Cryptocurrencies

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  • unsungunsung Posts: 8,086
    PJ_Soul said:
    unsung said:
    PJ_Soul said:
    unsung said:
    I thought that is what you were talking about.

    If you were speaking of a stock market crash I think crypto would go up more.  I got started in it to begin to work away from the rigged central banking system, now there are a lot of speculators too.  In the end it will change the global financial system, imo.
    I was actually talking about an actual global blackout, i.e. everyone's electricity goes out for some fucking reason. I'm pretty sure that is what was stated in the first place.So I meant an actual state of emergency that prevents people from accessing their cash for some extended period of time. We could just use a more localized disaster as an example, like in Puerto Rico, where I'm sure they definitely enjoy whatever access to their wealth that they can get (I wonder how many were cut off from their bitcoins and all their money there, and for how long??), but you said "worldwide blackout" so I went with that, even though it seems impossible, haha. Anyway, let's just say I was talking a major disaster that cuts people off from power for an extended period of time but not the actual financial apocalypse. :lol: ;)
    Ok, so it is regional.  It would still exist.  The network is still too new that most people don't use it 100%.

    When the power comes back it will still be there.
    Speaking of which, most people now have all their money electronically, not just bitcoin. You can't use your debit or credit cards in a blackout either. It is the downside of a cash-free world.
    And in a market crash scenario many countries have limited wirhdrawals, some were also considering negative interest rates.

    All the more reason to use a private crypto.
  • unsungunsung Posts: 8,086
    There are ways to hide your gains.  For the record I support this 100%.  The government took no risk when people invested, it shouldn't reap any reward.

    I will pay my 15% extortion fee though since I just withdrew some to buy a house.  I have to have it documented in this current rigged system.
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,395
    I read about a poor guy who had his assets froze when he tried to take 100K of BTC to buy a house.  
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  • rgambsrgambs Posts: 9,819
    unsung said:
    I read about a poor guy who had his assets froze when he tried to take 100K of BTC to buy a house.  

    There are ways to hide your gains.  For the record I support this 100%.  The government took no risk when people invested, it shouldn't reap any reward.

    I will pay my 15% extortion fee though since I just withdrew some to buy a house.  I have to have it documented in this current rigged system.

     And this is why it will crash and burn.
    Even it's biggest proponents think of it as a stock market investment.
    "Withdrew" "take out", the language is telling.  
    Nobody's buying a house with bitcoins, they are cashing out on their bitcoins.  It's an investment built on nothing, and it will collapse.

    Kudos to those who got in at the right time and, more importantly, get out at the right time.  It isn't real money until you can spend it.
    Monkey Driven, Call this Living?
  • unsungunsung Posts: 8,086
    That is not true, do some research.
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,395
    I know some people who use bitcoin to buy gold
    Cork-Eddie-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

  • benjsbenjs Toronto, ONPosts: 6,962
    edited January 13
    rgambs said:
    unsung said:
    I read about a poor guy who had his assets froze when he tried to take 100K of BTC to buy a house.  

    There are ways to hide your gains.  For the record I support this 100%.  The government took no risk when people invested, it shouldn't reap any reward.

    I will pay my 15% extortion fee though since I just withdrew some to buy a house.  I have to have it documented in this current rigged system.

     And this is why it will crash and burn.
    Even it's biggest proponents think of it as a stock market investment.
    "Withdrew" "take out", the language is telling.  
    Nobody's buying a house with bitcoins, they are cashing out on their bitcoins.  It's an investment built on nothing, and it will collapse.

    Kudos to those who got in at the right time and, more importantly, get out at the right time.  It isn't real money until you can spend it.
    Block chain powered crypto currencies have far from matured at this point, and I think it’s preemptive to say whether it has legs or not. I don’t think anyone has found the “special sauce” that makes a person think of a crypto currency equivalently to a physical currency, but that doesn’t mean it’s impossible.

    In addition, people are testing the technology in other ways, such as secure asset trading for non-currencies. Kodak just launched an image rights management platform powered by block chains to counter rampant usage of copyrighted images by photographers without consent. I’ve read articles about a company working with Ticketmaster so that when tickets are resold, cuts would get pro-rated back to the original stakeholders (venues, promoters, etc), and the legal world where contract management is everything will likely be massively impacted by this.

