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Author Topic: Bitcoin and Cryptocurrency  (Read 5448 times)
Tenshot13
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« on: March 07, 2018, 04:41:29 pm »
I've been trading crypto since late last year, made some good money, lost it all but never under my capital.  Wondering if anyone else is involved.

It's a lot like gambling, and even if I lose everything it's been fun.  Think stock market only a million times more volatile lol.
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Dave Gray
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« Reply #1 on: March 08, 2018, 09:44:03 am »
I haven't gotten into it directly, but I think it's an interesting concept.  Several people in my family, mostly the younger ones, are involved.
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MyGodWearsAHoodie
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« Reply #2 on: March 08, 2018, 10:26:02 am »
Seems to have all the hallmarks of a Ponzi or pyramid scheme.  Or at the very least a bubble.   I would love to take a short position in it because it is destine to fail, only problem is it could go 10x its value before it crashes or it could crash tomorrow, I don't know how long it can keep attracting new speculators and don't want to bet against people being stupid.
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Phishfan
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« Reply #3 on: March 08, 2018, 10:54:00 am »
No interest in it at all.
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Sunstroke
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« Reply #4 on: March 08, 2018, 10:54:34 am »
Quote from: MyGodWearsAHoodie on March 08, 2018, 10:26:02 am
...don't want to bet against people being stupid.

Smart money is always on stupid... Wink
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Tenshot13
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« Reply #5 on: March 08, 2018, 12:13:02 pm »
Quote from: MyGodWearsAHoodie on March 08, 2018, 10:26:02 am
Seems to have all the hallmarks of a Ponzi or pyramid scheme.  Or at the very least a bubble.   I would love to take a short position in it because it is destine to fail, only problem is it could go 10x its value before it crashes or it could crash tomorrow, I don't know how long it can keep attracting new speculators and don't want to bet against people being stupid.
Many people short and make a lot of money.  There is legitimate tech there that will revolutionize things, but it is being compared to the dot com bubble.  Bitcoin might be the Ask Jeeves of crypto, but something like litecoin that is trying to partner with Visa might come out of it like a Google.  Crypto=ponzi is a meme, and acknowledged. 

I have to ask, why do you think it's destine to fail?  I know it can fail, but I don't think it's destine to.
« Last Edit: March 08, 2018, 02:51:55 pm by Tenshot13 » Logged
masterfins
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« Reply #6 on: March 08, 2018, 05:42:19 pm »
Over the last couple years I have been trying to figure out what exactly Bitcoins are, and have yet to really get an intelligent explanation.  Outside of "investing" in them, how do you get a bitcoin? Is there a place to exchange hard currency to buy a bitcoin, and more importantly how would one convert a bitcoin back into a hard currency?  From what information I have read it seems a bitcoin is just some sort of encrypted number saved on your hardrive or thumbdrive; it seems in this day and age someone could steal this information or create a bogus bitcoin.  Who is the bitcoin treasury that creates and identifies whether a bitcoin is real?  For all of these reasons I just can't bring myself to invest in them.
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Spider-Dan
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« Reply #7 on: March 09, 2018, 12:35:44 am »
It's a lot faster and easier to just visit a casino.
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Tenshot13
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« Reply #8 on: March 09, 2018, 08:44:42 am »
Quote from: Spider-Dan on March 09, 2018, 12:35:44 am
It's a lot faster and easier to just visit a casino.
Not really, I can do all this stuff from my phone.
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Tenshot13
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« Reply #9 on: March 09, 2018, 09:11:21 am »
Quote from: masterfins on March 08, 2018, 05:42:19 pm
Over the last couple years I have been trying to figure out what exactly Bitcoins are, and have yet to really get an intelligent explanation.  Outside of "investing" in them, how do you get a bitcoin? Is there a place to exchange hard currency to buy a bitcoin, and more importantly how would one convert a bitcoin back into a hard currency?  From what information I have read it seems a bitcoin is just some sort of encrypted number saved on your hardrive or thumbdrive; it seems in this day and age someone could steal this information or create a bogus bitcoin.  Who is the bitcoin treasury that creates and identifies whether a bitcoin is real?  For all of these reasons I just can't bring myself to invest in them.
A lot of this stuff you can just google yourself and find out.  Essentially, it's a world wide currency using an open source digital ledger that doesn't need a bank, so it's decentralized.  A bunch of high end computers push through transactions and get paid a small fee for it.  This is mining, which anyone can do with the proper computer, and how you get them if you don't invest.  There are places to exchange hard currency to buy bitcoin and other altcoins, Coinbase is the most common.  It was the number one app for apple in December.  This is also how you can convert back.  Bitcoin "treasury" is open source.  It's legitimacy is authorized by coders world wide.  There are risks, sure, exchanges have been hacked and currency stolen, but there is security around that if you take the time to implement it.
« Last Edit: March 09, 2018, 02:06:24 pm by Tenshot13 » Logged
Dave Gray
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« Reply #10 on: March 09, 2018, 05:06:37 pm »
My main thing with bitcoin is whether or not we'll ever get to the point where the primary intention is to spend it, rather than simply to play it like a future with the intention of converting it to USD.

The single biggest help for its stability as a currency would be regular, encouraged acceptance at major online retailers.
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pondwater
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« Reply #11 on: March 09, 2018, 05:21:22 pm »
Quote from: Dave Gray on March 09, 2018, 05:06:37 pm
My main thing with bitcoin is whether or not we'll ever get to the point where the primary intention is to spend it, rather than simply to play it like a future with the intention of converting it to USD.

The single biggest help for its stability as a currency would be regular, encouraged acceptance at major online retailers.
Hell, it's to unstable to use as a currency. Could you imagine the price swings on merchandise. Too much market manipulation.
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MyGodWearsAHoodie
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« Reply #12 on: March 10, 2018, 10:56:18 am »
Quote from: Dave Gray on March 09, 2018, 05:06:37 pm
My main thing with bitcoin is whether or not we'll ever get to the point where the primary intention is to spend it, rather than simply to play it like a future with the intention of converting it to USD.

The single biggest help for its stability as a currency would be regular, encouraged acceptance at major online retailers.

What make a currency a currency is it being the method of payment for taxes. Until the IRS accepts bitcoins and you fill out your 1040 in bitcoins it is not a currency.
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DaLittle B
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« Reply #13 on: March 11, 2018, 01:37:55 pm »
I'm a a broke ass,that doesn't gamble,and not interested in it.I realize that some Crytocurrency could be doing good for the world (in their mining calculations),but I'm not comfortable with the idea in general.
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fyo
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« Reply #14 on: March 11, 2018, 06:34:27 pm »
Quote from: MyGodWearsAHoodie on March 08, 2018, 10:26:02 am
Seems to have all the hallmarks of a Ponzi or pyramid scheme.  Or at the very least a bubble.   I would love to take a short position in it because it is destine to fail, only problem is it could go 10x its value before it crashes or it could crash tomorrow, I don't know how long it can keep attracting new speculators and don't want to bet against people being stupid.

It has absolutely zero of the defining characteristics of a Ponzi or pyramid scheme. I wouldn't be the least surprised if the bubble burst tomorrow, though. There's nothing rational about its current valuation.
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