Bitcoin, Learned Something New Today

[runco]

Blowing the dust off this one guys. 

 

Wow, is nothing sacred?

 

http://www.foxnews.com/tech/2015/11/25/isis-parks-its-cash-in-bitcoin-experts-say.html?intcmp=hpbt1

 

[URL=http://s963.photobucket.com/user/runco0318/media/foxnews2_zpsf08slzyy.jpg.html][/URL]

[Dustbuster]

Bitcoin is nothing but trouble


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[10-Ring]

I watch the prices pretty closely, thought about buying some a few months ago, really wish I had now.

[Sam1]

I watch the prices pretty closely, thought about buying some a few months ago, really wish I had now.

 

 

No you don't, stay away from it.  It was $1200/btc a while back.  People thought it was the best thing since the internet, then the actual players dumped and all the kids were running around crying because their magic internet money had lost 80% of its value within a matter of weeks.

[Ted S.]

No you don't, stay away from it.  It was $1200/btc a while back.  People thought it was the best thing since the internet, then the actual players dumped and all the kids were running around crying because their magic internet money had lost 80% of its value within a matter of weeks.

 

Dogecoin is where it's at anyways. Bitcoin is way too mainstream. I'm sure Dogecoin will surge back one day. Damn infosec though.

[Sam1]

dogecoin lol

 

All of that stuff is just magic internet money.  I made a bit off of litecoin, won't say there's not an opportunity out there to make money off of other suckers thinking digital currency is actually valuable, but you have to understand that it's completely worthless before getting involved and be willing to risk losing all of your money if the exchange you use closes down out of the blue.

[Ted S.]

dogecoin lol

 

All of that stuff is just magic internet money.  I made a bit off of litecoin, won't say there's not an opportunity out there to make money off of other suckers thinking digital currency is actually valuable, but you have to understand that it's completely worthless before getting involved and be willing to risk losing all of your money if the exchange you use closes down out of the blue.

 

Digitial currency is magical internet money, so the dollar is magical physical money?

 

Try this, take your valuable dollars in to the bank, hand them to the teller and ask him/her "May I exchange these for what they are backed with?"

 

All fiat money is a joke, digital or otherwise.

[CommsNBombs]

Or maybe one day we will go back to Raidcoin.

After ISIS lets off a nuclear device on our soil that the CIA "lost"

Which is me kicking in the door of a social justice warrior with my guns and taking his stuff. Hence Raidcoin...

All fiat currency is an illusion that is transferred. The only stuff that retains value is bullets, toilet paper, water, tobacco, booze and cheap harlots.

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[Ted S.]

Or maybe one day we will go back to Raidcoin.

After ISIS lets off a nuclear device on our soil that the CIA "lost"

Which is me kicking in the door of a social justice warrior with my guns and taking his stuff. Hence Raidcoin...

All fiat currency is an illusion that is transferred. The only stuff that retains value is bullets, toilet paper, water, tobacco, booze and cheap harlots.

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Commodities retain value to the extent that they are scarce and in demand. All value is subjective. Raidcoin is for pirates. 

[Jamie Jackson]

Good points to both Ted and CnB.

 

I'll take knowledge and skills any day...but still put back my bean, bullets and bandaids.

I have little to no faith in any government entity and especially what passes as our current fiat currency...

[Sam1]

Digitial currency is magical internet money, so the dollar is magical physical money?

 

Try this, take your valuable dollars in to the bank, hand them to the teller and ask him/her "May I exchange these for what they are backed with?"

 

All fiat money is a joke, digital or otherwise.

 

Objects only have a value of what people put on them, money, cars, guns, houses etc. so the same could be said about everything that exists.

 

On the scale of worthless things, digital currency ranks lower on the board than government backed currency, so I'll stick with it :)  I collect silver, but realistically if the SHTF real bad, 5,000 oz of silver would be worth less than a potato.

[Ted S.]

Objects only have a value of what people put on them, money, cars, guns, houses etc. so the same could be said about everything that exists.

 

I collect silver too, I also have about 10 Dogecoins which are worth an astounding $0.0001 or something right now. Diversify yo. Don't trust centralized monopoly money backed by promises of pretty nothings.

 

[rmiddle]

Objects only have a value of what people put on them, money, cars, guns, houses etc. so the same could be said about everything that exists.

