Do You BitCoin?

[BeginnersMind]

On 11/28/2017 at 4:11 PM, Foxx said:

might i suggest that you do not know as much as you think you do. remember, a lot is a perspective issue.

 

Bitcoin-Stepfords are a different flavor of a goldbug. There's no rationality in them every time gold is on the rise. 

 

This bubble hasn't popped yet so how it goes when it happens is anyone's guess. Unlike other asset classes, its got some ways of crashing that could be unique and spectacular.  

 

I'm neither for nor against cryptocurrencies, and find them actually intriguing as I have since other variations of them started in the early 2000s, but it's advisable to keep a rational perspective instead of a blind exuberance. 

Edited November 30, 2017 by BeginnersMind

[Foxx]

8 hours ago, BeginnersMind said:

 

Bitcoin-Stepfords are a different flavor of a goldbug. There's no rationality in them every time gold is on the rise. 

 

This bubble hasn't popped yet so how it goes when it happens is anyone's guess. Unlike other asset classes, its got some ways of crashing that could be unique and spectacular.  

 

I'm neither for nor against cryptocurrencies, and find them actually intriguing as I have since other variations of them started in the early 2000s, but it's advisable to keep a rational perspective instead of a blind exuberance. 

cryptos are the future, the blockchain made sure of that.

 

the blockchain is poised to invade every area of your life and it is really the true genius.

[BeginnersMind]

4 hours ago, Foxx said:

cryptos are the future, the blockchain made sure of that.

 

the blockchain is poised to invade every area of your life and it is really the true genius.

 

The blockchain is a great idea. But the current “currencies” are vulnerable to spectacular and new ways of failing.

 

It’s interesting to watch. 

[PolishDave]

On 11/29/2017 at 5:23 PM, row_33 said:

Every legit speaker on the topic states freely that this is so ripe for Criminal Enterprise to get its hooks in and sink it like the Titanic.

 

You can't gather $20 together without fraudsters getting in and finding the control risks and making off with funds in their own wonderfully brilliant ways.

 

Those trying to get you hooked in will pretend this doesn't exist....

 

Dude,   there is fraud and crime all over the place.   It is everywhere.   White collar crimes, violent crimes, thuggery, buggery, vandalism, identity theft, banking fraud, securities fraud, insurance fraud, government entitlement fraud, fraud fraud...

 

Of course there is going to be fraud in cryptos.   There is money involved.   Where there is money involved, there will be crime, somehow, somewhere.

 

Predicting that criminal enterprise is going to become involved with cryptos is like predicting that it might be cloudy sometime within the next month here in WNY.   It is a no brainer.

 

There are hackers all over the world right now trying to get into banking computer systems of banks that you probably deal with every week.   Does that stop you from going to the bank or using their services?

 

Most of these cryptos are equivalent to international banks that only handle checking accounts and mostly don't offer any other services.    They operate on that bank's personal internationally accepted currency rather than the currency of whatever country you are in.

 

There will be some rotten bankers that run crooked banks that end up stealing people's deposits.  It will happen.   People will still use these banks anyway.   They will just do their best to avoid the crooked ones.    So far, the vast majority haven't proven to be crooked at all. 

 

I suspect this market will regulate itself quite well.

 

[Foxx]

8 hours ago, BeginnersMind said:

 

The blockchain is a great idea. But the current “currencies” are vulnerable to spectacular and new ways of failing.

 

It’s interesting to watch. 

right, this will only strengthen the networks for what is to come.

 

2018 is going to be amazing!

 

 

anybody watch BBT last night?

loved it!

 

Edited December 1, 2017 by Foxx

[Captain_Quint]

2 hours ago, Foxx said:

right, this will only strengthen the networks for what is to come.

 

2018 is going to be amazing!

 

 

anybody watch BBT last night?

loved it!

 

Alright, I can wrap my mind around cryptos, blockchains, bitcoin, ethereum.

 

But Big Bang Theory? Common, man! 

5 minutes ago, mead107 said:

Put your order in now for meadcoins before Christmas. 

 

I'll take three rolls, gift wrapped in stromboli, please.

[4merper4mer]

4 minutes ago, Captain_Quint said:

Alright, I can wrap my mind around cryptos, blockchains, bitcoin, ethereum.

 

But Big Bang Theory? Common, man! 

 

 

Why not?  It proved aliens don't exist.

[plenzmd1]

I did it, I jumped in with a plan, half of it executed. Bought at ETF with a good size position in Bitcoin, but also other investments focused on technology breakthroughs.

