Cncguy1
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It's a real thing.
anybody else into cryptocurrency?
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mrsnicks
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Oh yeah. Here you can go buy a car with bitcoin if you like. Some of the precious metal sites give a discount if you use bitcoin. Do a google search of businesses that accept bitcoin, you'd be surprised.
YY1
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they are a service of transfer of funds (like paypal, or even paper checks)
sooner or later it will settle into a relative exchange rate and could drop severely if regulated or banned because the core "value" element of the service is anonymity.
will that happen in a year or two, or next week, or ever?
do you feel lucky?
right now the only real reason to justify investing is speculation of higher prices, which is the very definition of a "bubble"
sooner or later it will settle into a relative exchange rate and could drop severely if regulated or banned because the core "value" element of the service is anonymity.
will that happen in a year or two, or next week, or ever?
do you feel lucky?
right now the only real reason to justify investing is speculation of higher prices, which is the very definition of a "bubble"
YY1
Well-Known Member
with all that said, our boy was into in a couple years ago, and still is
He did build a $3000 "mining" computer which has paid for it's self and then some.
I helped him build an aluminum rack to hold the video card array that off-loads the math for the block-chain calculations.
I was considering in but after coming to the research based conclusion above, decided not to.
At the time I was considering it, the best investment was widely considered to be etherium, which had climbed from $800 in November to over $1000 in December.
Today it is $400
He did build a $3000 "mining" computer which has paid for it's self and then some.
I helped him build an aluminum rack to hold the video card array that off-loads the math for the block-chain calculations.
I was considering in but after coming to the research based conclusion above, decided not to.
At the time I was considering it, the best investment was widely considered to be etherium, which had climbed from $800 in November to over $1000 in December.
Today it is $400
When I first heard of "cryptocurrency" it was explained to me as being a convenient/new way of commerce. --That triggered many questions for me.
What is the incentive to go this way vs the money system we have?---Is it to somehow hide transactions? If so from who? IRS?
If this is another way to chase the value of a dollar (to stay ahead of inflation) how is it different from gambling on the world money market or trading in metals for example?
What I see it as being (and some of the above posts tend to confirm) is it is a bandwagon to ride with the -sole- purpose being to increase personal wealth at the expense of others that are on the same wagon.
The basic idea is as silly as -perpetual motion-
The reason it keeps being fed is the testimonies of a few that "cashed out" but much more so from those that stay in and add to the "pyramid" and act like they are smart and rich.--Very few -cash-out- and run but when (not if) they do the value of "cryptocurrency" will find it's real level of value. It will become something they will not want to talk about. -History is our friend. -- Lookup history and ask it for advice.
The big juicy hook with this kind of thing is those that follow they're (on paper) increase in wealth tend to be the greedy sort and will never cash out as value appears to increase. They are the type that will win big in Vegas but not leave until they have lost all winnings.
My son in law asked me recently what I thought about "cryptocurrency" as an investment. My answer was in question form.
1.-Why do you feel the urge to buy into this?---He said to make money.
2. Where do you think the money you want to make comes from that you will make. He said from others like him with the same goal. (I'm glad he didn't say something like spontaneous value can happen).
I thanked him for thinking rationally and said you answered your own initial question.
Its all about taking money from the foolish.
What is the incentive to go this way vs the money system we have?---Is it to somehow hide transactions? If so from who? IRS?
If this is another way to chase the value of a dollar (to stay ahead of inflation) how is it different from gambling on the world money market or trading in metals for example?
What I see it as being (and some of the above posts tend to confirm) is it is a bandwagon to ride with the -sole- purpose being to increase personal wealth at the expense of others that are on the same wagon.
The basic idea is as silly as -perpetual motion-
The reason it keeps being fed is the testimonies of a few that "cashed out" but much more so from those that stay in and add to the "pyramid" and act like they are smart and rich.--Very few -cash-out- and run but when (not if) they do the value of "cryptocurrency" will find it's real level of value. It will become something they will not want to talk about. -History is our friend. -- Lookup history and ask it for advice.
