Thread: Bitcoin

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  1. Member
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    #21
    Digital currency, if not backed by a major government, will be undermined by those governments, it's that simple.
    Using the telephone, condoms or anything else as an example ... silly, in my opinion. Governments decide winners.
    Look no further than our military, the current war in Eastern Europe, actions by intelligence agencies and others.
    We'd sink our entire nest egg into collectible whiskey, brandy, cognac & wine before sinking half into Bitcoin et al.

  2. idbefishing
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    #22
    Agreed Jim

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    #23
    I thought I saw a recent article that the FED was going to be implementing some type of peer to peer transfer system to speed up the clearance of transactions similar to what blockchain does. I believe in the blockchain technology but I don't think you have to have bitcoin or any other crypto to implement this technology. Also with telephones you essentially had a monopolistic business in the early days because it was very capital intensive and you were not going to have several different companies laying out phone lines in the same area (similar to a utility). If blockchain is essentially software, then many competitors can adopt its use with a ver limited barrier to entry. I would imagine that the larger banks and financial institutions are already well down this path.

  4. Stocks/Investments Moderator boneil's Avatar
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    #24
    Everyone in the world could use bitcoin, but that doesn't make it worth $1 or $1,000,000 per coin. It's worth is based on what someone else will buy it for. It's the greater fool theory
    Thanos was the hero

  5. Member
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    #25
    Quote Originally Posted by NitroZ7 View Post
    I thought I saw a recent article that the FED was going to be implementing some type of peer to peer transfer system to speed up the clearance of transactions similar to what blockchain does.
    Cash, Check, Credit Card, 64 bit, 128 bit, 256 bit and blockchain.
    Dollars, PayPal, Apple Pay, SWIFT, Zelle and World Pay E-Bank.
    You're exactly correct, just the next step in payment technology.
    And anyone not thinking it will be controlled & regulated ...

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    #26
    Quote Originally Posted by boneil View Post
    Everyone in the world could use bitcoin, but that doesn't make it worth $1 or $1,000,000 per coin. It's worth is based on what someone else will buy it for. It's the greater fool theory

  7. idbefishing
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    #27

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    #28
    Quote Originally Posted by idbefishing View Post
    -
    People leaving money on exchanges is like trusting your shady neighbor to hang onto your gold. Can’t blame your gold when it disappears.

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    #29
    We won't even touch annuities, since the insurance companies can go turtle and not pay.
    Obviously, cryptocurrencies, overseas brokerages, etc. aren't on our RADAR in any form.

  10. Member
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    #30
    Quote Originally Posted by idbefishing View Post
    Three Arrows Capital. One arrow for the hedge fund, one for Voyager and one for the customers. I wonder if they started yelling Broken Arrow when it was clear it was falling apart (We Were Soldiers reference.)

  11. Member
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    #31
    One lesson to be learned ... when you see private equity, run, run, run far away.
    While it's not a 100% guarantee, they're typically there to feed on the carcass.

  12. Banned
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    #32
    Seems someone has been orange pilled.

  13. Member
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    #33
    Uh oh, looks like we’ve got some poor kids in Africa that need to be taught a BBC lesson………...instead of buying food.
    -

  14. Member
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    #34
    I have a few dollars in some cheap crypto just in case it gets stupid. I don't have anything in it I can't afford to lose. I don't see it any different than going out to eat or buying any other impulse item. If it's gone tomorrow it's no big deal. If it explodes I cash out and buy a classic muscle car. If it just sits there I still buy a classic muscle car but I buy it one part at a time and build it myself.

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    #35
    I got lucky and sold what I had when everything was up high. It’s been a relief actually now not watching 50 times a day. I’ll pass from now on.

  16. Member
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    #36
    I invested in Luna some time ago and everyone know what happened to it. Still have a little piece of Bitcoin and hope it will go up again in the nearest future. Other than that i count on myself only and that's the reason i decided to start Empresa en estonia. It is much cheaper and easier than open a company in the area i live , cause everything is very bureaucratic here. This way everything will be absolutely legal and i will save some extra cash, nerves and time.
    Last edited by RockOn; 01-29-2023 at 03:06 AM.

  17. Member
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    #37
    I was in on two very cheap crypto coins. I sold one of them for a small profit a few weeks ago on a bounce and my other one just went in positive territory. If it goes high enough I may take a little profit and rebuy on a dip. AT the levels I have invested it would really have to explode to make major money. With what I made on the one I sold I can't lose money overall in crypto unless I start buying more which I'm not going to do.

  18. Member ManxFishing's Avatar
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    #38
    Quote Originally Posted by motomania View Post
    Long post here……….but, some interesting angles I’ve taken away from reading deeper on the subject the past few years. I certainly don’t have all the answers here; I just find it interesting. (Be sure and stay away from big scary headlines and ‘crypto bro’ YouTube videos. All clickbait)


    And not trying to convince anyone here; just recommending not to be too dismissive if you haven’t dug into it.


    Bitcoin was designed as a decentralized, peer to peer payment system. Think of it as a network.


    Like the telephone when it first started, no underlying value to it. And if a handful of people had phones, it was cool………but not a big deal. But, when millions of people have a phone, it’s now an incredible tool.


    And like the internet in its infancy, no underlying value to it. And with a handful of websites around; that made it interesting; but billions of websites make it world changing.


    Also, don’t look at it from a first world developed nation viewpoint. Be sure and think internationally. Especially emerging, undeveloped nations with floundering, corrupt governments and economies. 91% of the world has cellphones, but 35% are unbankable. Bitcoin gives the unbanked, access to a global financial system.


    But, still don’t overlook governments who have frozen or seized citizens bank accounts. A recent example is Greece. A NATO, European country that seized money from a million citizens bank accounts just a few years back……….and for people to be so mistrustful of the government on this website, it’s probably not advisable to be so dismissive of something that could preserve your wealth from your government.


    It really is worth taking a deep dive into and grab a book on the subject; just move the needle from skeptical to curious.
    Sure that makes sense
    In a perfect world it's helpfull

    But in the world I live in full of Thiefs, Crooks and father rapers
    I'd like my money not connected to the next guy. I love cash

  19. Stocks/Investments Moderator boneil's Avatar
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    #39
    Pretty impressive how well Bitcoin did with the FTX fiasco. Barely broke $16K. If FTX couldn't get it to $10K, not sure what could.
    Thanos was the hero

  20. Member
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    #40
    Quote Originally Posted by ManxFishing View Post
    Sure that makes sense
    In a perfect world it's helpfull

    But in the world I live in full of Thiefs, Crooks and father rapers
    I'd like my money not connected to the next guy. I love cash
    -
    it actually makes sense in an imperfect world. that's the point. Alternative forms of currency wouldnt be needed in a perfect world.
    -
    not sure what you mean by 'connected to the next guy'................not being argumentative; i just think its an interesting topic and am curious what you mean there.
    -
    (keep in mind too; if you had a dollar in cash in your wallet from 2+ years ago; it's only worth 70 cents today)
    Last edited by motomania; 01-25-2023 at 04:24 PM.

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