Cryptocurrencies

brianlux

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.

unsung

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.

Degeneratefk

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?

unsung

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.

unsung

benjs said:

unsung said:

benjs said:

unsung said:

tempo_n_groove 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. 

unsung

Degeneratefk said:

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.

unsung

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.

unsung

GTG, hope I was able to answer some questions.

Degeneratefk

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. 

unsung

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.

rgambs

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.

The better question would be where IS it being used as currency, and the answer is, almost nowhere.
You got yours and that's good for you, but you aren't addressing what most see as very real complications, you are just passing them off as a conspiratorial plot like every other issue.

unsung

No, I am embracing it and not bitching about it from the sidelines.

A lot of people got theirs.  It is a beautiful thing.

CM189191

unsung said:

Leftist worries < paying off my mortgage.

Tell that to 2006-2008

PJ_Soul

rgambs brings up good points unsung. I think you have a vested interest in bitcoin succeeding in the long run, but it would do you good to consider the other side as well. Here is an example: the university I work at decided it would be a good idea/progressive/cool to get a bitcoin ATM installed in the university store/bookstore, and since Vancouver is the birthplace of the bitcoin ATM and people are generally well aware of bitcoin at any university that is full of econ and business majors it seemed like a good fit. it was a legit idea for sure, and they made a big deal of it. They thought students or their parents would use it to buy all those expensive textbooks I'm sure, along with all that very expensive school branded merchandise. They also thought that there were plenty of international students with extremely deep pockets who would be eager to buy and use the ATM. That was a couple of years ago. And how is that going? Well, I was in the bookstore recently and I noticed that the thing is still sitting there... and it isn't even plugged in, lol. It is a giant paperweight and the general public doesn't give a flying fuck. I'm not sure any currency can succeed long term if the general public doesn't give a fuck. We'll see. I am still where I have always been - maybe it will succeed long term, and maybe it won't. I hope everyone, including those who buy it and are hopeful, will always keep considering all sides of this. I'm not convinced that you are, unsung, but good luck with your investment (if it were me, I think I'd be selling my bitcoins at this point).

brianlux

Maybe a warning sign, bitcoiners?

Australian Banks Reportedly Freezing the Accounts of Bitcoin Users

http://bitcoinist.com/australian-banks-reportedly-freezing-bank-accounts-bitcoin-users/

Degeneratefk

I just watched the cryptocurrency movie on Netflix. Bitcoin was supposed to take out the middle man. But it is going to be next to impossible to do that. Just as stated before, having an atm machine is utilizing a middle man. 

Plus banks are now trying to figure out a way to use the same technology for their personal accounts. So where is the advantage? I'm pretty sure they will succeed in using bitcoin technology for their customers. 

oftenreading

Interesting article on the vagaries of cryprocurrency markets. 

https://www.theguardian.com/technology/2018/jan/07/bitcoin-crypto-currencies-mcafee

buck502000

oftenreading said:

Interesting article on the vagaries of cryprocurrency markets. 

https://www.theguardian.com/technology/2018/jan/07/bitcoin-crypto-currencies-mcafee

Dude has weak hands

mickeyrat

different perspective against...

https://www.washingtonpost.com/news/wonk/wp/2018/01/08/bitcoin-is-the-new-middle-ages/?utm_term=.401c8c73bf9b

mickeyrat

hmmm......


https://www.reuters.com/article/uk-northkorea-cryptocurrency/cryptocurrency-may-be-getting-quietly-channelled-to-north-korea-university-report-idUSKBN1EX1DP