Wilbur ★ Posted December 7, 2017 Share #1 Posted December 7, 2017 ..cryptocurrencies? I don't get it thus don't trust it. All I know is it is devaluing my precious gold. Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted December 7, 2017 Share #2 Posted December 7, 2017 It's a secret. It's encoded. Link to comment Share on other sites More sharing options...
Wilbur ★ Posted December 7, 2017 Author Share #3 Posted December 7, 2017 1 minute ago, maddmaxx said: It's a secret. It's encoded. What determines its value Maxx? It seems to have the credibility of a pyramid scheme. Is Warren Buffett in on it? Link to comment Share on other sites More sharing options...
Wilbur ★ Posted December 7, 2017 Author Share #4 Posted December 7, 2017 Oh, Warren doesn't sound like a fan either.. https://www.forbes.com/sites/johnwasik/2017/11/06/why-buffett-sees-bitcoin-bubble/#1f0f8b1962a8 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted December 7, 2017 Share #5 Posted December 7, 2017 3 minutes ago, Wilbur said: What determines its value Maxx? It seems to have the credibility of a pyramid scheme. Is Warren Buffett in on it? I know absolutely nothing about it. That means it's probably good for you. Link to comment Share on other sites More sharing options...
Green Grass Posted December 7, 2017 Share #6 Posted December 7, 2017 Don't be the last guy in. 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted December 7, 2017 Share #7 Posted December 7, 2017 38 minutes ago, Wilbur said: What determines its value Maxx? It seems to have the credibility of a pyramid scheme. Is Warren Buffett in on it? What determines the value of gold? Of really anything? It all works the same way. Someone wants some of it, someone is willing to sell some of it, and the price fluctuates accordingly. Add in a bit of growth to the pool, and then, as with all things money related, a good bit of shadiness. Tom 1 Link to comment Share on other sites More sharing options...
Reverend_Maynard Posted December 7, 2017 Share #8 Posted December 7, 2017 38 minutes ago, Wilbur said: What determines its value Maxx? It seems to have the credibility of a pyramid scheme. Is Warren Buffett in on it? It's a trade-able commodity. It's worth comes from what people are willing to pay for it. It's not much different from any other currency these days. They're not backed by gold or anything tangible like that anymore. They have value because the market believes in their value, mostly. 1 Link to comment Share on other sites More sharing options...
Wilbur ★ Posted December 7, 2017 Author Share #9 Posted December 7, 2017 It is a pyramid scheme that will only work when traditional commodities are depressed by a buoyant economy. Bitcoin will die a rapid death or at least a severe devaluation when the next economic collapse occurs and money flows back to metals. Like GG said, "Don't be the last guy in". 1 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted December 7, 2017 Share #10 Posted December 7, 2017 3 minutes ago, Wilbur said: It is a pyramid scheme that will only work when traditional commodities are depressed by a buoyant economy. Bitcoin will die a rapid death or at least a severe devaluation when the next economic collapse occurs and money flows back to metals. Like GG said, "Don't be the last guy in". It actually is a pretty good sign that we're are treading into the dreaded "next economic collapse" window. Quite a few bubble markets out there, and very few brakes or controls are ready to ease us into and out of this next one. Tom 1 Link to comment Share on other sites More sharing options...
2Far ★ Posted December 7, 2017 Share #11 Posted December 7, 2017 51 minutes ago, Wilbur said: Oh, Warren doesn't sound like a fan either.. https://www.forbes.com/sites/johnwasik/2017/11/06/why-buffett-sees-bitcoin-bubble/#1f0f8b1962a8 LOL, I came here to say that WB doesn't invest in anything he doesn't fully understand. 1 Link to comment Share on other sites More sharing options...
ChrisL Posted December 7, 2017 Share #12 Posted December 7, 2017 Had a similar discussion with my SIL last night. It seems kinda shady to me but when you boil it down anything can have value at any time. I bet those people who spent thousands on Beanie Babies are rolling in the money now... Link to comment Share on other sites More sharing options...
