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New internet currency Bitcoin grows in popularity

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Re: New internet currency Bitcoin grows in popularity

Unread postby careinke » Sat 20 Jun 2015, 04:22:16

Strummer wrote:
careinke wrote:1. There is only a finite amount of a crypto currency and the amount is known.


Yeah, except it takes about 10 seconds to create a brand-new cryptocurrency from a template.


Your point?

Are you saying every time a new cryptocurrency is put out, everyone will have to switch over?

Although your statement is correct, I don't see it as a problem.
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Re: New internet currency Bitcoin grows in popularity

Unread postby Strummer » Sat 20 Jun 2015, 04:40:08

careinke wrote:
Strummer wrote:
careinke wrote:1. There is only a finite amount of a crypto currency and the amount is known.


Yeah, except it takes about 10 seconds to create a brand-new cryptocurrency from a template.


Your point?


The point is that the statement about the "finite amount" is plainly wrong, becaus there's absolutely nothing tha would prevent any or all market participants form switching to any other currency (of which there is an infinite amount) at any point it suits them.
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Re: New internet currency Bitcoin grows in popularity

Unread postby Outcast_Searcher » Sun 21 Jun 2015, 12:35:27

Strummer wrote:
careinke wrote:
Strummer wrote:
careinke wrote:1. There is only a finite amount of a crypto currency and the amount is known.


Yeah, except it takes about 10 seconds to create a brand-new cryptocurrency from a template.


Your point?


The point is that the statement about the "finite amount" is plainly wrong, becaus there's absolutely nothing tha would prevent any or all market participants form switching to any other currency (of which there is an infinite amount) at any point it suits them.

Right. And that's what makes crypto-currencies fundamentally no different than paper currencies (as opposed to say, gold or silver). There is nothing to limit politicians from abusing them and making them fiat (as a group), once countries/governments get into the act.

And until governments endorse them, the murkiness as to what the rules (i.e. regulations, legality) etc. will be make the risk of holding traditional fiat currencies look like a family picnic.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: New internet currency Bitcoin grows in popularity

Unread postby careinke » Mon 22 Jun 2015, 11:39:05

Crypto currency IS a fiat currency.

The point of cryptocurrency is to decentralize banking not centralize it. You don't need govt approval to use it, create it or control it. That is just propaganda brainwashed into you by the powers that be. Until you understand that basic concept, you might as well go back to polishing your chains.

There are already at least five cryptocurrencies out there right now. Adding more is the equivalent of adding another brand of cereal to the store shelves, it does not necessarily mean the new cereal is going to replace all the other cereals out there. Heck, if you count all currencies there are hundreds out there. So the argument that the creation of a currency will automatically make other currencies worthless, is a straw man.

The US dollar is designed to continually lose value (and it does a great job of it). Probably not a good vehicle to store your wealth in.
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Re: New internet currency Bitcoin grows in popularity

Unread postby dinopello » Thu 01 Oct 2015, 08:21:40

My neighborhood is getting its first Bitcoin ATM

I didn't even realize Bitcoin was still a thing. Unlike a traditional ATM that give you cash it sounds like this one you put the cash in. Brilliant!

The Bitcoin ATM helps consumers buy Bitcoin using cash. Once the consumer deposits cash, the machine can either print out a paper wallet or scan your existing digital wallet on your cell phone to transfer the Bitcoin.
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Re: New internet currency Bitcoin grows in popularity

Unread postby careinke » Sun 21 May 2017, 01:51:13

Check out the prices of both Bitcoin and Ethereum over the last couple of months. Even Bill gates is using Ethereum.

https://www.coinbase.com/charts

It may be a fad, (Not), but I'm making money on it.
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Economic Collapse: Will Cryptocurrency Save the Financial Sy

Unread postby AdamB » Wed 31 Jan 2018, 17:09:16


Where to go from here? If trust and sustainability were the two conditions that allowed for the transition from physical gold to paper currency, it is from this basis that we must start to analyze where we are going and what effects the next economic crisis could have. In 2008, confidence in central banks saved the global economy. But as Mario Draghi said, the bazooka of quantitative easing was fired and a second hit during a crisis would have proved ineffective. The reason is complex and must be clearly explained. Most people are paid in a currency deposited in the bank, because that is where one keeps one’s currency, able to withdraw it at any time. But in the event of an economic crisis, priority is given to the banks, whatever remaining liquidity being for the customers. The reason why there was no


Economic Collapse: Will Cryptocurrency Save the Financial System?
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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Re: New internet currency Bitcoin grows in popularity

Unread postby Cog » Wed 31 Jan 2018, 23:30:24

Yeah no thanks. I can lose money a lot slower in the stock market. ;)

$9,942.04
Bitcoin price
−$3,398.72
Since last month (USD)

−25.47%
Since last month (%)
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Re: New internet currency Bitcoin grows in popularity

Unread postby Outcast_Searcher » Thu 01 Feb 2018, 17:46:04

Cog wrote:Yeah no thanks. I can lose money a lot slower in the stock market. ;)

$9,942.04
Bitcoin price
−$3,398.72
Since last month (USD)

−25.47%
Since last month (%)

Yup.

Remember how in 2008, people around here were declaring the end of the financial world with the stock markets down about 50%?

