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Did you buy Bitcoin and your thoughts #4641225
01/20/18 05:57 PM
01/20/18 05:57 PM
Joined: Oct 2008
Posts: 386
Long Island,nassau county NY
nickaluch Offline OP
nickaluch  Offline OP
Joined: Oct 2008
Posts: 386
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.
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641235
01/20/18 06:06 PM
01/20/18 06:06 PM
Joined: Mar 2008
Posts: 6,133
Michigan
ZZman Offline
ZZman  Offline
Joined: Mar 2008
Posts: 6,133
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. PP HM 5w-30 and Fram Ultra
2008 Sebring Hardtop convertible. PP HM 5w-30 and Fram Ultra
2006 Kawasaki Vulcan 900 LT. Motul 7100 10w-40 and K&N
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641237
01/20/18 06:08 PM
01/20/18 06:08 PM
Joined: Aug 2012
Posts: 2,182
Oregon
MrQuackers Offline
MrQuackers  Offline
Joined: Aug 2012
Posts: 2,182
Oregon
PTB says DIY


Master the 1000 yard stare

coffeeMobil 1 USA
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641255
01/20/18 06:29 PM
01/20/18 06:29 PM
Joined: Nov 2013
Posts: 1,950
Chicago, IL
EdwardC Offline
EdwardC  Offline
Joined: Nov 2013
Posts: 1,950
Chicago, IL
I got some for my secret santa gift exchange with friends. It's lost about 25% since I received it smile

Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641256
01/20/18 06:29 PM
01/20/18 06:29 PM
Joined: May 2013
Posts: 2,160
Saskatchewan, Canada
Johnny2Bad Offline
Johnny2Bad  Offline
Joined: May 2013
Posts: 2,160
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
'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]
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641258
01/20/18 06:30 PM
01/20/18 06:30 PM
Joined: Aug 2008
Posts: 3,231
Where the wind comes sweepin'
Reddy45 Offline
Reddy45  Offline
Joined: Aug 2008
Posts: 3,231
Where the wind comes sweepin'
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.

Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641266
01/20/18 06:42 PM
01/20/18 06:42 PM
Joined: May 2013
Posts: 2,160
Saskatchewan, Canada
Johnny2Bad Offline
Johnny2Bad  Offline
Joined: May 2013
Posts: 2,160
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]
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641272
01/20/18 06:50 PM
01/20/18 06:50 PM
Joined: Oct 2008
Posts: 386
Long Island,nassau county NY
nickaluch Offline OP
nickaluch  Offline OP
Joined: Oct 2008
Posts: 386
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.
Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641282
01/20/18 07:02 PM
01/20/18 07:02 PM
Joined: Mar 2014
Posts: 3,475
NJ
Leo99 Offline
Leo99  Offline
Joined: Mar 2014
Posts: 3,475
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 (RIP)
2004 Corolla 125,000 miles
2004 Rav4 370,000 miles
2015 Camry 70,000 miles
Re: Did you buy Bitcoin and your thoughts [Re: Johnny2Bad] #4641291
01/20/18 07:12 PM
01/20/18 07:12 PM
Joined: Apr 2012
Posts: 5,583
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,583
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.

Re: Did you buy Bitcoin and your thoughts [Re: Wolf359] #4641300
01/20/18 07:31 PM
01/20/18 07:31 PM
Joined: Sep 2005
Posts: 5,909
MIchigan
Warstud Offline
Warstud  Offline
Joined: Sep 2005
Posts: 5,909
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.

Re: Did you buy Bitcoin and your thoughts [Re: Warstud] #4641309
01/20/18 07:40 PM
01/20/18 07:40 PM
Joined: Mar 2014
Posts: 3,475
NJ
Leo99 Offline
Leo99  Offline
Joined: Mar 2014
Posts: 3,475
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 (RIP)
2004 Corolla 125,000 miles
2004 Rav4 370,000 miles
2015 Camry 70,000 miles
Re: Did you buy Bitcoin and your thoughts [Re: Wolf359] #4641314
01/20/18 07:55 PM
01/20/18 07:55 PM
Joined: Dec 2002
Posts: 41,536
'Stralia
Shannow Online content
Shannow  Online Content
Joined: Dec 2002
Posts: 41,536
'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.

Re: Did you buy Bitcoin and your thoughts [Re: nickaluch] #4641351
01/20/18 08:34 PM
01/20/18 08:34 PM
Joined: Mar 2017
Posts: 6,498
...
PimTac Offline
PimTac  Offline
Joined: Mar 2017
Posts: 6,498
...
“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.


Cannot see signatures any longer so it doesn’t matter.
Re: Did you buy Bitcoin and your thoughts [Re: PimTac] #4641364
01/20/18 08:41 PM
01/20/18 08:41 PM
Joined: Apr 2012
Posts: 5,583
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,583
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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