Cryptocurrencies

1235710

Comments

  • rgambsrgambs Posts: 10,919
    unsung said:
    Have you asked anything or do you just want to inject your opinions?
    I asked a few times, without sarcasm or sass, why there isn't concern that it will collapse due to the fact that it isn't actually being used as a currency.
    I understand there's a tremendous potential in blockchain tech, but doesn't the lack of real world practical value just make this an investment bubble that could collapse at any moment?  
    Monkey Driven, Call this Living?
  • unsungunsung Posts: 8,838
    But where is it not being used as a currency?  That is what I am talking about, you are inserting an opinion that is not true and it comes across as political.

    There are many cryptos other than btc.  Some are junk, just like the regulated stock market.

    Using the term bubble shows a lack of understanding in it.  Bubbles exist, yes.  Many are artificially created by government, is it so bad then?

    Comparing it to tulips is another one of those signs that the person has no idea what they are talking about.

    Jan 1 I am selling off enough to not worry about money much anymore.  That tulip mania worked for me.  It could work for many others if people took the time to research and understand instead of what they see on Bloomberg or hear from Jamie Dimon.
  • unsungunsung Posts: 8,838
    There is always concern about a collapse with any system that you put your money into, the difference is perception.
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,752
    Ripple is worth more than a USD.
    Chicago 1&2-18 Cork-EV-17 Chicago 1&2-16 Miami-16 Ft. Lauderdale-16 New York City(Colbert,Sound Check,Show)-15 Moline-14 Detroit-14 Amsterdam 1&2-14 Chicago-13 Noblesville-10 Grand Rapids-06 Grand Rapids-04 Auburn Hills-00 Auburn Hills-98 Toledo-96

    Life is hard, that's why no one survives

  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,752
    If people pay attention here, they be able to make some money.  
    Chicago 1&2-18 Cork-EV-17 Chicago 1&2-16 Miami-16 Ft. Lauderdale-16 New York City(Colbert,Sound Check,Show)-15 Moline-14 Detroit-14 Amsterdam 1&2-14 Chicago-13 Noblesville-10 Grand Rapids-06 Grand Rapids-04 Auburn Hills-00 Auburn Hills-98 Toledo-96

    Life is hard, that's why no one survives

  • unsungunsung Posts: 8,838
    Ripple is garbage.  The banks own it and it is just as manipulated as the dollar.  Be careful.  I don't own any.

    That said my bud bought a ton at .02.  He is doing well.  YMMV.
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,752
    unsung said:
    Ripple is garbage.  The banks own it and it is just as manipulated as the dollar.  Be careful.  I don't own any.

    That said my bud bought a ton at .02.  He is doing well.  YMMV.
    I’ll be selling as soon as it hits coinbase. 
    Chicago 1&2-18 Cork-EV-17 Chicago 1&2-16 Miami-16 Ft. Lauderdale-16 New York City(Colbert,Sound Check,Show)-15 Moline-14 Detroit-14 Amsterdam 1&2-14 Chicago-13 Noblesville-10 Grand Rapids-06 Grand Rapids-04 Auburn Hills-00 Auburn Hills-98 Toledo-96

    Life is hard, that's why no one survives

  • unsungunsung Posts: 8,838
    Well, wait for the pump.
  • my2handsmy2hands Posts: 14,491
    unsung said:
    But where is it not being used as a currency?  That is what I am talking about, you are inserting an opinion that is not true and it comes across as political.

    There are many cryptos other than btc.  Some are junk, just like the regulated stock market.

    Using the term bubble shows a lack of understanding in it.  Bubbles exist, yes.  Many are artificially created by government, is it so bad then?

    Comparing it to tulips is another one of those signs that the person has no idea what they are talking about.

    Jan 1 I am selling off enough to not worry about money much anymore.  That tulip mania worked for me.  It could work for many others if people took the time to research and understand instead of what they see on Bloomberg or hear from Jamie Dimon.
    If you REALLY believe in BTC and blockchain you wouldn't dump BTC until it hit $50-$100k... which theoretically it could

    But realistically, I think you're making a good decision. A bird in the hand as they say...take the dough and run brother
  • benjsbenjs Toronto, ONPosts: 7,164
    unsung said:
    benjs said:
    unsung said:
    unsung said:
    How much crypto do you have?


    The fees are high right now but they are working on Lightning which should reduce them.  
    Is there a company that puts holdings in all of them?

    Basically I'd like to put money in one place and let them take care of it.

    Anything out there?
    It is generally considered unwise to do this because you don't control your private keys.
    Do you say this from fear of government intervention, or just the fact that one can't vouch for the security of these 'holding' companies? 
    Is this a serious question or are you trying to bait me?

