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#4641225 - 01/20/18 05:57 PM Did you buy Bitcoin and your thoughts
nickaluch Offline


Registered: 10/04/08
Posts: 381
Loc: Long Island,nassau county NY
I been watching it out of general intrest but didn't get in and not planning on.My thoughts is it's one big Ponzi scheme backed by nothing.
_________________________
2007 G6 beater.2012 E450 box truck. 2018 Chevy Traverse.2017 E450 box truck.2017 Chevy 3500 extend cargo van.

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#4641235 - 01/20/18 06:06 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
ZZman Offline


Registered: 03/17/08
Posts: 5789
Loc: Michigan
No. But step dad bought Ripple low and sold very high. Too bad he didn't buy thousands of it.
_________________________
2003 Mercury Grand Marquis. Rotella T6 Multi-Vehicle oil
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#4641237 - 01/20/18 06:08 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
MrQuackers Offline


Registered: 08/17/12
Posts: 2177
Loc: Oregon
PTB says DIY
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#4641255 - 01/20/18 06:29 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
EdwardC Offline


Registered: 11/14/13
Posts: 1864
Loc: Chicago, IL
I got some for my secret santa gift exchange with friends. It's lost about 25% since I received it smile

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#4641256 - 01/20/18 06:29 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
Johnny2Bad Offline


Registered: 05/20/13
Posts: 1810
Loc: Saskatchewan, Canada
Here's the deal with cryptocurrencies.

When they are introduced or generated, there is x number of "coins" available.

That number of coins (at least with bitcoin*) is fixed. Forever. No new coins will ever be issued.

The bitcoin "wallet" is a digital repository of someone's coins. Access to that wallet requires a password, and that password was encouraged to be "secure", so not simple.

An unknown number of people can't remember their passwords, but it's thought to be quite a few; bitcoin was introduced years ago.

They bought bitcoin at $100 and probably have some in that wallet, but it is inaccessible and therefore can be considered removed from the market, probably forever.

Re-read the sentence about "no new coins ...".

So the amount of coins available to be traded/held is some number less than the introductory issue. This in itself will result in a natural increase in value per coin.

It is believed that something like 90+ % of all bitcoin ever issued is owned by about 10 entities. This creates a huge risk of currency manipulation, and also a huge risk of a "bubble" or collapse of the virtual currency.

The short answer is, if you are planning to invest, is to not risk money you can't afford to lose.

You can also earn bitcoin by processing the transactions. This is computer-intensive, but requires no monetary investment by you. It's debatable if the added cost of electricity from high heat / high activity processing is offset by the coin you will earn, but it's an option worth considering.

There are many advanced actors who probe and steal bitcoin wallets from computers connected to the internet. You need a secure system, and it's advisable to keep your bitcoin wallet offline. People losing / erasing /failure of a usb stick containing a wallet is another way bitcoin are removed from the pool, raising the individual value of coins, etc. Many transactions involving bitcoin require you to be online. So there is a problem there as well.

Many websites use or are infected with JavaScript that, unbenowst to you, are "mining" (processing transactions) bitcoin and some other cryptocurrencies. They are more common than many people understand, so it's practically guaranteed that you have probably been "hacked" (while that webpage is open or in the background but not closed) and have processed bitcoin for others, earning them money by stealing your electricity and CPU cycles.

That's probably enough for now. Hope that helps.

* There are new cryptocurrencies being introduced, I would consider them higher risk than bitcoin. This is classic patterns of "bubbles" and increases the risk of collapse some point in the future, at least for these less well established coins. YMMV
_________________________
'57 FL Straight 50 wt
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#4641258 - 01/20/18 06:30 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
Reddy45 Offline


Registered: 08/15/08
Posts: 2970
Loc: USA
I own a small amount, but I can't spend it because the transaction fee is greater than the amount I'm trying to spend.

Many may not care about Bitcoin specifically (or even crypto currency for that matter), but the underlying technology (Blockchain) has some good uses.

