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Bitcoin anyone?
#11
Actually, in Europe it is accepted in a bunch of places. Georgia uses it. Loads of bars accept it the Netherlands. Canada has bank machines that convert it out to Canuck bucks. You can pay for real estate with it in BC.

Wagoneer bet you wished you'd paid attention to that comment. a grand of bitcoins in 2010 would be worth around 34,587 657.00 US bucks today!

Ahhh yes the armory on the darkweb before it got shut down....mmmmm. I was there for research purposes, but was tempted by a pair of Heckler and Koch VP70M's. Modified with a longer threaded barrel, vertical compensator, and eight inch can on the front. The compensator was tube vented into the can. Not sure how that would have worked but it looked very steampunk cool. The very first polymer pistol, sorry Glock, and three round burst and no hearing protection required. But alas, I valued my freedom, and job more than history.
Beast Master , Junky Monkey , Drinks With Wolves in the You Ain't Right Club. 2 stinking badges a cluster, and "THE FLYING MANURE SPREADER" 
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#12
Bitcoin now seems to be the currency of choice for paying when ransomware strikes.

http://www.npr.org/2017/05/16/528570753/...n-bitcoins

Which means I wouldn't be at all surprised if governments become serious about shutting it down . . .
Regards
John

Life is not about discovering yourself.  Life is about creating yourself!

Talk is cheap because of simple economics: The supply FAR exceeds the demand!
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#13
Around 2010, I got into an argument with an ex who I ran across online. It was about the possibility of a bitcoin bubble. I felt a bit coin investment was too risky. He told me that he had just bought $10k in bit coin. 

I guess he was right! I am glad I was wrong though :Smile I dont know if he held onto those bitcoins or not but probably some of them. I know another guy who was also a bit coin early adopter. He has renounced his US citizenship and is living stateless in S. America. I imagine bitcoin has done him well too. 

[I would feel bad about it but back then, I didn't have $10 to invest, much less $10k. $10k otoh was nothing to him or at least an amount he could afford to lose so it isnt like he was taking all that big of a risk ]
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#14
Can anyone explain to me what gives a bitcoin value?

And how does something go from $10K to $34.5M in 7 years?
That suggests that way more people want bitcoins than there are bitcoins (if I understand supply and demand correctly).
Or is the value set another way?
Or is this another bubble?

 -- Spiff
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#15
Just like any fiat currency, it is worth exactly what people believe it is worth.

Until it isn't anymore, nothing lasts forever.

When the world stops believing USD is best international trading medium and safe store of value, boy will come a day of reckoning and hell to pay.

Looks like sooner rather than later
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theinfamousj (12-07-2017)
#16
(08-19-2017, 02:17 AM)Scott7022 Wrote: -SNIP-

My 12.73 bitcoins sure made me a happy camper.

Thats $52 Grand.

To understand bitcoin, you need to understand how the blockchain works.

I almost invested $500 in it at the beginning. Wish I did. Whodathunkit?

Read about it here.
-Zonie
Still Workin...
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#17
Zonie.
Yeah, that was around the number. Better investment than my Apple shares in 1992..LOL! Totally fluke, I liked apple knew nothing, got a work bonus bought shares and "forgot about it". An uncle who was an investor type said buy what you like and believe in and then look at it in ten years.

Funny when I was researching the book the big push was for block chain miners. Bandwidth, cheap labor, and cheap space were the requirements. Hence why so much of the mining happened in China. As a mine, you earned a piece of every bit coined mined. Hence why Vancouver has some of the highest property values in North America. Or HongCouver as it is called, tough in cheek. The five million dollar apartments are only really 2000 bucks.

The take away for me is the idea of money and value? To steal from the great writer Douglas Adams "Chasing paper with fancy pictures on it." Way back in the day I thought why trade our lives for this? I had a career and I did it because I liked it at times and would have died if I stopped at other times. But, in the end, when it became about the money I remembered that line...Retired very early, not yet 49. I was far from "set" or "ready" but I invested in what I liked and believed in. Travel, Love, Freedom. I will look at this decision in 10 years and see if it was Apple or MCI/Worldcom...LOL!
Beast Master , Junky Monkey , Drinks With Wolves in the You Ain't Right Club. 2 stinking badges a cluster, and "THE FLYING MANURE SPREADER" 
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#18
I knew bitcoin since it was $15 a coin in February 2013. Mined and earned a total of about .001 BTC then, wished I had bought below $20 as the price blew up past $1000 in late 2013. Things not working in hindsight, I realized there are always new opportunities and you don't have to get in at the very bottom and get out at the tippy top to make a profit. Now is a great time to get into crypto, wager what you can afford to lose but realize its limited downside (the cryptos you bought go practically worthless), and unlimited potential upside (the crypto(s) you bought rockets like bitcoin).

For dwellers, this is another way to make some money on the Internet by trading and investing in cryptocurrency. There are even profitable trading bots that trade on volatility & crypto mutual funds. If you have unlimited power and a decent internet connection you can install automated mining software NiceHash and put your computer to work, profits depending on your CPU/GPU speed. For more DIY, there are cloud mining contracts you can buy that can be profitable.
Working to earn my CDL so I can get ahead & LIVE LIFE!

debitservus.wordpress.com

Time saved is Time Banked* & value added.  *in quality of life context.

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#19
(08-19-2017, 05:36 PM)Optimistic Paranoid Wrote: Bitcoin now seems to be the currency of choice for paying when ransomware strikes.

http://www.npr.org/2017/05/16/528570753/...n-bitcoins

Which means I wouldn't be at all surprised if governments become serious about shutting it down . . .



So now "governments" are part of the "ransomware conspiracy".....?

(sigh)

This place gets sillier all the time. 

No wonder the constant political crapola gets tedious and tiresome.

Living in "Ziggy the Snail Shell" since May 2015
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#20
(08-18-2017, 08:37 PM)Ballenxj Wrote: Now, somebody has come up with a totally electronic currency? Anybody know what backs it? Anybody heard of a hard drive crash?
How about hackers? Maybe a pissed off employee? The list of fears, at least to me are infinite.

Math backs it.  

There are no employees/employers to be pissed off.  There is no company; it is a distributed system.   You don't have to store wallets on a hard drive.   You can put them on paper, or engraved on a piece of steel locked in a safe deposit box, or just memorize a 12-word series.  As long as you remember the passphrase you are fine.

I respect your skepticism;  it is a weird idea and can be difficult to visualize.   Plus the existing power and financial structures have every incentive to encourage Fear, Uncertainty, and Doubt about blockchain technology.  

If you (Ballenxj) decide to give it a try the bitcoin wallet apps are free.  You can safely publish a receiving address and I'll send you $1 worth to play with.  It is exceptionally divisible so $1 works as well as $1billion in terms of the math.   <-- this is what scares the Western Union and IRS types pantsless
frater/jason in Rains county, TX
Promaster van | technical irrelevant answers
"I would unite with anybody to do right; and with nobody to do wrong" F. Douglass
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Ballenxj (08-20-2017)


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