 

On the scale of worthless things, digital currency ranks lower on the board than government backed currency, so I'll stick with it :)  I collect silver, but realistically if the SHTF real bad, 5,000 oz of silver would be worth less than a potato.

 

Digital Currency is still pretty young and it really excels when you are working with people in other countries.  Personally I am not so sure that the NSA isn't behind bitcoin's myself.  When it was up over $1600 a bitcoin it was pretty clear to anyone watching it was a bubble and at some point was going to fall the real question was how far it would fall and if it would fall bad enough that it took the bitcoin network with it.  It didn't infact fall but at $300 it is still higher that it was before the bubble.  It is kinda like buying gold.  Sometime it is way above market value sometime it is below the trick to not losing your shirt is knowing the difference.  If you don't know the difference then it is best to limit the amount you put in either until you are sure you know the difference.

 

As for the tech behind it is solid and isn't going anywhere and even if bitcoin were to fail something would likely replace it using very similar tech.

 

Thanks

Robert

[CommsNBombs]

They have a few articles online of people doing lifestyle experiments living off of bitcoin - with some varying results.

RMiddle is right that the tech infrastructure is solid - hence people getting behind "mining" it.

I looked into when I was in college, they were pretty low bacm then. Then you have the deepweb selling drugs and silencers using bitcoin...

Feels like a trap. I already feel uneasy holding cash in paypal let alone in bitcoin. Not giving me a warm and fuzzy

End of the day - everything is subjective as far as value. Credit. Cash. Bitcoins. Stocks. Metals.

It is an interesting concept nonetheless - if I was a Brentwood millionaire I might consider buying into it.

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[runco]

Having a reminisce moment at this old old 2013 thread.    

This very month, I had a fellow coworker whom I have worked with for 7-8 years who invested $50K back when Bitcoin was <$900, and to my total surprise, just gave his notice he is retiring from work at age 40, a high stress automotive industry job.  He says he cashed out his bitcoin, and hired an accountant to advise on taxes.  Says he can make it now without a job.  He has 4 small kids and a stay at home wife. 

What am I doing wrong.     

[Chucktshoes]

3 hours ago, runco said:

Having a reminisce moment at this old old 2013 thread.    

This very month, I had a fellow coworker whom I have worked with for 7-8 years who invested $50K back when Bitcoin was <$900, and to my total surprise, just gave his notice he is retiring from work at age 40, a high stress automotive industry job.  He says he cashed out his bitcoin, and hired an accountant to advise on taxes.  Says he can make it now without a job.  He has 4 small kids and a stay at home wife. 

What am I doing wrong.     

Yeah, he’s got a few million now. 

[gregintenn]

I’m glad it’s there for those who like it, but I just can’t wrap my head around paying $50,000 for an imaginary electronic coin. I’ve listened and read about it, and it makes no sense to me.

[btq96r]

6 hours ago, runco said:

What am I doing wrong.     

You aren't doing anything wrong with regards to Bitcoin.  It's not wrong to avoid speculation on something as unproven and unique as digital currency if you don't understand it.  Your friend may be cashing out like he won the lottery, but I'm thinking it's more luck and timing than an outcome of deliberate thought besides, "let's see how this goes".  Good for him though if he's at the financial independence stage as a result.

Aside from some tax advice to make sure Uncle Sugar gets their duly legal cut, he needs to get into a thought mode of how to make that money last the rest of his life, and past his life if he's thinking of leaving anything to the kids.  Depending on how much he cashed out at, he might be able to do it on interest alone, but these are the things you need to plan for, and be ready to stress test.  For one thing, his cost of healthcare is probably about to way up. 

[tnguy]

On 2/23/2021 at 4:11 PM, gregintenn said:

I’ve listened and read about it, and it makes no sense to me.

If you do the first two with government run fiat, it will have exactly the same effect.

[gregintenn]

9 hours ago, tnguy said:

If you do the first two with government run fiat, it will have exactly the same effect.

I trust you are a very wealthy man by now. Congratulations. I’ve done very well in the stock market since the inception of this thread, but it doesn’t hold a candle to what Bitcoin has done in the same timeframe. Seriously, my hat’s off to those of you who hit it big. I surely appreciate the heads up, even though I chose to stay out. This is indeed a great forum.