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Gene Pool
Trad climber
A trailer park in Santa Cruz
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Nov 28, 2017 - 08:08pm PT
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Wow. Very surprised at negative responses. Bitcoin can only be compared to the internet. Both are global, digital, open, decentralized (to some degree) networks. One deals with info, the other value. It's not about a digital token. It's about the network and protocol! Facebook is worth 500b. Bitcoin 150b. This has a significant chance of being the biggest opportunity of your life.
Do not miss this. You will regret.
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Reilly
Mountain climber
The Other Monrovia- CA
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Nov 28, 2017 - 09:10pm PT
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Gene Pool, learn the difference between investing and gambling.
By all means buy Bitcoin, if you can afford to lose yer 'investment'.
Let's say you made a million doing so. How you gonna buy a house with it?
I guess you could buy a bunch of pot and resell it for actual cash and then
buy yer house.
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High Fructose Corn Spirit
Gym climber
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Nov 28, 2017 - 09:38pm PT
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Let's say you made a million doing so. How you gonna buy a house with it? -Reilly
Reilly what the hell are you talking about?
You better clarify because your credence just tanked.
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High Fructose Corn Spirit
Gym climber
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Nov 28, 2017 - 09:47pm PT
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"Let's say you made a million doing so. How you gonna buy a house with it? I guess you could buy a bunch of pot and resell it for actual cash and then buy yer house." -Reilly
Better? Does anyone here know what Reilly's talking about?
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Gene Pool
Trad climber
A trailer park in Santa Cruz
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Nov 28, 2017 - 10:24pm PT
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No need to argue. Just check back in in two years. I'll eat my humble pie it it's due, but my money's on a digital currency native to the internet that allows *anyone* to build off of it - unlike any fiat currency in existence. Think deeply about what permission-less/openness means in a global network! It means relentless innovation. Ever been to France? Remember the minitel? The private precursor to the www that got crushed. This is going to be one of the craziest stories of our century.
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Gene Pool
Trad climber
A trailer park in Santa Cruz
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Nov 28, 2017 - 10:29pm PT
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For the curious, start with Walter Isaacson's podcast "dis-rupt - Cha ching" Then download the Satoshi white paper. It's surprisingly readable. Then if you want to go deep, watch Princeton Universities' lecture series on YouTube. Bad endings can happen, but something really special is happening here. I'd give it 75% chance you look back at 10k bitcoin and cry.
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High Fructose Corn Spirit
Gym climber
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Nov 28, 2017 - 10:50pm PT
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There's no basis for argument here.
I simply want Reilly to explain his post.
I really don't know Reilly, I just hope he's not just another dime a dozen shitposter.
https://www.urbandictionary.com/define.php?term=shitposter
I just don't get why there are so many people / posters who pretend to knowledge they don't have and then post up about it.
Really, I hope I'm wrong about Reilly here.
I'm going to have to check in the morning, it's already past my bedtime.
Maybe he'll have an answer that explains his odd post by then?
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Byran
climber
Half Dome Village
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Nov 29, 2017 - 12:43am PT
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The idea of bitcoin is definitely here to stay, so it might seem like investing in bitcoins is a safe bet, but that's only because right now bitcoin the only popular cryptocurrancy on the market. It's like how in 2005, everyone could say that social media was only going to gain in popularity. And that's true, it absolutely did. But the people telling you to invest in MySpace never could have guessed that everyone would jump ship to Facebook over the next few years. So bitcoin prices will probably keep going up until something else comes along to compete with it, and who knows when that will be.
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High Fructose Corn Spirit
Gym climber
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Nov 29, 2017 - 07:11am PT
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crickets from reilly it seems
The facts: One can cash out his btc, whether it's 1 or 100, at any of a number of exchanges, Coinbase being one of them. It seems bitFlyer, cited above, is soon to be or is already another.