    Because in this thread I am trying to not play your politics.
    Unsung, my apologies for how that came out, I meant it seriously. I am interested in what pushes people towards or away from a novel idea, especially when there are multiple versions of it (various coins and storage methods). As a forgetful person, I’ve also long feared the reality that if you own coins and forget their keys, you lose access to your investment. That’s got to be a real concern for the mainstream.
    '05 - TO, '06 - TO 1, '08 - NYC 1 & 2, '09 - TO, Chi 1 & 2, '10 - Buffalo, NYC 1 & 2, '11 - TO 1 & 2, Hamilton, '13 - Buffalo, Brooklyn 1 & 2, '15 - Global Citizen, '16 - TO 1 & 2, Chi 2

    EV
    Toronto Film Festival 9/11/2007, '08 - Toronto 1 & 2, '09 - Albany 1, '11 - Chicago 1
  • unsungunsung Posts: 8,838
    I want to respond, and of course I will, but I am really busy today and this topic requires the use of a real keyboard instead of mobile.  Patience please.
  • CM189191CM189191 Minneapolis via ChicagoPosts: 3,644
    unsung said:
    Anyone that thinks bitcoin is secret doesn't know crypto.  Bitcoin is not secret.  Pay your govt extortion and be done with it.  

    The whole tied to the alt right is just ridiculous.  Guess what else they use, CASH and CREDIT.  They probably use telephones too.

    Are you saying you're evading taxes?

    Thought this an interesting analysis on bitcoin.  Also highlights the importance of currency regulation.  If you're in the black, good on you.  Sounds like you better get out before the bubble inevitably bursts, though.

    http://www.businessinsider.com/economist-jim-rickards-bitcoin-versus-gold-price-manipulation-2017-12

    How many bitcoin sellers are putting  gains on their tax returns?  If you don't, you're a felon. That's a felony.  The IRS will track you down. They have ways of doing it. People — Americans who had offshore bank accounts in Switzerland — prior to five or six years ago — thought the IRS would never find them either. And they did.

    They put the burden of proof on you. They say, “No, we estimate your taxes by the following, prove it's not.” The burden of proof is on you. So they’re going to come into all these exchanges, they’re going to request all the books and records. The exchanges are going to give them up, or they’ll be shut down, or they’ll be frozen. Remember even if you have bitcoin exchange you still have to — you have points of connection with the dollar payment system or the euro payment system. You got to get the money in to sell the people the bitcoin. They can all be shut down. They can all be interdicted. The thing — all these things can be frozen. The IRS is all the authority they need. So between the SEC looking at initial coin offerings, the IRS looking at tax evasion, the FBI looking at criminality.


    WI 6/27/98 WI 10/8/00 MO 10/11/00 IL 4/23/03 MN 6/26/06 MN 6/27/06 WI 6/30/06 IL 8/5/07 IL 8/21/08 (EV) IL 8/22/08 (EV) IL 8/23/09 IL 8/24/09 IN 5/7/10 IL 6/28/11 (EV) IL 6/29/11 (EV) WI 9/3/11 WI 9/4/11 IL 7/19/13 NE 10/09/14 IL 10/17/14 MN 10/19/14 FL 4/11/16 IL 8/20/16 IL 8/22/16
  • unsungunsung Posts: 8,838
    Good Lord, can't you read?
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 23,754
    unsung said:
    That's all pretty stupid.  
    Brush it off like dandruff, huh?
    "Regret is the worse human emotion. If you had taken another road, you might have fallen off a cliff. I'm content."
    -William Shatner
    ***********
    M.I.T.S.




  • unsungunsung Posts: 8,838
    Pretty much, since everyone right of Karl Marx is a Nazi anymore.
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 23,754
    "Regret is the worse human emotion. If you had taken another road, you might have fallen off a cliff. I'm content."
    -William Shatner
    ***********
    M.I.T.S.




  • unsungunsung Posts: 8,838
    Leftist worries < paying off my mortgage.
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 23,754
    Why I don't buy the Libertarian line of crap:  "It's all about me."
    "Regret is the worse human emotion. If you had taken another road, you might have fallen off a cliff. I'm content."
    -William Shatner
    ***********
    M.I.T.S.




  • tbergstbergs Posts: 4,165
    unsung said:
    Leftist worries < paying off my mortgage.
    Wait, you have a mortgage? Does that mean you needed the support of a government loan?
    It's a hopeless situation...
  • unsungunsung Posts: 8,838
    I always wondered why there were people that if they don't like what they hear why they don't tune in another channel, don't like what they see on TV to turn it off, or don't have anything useful to say in a thread to skip it.
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 23,754
    unsung said:
    I always wondered why there were people that if they don't like what they hear why they don't tune in another channel, don't like what they see on TV to turn it off, or don't have anything useful to say in a thread to skip it.
    And yet that is exactly what you did regarding the articles I posted.  Interesting.
    "Regret is the worse human emotion. If you had taken another road, you might have fallen off a cliff. I'm content."
    -William Shatner
    ***********
    M.I.T.S.




  • unsungunsung Posts: 8,838
    my2hands said:
    unsung said:
    But where is it not being used as a currency?  That is what I am talking about, you are inserting an opinion that is not true and it comes across as political.

