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Any Bitcoin Tycoons here?

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


  1. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Actually, so far it's a new bass, a new cabinet/combo, and quite a lot of profit. I pulled my initial investment out of Bitcoin a long time ago and I'm now just watching the gravy build up and taking profit when I need it. I'll be very happy if it keeps on going as it is, but I'll be okay either way, as I was able to turn it into some tangible things that I needed. It's not like I own a ton of it but when my main business is slow, as it is right now, I appreciate having access to extra funds.
     
    Last edited: Dec 15, 2017
    Tbone76 and pacojas like this.
  2. bassboysam

    bassboysam Supporting Member

    Apr 26, 2001
    Ottawa, Ontario
    the real asset is the blockchain. that will eventually be used as the method of "bookeeping" for bank issued currency like the USD. the banks and government will be able to track every penny you get or give.
     
    Lbsterner likes this.
  3. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Exactly. What many people don't realize it that all currency only has value as is agreed upon by society. Gold itself is just an element, but we can make pretty things out of it so we've socially agreed to assign it worth. The technology behind Bitcoin and similar electronic currencies has actual value. I'm very excited to see where it all goes in the next 5-10 years.
     
    pacojas likes this.
  4. 25299102_10155174442959013_698689285068509457_n.

    This seems to be the outlook from folks stashing their BC from illegal activity.

    Not that anyone here is doing anything illegal, but if it becomes a problem, I can see the powers that be trying to destroy this safe haven.


    There's no need to buy it if you can mine it.
     
  5. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    It's going to be interesting to see what regulations crop up around Bitcoin and the like. Bitcoin purists see it as a fully decentralized currency that can't be controlled by any government or group, and that's what they believe is its strength. The biggest myth around bitcoin is that it's a shady thing; in reality it's just another form of electronic pay but people used it on the dark web early on so it got a little tarnished from that. The funny thing is that, as a currency, its use is far more traceable than anything else you could possibly pay with, so those thoughts of it being a shady way to hide money are not well-informed.

    My concern is that regulators will start shutting down exchanges, making it hard to trade. This has already happened in China. Those who think it can't be regulated are glossing over the fact that there's always a way to regulate something; you just have to study the flow and find the vulnerable point.

    That's yet another reason to keep your currency safely tucked into a hardware wallet.
     
    pacojas likes this.
  6. repoman

    repoman

    Aug 11, 2011
    Kinderhook NY
    This may have been mentioned in the previous thread about this subject...I watched a documentary on Netflix the other night,"Banking on Bitcoin", I highly recommend it for those interested in finding out how crypto-currencies got their start and where it may be headed. Doesn't answer all the questions out there but it is a good primer for the "what the hell is Bitcoin?" crowd, which I was one of. Interesting how one of the very first abuses that the authorities discovered of bitcoin was someone using bitcoin as a payment in buying and selling illegal drugs on the internet, hard to believe, I know. :woot:
     
  7. In the middle of 2017 (July) a dark web administrator was captured in Thailand. He was a wealthy man in BitCoin.
     
  8. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    .

    Yep, that's the big taint on Bitcoin. I suppose we could also say that many unsavory characters have used cash to transact for drugs and other things, so all cash is also bad :)
     
    pacojas likes this.
  9. I'm assuming he stashed his funds in BC, because it was easier to launder it. The guy's mistakes were many, but one of the biggest was buying up property & expensive cars:

    [​IMG]
     
  10. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Yeah, that guy was no saint and I am not sorry that he ended up in jail for a very long time. There are a lot of greedy people trying to make a quick buck on Bitcoin. It's like diving into a shark tank if you're not careful. Me? I trust nobody.
     
  11. He was in jail for a very short time, I didn't use the past tense for no reason.

    "He was a wealthy man"


    Anyway, guys like that are going to bring scrutiny & eventually a need to control it, and the banks will be trying to get their leg into it as well.
    OTOH, maybe "they" already know everything they need to track down criminal activity on BC.
     
    Last edited: Dec 16, 2017
  12. I guess the only way BC gets to be a proper player is to continue its massive deflation / appreciation so that enough of it can circulate. They also need a quantum leap in transaction processing speed.
     
  13. pcake

    pcake Supporting Member

    Sep 20, 2011
    Los Angeleez
    back in the day i used to flip beanie babies and made some decent money doing it.
     
    Tbone76 and pacojas like this.
  14. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    MEXICANADAMERICA
    banks are getting in. although, they are bound by US rules and cannot go global, the technology is very inviting to them for transferring huge dollar amounts quickly and securely.
    Microsoft accepts BTC. as well as, Virgin Air, Ebay, Paypal, and rumors are Amazon is gearing up, so this is not a fluke!
    the top 10 Crypto’s have very high market caps, but the herd will thin significantly in the next couple of years, imo

    5D8DF209-3090-4D15-BFD8-D354930E6DD3.

    ps: TD Ameritrade will commence trading of BTC futures on Monday
     
    Last edited: Dec 16, 2017
    Killed_by_Death and Lbsterner like this.
  15. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Hmm, I read recently that he is still in jail. Perhaps my sources were wrong; I don't follow that story closely.
     
  16. He has already shuffled off this mortal coil.
     
    Last edited: Dec 16, 2017
    Lbsterner likes this.
  17. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Ooooohhhh...

    Can't say I'm sad or anything.
     
    pacojas likes this.
  18. Some folks think they can come to Thailand & commit crime boldly with impunity & they're wrong.
     
    Lbsterner and pacojas like this.
  19. pacojas

    pacojas "FYYA BUN"

    Oct 11, 2009
    MEXICANADAMERICA
    the CME and Goldman Sachs are in with ETrade about to follow suit. :woot:

    imho,.. git in where you fit in!!! $$$$
     
    Lbsterner likes this.
  20. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    I have my little stash (and it is very little) tucked away safely in a wallet, but I still buy in weekly. If I could afford to put more into this market, I would, but the rule of investing safely is always to invest only what you can afford to lose. It's a market that's still in its infancy and therefore it's likely to be quite a while before we see things shake out.
     
    pacojas and Killed_by_Death like this.

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