Edited: 7/1/19 9:30 PM
12/12/04
Posts: 8859

Oh..........and I saw you used the term "real dollars." 

You mean that inflationary piece of shit currency that has lost 97% of it's purchasing power since 1913?  That dollar? 

Isn't one of the 7 properties of good money A STORE OF VALUE?

I tell you what.....You stick with your "money"...........I'll stick with mine.

7/1/19 9:41 PM
11/16/08
Posts: 15904
WHIPCRACK -

Oh..........and I saw you used the term "real dollars." 

You mean that inflationary piece of shit currency that has lost 97% of it's purchasing power since 1913?  That dollar? 

Isn't one of the 7 properties of good money A STORE OF VALUE?

I tell you what.....You stick with your "money"...........I'll stick with mine.

Yeah, the one you need to pay your bills, food, and taxes with.

7/1/19 9:50 PM
11/16/08
Posts: 15905
WHIPCRACK -

I was thinking about regular people that want to use it as a currency. That seems to be the whole point of it.

Although it doesn't seem practical to spend unless the value is stable and when it becomes stable, who's going to trade it? I know people are making, and losing, money trading it but it doesn't really seem to be used for what it was intended. It seems like digital trading cards.

 

Ahhhh......i understand what you're saying now.  You're correct.....Bitcoin in not used for what Satoshi intended. It's not a very good currency at all.  That's a huge argument in the btc community and has led to multiple contentious forks (eg: bitcoin cash.)

It was originally intended to be a means of exhange..........but due to many factors btc is more a store of value (and a safe haven outside of traditonal markets and money systems.) 

A couple of quick examples of those factors being the bitcoin core programmers, blockstream (who pays them), scalling issues and arguments, fees related to lack of scaling, faith (or lack of) in the lightning network,  blah blah blah. 

 

There are much, much better options for a digital currency out there.   Some of the new stable coins have my interest (Maker dai, trueUSD...........NOT tether.)

 

In it's current form .......think of btc a property.  In fact it's the only billion dollar property in the world that cannot be confiscated from you by anyone.  This property also has no weight, and takes up no space.  You can walk across any border with the entirety of your wealth in your mind by memorizing your private key. Pretty cool.

 

I think btc will always be property............only used to settle large transactions.  Perhaps betweeen corporations or countries. 

I don't know if you've heard the saying, "bad money chases out good money." ??  But that is part of what's happening with BTC.  People want to hoard it and spend other currency.  Btc is chased out of the market in expectation the value will rise......and it has.

 

I can see what you mean.  It seems like something good to have if you want to hide assets or are on the run and want to bail.  Go to Mexico or some exotic land with a fortune on a usb drive.

I always figured if nobody actually used it for what it was intended that it would lose value.  It does seem to have uses though.  

7/1/19 9:59 PM
6/30/14
Posts: 32135
I bought $372 of bitcoin, after fees

currently worth $529

so I am kind of an expert
Edited: 7/1/19 11:31 PM
12/12/04
Posts: 8860

 

 

 

7/2/19 2:06 AM
8/25/15
Posts: 7011
WHIPCRACK -
effertime - 

Whipcrack...what are you all in in? Link? Quant?

 

Ummm.....I don't think I feel comfortable saying.  If someone bought the project becaue I mentioned it and it fails..........I'd feel terrible.

 

It's a little too close to financial advice. 

 

I will say it's not Link, or Quant. 

 

we're all big boys...

7/2/19 9:42 AM
1/1/01
Posts: 31228

Who sells all this bitcoin brand clothing? I see everyone with bitcoin t-shirts and bags at all these crypto conferences. You wonder if there is a lot of money to be made in the crypto merch space.

7/2/19 10:12 AM
1/1/01
Posts: 31229

Brendan Bernstein makes an excellent argument for bitcoin at 26:30...

 

7/2/19 10:15 AM
6/28/10
Posts: 28120
I No Kung Foo -
WHIPCRACK -

Oh..........and I saw you used the term "real dollars." 

You mean that inflationary piece of shit currency that has lost 97% of it's purchasing power since 1913?  That dollar? 

