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Old 09-06-2019, 01:50 PM
 
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All in on dogecoin baby!
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Old 09-06-2019, 02:06 PM
 
Location: SM
25,879 posts, read 9,985,549 times
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Originally Posted by zzzSnorlax View Post
All in on dogecoin baby!
The dog is adorable. You have to at least give me that.

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Old 09-06-2019, 02:13 PM
 
Location: Central Illinois -
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Originally Posted by notnamed View Post
I mostly just kick myself for not investing in it early. I knew about it early, had the money, but was too risk adverse. Could be retired right now.
Me too. I still buy it every now and then on Coinbase.com as an alternative to banks knowing what online transactions I make. I'm not sure Miss Finland is who I turn to for financial advice.
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Old 09-06-2019, 02:47 PM
 
7,729 posts, read 4,424,107 times
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Originally Posted by Spartacus713 View Post
You could also be living in a tent in skid row in Los Angeles right now, surrounded by piles of human feces. As a result of investing at the wrong time in Bitcoin.
Well...it was <$10 at the time...now $10,000. Just $100 would be worth $100,000 now.
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Old 09-06-2019, 02:57 PM
 
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Originally Posted by Spartacus713 View Post
Any Bitcoin fans around here?

But the concept of an alternative "currency" sure is interesting. So I am into it from an intellectual curiosity perspective.

Bitcoin and other cryptocurrencies have been notoriously volatile. Their values skyrocket and then plunge and then climb back up again. You can make money fast and you can lose money fast. Which is apparently what is happening right now, for those people who have money in Bitcoin and other cryptocurrencies.

This looks like it is just barely less risky than a nice game of roullete at the nearest casino. And this is supposed to be an "Alternative currency"?

I do not think so. Maybe it will continue to evolve, but so far I am not impressed. But Miss Finland is hot, even if the cryptocurrency markets currently are not.
Well, I've followed along a little and did buy one bitcoin at about $3K or so. Sold chunks of it to get my money back when it went way up...but it was just all in good fun.

I'd say if you want to buy things on the dark web it's the way to go.....they could even come up with a slogan "when you want that liquid morphine, HGH or 98% cocaine, there's no coin like Bitcoin".....why, you can get some great discounts on cc numbers by the 10's of thousands.

I think the real news is in the blockchain methods themselves. Those will be used, IMHO, long after Bitcoin matures. I think there are only X amount of Bitcoins, so in theory they would eventually be quite rare..they are already much harder to mine.

Of course, if the system somehow breaks or is hacked all bets are off.

It is claimed by many - probably with good reason - that having your illegal stuff delivered by a (relatively) reputable source to your door could be safer than the corner dealers. And, lets face it, a lot of the Americans using stuff these days are simply not going to go to ANY corner or dig around through their friends to see where they can score. Such a hassle!

But I agree with you that regular people should not invest - in any way - into cryptocurrencies. It's like anything else...once we (the general public) catch on, it's usually too late. But so many people laughed at BC buyers when they were buying at $500 a coin. Now it's 20X that.
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Old 09-06-2019, 03:11 PM
 
Location: Out West
23,112 posts, read 17,102,589 times
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Quote:
Originally Posted by notnamed View Post
I mostly just kick myself for not investing in it early. I knew about it early, had the money, but was too risk adverse. Could be retired right now.
Quote:
Originally Posted by Spartacus713 View Post
You could also be living in a tent in skid row in Los Angeles right now, surrounded by piles of human feces. As a result of investing at the wrong time in Bitcoin.
I remember a thread on here about a year or so ago when bitcoin shot through the roof. If notnamed had invested since the beginning, he (she?) could have sold it all at that point and been very wealthy. Quite a few people did just that and made a huge profit. I think even some people on here had some bitcoin and were cashing it in - maybe not as much as some others had, but I will never forget that thread, because I thought the exact same as notnamed at the time.
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Old 09-06-2019, 03:17 PM
 
5,047 posts, read 1,416,420 times
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Originally Posted by craigiri View Post
Well, I've followed along a little and did buy one bitcoin at about $3K or so. Sold chunks of it to get my money back when it went way up...but it was just all in good fun.

