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Old Yesterday, 06:32 PM
 
Location: SM
25,863 posts, read 9,985,549 times
Reputation: 9968

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Quote:
Originally Posted by PilgrimsProgress View Post
Steve Bannon and Patrick Byrne are big proponents if bitcoin. On youtube there are a lot of Byrne's lectures and presentations over the years. Just search for "Patrick Byrne bitcoin"


Wall Street hates bitcoin so it must be worthwhile.
Governments the world over have banned it. Point #1 in its favor.

The IRS won't recognize it as a currency but instead "property" making it subject to capital gains tax.

Don't you wish you could invent definitions out of thin air like the government and then change them when it no longer works in your favor?

Such is the life of a gangster though.
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Old Yesterday, 06:34 PM
 
Location: SM
25,863 posts, read 9,985,549 times
Reputation: 9968
Quote:
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.
I'll link an article later. It explains everything.
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Old Yesterday, 08:26 PM
 
1,495 posts, read 848,461 times
Reputation: 2286
On a personal level, one of my coworkers bought $10K of bitcoin when it it was $3K for 1. Then it spiked up towards the end of 2017 to like $20K, he thought it was gonna go to $100K but, he saw how hard it was nose-diving from $20K, sold it as fast he could. By the time the order was processed it was $7K for 1.

So in the end he still got lucky, went from $10K to $23K for like 3 months of spectating.

Me? My fool self got in to late, and invested in BS LiteCoin. I was lucky all I lost was $600. Regular ETF stocks still got me a net gain for the year of $2300, even after my LiteCoin loss.

Other coworkers had friends-of-friend's house warming parties that they went to. One got in when Bitcoin was like $700, put in $20K (he was already well off, attached home mortgae paid off, money to spare, retired, empty nester). He sold when it was $15K, thinking it was gonna peter out before $20K. Dude still made close to $500K.

I missed that boat but, I couldn't stomach putting more than $5K. No one can know.

The one I really beat myself up over is not leaving $10K in Amazon back in 2007 when it was $80 for 1. I -knew- they were going to be good. I mean I was in the middle east at the time, and Amazon, even then, was still far superior to DHL (contractors called it "stuck in DHL Hell").
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Old Yesterday, 08:30 PM
 
16,716 posts, read 4,389,174 times
Reputation: 11656
Quote:
Originally Posted by RageX View Post
On a personal level, one of my coworkers bought $10K of bitcoin when it it was $3K for 1. Then it spiked up towards the end of 2017 to like $20K, he thought it was gonna go to $100K but, he saw how hard it was nose-diving from $20K, sold it as fast he could. By the time the order was processed///

Other coworkers had friends-of-friend's house warming parties that they went to. One got in when Bitcoin was like $700, put in $20K (he was already well off, attached home mortgae paid off, money to spare, retired, empty nester). He sold when it was $15K, thinking it was gonna peter out before $20K. Dude still made close to $500K.
.
I was in a local Toyota dealership and I recognized the last name of the sales guy. I remembered that his family was the name of the first big telecommunications company around these parts....first big internet ISP and stuff like that. Well, I think we know how that internet ISP thing turned out....which is part of the reason sonny is working as a car salesperson.

BUT, he told me his dad had bought 500 bitcoins way back when for something ridiculously cheap.....for a lark. I'm going to say it was $12 or $20 each. Dad sold them soon after and tripled his money.

That's the REAL reason sonny is working in the car dealership. Strike two.
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Old Today, 12:20 AM
 
1,495 posts, read 848,461 times
Reputation: 2286
Quote:
Originally Posted by craigiri View Post
I was in a local Toyota dealership and I recognized the last name of the sales guy. I remembered that his family was the name of the first big telecommunications company around these parts....first big internet ISP and stuff like that. Well, I think we know how that internet ISP thing turned out....which is part of the reason sonny is working as a car salesperson.

BUT, he told me his dad had bought 500 bitcoins way back when for something ridiculously cheap.....for a lark. I'm going to say it was $12 or $20 each. Dad sold them soon after and tripled his money.

That's the REAL reason sonny is working in the car dealership. Strike two.
Oh no. Bwahahahahaha.

Dude prob'ly thought he was big, turned $20 into 60 whole dollars, than a few months later...

