Cryptocurrencies

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  • unsungunsung Posts: 8,830
    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: 8,830
    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: 7,752
    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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    Life is hard, that's why no one survives

  • rgambsrgambs Posts: 10,919
    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: 8,830
    That is not true, do some research.
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,752
    I know some people who use bitcoin to buy gold
    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

  • benjsbenjs Toronto, ONPosts: 7,163
    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: 8,830
    Good post.
  • my2handsmy2hands Posts: 14,487
    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: 41,037
    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: 8,830
    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: 13,870
    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: 14,487
    Crypto is manipulated as fuck... clearly a massive problem lurks in the near future
  • Gern BlanstenGern Blansten Your Mom'sPosts: 7,166
    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.
    Former BernieBro, turned Hillary rotten Clinton #1 Fanboy

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  • unsungunsung Posts: 8,830
    Good buying day today!
  • buck502000buck502000 Birthplace of GIBSON guitarPosts: 7,752
    edited January 18
    unsung said:
    Good buying day today!
    It was - took a big hit on the coin in the bag in prior days- but oh well.  It was money that was earmarked just for this.  Put some $XRB in the bag yesterday.  Looking forward to following the coins technology and price ;)
    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
    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.
    Don’t be a sad no coiner.  Electricity, travel by plane, the internet, all of these things seemed like voodoo at first. But now, they are a part of everyday life.  Cryptocurrency will be used behind the scenes by the people who run the world. Either get on the rocket or don’t.  Cheer up.
    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

  • my2handsmy2hands Posts: 14,487
    edited January 18
    The people "who run the world" use USD and will always use USD, hopefully... if that ever changes, America, and us, have a big problem that crypto won't fix

    Nobody uses crypto currencies... literally nobody... the only people purchasing them are doing it as speculative investment... have you used any of your holdings to purchase something? 

    My limited understanding and research tells me Blockchain technology is interesting, but most if not all of these crypto currencies are trash and massively manipulated. Good luck though, I hope it works out
  • cincybearcatcincybearcat Posts: 9,448
    Looks like Bitcoin is going to be part of the oldest profession...heard that the Bunny Ranch is looking into accepting Bitcoins as payment for services. 
    hippiemom = goodness
  • unsungunsung Posts: 8,830
    To the moon!
  • unsungunsung Posts: 8,830
    my2hands said:
    The people "who run the world" use USD and will always use USD, hopefully... if that ever changes, America, and us, have a big problem that crypto won't fix

    Nobody uses crypto currencies... literally nobody... the only people purchasing them are doing it as speculative investment... have you used any of your holdings to purchase something? 

    My limited understanding and research tells me Blockchain technology is interesting, but most if not all of these crypto currencies are trash and massively manipulated. Good luck though, I hope it works out
    This isn't meant to look down on you but your own admission says that your knowledge is limited on the subject, but you say that nobody uses them.

    A lot of people use this stuff, and a lot can be used for purchasing.  Adoption increases daily.  Through adoption we gain acceptance.  Someone once said that there is no reason for a computer in the house either!
  • CM189191CM189191 Minneapolis via ChicagoPosts: 3,642
    unsung said:
    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.
    It sounds like you're actively avoiding paying capital gains tax
    https://www.cnbc.com/2018/01/25/if-you-own-bitcoin-heres-how-much-you-owe-in-taxes.html
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  • BentleyspopBentleyspop Craft Beer Brewery, ColoradoPosts: 4,973
    Uh oh look who forgot he had some bitcoin...

    50 Cent: 'I Forgot' Taking 700 Bitcoins For 2014 Album; Stake Is Now Worth Millions http://n.pr/2F8u0Ti
  • PJ_SoulPJ_Soul Vancouver, BCPosts: 41,037
    edited January 26
    Uh oh look who forgot he had some bitcoin...

    50 Cent: 'I Forgot' Taking 700 Bitcoins For 2014 Album; Stake Is Now Worth Millions http://n.pr/2F8u0Ti
    "Not Bad for a kid from South Side, I'm so proud of me," 50 Cent wrote in an Instagram post. :lol: Funny!

    Well, how nice for him! I hope some people with no other wealth also managed to make the same "mistake" - it would be a very pleasing little rags to riches story, haha.
    With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
  • mickeyratmickeyrat Posts: 13,811
    ruh roh....


    https://www.reuters.com/article/us-japan-cryptocurrency/tokyo-based-cryptocurrency-exchange-hacked-losing-530-million-nhk-idUSKBN1FF29C


    TOKYO (Reuters) - Coincheck, a major cryptocurrency trading exchange in Tokyo, has been hacked into and has lost about 58 billion yen ($534 million) worth of virtual money, national broadcaster NHK reported on Friday.

    article continues.....



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  • NewJPageNewJPage Posts: 2,421
    Doesn't Ron Paul want us to go back to the gold standard?
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  • oftenreadingoftenreading Victoria, BCPosts: 7,682
    edited January 27
    Uh oh look who forgot he had some bitcoin...

    50 Cent: 'I Forgot' Taking 700 Bitcoins For 2014 Album; Stake Is Now Worth Millions http://n.pr/2F8u0Ti
    Okay. 

    But he filed for bankruptcy in 2015 and it was settled in 2016. He had the bitcoin assets at that point and didn’t declare them, because he “forgot”. Sounds like fraud. Someone didn’t do their homework properly for the case. 

    Can creditors come after him now for hiding assets?
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  • Halifax2TheMaxHalifax2TheMax Posts: 13,870
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  • BentleyspopBentleyspop Craft Beer Brewery, ColoradoPosts: 4,973
    Uh oh......bitcoin seems to be crashing...current value $8675  down almost 50% or more from its high
  • rgambsrgambs Posts: 10,919
    Bummer, will there be a sell-off?
    Hope people here got/get out before it's gone too far.
    Monkey Driven, Call this Living?
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