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Any Bitcoin Tycoons here?

Discussion in 'Off Topic [BG]' started by Smokin' Toaster, Dec 14, 2017.

  1. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    it’s not falling because of massive fraud. it’s the massive profits the early birds are reaping, lol
    look up the charts. it’s a global movement
    Last edited: Dec 14, 2017
  2. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    I will probably never go near it but at least I understand it a little better after listening to the NPR story.
  3. It’s imaginary money. Why would any sane person pay real money for imaginary money? Just another gimmick that will create a few temporary millionaires and disappear down the memory hole like Pet Rocks.
    MJ5150 likes this.
  4. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    wrong! it’s technology that totally eclipses the need for antiquated currency. it’s where transactions are heading in the near future and its no less viable, in real life, than money as you now know it.
    it started with Debit Cards,.. now just credit my HDD on payday.
    sooo convenient, ha!
    btw,.. no middleman. i.e. no banks. just a peer to peer Block-Chain trading platform
    Last edited: Dec 14, 2017
  5. lostpoet2


    May 20, 2008
    The price is up over 5% in the last 24 hours and 13% over the last week.
    Lbsterner and pacojas like this.
  6. Stewie26

    Stewie26 Supporting Member

    Ok....maybe I heard fake news on the radio. That would not be the first time. Just sayin.
  7. With no FDIC guarantee. Where did you earn your degree in finance? They owe you a refund.
    corndog likes this.
  8. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    Most all of my money is imaginary. Think about it. Paycheck automatically deposited (ok, now it's Social Security), numbers go up in my account (credits). Recurring monthly bills are auto paid, numbers go down in my account (debits). I move some “money” into or out of PayPal. Just more numbers. I use Apple Pay to buy groceries. Just numbers moving out of my account.

    Actual cash money is becoming obsolete. The value of my “dollars” in the bank is largely faith-based. Luckily it’s pretty stable, unlike crypto currency like Bitcoin.
  9. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
    It's not going to replace traditional currencies unless it gets far less volatile. And until it trades at the same price everywhere. Last week, it was $16K on one exchange and $19K on another. Just a mere $3000 difference.
  10. knumbskull


    Jul 28, 2007
    OP, I would wait until it drops considerably before considering buying. It may continue to rise but we're pretty much in uncharted waters at the moment!

    In answer to the thread title, I've made probably the price of a MIM Fender, getting bitcoin from "faucet" websites. So no actual money invested, but some time.

    When it gets to MIA I might consider cashing out ;)

    EDIT not answering the question at all really... never mind.
  11. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    baby steps, i guess. it’s been at least a decade of up and downs. corporate interests are up, hence the technology is viable and will reach parity, imo
  12. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    we’re talking about an international currency, friend. FDIC ain’t invited from what i’m reading
  13. turf3


    Sep 26, 2011
    There are two things happening here.

    1) People are attempting to develop alternatives to the conventional currencies. In theory at least, this ought to work fine. In my opinion there are some structural issues with Bitcoin that would hinder its effectiveness as an alternative currency, but those could be modified; after all, Bitcoin is a human invention and so humans could improve those things about it that need improving.

    2) People are buying bitcoin as a speculative investment whose rapid rise in price is based almost completely on the expectation of even greater rises in price in the future.

    #1 has merit. #2 is a bubble just like tulips or Beanie Babies.

    Reporting on bitcoin, as well as internet chatter, typically conflates the two things I listed above.

    Don't forget that after the tulip bubble burst, tulip bulbs still had value, as bulbs that make pretty flowers. Similarly, after the Beanie Baby bubble burst, they still had value, as cute little dolls for children. Once the speculative bubble in bitcoin bursts, we will be able to see whether it can function - possibly with some modifications - as an alternative currency, maybe not for most transactions, but for some.
    knumbskull likes this.
  14. bluesblaster


    Jan 2, 2008
    Unless its recognized and fully insured globally its nothing more than gambling, which is fine and legal but gambling just the same. Like I said before if someone convinced enough people that a sack of moss and twigs had value and got them to invest in that concept than there is a value for as long as people keep buying into that concept, the smart ones cash out before the rest go broke when its recognized for what it truly is, a bag of moss and twigs.

    whether this is what the future looks like ...........I guess we will have wait and see. Warren Buffet and the CEO of Goldman Sachs say stay away, its a mirage.
  15. mmmKay.
    pacojas likes this.
  16. bluesblaster


    Jan 2, 2008
    Who issues the Bitcoin and do they back it 100 % ? who regulates it ? who decides how much is minted and made available on the open market ?
  17. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
  18. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    You can issue it if you want. Nobody backs it up. The blockchain regulates it. There will be a maximum of 21 million bitcoins minted. :) :D
  19. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    Nobody issues them. They are "mined" by people who invest in the technology to mine them. It's basically software that's created and tracked on the open internet.
  20. bluesblaster


    Jan 2, 2008
    so its a software program, not an actual physical coin ? so in other words..... its nothing

    the whole deal sounds way to funky for my tastes.

    I suspect the bottom of this will drop out so fast it will make your head spin when it happens.
    Tbone76 likes this.

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