Is it a bank run if the run is on an anti-bank?

TexasRebel said:

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I mean... maybe there will be a market for rare keys... like if a key has the Birthday of a guy named ABE...

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Wrong again, https://en.bitcoin.it/wiki/Vanitygen

TexasRebel said:

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Is it a bank run if the run is on an anti-bank?

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It's a run on imaginary coins throttled by CPU power. It's absurd but hey, if you can't beat em, join em. The more diversity the better right?

Lot Y Tailgate said:

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TexasRebel said:

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I mean... maybe there will be a market for rare keys... like if a key has the Birthday of a guy named ABE...

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Wrong again, https://en.bitcoin.it/wiki/Vanitygen

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How is that wrong?

It seems like your link supports the idea of selling vanity keys at a premium.

It supports the idea that they can be easily generated yourself, and one generated by someone else is worthless because they would have the private key.

TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Selling or buying? Would you know?

panhandlefarmer said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Selling or buying? Would you know?

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https://www.gdax.com/trade/BTC-USD (GDAX and Coinbase are the same company)

Was talking to a coworker and found out there are only like a million bitcoins in the history of earth. So the supply is limited but if the demand goes up....? Unlimited returns are possible based on those simple economics. Have any of you ever been on the "dark web"

gotcha

You don't think someone is dumb enough to pay for a private key to a specific public key?

That's literally the only way you could buy a vanity address

WaltonLoads08 said:

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pfo said:

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I just sold my Bitcoin Investment Trust (GBTC). It's been an incredible ride but I took my profits because it's value is accelerating too fast.

I have been using the ratio of new virtual wallets opened and the increasing number of transactions (buyers and sellers using Bitcoin) to value Bitcoin. It's a similar method to valuing Visa, Mastercard, Paypal, Square by the number of transactions processed and makes sense to me.

It's really telling that many people worldwide are putting more value in Bitcoin (a currency made up by two brothers in their office and not backed by anything) than they are in their own country's currencies. That's one Helluva an indictment of worldwide governments, deficit spending and "the full faith and credit of the USA's gov and others).

Let's face it, all governments destroy the value of their paper currencies because they spend more than they take in and they can't stop and they can't pay it back with anything other than worthless paper currrncies.

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99% of "people" that buy Bitcoin are buying because they want to later convert it to USD or some other actual currency. Just. Like. You. Did.

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That's a great point. But to be 100% accurate, I put the proceeds of my GBTC sale into stocks.

Speaking of Vegeta, the bitcoin market value reminds me of Goku's power number: always going up up up

Unless you're talking about chicken or beef stocks you'll still convert to USD.

So, does anyone have the balls to short Bitcoin yet?

Can you cash out on bitcoin at anytime?

SpreadsheetAg said:

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Can you cash out on bitcoin at anytime?

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If the exchange isn't down and you can get your coins to the exchange.

what is mining? How do you mine?

You solve SHA-256 hashes.

MATH 470 is a good place to start.

MouthBQ98 said:

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So, does anyone have the balls to short Bitcoin yet?

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https://www.bloomberg.com/news/articles/2017-11-27/calling-a-bitcoin-top-here-s-how-you-can-short-the-digital-coin

TexasRebel said:

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Unless you're talking about chicken or beef stocks you'll still convert to USD.

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Yes, that's true Texas but if the sales, revenues, dividends and appreciation of the stocks I bought are strong and the dollar continues to purchase fewer and fewer goods and services as it always has since Nixon took America off the gold standard in the early 1970's, then I will be selling those stocks in the future for a lot more dollars than I just paid for them.

The same could also be said for gold and land. It's not that gold and land and stocks are getting so much more valuable as it is that the currency we value things in (the US$) keeps getting less valuable. That's the big picture you never want to lose sight of.

SpreadsheetAg said:

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what is mining? How do you mine?

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Here's a good place to start in learning about Bitcoin and its underlying structure

You get a couple of computer science grad students and buy a crapload of time on someone's supercomputing cloud to run the algorithm, or you get a couple of world class computer doctorates and buy one or two of IBM's quantum computers and design and build a system around them to calculate the algorithm but churn out high odds guesses very fast with the quantum computer. The code would have to be ground breaking stuff to use Q-bits efficiently and keep the error rate low, but the algorithm to brute force this isn't that complex in binary I imagine. It's the hardware required to churn out teraflops of calculations and organize and coordinate it all that costs so much.

Translating binary code to one that could use multi state q-bits would be a Mother...

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MouthBQ98 said:
So, does anyone have the balls to short Bitcoin yet?