Now with Bitcoin down over 50% (from nearly $20,000 to under $9000 ($9060 when I just checked)), how enthusiastic are the "get into crypto NOW NOW NOW" folks)?

https://www.coindesk.com/900-20000-bitc ... revisited/

https://www.coindesk.com/2-month-low-bi ... -drops-9k/

From what I'm seeing, the futures market allowing price discovery (via shorting) in Bitcoin, and in a regulated market with financial backing and protection unlike the various coin exchanges subject to hacking, fraud, etc., it looks like the worm has turned for this mania.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: Bitcoin reaches $1,000

Unread postby longpig » Sun 11 Nov 2018, 05:11:20

2013
longpig wrote:Bitcoin is stupid to invest in, you are best off buying gold. There are no real gold substitutes for money but for Bitcoin there are hundreds of near to identical types of crypto currencies. Yes Bitcoins are limited in supply but the number of other crypto currencies that are identical or similar to it can be unlimited.

The fact is when people see Bitcoins as too expensive they will move to buy other 'cheaper' crypto currencies instead. I am surprised it hasn't greatly happened yet.

Bitcoin vs Gold boils down to this. There are no real gold substitutes but there are plenty of bitcoin substitutes and the number can be unlimited.

Gold = Toilet paper limited in supply and can not be reproduced.

Bitcoin = Major brand of toilet paper that is very expensive only because people are too stupid to switch to a cheaper brand yet. Other crypto currencies are producing plenty and is only a matter of time before the market place is flooded with crypto's and they all become worthless.


:oops: :oops: :oops:

I'm still against cryptos based on my above reasoning's.
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Re: Bitcoin reaches $1,000

Unread postby Outcast_Searcher » Sun 11 Nov 2018, 12:31:11

longpig wrote:2013
longpig wrote:Bitcoin is stupid to invest in, you are best off buying gold. There are no real gold substitutes for money but for Bitcoin there are hundreds of near to identical types of crypto currencies. Yes Bitcoins are limited in supply but the number of other crypto currencies that are identical or similar to it can be unlimited.

The fact is when people see Bitcoins as too expensive they will move to buy other 'cheaper' crypto currencies instead. I am surprised it hasn't greatly happened yet.

Bitcoin vs Gold boils down to this. There are no real gold substitutes but there are plenty of bitcoin substitutes and the number can be unlimited.

Gold = Toilet paper limited in supply and can not be reproduced.

Bitcoin = Major brand of toilet paper that is very expensive only because people are too stupid to switch to a cheaper brand yet. Other crypto currencies are producing plenty and is only a matter of time before the market place is flooded with crypto's and they all become worthless.


:oops: :oops: :oops:

I'm still against cryptos based on my above reasoning's.

Agreed 100% on the value of gold being largely based on its rare, compact, and nonvolatile nature. (There are imperfect substitutes, like diamonds or metals like platinum -- but they have significant downsides over time.)

This is another angle on what I've been saying all along, re cryptocurrencies. (And there are already a large "herd" of cryptos. Both legit, and (former) fraudulent ones, BTW.)

For major economies (at least), cryptocurrencies/usage WILL be monitored and regulated by the governments to ensure they can tax the population. Despite all the denial about this from some crypto advocates, it is already happening, re entities like the IRS. They're all over this, and there are lots of articles about it.

So, at some point, IF crypto vs., say, Visa etc. becomes the new standard -- WHICH crypto(s) will major governments approve? A new one (or several) that they invent? If you guess wrong, the long term value of any cryptos you invest in WILL approach zero.

Think you can confidently and accurately predict what the governments will do re crypto policy, and the timing? Given how hard it is to do meaningful tax planning in the real world, due to many unpredictable rule changes -- good luck with that.

....

I would argue that, semantics aside, we already now basically have a crypto system for modern currency, available all over the developed world. I call it the Visa/Mastercard network, enabled by modern chipped cards. If it turns out not to be secure enough, they can always improve it, just as the chips themselves were a much needed improvement. The problems of transaction cost, handling volume, reliability, etc. are already pretty much solved. You DON'T need a blockchain to do that.

But I know, don't tell a strongly bullish crypto advocate that -- since they don't want to hear it.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: New internet currency Bitcoin grows in popularity

Unread postby Outcast_Searcher » Sun 11 Nov 2018, 12:37:27

Anyone noticed how relatively quiet the bitcoin (and similar cryptos) price has been in recent months? Maybe the vast majority of people have calmed down and adopted a "wait and see" attitude vs. the manic "I'm sure I'll be wealthy from cryptos real soon now?"

Not that this price history stops the self-appointed talking heads from making wild predictions.

Somehow, the phrase "buyer beware" comes to mind when I see headlines like the following. Because, like yeah, I'm so SURE this person is honest, and has NO axe to grind re his prediction. :roll: Especially given how fraud free the entire cryptocurrency saga has been. :!:

https://cointelegraph.com/news/tim-drap ... 0k-in-2022

(I'd actually sooner make a bet that the space adapted transport turtles capable of carrying a herd of (tiny -- unsure of the scale) herd of spade adapted elephants on its back are a reality in 2022 (re the picture with the article), quicker than I'll believe this price prediction. After all, gene splicing is a real scientific accomplishment, and we've seen remarkable progress in that area relative to progress in making crypto the modern currency standard (in the real world)).
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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