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Bitcoin anyone?
#91
I don't think Tulips moved this fast! I have done ok on BTC related stocks but own no coins. I expect things like this to continue.

http://www.zerohedge.com/news/2017-12-06...oin-stolen
Life is tough. Its tougher if you are stupid.
You can ignore reality, but you can't ignore the consequences of ignoring reality.

2017 Dodge Ram 1500 reg cab 5.7L Hemi and 1993 18ft Kit Road Ranger 5th Wheel, 200w solar.
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#92
(12-07-2017, 08:34 AM)DangerBird Wrote: I don't think Tulips moved this fast!
I keep expecting art investment to take the Tulip plunge (Hey! It's just a piece of cloth with some paint spattered on it!) but it hasn't happened yet, just the opposite.

https://en.wikipedia.org/wiki/Tulip_mania

Guy
"We're all bozos on the bus, so might as well sit back and enjoy the ride."

Wavy Gravy

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#93
Once upon a time back in 2013, I went on a date with a guy who never progressed past the second date. On the first date, all he could talk about was Bitcoin. I had a $5 and a $1 in my pocket and wasn't counting every penny so I gave him those and he gave me some of his stash of Bitcoin. Later on that year, someone successfully bought a pizza with Bitcoin and set the first official trade price.

Fast forward to today and I have been "Bitcoin rich" three times as the news would tell it. Each time was followed by a sharp decline in value and twice it was also followed by an exchange declaring insolvency, I predict the same for this third bubble.

But I don't sell because I know how supply and demand works. The price is only high because there are a limited number of bitcoins (as there are a limited number of Picasso paintings) and only a few are on the market relative to how many people want some. If more people start selling, the price will go down. So as cute as the demand price is, I know that my very act of becoming a seller will cause the price to fall; definitely not significantly but fall nonetheless.

Which is why I am not rich. I won't count the current market price of bitcoin as part of my net worth because I don't have those dollars. What I have is a public and a private encryption string (called a key) that has a value of thus-and-so-many Bitcoin, which is only actually worth what I can sucker some poor sap into paying me for it. And just because that other poor sap over there paid that amount of money for that other guy's keys doesn't mean he'll do the same for me.

Plus, there is the achiles heel of Bitcoin: it requires three things for it to even 'exist'

+ a network connection
+ a network existing
+ electricity

So in a disaster, it is totally useless, except if you happened to print out your keys you can burn the paper it is printed on for heat.

Also, if people decide it is a fad like fidget spinners and move along to some other tech fad, the network will fail to exist and so *poof* no more Bitcoin and we all know that people are whimsical. At least a house is still there even if people have decided that vandwelling is the way to go.

And finally with the imminent death of Net Neutrality, ISPs can simply block all Bitcoin traffic over the internet and then no more ability to trade your bitcoin.

In my opinion, the 'currency' of the future is something disaster-proof and difficult to counterfeit like cowery shells. Lack of electricity? Still have shells.

That said, enjoy playing with Bitcoin. It is amazing for remittances and pretty decent for online purchases. And it gets a better exchange rate, if I can find a face-to-face trader who won't mug me (more difficult than you would think) for when I visit my relatives abroad than just going to an exchange bank.

But please, don't drink the Kool aid. It has some serious flaws (outlined above) that need to be given the weight they deserve. And this is from someone who has been done right by Bitcoin so should be its biggest supporter.

Sent from my SGH-I337 using Tapatalk
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#94
theinfamousj ,

Well said! You could get locked in or out by a variety technical flaws. On another non related forum I frequent, those who have some BTC are screaming that this is the future and the price will go to millions and then there are those screaming mega bubble and will crash (like all bubbles) One guy I know of has been selling and converting it to physical Silver. Smart move IMHO!

-Mike
Life is tough. Its tougher if you are stupid.
You can ignore reality, but you can't ignore the consequences of ignoring reality.

2017 Dodge Ram 1500 reg cab 5.7L Hemi and 1993 18ft Kit Road Ranger 5th Wheel, 200w solar.
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The following 1 user says Thank You to DangerBird for this post:
theinfamousj (12-07-2017)
#95
If Bitcoin is not a currency backed by the Government then i'm not touching it. Just a week ago on the Australian news there was a man whom is selling his million dollar plus Australian home for 100 plus bitcoins. Sure it's his prerogative to do so but the question that arises is this once the transaction takes place then how does he cash in his bitcoins for money? or better still what happens if the Bitcoin stocks crash on the stock market?. Yeah I'm not really a fan of the Bitcoin band wagon.
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#96
(12-08-2017, 06:00 PM)AnnaP Wrote: If Bitcoin is not a currency backed by the Government then i'm not touching it. Just a week ago on the Australian news there was a man whom is selling his million dollar plus Australian home for 100 plus bitcoins. Sure it's his prerogative to do so but the question that arises is this once the transaction takes place then how does he cash in his bitcoins for money? or better still what happens if the Bitcoin stocks crash on the stock market?. Yeah I'm not really a fan of the Bitcoin band wagon.

Maybe he needs a tax write off...
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#97
I don't have any coins... Bit or otherwise.
If we were meant to stay in one place, we'd have roots instead of feet. My little place on the interweb - Cyberian Radio 

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The following 2 users say Thank You to Motrukdriver for this post:
bullfrog (12-09-2017), gsfish (12-08-2017)


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