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kunlun_shan
Mountain climber
SF, CA
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Nov 29, 2017 - 05:27pm PT
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Wow!
https://www.cnbc.com/2017/11/29/bitcoin-plunges-18-percent-after-topping-11000-in-extremely-volatile-trading.html
Bitcoin plunges 18% after topping $11,000 in extremely volatile trading
The digital currency dropped more than 18 percent from a record high of $11,388.33 to current levels around $9,292 on Wednesday, according to CoinDesk.
Trading was extremely volatile as exchanges such as Coinbase's GDAX struggled to keep up with the surging demand.
"There's no fundamental value to any of this stuff and it's all based on ... supply and demand at any point in time," said Leigh Drogen, a former trader who now heads Estimize, a 6-year-old company that collects and publishes financial estimates for data such as earnings.
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Reilly
Mountain climber
The Other Monrovia- CA
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Nov 29, 2017 - 07:25pm PT
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18% in a day? LITE! I went toe to toe with the Hunt Bros on silver futures BITD.
You want free soloing? How about six figure volatility per minute! 😝
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Winemaker
Sport climber
Yakima, WA
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Nov 29, 2017 - 07:53pm PT
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Yeah, well the problem I see is the requirement for any cash transaction over $10k to be reported to the Feds. Even now, a lot of banks will not accept cash deposits at all if the depositor is not the account owner. It's illegal to bring over $10k into the country without reporting it. This is where bitcoin is going to have trouble; if I cash out 10 bitcoins @ $10k/each, get some cash or wire transfer, then what? How does the USD money get into the system? The Feds want their share.
As Reilly suggested, how do you buy a house?
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Byran
climber
Half Dome Village
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Nov 29, 2017 - 10:56pm PT
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You pay your capital gains taxes on the profits you made trading bitcoin, then your money is "in the system" legally, and then you can buy your house. How is any of this different than buying/selling gold or stocks?
Edit: if you're talking about large values of bitcoins that were acquired illegally (selling drugs or contraband) then the money will still need to be laundered the same way a briefcase full of cash would. The best way to think of bitcoins is that they are "digital cash". It's not some magic currency that gets you out of paying taxes or let's you deposit huge sums of drug money into your Wells Fargo account.
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mcreel
climber
Barcelona
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Nov 29, 2017 - 11:19pm PT
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Pie in the sky?
[Click to View YouTube Video]
Bitcoin is not a unique thing, there are other cryptocurrencies. Precisely the volatility of bitcoin reduces it's usefulness as a medium of exchange, it becomes more of a speculative investment. If someone invents a cryptocurrency that has a value stability mechanism built in, then it could cause an implosion of bitcoin. Actually, this recent bubble is bound to pop at some point, regardless. I will bet internet bragging rights that bitcoin will loose 20% of value in a single day some time in the next 4 months.
EDIT: oops! That happened yesterday, hah, hah!
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Reilly
Mountain climber
The Other Monrovia- CA
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OK, ‘Buttonwood’ of The Economist splains it succinctly:
https://www.economist.com/news/finance-and-economics/21731827-getting-out-such-illiquid-asset-can-be-harder-getting-bitcoins
“It is easy to muddle two separate issues. One is whether the “blockchain” technology that underpins bitcoin becomes more widely adopted. Blockchains, distributed ledgers that record transactions securely, may prove very useful in some areas of finance, and beyond. The second is whether bitcoin will become a widely adopted currency in everyday life. Here the evidence is weak.
A currency is also a unit of account for debt. Paul Mortimer-Lee of BNP Paribas, a French bank, tartly remarks: “Imagine if you had financed your house with a bitcoin mortgage.” This year your debt would have risen tenfold. “
“The top is hard to call. At some point, the urge to turn all those digital zeros into cars and iPhones will prove too great. Getting out of an illiquid asset—as this week, when exchanges struggled to cope with trading volumes—can be harder than getting into it. Some remember Nathan Rothschild’s remark about the secret of his wealth: “I always sold too soon.” “
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beaner
Social climber
Maine
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bitcoin is bad news
http://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/
Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power. As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a wrinkle designed to control the currency’s supply.
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.
The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.
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