Isn't one of the 7 properties of good money A STORE OF VALUE?

I tell you what.....You stick with your "money"...........I'll stick with mine.

Yeah, the one you need to pay your bills, food, and taxes with.

lol. So you're saying you cant pay blls or shop online using bitcoins? Once again people on here have no idea wtf they're talking about.

7/2/19 11:27 AM
12/8/15
Posts: 52
BJ Penn Forever -

Everyone claiming bitcoin is deflationary, a flight from central bank debt, etc... they never address the "what if" of what if the market adopts litecoin, mondero, dash or some other crypto as the prefered one. Bitcoin only has 62% of the market as it is now.

For the people saying bitcoin will go to $100k or even a million bucks... what makes them so confident the market will stick with bitcoin?

The bitcoin maximalists, what makes them so confident bitcoin will be the crypto of the future?

It has ~60% of the value but over 95% activity and volume. The other coins do jack shit in terms of overall volume. Which is why they all follow Bitcoin around the bend. And its why Bitcoin is king. Not for value but because barely anyone touches anything else regardless of volume. 

7/2/19 11:38 AM
11/16/08
Posts: 15912
BrckNoHitBk -
I No Kung Foo -
WHIPCRACK -

Oh..........and I saw you used the term "real dollars." 

You mean that inflationary piece of shit currency that has lost 97% of it's purchasing power since 1913?  That dollar? 

Isn't one of the 7 properties of good money A STORE OF VALUE?

I tell you what.....You stick with your "money"...........I'll stick with mine.

Yeah, the one you need to pay your bills, food, and taxes with.

lol. So you're saying you cant pay blls or shop online using bitcoins? Once again people on here have no idea wtf they're talking about.

By "blls" are you refering to your crypto mag subscriptions?  I just looked at my gas, electric, and water companies and they don't take it.  Amazon and Ebay take it?   

 

7/2/19 12:54 PM
11/18/09
Posts: 11296

Any good documentaries that can learn me some bitcoin? Less interested in investing, more interesting in how it works and got started, etc...

7/3/19 8:36 AM
1/1/01
Posts: 31233
PhillyFights -

Any good documentaries that can learn me some bitcoin? Less interested in investing, more interesting in how it works and got started, etc...

Here is a list of a bunch of docs...

https://www.smartbitcoininvestments.com/bitcoin-documentary-list/

As far as "how it works", I know there are some very technical books out there on the subject that are way more detailed than any docs.

7/3/19 8:47 AM
2/23/05
Posts: 13803

7/3/19 9:30 AM
1/1/01
Posts: 31235

Here is a 10 part doc Max Keiser did called "To The Moon".

https://www.rt.com/shows/to-the-moon/

7/3/19 2:14 PM
1/1/01
Posts: 31244

 

7/3/19 2:29 PM
9/18/12
Posts: 4772

NANO is superior, that is all.

7/3/19 3:10 PM
1/1/01
Posts: 31249

Think 99% of people would be better off dollar cost averaging vs doing anything else?

Edited: 7/10/19 9:48 AM
1/1/01
Posts: 31325

I was amazed to hear only 2 million or so people own an entire bitcoin based on that site that tracks all the wallets. Heard it on a Charlie Shrem podcast.

Well not two million people... two million wallets. Who knows, lots of people have lots of wallets.

7/10/19 11:02 AM
6/14/19
Posts: 89

My local gold n silver shop has a Bitcoin ATM in it.

 

Apparently I can buy and sell Bitcoin in it. Is this legit?

7/13/19 3:15 PM
1/1/01
Posts: 31381

 

7/13/19 3:17 PM
1/25/04
Posts: 128582
Richardjohnson81 - 

My local gold n silver shop has a Bitcoin ATM in it.

 

Apparently I can buy and sell Bitcoin in it. Is this legit?


Yes. We hvae a few in my state as well

7/13/19 3:24 PM
4/13/12
Posts: 27072

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

7/13/19 4:32 PM
1/1/01
Posts: 31382
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

7/13/19 4:38 PM
11/5/13
Posts: 5145

In