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#4641266 - 01/20/18 06:42 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
Johnny2Bad Offline


Registered: 05/20/13
Posts: 1810
Loc: Saskatchewan, Canada
Blockchain is extremely useful, and it's almost guaranteed that it will play a large role in the digital future.

You might think of Blockchain being related to Bitcoin the way Napster is related to Skype (same technology) or uTorrent / BitTorrent to Spotify (founder's previous activities). That's not a perfect analogy, but it shows the two should not be considered one and the same.
_________________________
'57 FL Straight 50 wt
'90 Miata 1.8L w/Rotrex Supercharger [Mobil1 0W-40]
'96 Ram 1500 [3.7L Mobil1 0W-20 / 1L 15W-50]
'01 PT Cruiser [Mobil1 0W-40]

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#4641272 - 01/20/18 06:50 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
nickaluch Offline


Registered: 10/04/08
Posts: 381
Loc: Long Island,nassau county NY
Thanks Johnny2Bad for that great explanation .
_________________________
2007 G6 beater.2012 E450 box truck. 2018 Chevy Traverse.2017 E450 box truck.2017 Chevy 3500 extend cargo van.

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#4641282 - 01/20/18 07:02 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
Leo99 Online   content


Registered: 03/30/14
Posts: 3052
Loc: NJ
If you have $1000 to gamble, buy some cryptocurrency.
_________________________
Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles
2004 Rav4 359,000 miles
2015 Camry 59,000 miles

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#4641291 - 01/20/18 07:12 PM Re: Did you buy Bitcoin and your thoughts [Re: Johnny2Bad]
Wolf359 Online   content


Registered: 04/27/12
Posts: 4755
Loc: MA
Originally Posted By: Johnny2Bad
Here's the deal with cryptocurrencies.

When they are introduced or generated, there is x number of "coins" available.

That number of coins (at least with bitcoin*) is fixed. Forever. No new coins will ever be issued.

The bitcoin "wallet" is a digital repository of someone's coins. Access to that wallet requires a password, and that password was encouraged to be "secure", so not simple.

An unknown number of people can't remember their passwords, but it's thought to be quite a few; bitcoin was introduced years ago.

They bought bitcoin at $100 and probably have some in that wallet, but it is inaccessible and therefore can be considered removed from the market, probably forever.

Re-read the sentence about "no new coins ...".

So the amount of coins available to be traded/held is some number less than the introductory issue. This in itself will result in a natural increase in value per coin.

It is believed that something like 90+ % of all bitcoin ever issued is owned by about 10 entities. This creates a huge risk of currency manipulation, and also a huge risk of a "bubble" or collapse of the virtual currency.

The short answer is, if you are planning to invest, is to not risk money you can't afford to lose.

You can also earn bitcoin by processing the transactions. This is computer-intensive, but requires no monetary investment by you. It's debatable if the added cost of electricity from high heat / high activity processing is offset by the coin you will earn, but it's an option worth considering.

There are many advanced actors who probe and steal bitcoin wallets from computers connected to the internet. You need a secure system, and it's advisable to keep your bitcoin wallet offline. People losing / erasing /failure of a usb stick containing a wallet is another way bitcoin are removed from the pool, raising the individual value of coins, etc. Many transactions involving bitcoin require you to be online. So there is a problem there as well.

Many websites use or are infected with JavaScript that, unbenowst to you, are "mining" (processing transactions) bitcoin and some other cryptocurrencies. They are more common than many people understand, so it's practically guaranteed that you have probably been "hacked" (while that webpage is open or in the background but not closed) and have processed bitcoin for others, earning them money by stealing your electricity and CPU cycles.

That's probably enough for now. Hope that helps.

* There are new cryptocurrencies being introduced, I would consider them higher risk than bitcoin. This is classic patterns of "bubbles" and increases the risk of collapse some point in the future, at least for these less well established coins. YMMV


Well somewhat true, bitcoins have to be mined and they're released as they're mined. But the total number is fixed, they just haven't all been mined yet, about 80% of bitcoins have been mined so far. The difficulty with mining increases as the number of miners increase. It's hard to nail down the number but I think one number was around 3k to mine one bitcoin, may be cheaper in some countries with lower electric rates. I think at one point the miners went away when it wasn't profitable, then the difficulty decreased.

