Crypto Currencies

[robj144]

Originally Posted by H2O

I and a buddy recently invested in a couple different crypto currencies. Super volatile market. He doubled the money in less than a week and sold but it could go either way. Later during the day he sold, it dropped 18%. It's a gamble.

Apparently for around 5000 USD you can buy a machine and power it for 1 year that is specifically designed to mine bitcoins. It should create 1 coin in the 1st year (value last I checked was ~17k USD). Again, it's a gamble.

It's called mining. It's a reward for verifying the ledger and solving the crypto puzzles which do so. It's not worth it now, however. Better to just buy it.

[robj144]

For all those quoting Buffet, his richer friend who knows a little more about technology then he does, Bill Gates is and has been a supporter of Bitcoin and blockchain:

https://99bitcoins.com/bill-gates-bitcoin/

"Well, Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and of course for large transactions currency can get pretty inconvenient."

[GHS]

Originally Posted by robj144

Crypto is far more liquid than real estate. Also, real estate can bubble. It happened 10 years ago and it's starting to happen again.

To respond to your first response to a post...NO, I really dont understand the world of international currency/banking and how it works. But I do know a con when I see it. Selling a machine to mine bitcoins?? what is that all about? Why not keep it and use it yourself?? And real estate? Yeah, it took a hit, but its still there. Some eastern European organization didn't fold up their tent in the middle of the night and disappear. Which is what I believe is going to happen. What government/industry/nation backs this? What determines its worth? What if they decide to print billions of them and drop the value to 10cents each?

[Murphy Slaw]

Yep. People have been fighting for Land ownership since the beginning of time.

And Gold / Silver.

Paper money, checks and crypto are nice inventions and make transfer of wealth easier, but they are not actual Wealth.

[Murphy Slaw]

If you burn a hundred dollar bill, the wealth is gone.

A check can "time out".

If you hack the interwebs, or lose power due to an EMP, or a multitude of problems, the wealth can disappear.

Gold, silver and Land are REAL.

And vodka......

[RedJoker]

I also missed out on the pet rock bubble. I feel like all the high tech ways of making money are just passing me by.

[jessupe]

Originally Posted by GHS

To respond to your first response to a post...NO, I really dont understand the world of international currency/banking and how it works. But I do know a con when I see it. Selling a machine to mine bitcoins?? what is that all about? Why not keep it and use it yourself?? And real estate? Yeah, it took a hit, but its still there. Some eastern European organization didn't fold up their tent in the middle of the night and disappear. Which is what I believe is going to happen. What government/industry/nation backs this? What determines its worth? What if they decide to print billions of them and drop the value to 10cents each?

"NO, I really dont understand the world of international currency/banking and how it works."

" But I do know a con when I see it"



If you know a con when you see it, then you would know that "international banking" is the biggest con ever laid down on the human race, and that for this fact alone bitcoin was created

The funny thing is bitcoin/cc was created to STOP A CON JOB and that the entire reason those who don't "get" bitcoin or think it is a scam is because THEY DON'T NOT UNDERSTAND THE "ONE" THING.

THE ONE THING

basically is understanding the "con job" that our current "money" systems are....

people who are into bitcoin and CC know this "thing"

because you and all the others who do not understand the one thing, you will NEVER get CC

the second you do understand the "one thing" then suddenly, if you have even an average iq , you'll want bitcoin too...

So think of it as a secret that bitcoin people know, and anti bitcoin people don't know.

Think of it as anti bitcoin people fighting to cling onto the old ways, not knowing that the "old"ways are destroying the earth, again, because you do not know the one thing....

funny thing is, in all of these responses to the post, and with all my posts, not one person has asked

"what is this "one thing" you keep talking about?"

[Denny B]

Originally Posted by robj144

For all those quoting Buffet, his richer friend who knows a little more about technology then he does, Bill Gates is and has been a supporter of Bitcoin and blockchain:

https://99bitcoins.com/bill-gates-bitcoin/

"Well, Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and of course for large transactions currency can get pretty inconvenient."

As a Buffet(t) quoter, I'm not at all bothered that he and Gates would have differing opinions on some things...

I like Martins and my friend likes Gibsons, but neither of us is wrong about our opinions on what we like and why...

[robj144]

Originally Posted by GHS

To respond to your first response to a post...NO, I really dont understand the world of international currency/banking and how it works. But I do know a con when I see it. Selling a machine to mine bitcoins?? what is that all about? Why not keep it and use it yourself?? And real estate? Yeah, it took a hit, but its still there. Some eastern European organization didn't fold up their tent in the middle of the night and disappear. Which is what I believe is going to happen. What government/industry/nation backs this? What determines its worth? What if they decide to print billions of them and drop the value to 10cents each?

Not to be rude because it'll sound like I am, but all your questions about it show that you have not done any research on blockchain or cyptocurrencies.

For most things, I do my best to do research on it before I form an opinion on it. I've had knowledge of blockchain for years and started to research the benefits a couple of years ago. I originally thought it would take a while to adopt if it ever was adopted and hence was bearish about it. But about a year ago, I started to see it gain momentum and realized it could be adopted. That's when I invested in it.

[XYRN]

Clearly there are different opinions on this, some strong, but it appears members are disagreeing respectfully and supporting their claims with outside info.

This discussion is pretty interesting.
Thanks!

[ericcsong]

Originally Posted by robj144

Not to be rude because it'll sound like I am, but all your questions about it show that you have not done any research on blockchain or cyptocurrencies.

following up on payments via blockchain..... it is interesting to see American Express exploring payments via blockchain: https://www.cnbc.com/2017/11/16/amer...-platform.html

http://fortune.com/2017/11/16/amex-p...le-blockchain/

I'm no expert in this, but when a big company like American Express is considering this, it does open my eyes a bit.

[matt986]

Investors Shell Out $700 Million for Coins With 'No Purpose'

I get the significance of the block-chain and all of the potential applications, but the crypto-currency just seems to be too far into the mania phase for me. Congrats to all of the people out there that had to foresight to get in early. Wish I had!

Be sure to watch the video, at the bottom of the article, about trying to use Bit Coin to make real world purchases. It's pretty amusing.

[mattbn73]

Yeah. There are entire nations getting into crypto currency or at least considering it. It certainly isn't merely a speculative investment opportunity.

There's nothing wrong, by the way, with folks NOT understanding how monetary systems work. Most people don't, even at very basic levels. What I DON'T understand is the amount of conversation emphatically had in this thread by those who apparently know NOTHING about it at all.

Beyond all conversation about the future of bitcoin etc., the very fact that hack-proof virtual currency has been CREATED in the first place; that value has been created without it being attached to any particular nation or bank, simply by limiting the supply to its means of production etc. is nothing short off amazing.

Block chain ITSELF is a game changer for future technology, with implications for things like preventing voter fraud at almost zero cost, or allowing for legal/contractual transactions online etc, again, without the involvement of the State. How many online transactions are currently not worth being had in the first place , because the cost isn't worth the transaction fees for PayPal etc.? This technology removes the need for a lot of those third-party entities.

This is an amazing modern technology. Again, it's okay to not understand something, but it's silly to talk about it so strongly, if one doesn't understand.

[JonWint]

Originally Posted by JonWint

Definitely volatile, like gambling.

I asked him to get me $1000 of Ether next time he made a purchase. That's now up to $2300 in about 6 mths.

Now it's worth $3400, six days later.

Should have bought more; I need an OM to fill out my collection. Would really like an early 1931 OM-28, not Authentic, the "real McCoy".

[mattbn73]

Half remembered Facebook memes from a friend of a friend of a friend on Facebook seem to pass for philosophy nowadays.