - here we go - $80M for 2 pizzas!

https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/
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Old 11-16-2020, 11:42 AM
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My ultimate bottom line for me is I see no need for bitcoin that I can't do with dollars. Not one thing.

As an investment, it is just too volatile for me. I always wonder when the people that started it decide to bail out and the market collapses or some other unknown influence manipulates it.

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Old 11-16-2020, 11:47 AM
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