I know everyone here has been quick to dismiss this digital currency as being a joke, but it's going up and up and up...
So bitcoin hit 1000 today
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203 Replies |
Last: 1 yr ago by p-townag
Until the big crash.
1000 what? Dollars? Intergalactic credits?
It's value in dollars is nearly pure speculation. So weird.
So it's tied to the dollar, but not dependent on the dollar. Reminds me of the time I found out that you could use quarters instead of chuck e. cheese tokens, and I wondered why I was changing quarters.
Scam ponzi worthless. Don't buy it bad idea.
Nah
Stick to your safety net. Don't buy bitcoin
Bitcoin is a fiat currency with no sovereign tied to it, dressed up in a skirt, some lipstick, a wig, and a cheap pair of heels. Lets examine the shadiness:
How do I get my Bitcoins exchanged into USD? A website!
https://video.search.yahoo.com/yhs/search?fr=yhs-Lkry-SF01&hsimp=yhs-SF01&hspart=Lkry&p=how+to+convert+your+bitcoin+to+dollar#id=12&vid=99a6312ec59b1f7b15b0f50cf9a778a3&action=click
Who created it? no one knows
Where does it operate? outside every central bank
How is it backed? finite quantity: Great claim, impossible to backtest. The creator that no ones knows could easily tamped with the overall system. If the Russian's can hack our power grid, if the CIA can transfer assets that never existed from a middle eastern dictator without him knowing, maybe it is finite, but thats a heavy pill to swallow.
If they are finite, how would there be a finality date? If all get mined earlier than intended, what are the consequences? Liquidity squeeze of a non-liquid cyber "asset"? If people lose interest and the finite supply becomes irrelevant, then again why would that be a benefit?
Also: It isn't cash. You cant deposit Bitcoin and have FDIC insurance. See the below court ruling that Bitcoin is an intangible asset and not currency.
http://www.coindesk.com/bankruptcy-judge-bitcoin-property-currency/
Next: See above post - Bitcoin claims to be backed by the USD, but not backed by the USD. Which is it? US Govt says it isn't currency.
My Thoughts:
We should create a new crypto-currency: AgCoin. No tangible backing, no creator, you mine them off TexAgs, and once they break $1,000, we could get our own ETF: TXAG
How do I get my Bitcoins exchanged into USD? A website!
https://video.search.yahoo.com/yhs/search?fr=yhs-Lkry-SF01&hsimp=yhs-SF01&hspart=Lkry&p=how+to+convert+your+bitcoin+to+dollar#id=12&vid=99a6312ec59b1f7b15b0f50cf9a778a3&action=click
Who created it? no one knows
Where does it operate? outside every central bank
How is it backed? finite quantity: Great claim, impossible to backtest. The creator that no ones knows could easily tamped with the overall system. If the Russian's can hack our power grid, if the CIA can transfer assets that never existed from a middle eastern dictator without him knowing, maybe it is finite, but thats a heavy pill to swallow.
If they are finite, how would there be a finality date? If all get mined earlier than intended, what are the consequences? Liquidity squeeze of a non-liquid cyber "asset"? If people lose interest and the finite supply becomes irrelevant, then again why would that be a benefit?
Also: It isn't cash. You cant deposit Bitcoin and have FDIC insurance. See the below court ruling that Bitcoin is an intangible asset and not currency.
http://www.coindesk.com/bankruptcy-judge-bitcoin-property-currency/
Next: See above post - Bitcoin claims to be backed by the USD, but not backed by the USD. Which is it? US Govt says it isn't currency.
My Thoughts:
We should create a new crypto-currency: AgCoin. No tangible backing, no creator, you mine them off TexAgs, and once they break $1,000, we could get our own ETF: TXAG
One point I think you should reevaluate is your argument against finite quantity.ZoneClub said:
Bitcoin is a fiat currency with no sovereign tied to it, dressed up in a skirt, some lipstick, a wig, and a cheap pair of heels. Lets examine the shadiness:
How do I get my Bitcoins exchanged into USD? A website!
https://video.search.yahoo.com/yhs/search?fr=yhs-Lkry-SF01&hsimp=yhs-SF01&hspart=Lkry&p=how+to+convert+your+bitcoin+to+dollar#id=12&vid=99a6312ec59b1f7b15b0f50cf9a778a3&action=click
Who created it? no one knows
Where does it operate? outside every central bank
How is it backed? finite quantity: Great claim, impossible to backtest. The creator that no ones knows could easily tamped with the overall system. If the Russian's can hack our power grid, if the CIA can transfer assets that never existed from a middle eastern dictator without him knowing, maybe it is finite, but thats a heavy pill to swallow.
If they are finite, how would there be a finality date? If all get mined earlier than intended, what are the consequences? Liquidity squeeze of a non-liquid cyber "asset"? If people lose interest and the finite supply becomes irrelevant, then again why would that be a benefit?
Also: It isn't cash. You cant deposit Bitcoin and have FDIC insurance. See the below court ruling that Bitcoin is an intangible asset and not currency.
http://www.coindesk.com/bankruptcy-judge-bitcoin-property-currency/
Next: See above post - Bitcoin claims to be backed by the USD, but not backed by the USD. Which is it? US Govt says it isn't currency.