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#4641300 - 01/20/18 07:31 PM Re: Did you buy Bitcoin and your thoughts [Re: Wolf359]
Warstud Offline


Registered: 09/02/05
Posts: 5397
Loc: MIchigan
Originally Posted By: Wolf359
Well somewhat true, bitcoins have to be mined and they're released as they're mined. But the total number is fixed, they just haven't all been mined yet, about 80% of bitcoins have been mined so far. The difficulty with mining increases as the number of miners increase. It's hard to nail down the number but I think one number was around 3k to mine one bitcoin, may be cheaper in some countries with lower electric rates. I think at one point the miners went away when it wasn't profitable, then the difficulty decreased.


That sounds like someone explaining how to get points playing a video game.

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#4641309 - 01/20/18 07:40 PM Re: Did you buy Bitcoin and your thoughts [Re: Warstud]
Leo99 Online   content


Registered: 03/30/14
Posts: 3052
Loc: NJ
Originally Posted By: Warstud
Originally Posted By: Wolf359
Well somewhat true, bitcoins have to be mined and they're released as they're mined. But the total number is fixed, they just haven't all been mined yet, about 80% of bitcoins have been mined so far. The difficulty with mining increases as the number of miners increase. It's hard to nail down the number but I think one number was around 3k to mine one bitcoin, may be cheaper in some countries with lower electric rates. I think at one point the miners went away when it wasn't profitable, then the difficulty decreased.


That sounds like someone explaining how to get points playing a video game.


Yup, except it's real money. And lots of it.
_________________________
Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles
2004 Rav4 359,000 miles
2015 Camry 59,000 miles

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#4641314 - 01/20/18 07:55 PM Re: Did you buy Bitcoin and your thoughts [Re: Wolf359]
Shannow Online   content


Registered: 12/12/02
Posts: 39875
Loc: 'Stralia
Originally Posted By: Wolf359

Well somewhat true, bitcoins have to be mined and they're released as they're mined. But the total number is fixed, they just haven't all been mined yet, about 80% of bitcoins have been mined so far. The difficulty with mining increases as the number of miners increase. It's hard to nail down the number but I think one number was around 3k to mine one bitcoin, may be cheaper in some countries with lower electric rates. I think at one point the miners went away when it wasn't profitable, then the difficulty decreased.


Huge amount of energy just peed up the wall for literally nothing.

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#4641351 - 01/20/18 08:34 PM Re: Did you buy Bitcoin and your thoughts [Re: nickaluch]
PimTac Online   content


Registered: 03/04/17
Posts: 4310
Loc: Soviet State of Washington
“Yup, except it's real money. And lots of it.“


Can I go to the bank and trade some for dollars? Can I go to the local supermarket or restaurant and pay with it?

It’s not real money.
_________________________
2017 Mazda CX-5 Grand Touring

Valvoline Advanced Synthetic 0w20
Mobil 1 M108A EP filter


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#4641364 - 01/20/18 08:41 PM Re: Did you buy Bitcoin and your thoughts [Re: PimTac]
Wolf359 Online   content


Registered: 04/27/12
Posts: 4755
Loc: MA
Originally Posted By: PimTac
“Yup, except it's real money. And lots of it.“


Can I go to the bank and trade some for dollars? Can I go to the local supermarket or restaurant and pay with it?

It’s not real money.


You can trade them in at the many bitcoin exchanges for real money. Can you go to an American restaurant and pay with Canadian currency? Or any other foreign currency?

There is a problem with the exchanges though because I don't think it's that easy to sell a lot of coins at once.

It's hard to say for sure when you're in the bubble. Either you have some coins or you don't. There's bias both ways. After the bubble is over, then it's easy to look back and say it. But when you're in it, hard to say if it is or isn't.

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