    Back to the currency side, I don’t know whether Bitcoin itself will win the war (over the past year they dropped from the 80% range market share to 30% range on crypto transactions supposedly), but the providers of the technology are well aware of the hurdles you mention (accessibility, transferability, mainstream understanding and buy-in), and would be foolish if they weren’t already trying to overcome them.
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  • unsungunsung Posts: 8,086
    Good post.
  • my2handsmy2hands Posts: 13,121
    rgambs said:
    unsung said:
    I read about a poor guy who had his assets froze when he tried to take 100K of BTC to buy a house.  

    There are ways to hide your gains.  For the record I support this 100%.  The government took no risk when people invested, it shouldn't reap any reward.

    I will pay my 15% extortion fee though since I just withdrew some to buy a house.  I have to have it documented in this current rigged system.

     And this is why it will crash and burn.
    Even it's biggest proponents think of it as a stock market investment.
    "Withdrew" "take out", the language is telling.  
    Nobody's buying a house with bitcoins, they are cashing out on their bitcoins.  It's an investment built on nothing, and it will collapse.

    Kudos to those who got in at the right time and, more importantly, get out at the right time.  It isn't real money until you can spend it.
    http://www.businessinsider.com/buying-bitcoin-from-las-vegas-atm-2018-1
  • PJ_SoulPJ_Soul Vancouver, BCPosts: 38,290
    edited January 15
    ^^^ That's interesting. Yeah, it can't be used for just normal transactions at all given the transaction fees. The machine are basically just an on-location investment machine. Surprising that it wouldn't at least warn users of a minimum though. Wtf.
    With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
  • unsungunsung Posts: 8,086
    Agreed.  Unfortunately it is having some growing pains but there is currently something in the works called Lightning which will alleviate the high fees.
  • Halifax2TheMaxHalifax2TheMax Posts: 10,584
    Did everyone get out when the getting was good?

    http://money.cnn.com/2018/01/17/investing/bitcoin-price-drop/index.html
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  • my2handsmy2hands Posts: 13,121
    Crypto is manipulated as fuck... clearly a massive problem lurks in the near future
  • Gern BlanstenGern Blansten Your Mom'sPosts: 6,637
    benjs said:
    rgambs said:
    unsung said:
    I read about a poor guy who had his assets froze when he tried to take 100K of BTC to buy a house.  

    There are ways to hide your gains.  For the record I support this 100%.  The government took no risk when people invested, it shouldn't reap any reward.

    I will pay my 15% extortion fee though since I just withdrew some to buy a house.  I have to have it documented in this current rigged system.

     And this is why it will crash and burn.
    Even it's biggest proponents think of it as a stock market investment.
    "Withdrew" "take out", the language is telling.  
    Nobody's buying a house with bitcoins, they are cashing out on their bitcoins.  It's an investment built on nothing, and it will collapse.

    Kudos to those who got in at the right time and, more importantly, get out at the right time.  It isn't real money until you can spend it.
    Block chain powered crypto currencies have far from matured at this point, and I think it’s preemptive to say whether it has legs or not. I don’t think anyone has found the “special sauce” that makes a person think of a crypto currency equivalently to a physical currency, but that doesn’t mean it’s impossible.

    In addition, people are testing the technology in other ways, such as secure asset trading for non-currencies. Kodak just launched an image rights management platform powered by block chains to counter rampant usage of copyrighted images by photographers without consent. I’ve read articles about a company working with Ticketmaster so that when tickets are resold, cuts would get pro-rated back to the original stakeholders (venues, promoters, etc), and the legal world where contract management is everything will likely be massively impacted by this.

    Back to the currency side, I don’t know whether Bitcoin itself will win the war (over the past year they dropped from the 80% range market share to 30% range on crypto transactions supposedly), but the providers of the technology are well aware of the hurdles you mention (accessibility, transferability, mainstream understanding and buy-in), and would be foolish if they weren’t already trying to overcome them.
    Reminds me of Amway....or a ponzi scheme....can't figure out which yet.

    Also reminds me of the guy who made millions selling pet rocks.
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  • unsungunsung Posts: 8,086
    Good buying day today!
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