I'd say if you want to buy things on the dark web it's the way to go.....they could even come up with a slogan "when you want that liquid morphine, HGH or 98% cocaine, there's no coin like Bitcoin".....why, you can get some great discounts on cc numbers by the 10's of thousands.

I think the real news is in the blockchain methods themselves. Those will be used, IMHO, long after Bitcoin matures. I think there are only X amount of Bitcoins, so in theory they would eventually be quite rare..they are already much harder to mine.

Of course, if the system somehow breaks or is hacked all bets are off.

It is claimed by many - probably with good reason - that having your illegal stuff delivered by a (relatively) reputable source to your door could be safer than the corner dealers. And, lets face it, a lot of the Americans using stuff these days are simply not going to go to ANY corner or dig around through their friends to see where they can score. Such a hassle!

But I agree with you that regular people should not invest - in any way - into cryptocurrencies. It's like anything else...once we (the general public) catch on, it's usually too late. But so many people laughed at BC buyers when they were buying at $500 a coin. Now it's 20X that.
Eh it is also very vulnerable to technological paradigm shifts.

Quantum computing is coming down the pipe in the next couple decades....
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Old 09-06-2019, 04:18 PM
 
Location: SM
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Originally Posted by zzzSnorlax View Post
Eh it is also very vulnerable to technological paradigm shifts.

Quantum computing is coming down the pipe in the next couple decades....
Quantum computing has already been considered and dismissed.

It's not a problem.
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Old 09-06-2019, 04:22 PM
 
5,047 posts, read 1,416,420 times
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Originally Posted by No_Recess View Post
Quantum computing has already been considered and dismissed.

It's not a problem.
Actually havent done a ton of research on the bitcoin side of this so:

There is a flat limit on the max amount possible of BC yes? How close are we to that limit today, and what would happen to the price if the supply jumped from whatever percent we are at now to the theoretical maximum in say... a week worth of mining? My understanding of supply and demand says the price would crash unless the supply was already very close to the theoretical maximum.
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Old 09-06-2019, 04:38 PM
 
16,718 posts, read 4,389,174 times
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Originally Posted by zzzSnorlax View Post
Actually havent done a ton of research on the bitcoin side of this so:

There is a flat limit on the max amount possible of BC yes? How close are we to that limit today, and what would happen to the price if the supply jumped from whatever percent we are at now to the theoretical maximum in say... a week worth of mining? My understanding of supply and demand says the price would crash unless the supply was already very close to the theoretical maximum.
We are quite close to that limit but it's somewhat like a marathon that gets additional miles added on at the end. It is MUCH harder (and more energy and computer intensive) to mine bitcoins as you go along. So the mining naturally becomes harder....

Soon only a Chinese or Russia sitting next to a Hydro dam and bribing the management for free power will be able to be profitable in creating new coins.

It doesn't seem that there would ever be an oversupply due to that.

18 Million of 21 Million are harvested.

It would seem that, with that limited supply, they would become more valuable? When you consider just the underground trading the "value" is in the billions for all the parties involved. That is, if willing sellers and buyers agree on a 20K each price that would probably hold.

21 Million times 20K is what?
20K x 1 million is 20 Billion.
So we'd be talking only 420 Billion in total value? Am I doing this right????

Ok, now let's just start with the world trade in all illicit drugs.

"a turnover of around $400 billion per annum is considered realistic."

Well, there you go. Not to say all drugs will be bitcoin or all bitcoin will be drugs, but you can at least see the potential scales involved. Weapons and such...and information....and even lots of legal drugs (viagra) and regular goods (many online stores take BC).....are in the mix.

I am definitely not pushing Bitcoin (or I'd be invested myself)....but just noting that if it remains the market leader there is plenty of trade out there for the value to stay high.

Put another way - since we know credit cards, PayPal and other such things are all perfect traceable, what would be an alternative to Bitcoin for the large part of the world economy which is underground?

The US underground economy is estimated at over one trillion per year. Other countries like Russia and Greece, etc. have a MUCH larger percentage of GDP as underground.

Of course....I think Coinbase and some other banks are already reporting Bitcoin to authorities (??)....so the dream of untraceable wealth transfers may still be a pipe dream (with dark web opium in the pipe).
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