BuffJim Posted December 7, 2017 Share #13 Posted December 7, 2017 I moved all my pension accounts to Bitcoin. I have 16 bitcoins. Doesn't sound like a lot, but by March I should be able to retire. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted December 7, 2017 Share #14 Posted December 7, 2017 7 minutes ago, BuffJim said: I moved all my pension accounts to Bitcoin. I have 16 bitcoins. Doesn't sound like a lot, but by March I should be able to retire. Remember to write your password down and save it somewhere safe. Tom Link to comment Share on other sites More sharing options...
BuffJim Posted December 7, 2017 Share #15 Posted December 7, 2017 11 minutes ago, Razors Edge said: Remember to write your password down and save it somewhere safe. Tom I'll post it here, so you guys can remind me if I forget. ParodyBit! A little play on words with Parodybot and Bitcoin. Link to comment Share on other sites More sharing options...
Randomguy Posted December 7, 2017 Share #16 Posted December 7, 2017 Bitcoin and cryptocurrencies are great for illegal activities and operations that traditional banking doesn't want to touch. The marijuana industry, even in legal states like CO, for instance. Banks don't want to deal with pot companies because it isn't federally legal, so you have problems if you are in that field. You gotta find a way somehow, so you find some way, any way. Laundering bitcoins and trading in a shady field with other shady operations rather than in traceable currencies helps when you are selling stolen goods across the globe or with the mob, drug dealers, etc. For this reason alone, I expect that there will be wild fluctuations at some point, but that they will be propped by the shadow economy for some time in some form. Link to comment Share on other sites More sharing options...
pedalphile Posted December 7, 2017 Share #17 Posted December 7, 2017 1 hour ago, BuffJim said: I moved all my pension accounts to Bitcoin. I have 16 bitcoins. Doesn't sound like a lot, but by March I should be able to retire. Or you could have nearly enough for a Starbucks coffee. Link to comment Share on other sites More sharing options...
Ltdskilz Posted December 7, 2017 Share #18 Posted December 7, 2017 Bitcoin is destroying the planet. What a conundrum. Quote By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today. Link to comment Share on other sites More sharing options...
2Far ★ Posted December 7, 2017 Share #19 Posted December 7, 2017 1 hour ago, Ltdskilz said: Bitcoin is destroying the planet. What a conundrum. LOL Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted December 7, 2017 Share #20 Posted December 7, 2017 1 hour ago, Ltdskilz said: Bitcoin is destroying the planet. What a conundrum. I'm waiting until 2021 to jump in. All that growth in 2019 and 2020 has me thinking there will be a dip in 2021 where I can jump in. Tom Link to comment Share on other sites More sharing options...
ChrisL Posted December 7, 2017 Share #21 Posted December 7, 2017 Just read there was a hack in one of the companies that trades bitcoin and $68 M in bitcoin was stolen... Link to comment Share on other sites More sharing options...
Kzoo Posted December 7, 2017 Share #22 Posted December 7, 2017 "Bitcoin surged past $17,000 Thursday as the frenzy surrounding the virtual currency escalated just days before it starts trading on major U.S. exchanges. Bitcoin has gained more than $5,000 in just the past two days. At the same time, there are fresh concerns about the security of bitcoin and other virtual currencies after NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a breach that may have resulted in the theft of about $70 million worth of bitcoin." Actually that's almost $5,000 in one day. It was just over $12,000 a coin yesterday. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted December 7, 2017 Share #23 Posted December 7, 2017 BTW, bitcoin is a natural for our Euro friends. They LOVE carrying a coin purse. It is like a whole continent of old women, except it is the old men too! Tom Link to comment Share on other sites More sharing options...
Dirtyhip Posted December 7, 2017 Share #24 Posted December 7, 2017 28 minutes ago, ChrisL said: Just read there was a hack in one of the companies that trades bitcoin and $68 M in bitcoin was stolen... I saw that. EEK! No insurance for that type of theft. Link to comment Share on other sites More sharing options...
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