 

I want to buy ETH but still can not get my Coinbase account set up. I will investigate other purchase methods today.

 

Hesitant to buy Bitcoin just yet as I think there may be a pullback short term and will look to buy on a dip. If it breaks $10..5K and holds above, I will buy some then if no pullback occurs.

[BeginnersMind]

2 hours ago, Foxx said:

right, this will only strengthen the networks for what is to come.

 

2018 is going to be amazing!

 

 

 

I trust "can't lose" investors as much I trust 6 month old milk. 

[plenzmd1]

This is a good article from the Economist just came across with my new fancy Google Alert!

 

https://www.economist.com/news/finance-and-economics/21731827-getting-out-such-illiquid-asset-can-be-harder-getting-bitcoins

 

And beginners, I am with you. Many here to young to remember the frenzy in Dot Coms in the late 90's. Back then many bought the "this can only go higher, its the future " and bought valuations that were all out of whack. The "old school " analysts kept saying the valuations are out of whack, and they were mocked for just being old. Turns out they were correct.

 

While the technology and future of how our lives would change based on "the internet " was spot on, the bubble was absolutely there and many people got crushed. I made money during that time, but sure as hell left a lot on the table when things came a crumbling down.

 

That is why the majority of what I am going to invest right now went into the ETF, as the broader goal is investing in disruptive technologies that fundamentally will change our lives, not just crypto.

 

ETH I want a small position, cause looks to me like that is the play on the blockchain, and to me that's the engine to drive this revolution into crypto.

[Jauronimo]

3 hours ago, plenzmd1 said:

This is a good article from the Economist just came across with my new fancy Google Alert!

 

https://www.economist.com/news/finance-and-economics/21731827-getting-out-such-illiquid-asset-can-be-harder-getting-bitcoins

 

And beginners, I am with you. Many here to young to remember the frenzy in Dot Coms in the late 90's. Back then many bought the "this can only go higher, its the future " and bought valuations that were all out of whack. The "old school " analysts kept saying the valuations are out of whack, and they were mocked for just being old. Turns out they were correct.

 

While the technology and future of how our lives would change based on "the internet " was spot on, the bubble was absolutely there and many people got crushed. I made money during that time, but sure as hell left a lot on the table when things came a crumbling down.

 

That is why the majority of what I am going to invest right now went into the ETF, as the broader goal is investing in disruptive technologies that fundamentally will change our lives, not just crypto.

 

ETH I want a small position, cause looks to me like that is the play on the blockchain, and to me that's the engine to drive this revolution into crypto.

ETH looks like a play that meets both criteria to me.

[GoBills808]

So nobody wants in on my Forever Stamps buy?

[Foxx]

10 hours ago, Captain_Quint said:

Alright, I can wrap my mind around cryptos, blockchains, bitcoin, ethereum.

 

But Big Bang Theory? Common, man! 

i love it because of the exposure that Bitcoin just experienced. early adopters here we come!

9 hours ago, BeginnersMind said:

 

I trust "can't lose" investors as much I trust 6 month old milk. 

hey, it is incumbant upon you to do your own research. I don't offer financial advice so please, please do not listen to anything i may say. 

 

i am just a believer in a trustless, decentralized disruptive technology that is going to change the world for the better.

 

crucify me all you like, i got broad shoulders.

Edited December 1, 2017 by Foxx

[Foxx]

11 hours ago, plenzmd1 said:

I did it, I jumped in with a plan, half of it executed. Bought at ETF with a good size position in Bitcoin, but also other investments focused on technology breakthroughs.

 

I want to buy ETH but still can not get my Coinbase account set up. I will investigate other purchase methods today.

 

Hesitant to buy Bitcoin just yet as I think there may be a pullback short term and will look to buy on a dip. If it breaks $10..5K and holds above, I will buy some then if no pullback occurs.

Coinbase takes forever. first you must upload all kinds of documentation then ACH takes forever and a day. credit card is instant but it will cost you 3.9%. after you get set up at Coinbase, be sure and set up an account at GDAX, it is coinbase's exchange and the fees are significantly less.

 

Bitstamp also works for getting fiat into the cryptoverse.

 

Lol, the pullback for Btc just happened, it hit $11k and fell to $8.5k now it is back up to $11k. i think you missed it.

 

 

10 hours ago, plenzmd1 said:

... ETH I want a small position, cause looks to me like that is the play on the blockchain, and to me that's the engine to drive this revolution into crypto.

Ethereum has the Smart Contract aspect of its blockchain. though Ethereum was not intended to be a currency that it has become it is proving to be quite valuable. what is going on with these smart contracts is that the new way to raise venture capital for your business venture is to have an ICO (initial coin offering). the number of ICOs of the recent past (4 months) is astounding. ETH is used as the purchasing vehicle in most of these ICOs. the ICO will be replacing the IPO as it falls to the wayside.

 

trustless, decentralized, disruptive, anti-fragile are the new adjectives within this emerging paradigm.

Edited December 2, 2017 by Foxx

[plenzmd1]

Coinbase just signed Asiff Hirji to run the company. Andreessen Horowitz heavy hitter, huge get for Coinbase.

 

Good sign, AH got a ton of money in Coinbase, they are doubling down by having one of there own lead it. Wish it  Lars Dalgaard , but this is not his puppy. Lars can make any company hugely successful!

[PolishDave]

On 12/1/2017 at 11:43 AM, Jauronimo said:

ETH looks like a play that meets both criteria to me.

 

Bitcoin and ETH will both ultimately become obsolete just as the 56K modem and its predecessors essentially have.

 

The long lasting cyptos (ones that are backed and condoned by the largest world governments, IMF, world banks, etc.) have yet to be invented most likely.  Probably years down the road yet.

 

All current crypto investments are much more likely to be profitable in the near term (several more years perhaps of ups and downs) up until whatever creation that comes into existence in the future ultimately becomes the defacto - standard world crypto.

 

The existence and acceptance of cryptos (on a mass scale - especially by Americans) is very, very bearish for the US dollar and likely to ignite dollar inflation on a severe level at some point thereby rewarding all of those idiots who have overspent their living standard and punishing conservative investors who have tried to build a nestegg through conservatively investing saved earnings.   

 

Don't sell any of your physical gold, silver or copper over the next few years unless you intend to buy it back cheaper shortly thereafter.   

 

If the cryptos gain acceptance among the average American to the point where Joe average begins conducting a high percentage of commerce using them - then very bad things are coming for America as a nation.  This is why I think the US government will put a stop to unregulated open source cryptos (to the best of their ability)- within the next 5 years or so.  Timeline is very questionable and up for debate.  They will probably try to stop open source crypto use by making it illegal for any American to conduct business using them.  They will only allow use of a crypto they can control and manipulate so they can continue to slowly inflate away its value as all Keynesian economists love to do.  (my opinion)

 

Banks create money in America by making new loans.  The economy and the stability of the economy depends on that.   If people stop using US dollars to make purchases and begin using  cryptos instead,   America will experience a massive over supply of dollars.   The value of the dollar will collapse.   The Federal Reserve will lose control of its ability to regulate how hot or cold the economy runs at.

 

Banks will begin to fail.    The banking crisis of 2008 will look like it was really no big deal at all.

 

This is why, in my opinion, the American government will be forced to outlaw the use of "outside" cryptos as a means of conducting domestic commerce.   They may allow it for international commerce.    Very unlikely they allow it for domestic use unless it is a crypto they control and one that has a built in mechanism where the "Federal Reserve" can control its supply.

 

Without that, the American financial system does not exist - and the collapse of America becomes a horrific reality.   Whoever is in control of the White House at the time this starts happening will be forced to try to stop it at all costs.

 

The entire United States economy relies on Americans putting their faith in a currency the government has a large degree of control over.   If Americans lose faith in the dollar (as they will would if the value collapsed quickly enough) then our entire economy would likely tip over like one giant domino.   And break into pieces.   And the most valuable thing you will own at that point is ammunition for your guns.

[plenzmd1]

5 minutes ago, mead107 said:

I’m going to give Plezmed a meadcoin this weekend. 

In Bart Scotts eternal words...Cant Wait!

[plenzmd1]

Dang, $12.8K and rising, and I got none outside my ETF!

 

Having said that, had I bought last week at $8800, you can be damn sure I would be selling today!

[wnysteel]

2 hours ago, plenzmd1 said:

Dang, $12.8K and rising, and I got none outside my ETF!

 

Having said that, had I bought last week at $8800, you can be damn sure I would be selling today!

did my research, made a token investment last week and committed to more today. i'm in it for the long haul.

[Foxx]

5 hours ago, plenzmd1 said:

Dang, $12.8K and rising, and I got none outside my ETF!

 

Having said that, had I bought last week at $8800, you can be damn sure I would be selling today!

just keep buying and hodl! you won't be sorry. 

 

lol on ETF and futures. you don't own BTC with them. obtain the real thing. again, you won't be sorry.

Edited December 6, 2017 by Foxx