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Bitcoin / Litecoin / Ethereum / alts discussion

Discussion in 'Off Topic [BG]' started by mattsk42, Sep 14, 2017.


  1. Bitcoin

    4 vote(s)
    10.0%
  2. Litecoin

    5 vote(s)
    12.5%
  3. Ethereum

    5 vote(s)
    12.5%
  4. Alts

    2 vote(s)
    5.0%
  5. Nothing

    19 vote(s)
    47.5%
  6. Carrots

    15 vote(s)
    37.5%
Multiple votes are allowed.
  1. fdeck

    fdeck Supporting Member Commercial User

    Mar 20, 2004
    Madison WI
    HPF Technology LLC
    I have a US silver dollar from 1884, made of silver. It contains more than a dollar worth of silver. Today's dollar coins are not made of silver. The "intrinsic" value of a silver dollar is about 27 grams of silver. That's what you can make into jewelry.

    You can trade in fractional BTC, so the quantity of BTC isn't a problem. Dollars remain in general use because they are relatively stable, reasonably secure, and have acceptable transaction costs. Those are the things that BTC lack. The desirable features of dollars all stem from the fact that the dollar is maintained by the US government. (Similarly for the major world currencies in general).

    BTC are an experiment in free market economics, to see what happens when you create a totally unregulated currency.
     
    LiquidMidnight likes this.
  2. fdeck

    fdeck Supporting Member Commercial User

    Mar 20, 2004
    Madison WI
    HPF Technology LLC
    Indeed, and I think that trick is one of the greatest inventions of humanity.
     
    LiquidMidnight likes this.
  3. Init?! Even a good stunt when it was backed up by bullion in Fort Knox etc, going freelance was maybe the masterstroke but the jury is still out on letting banks loose with the printing press.
     
    fdeck likes this.
  4. MEKer

    MEKer Supporting member

    May 30, 2006
    I wonder if my old collectible Confederate currency and bonds and postage stamps will suddenly make me rich? I think I should declare them to be worth $5 million dollars each and then raise that number every 3 days until the market pegs out. When I have declared it has pegged out, and then lower it to $2.oo each with a big, "Jeez, sorry about that. Damn market collapsed." Then buy them all back. Simple.
    And then tweet a big Nyah Nyah Nyah to everyone who bought them from me. :hyper: :thumbsup:
     
    LiquidMidnight likes this.
  5. -Asdfgh-

    -Asdfgh-

    Apr 13, 2010
    UK
    I missed it if you said silver dollar. I'd argue that the value of the silver in a silver dollar isn't intrinsic, but in the market value of exchange, though.

    Actually a silver dollar, as exchange, should be worth slightly more than the value of the silver within on the open market, as the minting assures quality.

    BTC, not so much.
     
  6. -Asdfgh-

    -Asdfgh-

    Apr 13, 2010
    UK
    The clever way to do that is probably inflate the price, use that to secure a loan, then short the value and crash the market enough to pay back the loan and profit. Invest in KY for when the SEC and IRS visit.
     
    MEKer likes this.
  7. -Asdfgh-

    -Asdfgh-

    Apr 13, 2010
    UK
    People assume that governments print it when it is mostly banks.

    An ex-colleague, who now earns twice what I do (*), was once saying how he was getting one over on the bank by "stoozing". I had to explain fractional reserve banking and how, at least in the days before 2008, and when there was lots of lending, but lenders resold their loan books, they were still making a profit from us. Rather it increased asset prices and inflation.

    * I heard that those who know about AI can name their price. I tried. You can't, even with 20 years of experience.
     
  8. Son of Wobble

    Son of Wobble

    Mar 8, 2010
    Hoochie Coochie is also a market not without its inherent risks. Or did you not read the prospectus?
     
    LiquidMidnight likes this.
  9. Volitale markets entail great risks. My activity in that market seemed like a good idea at the time.
     
  10. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    mapadofu and Son of Wobble like this.
  11. Son of Wobble

    Son of Wobble

    Mar 8, 2010



    Saw this, too. There are several such stories about how one's home computer might have already been compromised with malware to help farm bitcoin... Not clear on the concept here
     
    OldDog52 likes this.
  12. Whippet

    Whippet

    Aug 30, 2014
    crypto isn't going to go away for some time. Bitcoin due to the nature might get replaced by say something like Dash which is easier to use due to transaction speed.

    That said at the end of the day, you are exchanging FIAT currency for digital currency then you make or lose money and covert it back to FIAT currency to get paid out.

    That's like buying USD and converting it to JPY or EUR. All countries are printing money like mad. At the end of the day, you are trading paper for paper and the in the case of crypto, the medium of storage is digital, which is something equivalent to a bank. I am sure most of you get it but for those that don't, think of it as changing 3 dollar bills for 6 dollar bills. In the end you still get phony money.

    Its most likely going to go up because the big fish in the ocean have not yet gotten involved. Rumors (take it as a rumor and not as a fact or even truth), the big institutions will get involved around 25,000USD.

    So far the futures price was baked into all the recent rush in price. Soon when the big institutions get involved the price will most likely go up again.

    Some day, if inflation goes out of hand people will realize that the solution isn't crypto for the people but a crypto for the government. A limited budget that is pegged to something. Now we used to have that with the gold standard. But that was inconvenient for the banksters and politicians.

    Crytpo in this sense will not replace any major currency. Because limited printing is the last thing the world governments want. They want irresponsibility and control.

    Major banks across the world are working furiously to get in on the crypto world. Most major banks are thinking of issuing their own crypto. This would depeg them from the interest rates that the government mandates onto them and allow to set their own interest rates. This means more customers who will park their money as crypto in their bank. Heck even google, apple, amazon are at it I hear.

    At the end of the day, if things go really bad in our economy / society, the only things that will help you are the G ASSESTS. G as in GOLD, GUNS, GIRLS, GRUB, GASOLINE. It helps to remember that and we all hope it doesn't get that bad. Crypto is still a part of the FIAT because it's valued in FIAT.

    If anything crypto is changing the world. There is a lot more going on in the world than most people can even begin to think. Credit card companies are crapping bricks. Transaction fees are going to get phased out if crypto takes control. Communication companies are really in trouble. With whom do you think they are sleeping in bed? Communications, credit card, and banking are all in the same bed. They have a strangle hold and are able to literally set their own prices for each transaction. These companies know this. And who do you think allows these companies to do what they have been doing? Ask you local politician. LOL Some very rich people are getting very antsy lately.

    It's all just the beginning. If it gets phased out due to government regulations and tax laws, it will still make a major dent in the corrupt and nepostic ways governments around the world think. That's always welcome in any country any time of the history.
     
    Last edited: Dec 20, 2017
    pacojas likes this.
  13. Selta

    Selta

    Feb 6, 2002
    Pacific Northwet
    Total fanboi of: Fractal Audio, AudiKinesis Cabs, Dingwall basses
    I can't read anything that you wrote, Whippet. On the "dark" theme, it's black text on dark gray background.
     
  14. Whippet

    Whippet

    Aug 30, 2014
    Sorry Something messed up, just edited it again.
     
  15. Whippet

    Whippet

    Aug 30, 2014
    There is one thing I forgot to write about, governments around the world, at least those working in the financial part of the government have yet to understand the impact of cryptos.

    Sorry to be so blunt but government workers usually work under a certain paradigm that is set by the government itself for itself and for nobody else. They don't care about the tax paying non government people. It hardly ever gets challenged because ordinary citizens just can't complain and change anything but through voting and that in itself is a disaster as we can all see how the world is changing for the worse. The only way in a G7 world is to stage a flash mob and start throwing rocks and Molotov cocktails and creating a revolution. That's not going to happen simultaneously around the world.

    That said, by the time the government really understands the threat to their own fractional reserve system, we can all hope that crypto will become a new way of thinking about financial responsibility for the masses. Like I said, cryptos are just the beginning of a new way thinking. If done correctly we could put an end to nepotism (think 3rd, 4th generation politicians) and inequality. That alone is worth every citizen to put at least 10 dollars into the crypto system. But as mentioned above, since we are trading the satoshiis or whatever you trade for dollars, yens, euros, first and foremost, more people have to understand the nature of the fractional reserve system and the difference between crypto/blockchain. Yes it is a difficult problem when Karadashians make headline news. But if done correctly I believe we have a very bright future.
     
    pacojas likes this.
  16. -Asdfgh-

    -Asdfgh-

    Apr 13, 2010
    UK
    Yes, the world is much worse now shops are open on Wednesday and Saturday afternoons and I can get a pint of milk after midday on Sunday and email people, watch movies when I want to on more than four channels, when a £150 bass is playable, and cars don't rust to nothing after five years and I can take thousands of songs around on a Walkman, or check who won then 1970 world cup whilst in the queue for the bus and then tell my father. Yep, much worse.
     
  17. Whippet

    Whippet

    Aug 30, 2014
    LOL whatever floats your boat.
     
  18. Whippet

    Whippet

    Aug 30, 2014

    The most screwed up thing about tax is that the government can print money. They don't need your tax money. They just print that stuff!

    But without the IRS, how would the IRS workers get to drive their big SUV and feed their garbage pail mouth with junk food? LOL
     
  19. Still black on black/gray.
     
  20. Whippet

    Whippet

    Aug 30, 2014

    I have no idea why this is happening since it appears fine on my screens (laptop and desktop)
     

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