The big juicy hook with this kind of thing is those that follow they're (on paper) increase in wealth tend to be the greedy sort and will never cash out as value appears to increase. They are the type that will win big in Vegas but not leave until they have lost all winnings.
My son in law asked me recently what I thought about "cryptocurrency" as an investment. My answer was in question form.
1.-Why do you feel the urge to buy into this?---He said to make money.
2. Where do you think the money you want to make comes from that you will make. He said from others like him with the same goal. (I'm glad he didn't say something like spontaneous value can happen).
I thanked him for thinking rationally and said you answered your own initial question.
Its all about taking money from the foolish.
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tjgp360
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WOW, i am excited to get the response that i did! i just knew this thread was going to be as dead as mopars with 350's 
All cryptocurrency are not the same, each coin represents a different solution to the problem in the real world, its more so a matter of choosing which one carries real "real world" value.
That being said cryptonote coins (Monero, bytecoin) are awesome for sending and receiving money anonymously. Bitcoin on the other hand serves well as a self regulating ledger, since you can track anybody's transactions.
And just think about i,t people also called the .com era a bubble, and a scam. Those who were involved were rewarded nicely.......or scammed
All cryptocurrency are not the same, each coin represents a different solution to the problem in the real world, its more so a matter of choosing which one carries real "real world" value.
That being said cryptonote coins (Monero, bytecoin) are awesome for sending and receiving money anonymously. Bitcoin on the other hand serves well as a self regulating ledger, since you can track anybody's transactions.
And just think about i,t people also called the .com era a bubble, and a scam. Those who were involved were rewarded nicely.......or scammed
WOW, i am excited to get the response that i did! i just knew this thread was going to be as dead as mopars with 350's
All cryptocurrency are not the same, each coin represents a different solution to the problem in the real world, its more so a matter of choosing which one carries real "real world" value.
That being said cryptonote coins (Monero, bytecoin) are awesome for sending and receiving money anonymously. Bitcoin on the other hand serves well as a self regulating ledger, since you can track anybody's transactions.
And just think about i,t people also called the .com era a bubble, and a scam. Those who were involved were rewarded nicely.......or scammed
I sense a great enthusiasm you have to be in on a potentially lucrative ground floor. Let your future wealth be earned by being shrewd and timely.
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Name sounds like Dead Dollars.
themechanic
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There must be something to all of this since all the big banks in the world are nervously watching.
themechanic
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They're supposedly afraid of losing control of the currency. They have enjoyed crating money out of thin air far too long to give it up without a fight.
themechanic
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Just some info on some YouTube channels I am subscribed to. Bill Still, for instance.
themechanic
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Think about it. Cryptocurrency only works if there is a finite amount. It completely destroys fiat currency. The fiat system worked a lot better when banks had to show they had the actual dollars to cover all the loans. Then it went to smaller and smaller ratio until there is no limit on how much a bank can loan. You can't make cryptos out of thin air, loan it out and be repaid with interest like you can paper money.
Thanks for that. With the size of information available these days we all are handicapped trying to sort it out. I will look up "Bill Still".
BTW I have a speaker that needs a greater voice. -Jordan Peterson- Not on this topic but very much on in our faces about current issues.
tjgp360
Well-Known Member
well another clue is the pro-active steps banks are taking to slow its progression. for instance visa at one time had a partner ship that resulted in "Crypto-debit cards" you could load any accepted currency onto the card and spend in store like cash, but after they realized it was a threat to their own business model they stopped it
themechanic
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Here's just one of many articles one finds searching for banks fear bitcoin or other similar search terms.
https://www.investopedia.com/news/why-big-us-banks-are-very-afraid-bitcoin/
https://www.investopedia.com/news/why-big-us-banks-are-very-afraid-bitcoin/
