Page 1 of 7 12345 ... LastLast
Results 1 to 15 of 100

Thread: Bitcoin?

  1. #1
    Join Date
    Apr 2007
    Location
    New Jersey
    Posts
    888
    Blog Entries
    1

    Bitcoin?

    Anyone own bitcoin? Anyone understand what it is? I don't.
    Dennis

  2. #2
    I don't have any. But I know people who do. Think the easiest way to start to get how it works is just compare a one dollar fed note to the old "silver certificate" dollars. Bit coin is like the Fed note .....without you having to accept it under penalty of law. Silver and gold have always been widely accepted ,paper money is easily faked since its all made of same stuff. The strength of bit coin is that those getting involved have a good understanding of why governments want to control money.

  3. #3
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,453
    Remember tulipmania, when tulips were being bought and sold for hundreds of thousands of dollars?
    This is pretty much the same thing, except that instead of tulips, you have nothing. People buy them in expectation that other people will be willing to pay more for them in the future. So far it has worked great, as did tulips, until the day it didn't work. Then it will collapse and people will lose everything. Except of course the people who got out in time, and that is the key to the collapse. No one wants to get out late, so when it starts to go down everyone will want to get out. Collapse.

    One big difference between bitcoins and tulips is that bitcoins are widely used to pay for illegal drugs and ransoms (ie. ransomware). It has no other use; at least tulips gave pretty flowers.

  4. #4
    Join Date
    Mar 2003
    Location
    SE PA - Central Bucks County
    Posts
    48,799
    There is great risk in Bitcoin and other "electronic currencies". They are purely market-based and speculative, IMHO. There was a lot of volatility this week alone.

    Here's an interesting article that talks a little about potentially why Bitcoin is "hot" at the moment.

    https://www.nbcnews.com/business/con...ottest-n827906
    --

    The most expensive tool is the one you buy "cheaply" and often...

  5. #5
    Join Date
    May 2007
    Location
    Fort Smith, Arkansas
    Posts
    1,531
    Considered it about a year ago and in fact joined an exchange. Watched it for a few days and decided not to get any. Because of volitility and the fact it really represents nothing of any value except to drug dealers, gun dealers, kidnappers, slavers and other criminals to operate internationally totally transparent to any government knowledge or ability to track. I would have expected governments to shut down exchanges before now but I guess,ours at least, is too busy squabbling to attend to the interests of the people. That, or worse, have a vested interest in cyber currency surviving if you'll excuse my cynicism. Rant off
    Never run with bagpipes. You might put your aye out. Or worse, get kilt.

    The problem with humanity is: we have paleolithic emotions; medieval institutions; and God-like technology.

    I miss DOS when you knew what was on your computer, how it got there and what it did

  6. #6
    Join Date
    Oct 2006
    Location
    New Jersey
    Posts
    1,121
    sounds like a ponzi scheme to me
    John T.

  7. #7
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,453
    Quote Originally Posted by Michael Weber View Post
    Considered it about a year ago and in fact joined an exchange. Watched it for a few days and decided not to get any. Because of volitility and the fact it really represents nothing of any value except to drug dealers, gun dealers, kidnappers, slavers and other criminals to operate internationally totally transparent to any government knowledge or ability to track. I would have expected governments to shut down exchanges before now but I guess,ours at least, is too busy squabbling to attend to the interests of the people. That, or worse, have a vested interest in cyber currency surviving if you'll excuse my cynicism. Rant off
    I agree it should be illegal. Serves no purpose except to facilitate crime. But maybe is the issue is whether making it illegal would help. Everything would go on as before, except it would be illegal. So what? It is not like being legal gets you anything; somebody just stole $85M worth of them and there is nothing to be done about it; you can't sue anyone because there is no one to sue, and you can't prove you owned them anyhow.

    It will be something to see when they crash.

  8. #8
    Quote Originally Posted by John Terefenko View Post
    sounds like a ponzi scheme to me
    Funny, a lot of cryptocurrency fans believe it is the cold hard cash in your wallet that is the ponzi scheme.
    Gold bugs tend to be in the same camp.
    I guess time will tell who's right.

    One thing I'm quite sure about - the world your kids or grandkids will grow up in will look radically different than the one you grew up in.
    Your world and the world of your parents will look quite similar to each other in comparison.

  9. #9
    Fort Knox is full of gold....the Feds think it's valuble. Somebody asked them "why gold"? Turns out there just are not enough Honus Wagner baseball cards to fill the place up.

  10. there were some community based swap currencies started a few years ago. They went something like, you trade a step ladder for a 3 credit certificate. A carpenter who has time on his hands might repair your front steps for the three credits certificate, and a farmer might accept the three credit certificate for three bushel of apples. The worth is not guaranteed or regulated by any government and floats on the credibility given to it by the public. Bitcoins are an electronic credit that are only worth the credibility the public gives them. When it comes down to it, all commodities, including dollars can be manipulated by others. Gold fluctuates. The value of a dollar fluctuates against foreign markets Even the old practice of keeping a stash of gems to sell if necessary. A few eastern european families had platinum cast into frying pans and traveled across to the new world with only a few meager possessions and some cookware. Cookware easily worth a hundred thousand dollars a piece today. All commercial currencies whether public or private, come down to the worth and "credit" people put on them. Just like futures in pork bellies.

  11. #11
    My son got into it early, and is pretty much an expert on it, but I still can't understand it. He has made himself a good chunk of money, but IMO he needs to get out now, It is speculation, AKA gambling, and in the end, the house always wins.... I'm trying to gently convey this to him, but he has the optimism of youth....

  12. #12
    Quote Originally Posted by Wade Lippman View Post
    Remember tulipmania, when tulips were being bought and sold for hundreds of thousands of dollars?
    This is pretty much the same thing, except that instead of tulips, you have nothing.
    Oh, and what is the intrinsic value of dollars? Or GBP? Or yen? Or gold?

    Bitcoins are valuable because people mutually agree they have value. Just like dollars, pounds, yen, or gold.

  13. #13
    Quote Originally Posted by Michael Weber View Post
    Considered it about a year ago and in fact joined an exchange. Watched it for a few days and decided not to get any. Because of volitility and the fact it really represents nothing of any value except to drug dealers, gun dealers, kidnappers, slavers and other criminals to operate internationally totally transparent to any government knowledge or ability to track.
    Those enterprises don't accept cash? They didn't exist prior to bitcoin? Huh.

    There sure are a lot of very strong opinions in this thread from people who appear to lack even a cursory understanding of what they're having an opinion about...

  14. #14
    Join Date
    May 2007
    Location
    Fort Smith, Arkansas
    Posts
    1,531
    Quote Originally Posted by Dan Friedrichs View Post
    Those enterprises don't accept cash? They didn't exist prior to bitcoin? Huh.

    There sure are a lot of very strong opinions in this thread from people who appear to lack even a cursory understanding of what they're having an opinion about...
    Of course they did Dan. I didn't imply otherwise. It's just another level of protection for criminal elements. Everything I have read seems to indicate it is a useful tool for criminal activity in that it allows instantaneous, anonymous conversion to legitimate currencies. Agreed, I'm not an expert on cyber currencies.
    Never run with bagpipes. You might put your aye out. Or worse, get kilt.

    The problem with humanity is: we have paleolithic emotions; medieval institutions; and God-like technology.

    I miss DOS when you knew what was on your computer, how it got there and what it did

  15. #15
    Join Date
    Aug 2010
    Location
    USA
    Posts
    5,391
    Some recent legitimacy in that Chicago Options Exchange now trading Bitcoin

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •