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Bitcoin

bpostbpost Member Posts: 32,669 ✭✭✭✭
edited March 2015 in General Discussion
Anyone know what these are all about[}:)]
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  • bpostbpost Member Posts: 32,669 ✭✭✭✭
    edited November -1
    Sure looks to be a legit currency substitute for the Fiat US dollar. Even DISH NET takes it.....does make one wonder how long the dollar is going to last. Oil is trading to China now in non-dollar trades, same with the Russians......
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  • bpostbpost Member Posts: 32,669 ✭✭✭✭
    edited November -1
    quote:Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday.

    Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange (BTC=BTSP) by 1200 GMT, before recovering a little to $6,870 just over 20 minutes later.

    On Wednesday around 1800 GMT, it had touched $7,888 after a software upgrade planned for next week that could have split the cryptocurrency in two was suspended.

    For whoever was keeping these.
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  • bpostbpost Member Posts: 32,669 ✭✭✭✭
    edited November -1
    Does anyone under stand Bitcoin and how it works.
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  • TooBigTooBig Member Posts: 28,559 ✭✭✭
    edited November -1
    Who wants our worthless money when Obama just keeps printing money with nothing to back it up with.
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  • shootuadealshootuadeal Member Posts: 5,301 ✭✭✭✭
    edited November -1
    Didn't Bitcoin close down and its founder flee the country taking many peoples money with him recently? A couple of months ago maybe?
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  • bpostbpost Member Posts: 32,669 ✭✭✭✭
    edited November -1
    quote:Originally posted by shootuadeal
    Didn't Bitcoin close down and its founder flee the country taking many peoples money with him recently? A couple of months ago maybe?


    I don't know about that but I do see where many businesses now accept it as payment. I am sure the US Government and the leaders of the Federal Reserve want the guy dead, gone and discredited. The PRIVATE banking concern running and ruining our money can't afford to have their secret corrupt and illegal system challenged.
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  • JunkballerJunkballer Member Posts: 9,312 ✭✭✭✭
    edited November -1
    quote:Originally posted by shootuadeal
    Didn't Bitcoin close down and its founder flee the country taking many peoples money with him recently? A couple of months ago maybe?
    Yep, that's what was widely reported [;)]

    "Never do wrong to make a friend----or to keep one".....Robert E. Lee

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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    Two years ago a Bitcoin was worth about $1100 and now is it worth $250...The Ruble is a better performer (it has only collapsed by 50%). How long with the Dollar last? My guess is that the Dollar will be around long after the Bitcoin is a footnote in the history of the exchange markets
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  • Don McManusDon McManus Member Posts: 23,697 ✭✭✭✭
    edited November -1
    Everyone I know that has 'invested' in Bitcoins is down between 50% and 75%.

    Not a big advantage, IMO, replacing one fiat currency for another.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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  • shootuadealshootuadeal Member Posts: 5,301 ✭✭✭✭
    edited November -1
    quote:Originally posted by Don McManus
    Everyone I know that has 'invested' in Bitcoins is down between 50% and 75%.

    Not a big advantage, IMO, replacing one fiat currency for another.





    Exactly. What is backing up the bitcoins?
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  • skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by shootuadeal
    quote:Originally posted by Don McManus
    Everyone I know that has 'invested' in Bitcoins is down between 50% and 75%.

    Not a big advantage, IMO, replacing one fiat currency for another.





    Exactly. What is backing up the bitcoins?


    The labor of mining them. There are a finite number of bit coins and unlike the dollar more cannot be made.
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  • MercuryMercury Member Posts: 7,842 ✭✭✭
    edited November -1
    Bitcoin is a joke. It has NOTHING back it, much like the US Dollar! But the US Dollar has been around for 200+ years.......


    Merc
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  • Don McManusDon McManus Member Posts: 23,697 ✭✭✭✭
    edited November -1
    quote:Originally posted by skicat
    The labor of mining them. There are a finite number of bit coins and unlike the dollar more cannot be made.


    Sure, skicat. Just like we reached 'peak oil' 4 decades ago. People have been saying that the supply of bitcoins is limited for decades, but just when they think we are going to run out, a new vein is found in Colorado, or Brazil, or more recently, in Siberia.

    A virtually unlimited supply of bitcoin ore has been mapped for years, and the supply is being carefully manipulated.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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  • skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by Don McManus
    quote:Originally posted by skicat
    The labor of mining them. There are a finite number of bit coins and unlike the dollar more cannot be made.


    Sure, skicat. Just like we reached 'peak oil' 4 decades ago. People have been saying that the supply of bitcoins is limited for decades, but just when they think we are going to run out, a new vein is found in Colorado, or Brazil, or more recently, in Siberia.

    A virtually unlimited supply of bitcoin ore has been mapped for years, and the supply is being carefully manipulated.



    I guess I don't understand. I was under the impression that 21 million was the ceiling for bit coins. No matter who solves the problems to earn bit coins, only the first 21 million are recognized by the system. If 21 million can be exceeded someway doesn't that invalidate the basic premise of the currency?
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  • mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
    edited November -1
    Electronic money that can be mined by smart people and computes and can disappear over night. Nah I'll keep mine in .22
    Why don't we go to school and work on the weekends and take the week off!
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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    21 million is the Bitcoin ceiling, but that limit is not slated to be reached for another century. What was the purchasing power of $1 one hundred years ago verse what it will buy today? Not pleasant thought. For those not familiar with Bitcoins, there is no physical "mining" involved as there would be in digging up gold or silver. Bitcoim mining involves a series of complex actions which are then rewarded with a unit of value. The problem is that every four or five years the reward is reduced by 50% making past mining much more valuable than later mining. This is why many people consider Bitcoins to be an enormous Ponzi scheme which greatly favors those in early at the expense of those who joined late. Four years ago a Bitcoin was on par with a Dollar and two years later it was worth over $1000. If you had a portfolio heavy in Bitcoins and you sold them you made a killing. Bitcoin is not a viable currency or even a commodity, it is simply speculation...Which is a polite term for legalized gambling.
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  • chiefrchiefr Member Posts: 14,115 ✭✭✭✭
    edited November -1
    quote:Originally posted by bpost
    Sure looks to be a legit currency substitute for the Fiat US dollar. Even DISH NET takes it.....does make one wonder how long the dollar is going to last. Oil is trading to China now in non-dollar trades, same with the Russians......



    Many have predicted once the world quit using dollars as the world currency for buying oil, that milestone would be the beginning of the end of the dollar as the world currency.

    Considering both Russia and China are already set to surpass us in the economy wars, Obama doubling the national debt, and government handing over our manufacturing base to China, one should be concerned of what lies ahead.

    We do have one ace-in-the-hole: Our oil reserves, but what good is it when Obama and the socialists are doing everything possible to prevent us from accessing it.
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    and refusing to tie up our oil economy with our nearest neighbors....talk about killing a cartel of world wide significance...but obummer doesn't want to short his mid east buddies
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  • Don McManusDon McManus Member Posts: 23,697 ✭✭✭✭
    edited November -1
    Anyone who believes that a limit would be respected if there was money to be made/stolen is, IMO, naive to say the least.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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  • skicatskicat Member Posts: 14,431 ✭
    edited November -1
    I don't believe any system is free from corruption. Smart enough people can hack electronic bank accounts to steal already. Even physical assets can be stolen/destroyed/ seized by individuals or govts. Crypto currencies will be no different, I expect, but I understood a 64 digit number to be exponentially harder to manipulate.

    By the way , I don't own any bit coin and have no plans to at any time in the near future. For whatever reason, it is too volatile for me.
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  • JunkballerJunkballer Member Posts: 9,312 ✭✭✭✭
    edited November -1
    Would any of you take/accept Bit Coin as payment for your services or product ? [8)]

    "Never do wrong to make a friend----or to keep one".....Robert E. Lee

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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    quote:Originally posted by Junkballer
    Would any of you take/accept Bit Coin as payment for your services or product ? [8)]


    I would not, but I have taken other items of value in exchange for firearms. I remember back at my gun shop a guy came in with some kind of electric guitar which he wanted to trade for an expensive shotgun. My friend Ron (co owner) and I knew nothing about guitars, but Ron wrote down the particulars and called a friend who was well versed in them. It turned out to be a 1964 Fender Stratocaster "Sunburst" and while showing honest wear, was worth a LOT more than the shotgun. The deal was made and once the buyer picked up the shotgun (ten day wait in CA) Ron's buddy come over and paid us $1000 more than the value of the shotgun for the guitar. I still know next to nothing about guitars...But that was easy money!
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  • JunkballerJunkballer Member Posts: 9,312 ✭✭✭✭
    edited November -1
    quote:Originally posted by mark christian
    quote:Originally posted by Junkballer
    Would any of you take/accept Bit Coin as payment for your services or product ? [8)]


    I would not, but I have taken other items of value in exchange for firearms. I remember back at my gun shop a guy came in with some kind of electric guitar which he wanted to trade for an expensive shotgun. My friend Ron (co owner) and I knew nothing about guitars, but Ron wrote down the particulars and called a friend who was well versed in them. It turned out to be a 1964 Fender Stratocaster "Sunburst" and while showing honest wear, was worth a LOT more than the shotgun. The deal was made and once the buyer picked up the shotgun (ten day wait in CA) Ron's buddy come over and paid us $1000 more than the value of the shotgun for the guitar. I still know next to nothing about guitars...But that was easy money!
    I'm a believer in tangibles myself [:D].......Bit Coins..no [V]

    "Never do wrong to make a friend----or to keep one".....Robert E. Lee

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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    I'm not saying that Bitcoins are of no value, they have value to those who hold onto them and those who will accept them as payment for goods and services...But that is a small pool of people. Going back to the start of the thread, it was suggested that they might replace the US Dollar and that won't happen. The US Dollar is recognized everywhere and had value everywhere. I've spent Dollars in the most out of the way places imaginable and while the exchange rate my not have been great, they were accepted without hesitation. Try spending a Bitcoin in Moldova...You'll go hungry!

    Using myself as an example (since my forum fans maintain that I love to talk about but myself): If I sell an M1 for $1250 I won't even consider accepting 5 Bitcoins. On the other hand I might take a 1 ounce gold coin because it is tangible and I can hold it in my hand...Plus I like gold coins. I might also take 1000 Euros because I go to Europe quite often and can spend them easily. One the other hand, 130,000 Japanese Yen won't even be worth considering. The Yen is a so called "hard" currency, but I don't plan to go to Japan and would have to exchange them in order for them to be of value to me. Of course twelve hundred bucks in my hand and ready to spend today is naturally preferred!
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