    There are many cryptos other than btc.  Some are junk, just like the regulated stock market.

    Using the term bubble shows a lack of understanding in it.  Bubbles exist, yes.  Many are artificially created by government, is it so bad then?

    Comparing it to tulips is another one of those signs that the person has no idea what they are talking about.

    Jan 1 I am selling off enough to not worry about money much anymore.  That tulip mania worked for me.  It could work for many others if people took the time to research and understand instead of what they see on Bloomberg or hear from Jamie Dimon.
    If you REALLY believe in BTC and blockchain you wouldn't dump BTC until it hit $50-$100k... which theoretically it could

    But realistically, I think you're making a good decision. A bird in the hand as they say...take the dough and run brother


    I have never sold anything so I have no tax obligation yet.  I might be moving some Jan 1 to reach long term gain tax status.  I do believe that someday btc will be more than $50k, but I have enough that I am going to lock in some fiat, pay the extortion tax, and secure my financial future. 

    I hope someday crypto destroys the traditional banking system, but if it doesn't I will at least not be in the chains of the traditional banking system.

  • I haven't read through the entire thread, so this may have been addressed. But isn't the only way to get bitcoin to "mine" them with ridiculous programming? Is there a finite amount of bitcoin? Can I just create a program that "creates" bitcoin?
    will myself to find a home, a home within myself
    we will find a way, we will find our place
  • unsungunsung Posts: 8,838
    brianlux said:
    unsung said:
    I always wondered why there were people that if they don't like what they hear why they don't tune in another channel, don't like what they see on TV to turn it off, or don't have anything useful to say in a thread to skip it.
    And yet that is exactly what you did regarding the articles I posted.  Interesting.

    Precisely.  I have ZERO consideration for what SPLC says.  Will there be people who use it for nefarious deeds, yes.  But I don't worry about that.  There are people that will use anything for less than good intentions.  Move on.
  • unsungunsung Posts: 8,838
    benjs said:
    unsung said:
    benjs said:
    unsung said:
    unsung said:
    How much crypto do you have?


    The fees are high right now but they are working on Lightning which should reduce them.  
    Is there a company that puts holdings in all of them?

    Basically I'd like to put money in one place and let them take care of it.

    Anything out there?
    It is generally considered unwise to do this because you don't control your private keys.
    Do you say this from fear of government intervention, or just the fact that one can't vouch for the security of these 'holding' companies? 
    Is this a serious question or are you trying to bait me?

    Because in this thread I am trying to not play your politics.
    Unsung, my apologies for how that came out, I meant it seriously. I am interested in what pushes people towards or away from a novel idea, especially when there are multiple versions of it (various coins and storage methods). As a forgetful person, I’ve also long feared the reality that if you own coins and forget their keys, you lose access to your investment. That’s got to be a real concern for the mainstream.

    I think it is.  But the tech is moving forward with solutions.  If you don't control your private keys then you don't control your crypto.  There are many solutions for that problem, the safest being a hardware wallet.  I use a Ledger Nano S.  Now there are probably some that have no real solution, but generally the person buying understands that risk.  There are so many ways to safely store the main ones though, and a little research helps clear up the confusion.  I don't keep anything important on an exchange.  Exchanges can be hacked.  I also never use my cell phone for secondary authentication, SIM cards can be cloned. 
  • unsungunsung Posts: 8,838
    I haven't read through the entire thread, so this may have been addressed. But isn't the only way to get bitcoin to "mine" them with ridiculous programming? Is there a finite amount of bitcoin? Can I just create a program that "creates" bitcoin?


    Mining btc is pretty much a losing game these days.  The system would cost a bunch of money and generally the mining rewards don't cover the electric bill.  Back in the day a regular laptop could get you some but those days are for the most part long gone.  You are better off mining other stuff.  I prefer POS (proof of stake) coins, you put them in a wallet and depending on the coin gain rewards that way.


    There will only ever be 21M btc, right now we have about 16.7M that have been mined.  Many have been lost.  Over time the halving rate makes mining more difficult and through adoption supply and demand will push the price up.  Bitcoin does have current problems such as current high fees and long delays.  Solutions are being worked on, but they take time.

  • unsungunsung Posts: 8,838
    But the other part was if you want to buy bitcoin you can.  Coinbase is the most popular US exchange for doing so, but you can also buy through services like localbitcoins.com.  I don't endorse the latter as I have never used it, but I do have a coinbase acct.  Again, best to do your own research, never spend more than you can afford to lose.
  • unsungunsung Posts: 8,838
    GTG, hope I was able to answer some questions.
  • There's seriously a power issue in mining for these things? This is so far out of my realm of comprehension. And I work at a power plant. 
    will myself to find a home, a home within myself
    we will find a way, we will find our place
  • unsungunsung Posts: 8,838
    It depends on where you live, in the US it is tough to break even from a personal setup.

    In China they have mining farms the size of football fields.  Tough to compete when their power is pennies on our dollar.
Sign In or Register to comment.