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#2425064 - 12/28/17 06:19 PM Bitcoin?
tboomer Offline



Registered: 01/20/03
Posts: 22087
Loc: The frozen wasteland of Iowa
My oldest daughter is licensed pharmacy tech. The shop owner where she is employed gave the girls a very nice cash bonus for Christmas and each one received a 200.00 check to invest in a Bitcoin account. anyone have a clue as to whats going on?

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#2425066 - 12/28/17 06:25 PM Re: Bitcoin? [Re: tboomer]
EV2Bird Offline
No more politics

Registered: 06/23/14
Posts: 4500
Loc: Kansas Roads Between 0 and 140...
Ive had a bitcoin miner for a couple years and its payed off well and then some. (It searches the web for fragments of bitcoins and mines them).

As well ive currently about 6k if I were to cash out today.

This might help you...

https://en.wikipedia.org/wiki/Bitcoin

I read yesterday the Warren Buffet? thinks its all crap, I say hes just old and a bit out of touch in the whole BC deal.

Others are up in arms over it I think mainly because they cant get a cut by regulating it or controlling it. But to the folks in it, there seems to be ups and downs like all things but right now they are up.

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#2425069 - 12/28/17 06:31 PM Re: Bitcoin? [Re: EV2Bird]
tboomer Offline



Registered: 01/20/03
Posts: 22087
Loc: The frozen wasteland of Iowa
Thanks. I am also old and don't understand it.

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#2425082 - 12/28/17 07:05 PM Re: Bitcoin? [Re: tboomer]
BigMoneyLewis Offline
master

Registered: 08/17/04
Posts: 4118
Loc: Alabama
I think if you got in early, you could have made a fortune from a very small investment . It went from just a few cents to around $ 20,000 in a relatively quick time frame of 7-8 years However , that time has past . Those getting in now at such a high buy in are going to take a loss . It will collapse . Anything that climbs too high too fast always comes crashing back down. Originally intended as an alternate currency for business transactions, it has now become a high stakes game of musical chairs for rookie investors and reckless speculators .
Just my opinion .

Greg
_________________________
gregward@mchsi.com phone 256-852-0955

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#2425089 - 12/28/17 07:17 PM Re: Bitcoin? [Re: BigMoneyLewis]
wingman Offline
Uncreative Title

Registered: 06/23/04
Posts: 2378
Loc: St. Charles, MO
Originally Posted By BigMoneyLewis
I think if you got in early, you could have made a fortune from a very small investment .


The criminals, drug dealers, and shady internet peeps have probably made a killing.

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#2425091 - 12/28/17 07:19 PM Re: Bitcoin? [Re: tboomer]
70Duster Offline
pro stock

Registered: 01/20/03
Posts: 1426
Loc: PA
If you think you missed the boat on Bitcoin, you can still get in early on Litecoin.

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#2425092 - 12/28/17 07:22 PM Re: Bitcoin? [Re: tboomer]
ruderunner Offline


Registered: 12/18/14
Posts: 2011
Loc: ohio
Bitcoin the rapper?

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#2425100 - 12/28/17 07:38 PM Re: Bitcoin? [Re: 70Duster]
loco340cuda Offline
super stock

Registered: 01/30/04
Posts: 712
Loc: Tempe, AZ
Originally Posted By 70Duster
If you think you missed the boat on Bitcoin, you can still get in early on Litecoin.


I completely agree, too late on Bitcoin. Litecoin is still somewhat affordable and has a better potential to go up. I have invested in Litecoin and have doubled my money in about a month.

These currencies are highly volatile so if you are a risk averse type person, don’t invest as they can have large up and down swings on any given day. On the other hand if you have time to watch them throughout the day it is an opportunity to make a little extra money by selling when the prices have risen and then waiting until it drops and then buy back in. I have done this and made a few bucks, I just reinvest it back into the currency.

The key to investing in Bitcoin, Litecoin, etc. is the same as gambling in Vegas, only put in what you are willing to lose. I invested a small amount of money that if things go south I’m okay with loosing it.
_________________________
70 Cuda 340 4 speed - now stroked to 416ci (SOLD)
2017 Mustang Shelby GT350

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#2425176 - 12/28/17 09:21 PM Re: Bitcoin? [Re: loco340cuda]
wingman Offline
Uncreative Title

Registered: 06/23/04
Posts: 2378
Loc: St. Charles, MO
I still can't wrap my head around how this is going to last.