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[url=https://www.bloomberg.com/news/articles/2017-11-27/calling-a-bitcoin-top-here-s-how-you-can-short-the-digital-coin][/url]https://www.bloomberg.com/news/articles/2017-11-27/calling-a-bitcoin-top-here-s-how-you-can-short-the-digital-coin


Say you shorted BTC the day that article was written.....how do you think you'd be feeling right about now?

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I'll bet you 5 BTC it hits $25k before it dips to $5k.

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I'll make you a better bet. I say it hits $7000 before it hits $17000. If I'm right, you send me 1 BTC at today's value ($10,200). If I'm wrong, I'll send you 1 BTC at its value in 2 years, whatever that may be.

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@UncleNateFitch

This bet still available?

John Maplethorpe said:

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Quote:

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Quote:

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I'll bet you 5 BTC it hits $25k before it dips to $5k.

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I'll make you a better bet. I say it hits $7000 before it hits $17000. If I'm right, you send me 1 BTC at today's value ($10,200). If I'm wrong, I'll send you 1 BTC at its value in 2 years, whatever that may be.

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@UncleNateFitch

This bet still available?

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You got it. Hit me up in 2 years and I'll give you 17cents.

http://www.tokenverse.com/news/bitcoin-community-gives-back-to-one-of-its-own/

If you haven't subscribed to antonopoulous's youtube, you're doing your self a disservice. Talented speaker and truly passionate and educated about how the system works and will work.

TexasRebel said:

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Lost gold/cash/physical object can be found and claimed by anyone and re-enter circulation.

If a private key is in properly protected digital cold storage... let's say the owner dies without leaving the key behind... or even telling anyone that the BTC are on that hard drive. Or there are no backup copies and the drive fails...

A quarter forgotten in a trunk in the attic in 1967 is worth a quarter when it is found. A BTC forgotten on an encrypted hard drive is just... gone.

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That is exactly right. I want to pass on tangible assets to my family: gold, silver guns, stock, cash. Too many variables and infrastructure requirements to justify Bitcoin or other crypto-currencies IMHO.

UTExan said:

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TexasRebel said:

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Lost gold/cash/physical object can be found and claimed by anyone and re-enter circulation.

If a private key is in properly protected digital cold storage... let's say the owner dies without leaving the key behind... or even telling anyone that the BTC are on that hard drive. Or there are no backup copies and the drive fails...

A quarter forgotten in a trunk in the attic in 1967 is worth a quarter when it is found. A BTC forgotten on an encrypted hard drive is just... gone.

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That is exactly right. I want to pass on tangible assets to my family: gold, silver guns, stock, cash. Too many variables and infrastructure requirements to justify Bitcoin or other crypto-currencies IMHO.

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We are now speculators here. It is sound to get proven assets and investments in order before diving into crypto currency speculation.

I'm viewing it more as entertainment than actual investment right now.... I tossed a little into the crytpncurrency market after the recent threads and researching it.

I am approaching it as if I am betting on horses, not investing.

bmks270 said:

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UTExan said:

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TexasRebel said:

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Lost gold/cash/physical object can be found and claimed by anyone and re-enter circulation.

If a private key is in properly protected digital cold storage... let's say the owner dies without leaving the key behind... or even telling anyone that the BTC are on that hard drive. Or there are no backup copies and the drive fails...

A quarter forgotten in a trunk in the attic in 1967 is worth a quarter when it is found. A BTC forgotten on an encrypted hard drive is just... gone.

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That is exactly right. I want to pass on tangible assets to my family: gold, silver guns, stock, cash. Too many variables and infrastructure requirements to justify Bitcoin or other crypto-currencies IMHO.

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We are now speculators here. It is sound to get proven asseats and investments in order before diving into crypto currency speculation.

I'm viewing it more as entertainment than actual investment right now.... I tossed a little into the crytpncurrency market after the recent threads and researching it.

I am approaching it as if I am betting on horses, not investing.

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I wonder how much money will have left the country when this thing pops.

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You got it. Hit me up in 2 years and I'll give you 17cents.

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How do I know you'll have $75K in two years? Better to just pay now.

pfo said:

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TexasRebel said:

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Unless you're talking about chicken or beef stocks you'll still convert to USD.

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Yes, that's true Texas but if the sales, revenues, dividends and appreciation of the stocks I bought are strong and the dollar continues to purchase fewer and fewer goods and services as it always has since Nixon took America off the gold standard in the early 1970's, then I will be selling those stocks in the future for a lot more dollars than I just paid for them.

The same could also be said for gold and land. It's not that gold and land and stocks are getting so much more valuable as it is that the currency we value things in (the US$) keeps getting less valuable. That's the big picture you never want to lose sight of.

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That's an oversimplification of inflation, and I think you are smart enough to know that. No currency can ever stay at the exact same value in a growing economy.