Bitcoin

[fan_since79]

Does anyone understand what the hell this is all about? 

Up 16% yesterday, down 16% today.

Over $10,000 per coin.

 

[NrM]

whales manipulating the market. Marketcap is still low enough for them to move the coin how they want. 

Dump 10k btc, cause mass panic and buy back super cheap doubling their stack.

[Tank]

2 hours ago, fan_since79 said:

Does anyone understand what the hell this is all about? 

I don’t get it, either.

Seems like something that could end up being a big scam is the end.

[fan_since79]

Down 8% this morning to $7,000. Just a couple weeks ago it was over $10,000.

I still don't know what the hell it's all about. Some people are saying this is what you'll need to survive if everything breaks down in the financial system.

Seems like BS to me and some kind of money-making scam.

[gotbeer]

Just my opinion.  But the problem with cybercurrency is they are backed by really nothing.  If you buy a bitcoin, there is nothing really backing it but demand.  And who knows what the supply really is.  At least with the financial system, there is something backing it.  Whether it be a government currency, or stock/bond.  Stock, the assets of a company are backing it.  Again, JMO, but bitcoin seems like some high tech pyramid scheme.  

 

[Don]

It topped out right around $20k a couple years ago when freaking everybody was buying in. It's basically a Dutch Tulip at this point. It certainly has some value, but it's market value is (or was) driven by mass-popularity with small-time investors and, as mentioned above, quick and dramatic influences from whales. If you feel like dropping some cash in it and waiting five years, who knows what might happen. But watching it daily will only make you crazy.

[cysomeawfulpitcher]

[fan_since79]

If everything does fall apart some day what am I going to do with my $7,000 bitcoin?

I mean, nobody's going to accept it as legal currency at the supermarket so I'll probably end up starving like everyone else.

[Tank]

38 minutes ago, Don said:

It's basically a Dutch Tulip at this point.

i don't know what this is and i'm scared to google it at work.

[Don]

2 minutes ago, Tank said:

i don't know what this is and i'm scared to google it at work.

https://en.wikipedia.org/wiki/Tulip_mania

It only sounds bad.

[T.G.]

[Catwhoshatinthehat]

3 hours ago, fan_since79 said:

I still don't know what the hell it's all about. Some people are saying this is what you'll need to survive if everything breaks down in the financial system.

If everything breaks down in the financial system how are people going transfer, move or sell bitcoin?  In a real shit hits the fan scenario it's going to come down to tangible goods.

2 hours ago, Don said:

It topped out right around $20k a couple years ago when freaking everybody was buying in. It's basically a Dutch Tulip at this point. It certainly has some value, but it's market value is (or was) driven by mass-popularity with small-time investors and, as mentioned above, quick and dramatic influences from whales. If you feel like dropping some cash in it and waiting five years, who knows what might happen. But watching it daily will only make you crazy.

Around the time it topped out I had two friends of mine who really don't talk about investments much mention bitcoin to me.  I'm glad my friends are interested in investing but that's akin to your plumber talking stocks back around 2007.  Luckily one of them only put a bit in but the other one put a large chunk of money in that he got from selling a rental.  I imagine he's still holding on to it because he was a big fan of it, he put in a large chunk of money and I don't know when he'd sell and lock in losses.

[Taylor]

It's used on the deep web because it's an anonymous currency that can't be traced.

[Tank]

2 hours ago, Taylor said:

It's used on the deep web because it's an anonymous currency that can't be traced.

i hope it's worth it for you.

and stop breaking the law, you indigent.

[T.G.]

2 hours ago, Taylor said:

It's used on the deep web because it's an anonymous currency that can't be traced.

Now we know how he bought his Taylor Swift and Hamilton tickets.

[Brandon]

This thread is funny, some of you dudes literally have no clue (albeit, some have mentioned as such) about how cryptocurrency works but keep posting about it.

It's like watching a bunch of janitors give each other tax advice. 

[Taylor]

1 hour ago, Brandon said:

This thread is funny, some of you dudes literally have no clue (albeit, some have mentioned as such) about how cryptocurrency works but keep posting about it.

It's like watching a bunch of janitors give each other tax advice. 

I listed to a podcast about Silk Road, so I now know everything there is to know about cryptocurrency.

[T.G.]

Everyone knows crytocurrency is the form of monetary payment used on Krypton.

[notherhalo]

This is an interesting video series on how the monetary system we use today works, parts 2 and 3 are good if someone has the attention span to watch them

 

[NrM]

Why can't Bitcoin be another form of digital gold? Why do people buy and store gold? It's always wise to have a diverse portfolio right?

Alt coins like Ethereum and Iota are the blockchain currencies with real potential and use cases. Bitcoin is basically the original Crypto. The problem with alt coins is it follows bitcoin. If Bitcoin tanks 50%, alt coins tank 80%. During a bull market, however, alt coins usually gain the most. 

Blockchain technology is real and has the potential to be a game changer. 

 

 

[UndertheHalo]

I have some litecoin.  Pretty pissed it hasn’t mooned yet. 

[Taylor]

On 11/23/2019 at 10:31 PM, NrM said:

Why can't Bitcoin be another form of digital gold? Why do people buy and store gold? It's always wise to have a diverse portfolio right?

Alt coins like Ethereum and Iota are the blockchain currencies with real potential and use cases. Bitcoin is basically the original Crypto. The problem with alt coins is it follows bitcoin. If Bitcoin tanks 50%, alt coins tank 80%. During a bull market, however, alt coins usually gain the most. 

Blockchain technology is real and has the potential to be a game changer. 

Unless you're an expert, you're not allowed to talk about it.

[Lou]

16 minutes ago, Taylor said:

Unless you're an expert, you're not allowed to talk about it.

[Catwhoshatinthehat]

Anyone that's invested should have a diversified portfolio but considering the type of investing most people do that can be accomplished through more traditional assets with less downside.  Most of the people who seem to talk about bitcoin are the guys who got in early and are trying to pump it up or in some cases have launched funds/companies then there's smaller investors who got in later that need it to succeed because of what they paid.  Even when it comes to alternative investments people might know more about they're not necessarily the type of things the average person needs to get involved with.  Doesn't mean bitcoin or the next big thing which inevitably comes along won't make some people a lot of money nor does it mean it won't succeed long term.  Personally I don't have the risk appetite for that stuff and don't want to be left holding the bag on something that doesn't work out.  In those situations if you don't get in real early you could be like my one friend who dumped a lot of money into it only to see it sitting at about 40% of the value two years later.    

[Brandon]

Yeah, I don’t mess with the investment side. My tech buddy told me about it in 2012, but it was too new and felt speculative. Then when it went full speculative poker pros I know got in deep and would write blogs, videos, etc. on how it all works. I knew by the time money was being made it was too late. Someone tried to get me into some of the new companies, but when you got some early/mid twenty year old in the office giving investing advice I just have to pass.

Just not my cup of tea.

But the same way people are out of their league investing and pushing it on others to do the same I have to equally laugh at the people that don’t know how cryptocurrency or blockchain work and just say, “uh....it sounds like a scam” while not knowing anything about the technology or the parts that will be incorporated in the future.