What's backing Bitcoin? What's its intrinsic value? How is it a reasonably stable store of wealth?

I know the gold standard days are long gone but at least normal currency has the backing of the government that issues it (which is why some are valuable and some are worthless).

Bitcoin has literally nothing backing it. You are investing in literally nothing. Everybody loves to talk about how easy to use it is. Well, so are toothpicks, but that doesn't mean I would use them as money.

Have fun, all.

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#2425179 - 12/28/17 09:24 PM Re: Bitcoin? [Re: tboomer]
Supercuda Offline
I Live Here

Registered: 09/04/07
Posts: 14102
Loc: up yours
It's the garage sale theory.

The garage sale theory works on the understanding that there will always be a bigger idiot around to buy your unwanted and worthless junk. The key to this theory is to not be the biggest idiot, which bitcoin is about to find.
_________________________
They say there are no such thing as a stupid question.
They say there is always the exception that proves the rule.
Don't be the exception.

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#2425180 - 12/28/17 09:25 PM Re: Bitcoin? [Re: wingman]
EV2Bird Offline
No more politics

Registered: 06/23/14
Posts: 4500
Loc: Kansas Roads Between 0 and 140...
Who would of ever thought the same piece of cloth paper could have the value of a dollar or 100 dollars by simply what was printed on it?



Originally Posted By wingman
I still can't wrap my head around how this is going to last.

What's backing Bitcoin? What's its intrinsic value? How is it a reasonably stable store of wealth?

I know the gold standard days are long gone but at least normal currency has the backing of the government that issues it (which is why some are valuable and some are worthless).

Bitcoin has literally nothing backing it. You are investing in literally nothing. Everybody loves to talk about how easy to use it is. Well, so are toothpicks, but that doesn't mean I would use them as money.

Have fun, all.


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#2425200 - 12/28/17 10:16 PM Re: Bitcoin? [Re: EV2Bird]
pittsburghracer Offline
"Little"John

Registered: 02/02/05
Posts: 13776
Loc: PA.
_________________________
1970 Duster
Edelbrock headed 408
6.143@110.85 mph
9.73@135.05 mph shifting at 6700 RPM
422 Indy headed small block
5.982@112.56 mph
9.42@138.27

Untitled by John Cadamore, on Flickr





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#2425203 - 12/28/17 10:23 PM Re: Bitcoin? [Re: tboomer]
RamblerMan Offline
master

Registered: 02/02/03
Posts: 4082
Loc: Castlegar, BC, Canada
It doesn't make any sense to me.

What's to stop me from saying "I have a gazillion-bajillion bitcoin and I want real money for it?" Bitcoin isn't real, so you can't say I don't have it.
_________________________
Bloody Mary, Full of Vodka, Blessed art thou among cocktails....


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#2425274 - 12/29/17 08:38 AM Re: Bitcoin? [Re: RamblerMan]
DaytonaTurbo Offline


Registered: 02/26/03
Posts: 21032
Loc: Manitoba, Canada
Originally Posted By RamblerMan
It doesn't make any sense to me.

What's to stop me from saying "I have a gazillion-bajillion bitcoin and I want real money for it?" Bitcoin isn't real, so you can't say I don't have it.


A few years ago when bitcoin was really at its peak, that was the fear. That if people started cashing in like crazy the system would tank because there's nothing really in it to back it up. Things may have changed since then, I haven't kept up with it at all in the last several years.

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#2425277 - 12/29/17 08:47 AM Re: Bitcoin? [Re: tboomer]
Mr T2U Offline
master

Registered: 04/03/05
Posts: 3812
Loc: new berlin wisconsin
on another car message board they are talking about Ripple, not the booze, litecoin and etherum cripto-currency.
they are buying and selling thru Coinbase.

maybe i am to old but i don't see the value in cripto-currency.


Edited by Mr T2U (12/29/17 08:50 AM)
_________________________
perception is 90% of reality

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#2425293 - 12/29/17 09:21 AM Re: Bitcoin? [Re: tboomer]
Stanton Offline
master

Registered: 10/13/05
Posts: 6700
Loc: Ontario, Canada
Quote:
What's to stop me from saying "I have a gazillion-bajillion bitcoin and I want real money for it?" Bitcoin isn't real, so you can't say I don't have it.


Well just "saying" you have it is one thing but to get cash for it you actually have to have proof of Bitcoin. So to sell it you do an electronic transfer to the buyer and unless you bought Bitcoin you don't have any to transfer.

