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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 23, 2017 - 06:56pm PT
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some huge number have disappeared. A huge number of the Dow have disappeared? Really, bro?
Remember, I said buy quality.
No one on Earth. So what yer sayin’ is Warren Buffet is an alien?
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seano
Mountain climber
none
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Dec 23, 2017 - 08:16pm PT
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Most likely, if you did buy it then (I am not interested enough to look up the price history of the stock) you didn't even understand what you were buying at the time. Okay, you're lazy. So am I, but slightly less pathetically lazy than you. P&G was worth $1 back around 1980, and it cost me less than a minute to figure that out.
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nature
climber
Boulder, CO
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Dec 29, 2017 - 01:13pm PT
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I owe you one, HFCS.
that bitcoin you sent sat there and I just took a look. the $3.24 turned into about $90 (there was some bitcoin cash on top of the bitcoin). Plus I had some money in a poker site that I just cashed out to bitcoin. So now I'm sitting on $225 and I'm about to put all of that into XRP.
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 29, 2017 - 04:10pm PT
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.they are fleecing grandmas and taking the knee caps off guys like Reilly on a daily basis.
You crack me up. You might be the new leader in StuporTopo Assumption Making.
1. Proctor & Gamble has been in the Dow 30 for how long? That might not be your definition of quality but it suffices for most people.
2. I was a commodities trader before you were in nappies.
3. It is true that my knees aren’t great, but that isn’t due to my portfolio. I wish I was crass enough to elaborate.
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Mungeclimber
Trad climber
Nothing creative to say
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Jan 11, 2018 - 04:50pm PT
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Please let me know if anyone would like to purchase my "MungeCoin"
Dollars on the penny deal!
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Winemaker
Sport climber
Yakima, WA
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Jan 11, 2018 - 06:46pm PT
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Hell Munge, at 19,000,000% I'm in for a buck, no, two! pm me address and I'll send it down ASAP. This reminds me of the dotcom days. Really, value out of nothing except great expectations. Maybe I should write a book .......
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fear
Ice climber
hartford, ct
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Jan 11, 2018 - 07:02pm PT
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I'm starting a better crypto-currency with a new Beanie baby blockchain technology called Tulipsa.....
Who's in?
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NutAgain!
Trad climber
South Pasadena, CA
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Jan 11, 2018 - 07:13pm PT
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I'm looking for the discussion about what will happen to the currency in a few years when there are no more coins to be mined.
there will be no incentive to verify the blockchain.
how can they retain any value when the books stop being kept?
xCon is one of the few people on this thread making insightful comments specifically about bitCoin. I just watched the documentary on Netflix which is very good. The main technical question I walked away with is exactly what xCon asked.
From what I understand (perhaps incorrectly), bitCoin transaction validation depends on this distributed network of computers. They don’t do it out of the goodness of their hearts. They do it because the the code to validate transactions is part of the platform for mining to find new bitCoins. In other words, for the service of validating bitCoin transactions and running the decentralized infrastructure, they get the benefit/privilege of mining bitcoins to make money. This is all well and good until the supply of bitCoins has all been mined... then all the miners will abandon that activity and a new incentive will need to be created to validate bitCoin transactions- a service fee?
One other point I’ve seen nobody here mention: bitCoins were envisioned and created as a way of decentralizeinf power, to help people be less dependent on governments and large corporations, to increase privacy. Look at how that same dynamic has gone for email... the protocols enable peer to peer decentralized communication, and yet the markets evolved to create a few big bottlenecks controlled by big companies and subject to government scrutiny again (e.g. gmail.com, mail.yahoo.com, sbcglobal.net, etc.). Similar thing with bitCoin- make inroads to regulatory control and getting swallowed by “trusted” 3rd parties (which the technology was invented to circumvent), and the evils of an untrustable “trusted” 3rd party will of course play out as in every other market.
But, just like with email, you can still use bitCoin in an anonymous peer to peer fashion without the exchanges. That is, if you care about the fundamental reason that bitcoin was created and don’t just see it as a novel widget for speculation.
That fundamental ideology is what makes it profoundly threatening to our government. Institutions invested with a lot of power don’t look kindly on competitors, and this makes me skeptical of the future of bitcoin. On the other hand, our existing power structure is filled with greedy deceitful people who want the opportunity to get their own piece of the pie. This is a strong influence in support of bitcoin’s future. So place your bets on the balance of power between existing institutions and those who are cogs in that machinery trying to get ahead for themselves. That I think more than criminals outside of governments are what will determine the future of bitcoin. In other words, the legitimization/legalization of past ill-gotten gains by those in a position to regulate it, the desire to tax it (or rather- to tax a part of it used by joe-shmo normal people but not the elite who live outside the normal rules).