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Old Today, 09:07 AM
 
11,332 posts, read 4,202,697 times
Reputation: 5433
Quote:
Originally Posted by RageX View Post
On a personal level, one of my coworkers bought $10K of bitcoin when it it was $3K for 1. Then it spiked up towards the end of 2017 to like $20K, he thought it was gonna go to $100K but, he saw how hard it was nose-diving from $20K, sold it as fast he could. By the time the order was processed it was $7K for 1.

So in the end he still got lucky, went from $10K to $23K for like 3 months of spectating.

Me? My fool self got in to late, and invested in BS LiteCoin. I was lucky all I lost was $600. Regular ETF stocks still got me a net gain for the year of $2300, even after my LiteCoin loss.

Other coworkers had friends-of-friend's house warming parties that they went to. One got in when Bitcoin was like $700, put in $20K (he was already well off, attached home mortgae paid off, money to spare, retired, empty nester). He sold when it was $15K, thinking it was gonna peter out before $20K. Dude still made close to $500K.

I missed that boat but, I couldn't stomach putting more than $5K. No one can know.

The one I really beat myself up over is not leaving $10K in Amazon back in 2007 when it was $80 for 1. I -knew- they were going to be good. I mean I was in the middle east at the time, and Amazon, even then, was still far superior to DHL (contractors called it "stuck in DHL Hell").
None of these people could see the future. The ones who won and the ones who lost, all the same.
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Old Today, 12:18 PM
 
16,716 posts, read 4,389,174 times
Reputation: 11656
Quote:
Originally Posted by Spartacus713 View Post
None of these people could see the future. The ones who won and the ones who lost, all the same.
This is very true. I can definitely see some of the future (I am a hobby futurist), but all that does is give me perhaps a 1% advantage over the long run when it comes to investments.

Everything takes longer then what people think......so even those who know some of the future cannot bet on a timeline.

Much of the stuff we thought would happen on the internet by 2000 didn't come to fruition until 15 years after that...that's a long time. We know Energy is going to change....but no one knew in 1979 that we'd be rolling MPG backwards in 2019.

We knew pot would be legal someday in 1970. But if you told us people were still getting locked up for it 50 years later we'd say you were smoking too much of it.

And so on and so on.

If it was as easy as it seems we could just brainstorm right now and predict the next bitcoin or Amazon. But we can't .
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Old Today, 01:07 PM
 
12,064 posts, read 2,998,150 times
Reputation: 5644
Quote:
Originally Posted by craigiri View Post
(I am a hobby futurist), but all that does is give me perhaps a 1% advantage over the long run when it comes to investments.

.
Do you follow Gerald Celente?
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Old Today, 04:54 PM
 
16,716 posts, read 4,389,174 times
Reputation: 11656
Quote:
Originally Posted by PilgrimsProgress View Post
Do you follow Gerald Celente?
No, I write my own scripts! Kurzweil is somewhat cools...the Singularity and anti-aging and all. But mostly it's just the ability to see things clearly when they start. For example, in 1994 the first night I saw the Internet I knew exactly what it was going to become (well, I didn't note the Rise of the Idiots, but I saw all the other possibilities).

Also, I spent time long ago considering energy and the future of work. Look at some of these ignorant threads here where people say we can't make it because so many have "free" day care or school. They don't have a clue that Energy effectively makes up all into masters of "250+ slave equivalents"....and technology even adds to that. The very idea that we have to be doing a certain number of hours in the salt mines is ridiculous when our "slaves" (electrons, chemicals) are working for us.

Speaking of Bitcoin hacking tho...happening right now

https://www.forbes.com/sites/billyba.../#2aab69d7c286
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Old Today, 05:44 PM
 
12,064 posts, read 2,998,150 times
Reputation: 5644
From 2015 Liberty Forum in NH, the best interview I've seen with Libertarian Patrick Byrne speaking on a variety of topics, in addition to bitcoin and Overstock, like school choice, spending his twenties as an invalid, his Irish Catholic family (two older brothers beat him up), Buddhism, practicing mixed martial arts with the famed Gracie family, skydiving (video of him landing in Overstock's lot), business and life advice from his 'rabbi' Warren Buffet, CNBC's Jim Kramer and organized crime (hedge funds tell him what to push), why Wall Street has a vendetta against him and lots of other things. A fascinating, smart, compassionate man.who is smeared by corporate media.

Something to watch in the evening when you have a bit more time..



https://www.youtube.com/watch?v=tCU6jX9OBiI.
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