My Thoughts:
We should create a new crypto-currency: AgCoin. No tangible backing, no creator, you mine them off TexAgs, and once they break $1,000, we could get our own ETF: TXAG
Bitcoin generation is controlled by an algorithm being run by every person mining bitcoins. Your "faith" is in the algorithm and that nefarious state actors won't dedicate enough computing power to mess with transactions history (which people would notice, the community watches calculations by large "groups" to makes sure 50% isn't breached by 1 group).
You are correct though in many of your other statements. Its not a legal currency, but neither is WoW gold. But both are a collection of 0s and 1s that certain people feel comfortable using to exchange goods and services.
Zoneclub has issues.
Did you just make this up? It isnt posted on this thread...
"Major Assumption: ZoneClub understands the complexities of our monetary supply and demand, banking infrastructure and database security, network infrastructure systems/maps, etc so that he can confidently inform us plebians what bitcoin is or isn't and it's worthlessness."
"Major Assumption: ZoneClub understands the complexities of our monetary supply and demand, banking infrastructure and database security, network infrastructure systems/maps, etc so that he can confidently inform us plebians what bitcoin is or isn't and it's worthlessness."
Zoneclub is intelligent. Listen to him.
For me it's hard to dismiss. I bought a handful of coins earlier before this latest boom figuring what the heck. Well now I have almost doubled their value per Coinbase.
It seems as simple as when I want out then I just hit sell and convert it back to USD. Coinbase gets a cut and I'm good to go. Trying to see how this is any different than trading stocks?
Guess the general consensus is nobody on here really trades bitcoins or is invested in them. Not sure if this is a good or bad thing. Either I am way ahead of the curve on something big or I'm throwing money at the next Betamax.
I do have a question that maybe everyone can help with regardless of you thoughts on investing in bitcoin... how do I handle taxes? I doubt Coinbase is like fidelity and will file for me... are there regulations for digital currencies? How does anyone even know?
It seems as simple as when I want out then I just hit sell and convert it back to USD. Coinbase gets a cut and I'm good to go. Trying to see how this is any different than trading stocks?
Guess the general consensus is nobody on here really trades bitcoins or is invested in them. Not sure if this is a good or bad thing. Either I am way ahead of the curve on something big or I'm throwing money at the next Betamax.
I do have a question that maybe everyone can help with regardless of you thoughts on investing in bitcoin... how do I handle taxes? I doubt Coinbase is like fidelity and will file for me... are there regulations for digital currencies? How does anyone even know?
Nah
Nah
My BIL owns a Bitcoin ATM business. Really interesting stuff discussing his compliance agreements with banks and his main user base. I was skeptical when he started this venture but he is taking it in lately. I'm still unsure about its longevity though
Bit at highs again? Buy buy buy!!!! Heard this scam before. Can I get another sales pitch wheels?
Flogi said:
Bit at highs again? Buy buy buy!!!! Heard this scam before. Can I get another sales pitch wheels?
Not sure anyone has recommended buying anything. Not sure where the hostility is coming from.
Nah
wheelskjm said:
Big cat, know which manufacturer he uses? I looked at that for awhile and I guess now is the time for them to really start showing up.
Not sure about the manufacturer, but below is their website
http://www.coinsource.net
Nah
He's majority owner. Got a few partners, but he stared the company a few years ago or so
Nah
Isn't bitcoin the universal currency that Revelation speaks about?
Nah
Nah
wheelskjm said:
$1.00 in 2011 could buy you 1 BTC
$1.00 in 2017 could buy you 1 mBTC, if you buy it early enough.
What's worthless?
Comparing Tulip bulb prices to Dutch currency in the 1630's would give you the impression that you should use your life savings to buy a single bulb.
Nah
I went to the coinsource website out of curiosity. At least half of the ATM's seem to be located in some fairly 'edgy' areas. I am curious, could bitcoin facilitate the exchange of funds for illicit enterprise?
Yep - it's the preferred currency of Hell's Angels, Crips, the Taliban, the Antichrist, and computer geeks.
Nah
wheelskjm said:
Futureman, no more or less than the good ol' USD, in case that affected your moral view of the technology.
Also we made it to $1095 last night.
FYI, current market chatter is that Chinese citizens are using Bitcoin to clandestinely move money out of China to offshore locales to circumvent China's Govt attempts to curb capital flight.
If true, you should see selling of the Bitcoin when capital flight slows, as people will want to buy local currency or real estate in the destination country of their choice.
Be very careful cheering on the rapid appreciation you are seeing, as it may be less of a vote of confidence in Bitcoin than a vote of no confidence in China's economy.
Nah
There is tremendous value in the blockchain technology, but it's not as an alternative currency. There is a difference in being early in the adoption cycle and being only relevant for true believers.
At least there are some people out there who see the real potential.
At least there are some people out there who see the real potential.
Quote:
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- See more at: http://www.cognitivescale.com/press-release/cognitivescale-launches-ai-blockchain-brain-enhanced-customer-engagement-process-intelligence/#sthash.MDQ1LWW3.dpuf
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