I didn’t pay attention soon enough- I’ve got no skin in the game and it’s way too late to start now for anything other than entertainment money.
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Winemaker
Sport climber
Yakima, WA
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Jan 11, 2018 - 07:53pm PT
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I didn’t pay attention soon enough- I’ve got no skin in the game But Nut, that's not the only point. Bitcoin, beyond people making some sort of financial killing by being there early, is supposed to decentralize and anomize transactions; mostly, as far as I can see for illegal activities. So if one was late to the game and didn't make a killing; what then? I struggle to understand how some blockchain calculation algorithm can add value to our physical world.
What is the basis for the value of bitcoin? Simply, in my naive, simplistic view, because people want to believe they can make a profit. But where is the actual value? How many 'cyber currencies' can be created? What value should they have? Yes, a market will determine a value, but what if the buyers don't know what they are buying? I'm investing $2.00 in Mungeclimber's MungeCoin currency because 19,000,000% value increase tomorrow, guaranteed, (assuming he sells me the coins). But where did the value come from? It's a pyramid scheme and doomed to fail.
Edited for English.
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fear
Ice climber
hartford, ct
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Jan 11, 2018 - 08:40pm PT
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Right, but my Tulipsa is different. What can I put you down for?
A form of currency beyond the control of thieving and warring empires is where the real value to humans is. It's a threat so bad that it will be destroyed by those same empires. What prevents central banks from literally printing fiat money and purchasing said cryptoblahs to drive the false demand through the roof? Nothing. And what a perfect way to destroy faith and stability in them right? Pump and dump.
Lather rinse, repeat. And the sheep will be back for more of their worthless empire coins, properly 'taxed' like good bleaters. Only nefarious sheep need anonymity of course... Baaaaaaad.
But an optimist would say that something several generations of development cycles like bitcoin is inevitable and very exciting. The technology behind bitcoin won't work for the volume and speed required. Think of it as akin to the first humans collecting and trading shells.
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Mungeclimber
Trad climber
Nothing creative to say
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Jan 11, 2018 - 09:05pm PT
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In a way, paper money functions in the same way as a crypto currency. Just not digitally. It is a 'note' that can be redeemed currently and traded at value. Hell, the bills say "FEDERAL RESERVE NOTE"
What gives paper money its trusted status? A robust market and the full faith and credit of the US gov.
Cryptos have neither. Until that changes, cryptos will be purely based on speculation against the sheep that fear missing out, but bought in too late.
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Reilly
Mountain climber
The Other Monrovia- CA
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Jan 16, 2018 - 06:44pm PT
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Down 50% from its all time high today. Wait til S Korea bans it!
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Ed Hartouni
Trad climber
Livermore, CA
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Jan 16, 2018 - 08:47pm PT
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maybe some of the questions are addressed here:
Bitcoin is going mainstream. Here is what you should know about it.
"The floor value of bitcoin is zero. It does not pay interest. There is no asset value attached to it except what the market gives it. It has no central bank supporting it.
Where can you trade bitcoin?
On bitcoin exchanges. There are lots of them. BTCChina. Bitstamp. Bitfinex. People can buy and sell using various currencies. Bitcoins are stored in digital wallets that exist in the cloud or on people’s computers."
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stevep
Boulder climber
Salt Lake, UT
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Jan 16, 2018 - 09:10pm PT
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Bitcoin won't become any kind of widely used means of exchange until the value stabilizes.
Normal people wold be fairly annoyed to find out that the .2 bitcoins they saved to buy an iPhone on Friday will now buy two iPhones on Monday.
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Lennox
climber
in the land of the blind
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Jan 16, 2018 - 09:41pm PT
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Bitcoin is to cryptocurrency and blockchain as Netscape was to web browsers and Yahoo was to search.
There are over a thousand cryptocurrencies now. Most of them are pump and dump scams. The one I posted about that went up 19,000,000% in one day is based in southern Italy. 😗 Hmm.
But eventually things will sort out, and I think something paradigm shifting will emerge.
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EdwardT
Trad climber
Retired
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Jan 17, 2018 - 05:58am PT
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A month ago, bitcoin was valued at $19,300.
Two days ago, it was around $14,000.
It's currently at $10,200.
Charles Ponzi was an Italian swindler and con artist
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Winemaker
Sport climber
Yakima, WA
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Jan 17, 2018 - 06:54am PT
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Actually $9415.41 at this moment.
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