I decided to make a small investment a couple weeks ago ... and it has promptly tanked !!

The problem with the crypto currencies as I see it is the values change on a whim. So you can't sell something with a Bitcoin value on it because the value changes by the minute (look at "Bitcoin Ticker" if you don't believe me). So cost of goods will always be stated in local currencies. And Bitcoin is currently so high prices that if you wanted to sell something for the equivalent of $1000 but state it in Bitcoin value the cost would be something like .0666 Bitcoin. And now there are so many different cryto currencies hitting the market it reminds me of the Christmas booze scheme where you send a letter to nine people, they each send you a bottle, add their name to the list and send it on to nine people. The bottom line is eventually there's a loser.

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#2425294 - 12/29/17 09:23 AM Re: Bitcoin? [Re: tboomer]
Stanton Offline
master

Registered: 10/13/05
Posts: 6700
Loc: Ontario, Canada
Quote:
A few years ago when bitcoin was really at its peak, that was the fear.


I think the "peak" was a couple weeks ago ... when it hit $19,000 per Bitcoin !!!

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#2425407 - 12/29/17 01:20 PM Re: Bitcoin? [Re: Stanton]
GB5andGY8 Online   tonguue
mopar

Registered: 05/28/03
Posts: 555
Loc: California's Tri-Valley
I work with a number of scientific-types who have been discussing this topic, and here’s what I have gathered through my discussions and reading:

Bitcoin’s major attraction is that it provides a transaction ledger (“blockchain”) that is almost impossible to duplicate (I say almost because you would really need quantum computing to do it). The other attraction is that it is decentralized, meaning that no one government or person truly controls it outright.

Bitcoin’s proponents believe that the verifiable blockchain ledger that accompanies each Bitcoin transaction and the mathematical fact that there will only be 21 million Bitcoin to be “mined” in total will eventually provide the underpinnings for a new way to pay for good and services and to store wealth. Some of these people also take that "store wealth" aspect very seriously and think that it will be as useful as gold was in the old system. This idea is currently being hotly debated on most financial news channels.

Right now, the “Bitcoin Universe” isn’t built-out enough yet to be able to pay for all these goods and services, however, so there is quite a bit of cart before the horse speculation going on, which partly explains all the wild price swings and market churn. Even so, Microsoft, Newegg, Overstock, Expedia, and some other businesses have already adopted it enough to allow people to pay for stuff in Bitcoin.

Some of those who really want to see it adopted across the globe think of it as a form of “Galactic credits” from Star Wars, and they don’t want the current financial system, or any US, Chinese, or European Union, etc. or other government policies to manipulate its value. In their Bitcoin world— theoretically —there wouldn’t be any future Weimar Republic-style hyper-inflated currency to contend with, and a mathematically verifiable Bitcoin would always be worth what it is worth, whether that's $0.09, $9.00 or $19,000.00.

twocents

Hey mods, can we get a 2 Bitcoin icon in here instead? grin

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#2425455 - 12/29/17 03:37 PM Re: Bitcoin? [Re: tboomer]
Stanton Offline
master

Registered: 10/13/05
Posts: 6700
Loc: Ontario, Canada
The problem with Bitcoin wealth is its "electronic". It has no substance and no record of ownership other than a password. You die and your wealth is in never never land - POOF ... gone! With cash, bank deposits, gold or just plain "stuff", it can all be passed along in the event you croak. Banks will hunt down your "next of kin" but in the world of Bitcoin, nobody knows who you are or whether you're dead or alive. Much like a numbered Swiss bank account I suppose. If I died tomorrow my wealth and possessions would go to my estate but my Bitcoin will just sit "out there" for millenia.

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#2425463 - 12/29/17 03:58 PM Re: Bitcoin? [Re: tboomer]
flypaper Offline
I hate Texas

Registered: 01/19/03
Posts: 18607
Loc: jersey shore
most people who subscribe to the bitcoin deal
are mostly speculating that the worlds monetary system will collapse one day
and that the only thing left of value will be bitcoin.
in the past that shiny stuff called gold and silver
was the base and i don't think they will go away anytime soon.

its all based on perception so it will hold a value if
people perceive it to be worth something.
the time to get in on it is long past
as the bubble will burst sooner or later like any ponzi type deal
when people are talking about it
its already too late.
_________________________





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