BitCoin
Quote: rxwineSo...are you mining bitcoin?
Yea, about $40/month with the video card I have
It’s impossible to buy a new video card right now unless you want to pay 5x retail on eBay
Quote: gamerfreakQuote: rxwineSo...are you mining bitcoin?
Yea, about $40/month with the video card I have
It’s impossible to buy a new video card right now unless you want to pay 5x retail on eBay
I read a bit on it just now. One guy said he is using the heat from his computers to help grow tomatoes.
I like the idea of multiuse.
If you live in a cold climate, there is some sense in using your mining rig as a domestic heating system... Albeit electricity powered and expensive. If you need to cool your home, and your rig, then it becomes a financial burden. I understand that many miners lease or buy their mining kit and run it within the confines of a specialised mining farm datacentre. Often near a source of subsidised energy and ideally cool climate..... China :)Quote: rxwineQuote: gamerfreakQuote: rxwineSo...are you mining bitcoin?
Yea, about $40/month with the video card I have
It’s impossible to buy a new video card right now unless you want to pay 5x retail on eBay
I read a bit on it just now. One guy said he is using the heat from his computers to help grow tomatoes.
I like the idea of multiuse.
Quote: EvenBobBarrons is saying if Bitcoin falls below 30,000 the last faith in it will disappear and $20,000 is right around the corner. What's funny is Bitcoin was 64,000 and now nobody will admit they bought in at 40 & 50 & 60000, that was somebody else, not them. LOL
In April of 2013 Bitcoin fell nearly 75% from $200+ to around $50.
That same month this quote strikes me as funny.
Quote: EvenBobBitcoins are like collector Elvis plates. There's a limited
number made and they go up in value till they hit a
plateau. They're only worth the price because the
demand sets the price. If collectors lose interest,
prices plummet.
Just think Beanie Babies. Remember those?
No one who predicted Bitcoin would fail in 2013 when price was $50 will admit they could have been millionaires if they had purchased a few hundred and sold even today after it dropped in half from $62,000.
Lol, lol, lol!
Link, pleaseQuote: ChumpChangeI saw a new computer review recently and the computer has bitcoin mining baked into it somehow, and he could profit $20 a day from that computer. So after 4 months or more, it will pay off the price of the new computer.
The most I ever invested in any BTC at was around 5k, however, I have received bitcoin at higher amounts and chose not to sell I bought some at higher amounts but only for the purpose of making a transaction. I have already sold off multiple times my investment in Crypto for a nice profit. 75% of my crypto is in bitcoin and 25% is in various other coins including some crap coins. As of today, I'm off about 30% from my high on the other coins.Quote: EvenBobBarrons is saying if Bitcoin falls below 30,000 the last faith in it will disappear and $20,000 is right around the corner. What's funny is Bitcoin was 64,000 and now nobody will admit they bought in at 40 & 50 & 60000, that was somebody else, not them. LOL
I'm now playing with "house money", but I must admonish myself for uttering those words since it's my money and I have the ability to cash it in or not. You can call it beanie babies or whatever you want, in the meantime, there are lots of people who got in early despite your beanie babby analogy and they have made boatloads. You have been completely wrong about BTC ever since you made that comparison to beanie babies.
Quote: darkozIn April of 2013 Bitcoin fell nearly 75% from $200+ to around $50.
That same month this quote strikes me as funny.
"Just think Beanie Babies. Remember those?"
And it's still a pig in a poke. Bitcoin's value it's just as fickle as Beanie Babies were. It's value is constantly being artificially propped up because it has no real value. It's a long con game we all know what happens to them. Bitcoin is just a collectible, like a limited number a collector plates, made that way so they will have some value for a while. That is all Bitcoin is, it will have value until people get tired of the games surrounding it and move on to something else.
Quote: EvenBobAnd it's still a pig in a poke. Bitcoin's value it's just as fickle as Beanie Babies were. It's value is constantly being artificially propped up because it has no real value. It's a long con game we all know what happens to them. Bitcoin is just a collectible, like a limited number a collector plates, made that way so they will have some value for a while. That is all Bitcoin is, it will have value until people get tired of the games surrounding it and move on to something else.
There is a chance that bitcoin can replace paypal as the payment method of choice. I don't think it will, but something will.
My suggestion would be to capture some profits and use that money to diversify a bit.
Quote: EvenBobAnd it's still a pig in a poke. Bitcoin's value it's just as fickle as Beanie Babies were. It's value is constantly being artificially propped up because it has no real value. It's a long con game we all know what happens to them. Bitcoin is just a collectible, like a limited number a collector plates, made that way so they will have some value for a while. That is all Bitcoin is, it will have value until people get tired of the games surrounding it and move on to something else.
You should probably stick to beating roulette!
Quote: darkozYou should probably stick to beating roulette!
At least me beating roulette is a sure thing. Bitcoin is far from a sure thing as you can get. The reason the US dollar is the strongest currency in the world is what's behind it, the wealth of the United States. Go to your average Sam's Club on a Sunday afternoon in most states and there will be a couple million dollars worth of vehicles in the parking lot. Go to what passes for a Sam's Club in most countries in South America or in Asia and calculate what the vehicles are worth, if there are even any vehicles there. Look around you the next time you go anywhere, the wealth that we take for granted in the US is almost hard to believe. This is what's behind the US dollar. What's behind Bitcoin that makes it valuable. Absolutely nothing that is not behind an Elvis Collector Plate.
Quote: EvenBobAt least me beating roulette is a sure thing. Bitcoin is far from a sure thing as you can get. The reason the US dollar is the strongest currency in the world is what's behind it, the wealth of the United States. Go to your average Sam's Club on a Sunday afternoon in most states and there will be a couple million dollars worth of vehicles in the parking lot. Go to what passes for a Sam's Club in most countries in South America or in Asia and calculate what the vehicles are worth, if there are even any vehicles there. Look around you the next time you go anywhere, the wealth that we take for granted in the US is almost hard to believe. This is what's behind the US dollar. What's behind Bitcoin that makes it valuable. Absolutely nothing that is not behind an Elvis Collector Plate.
There’s a lot more utility in water than diamonds. And yet . . .
Quote: EvenBobAt least me beating roulette is a sure thing. Bitcoin is far from a sure thing as you can get.
Sorry I have to quote that again.
Quote: EvenBobAt least me beating roulette is a sure thing. Bitcoin is far from a sure thing as you can get.
Quote: darkozSorry I have to quote that again.
You seem puzzled. Not surprising.
Quote: EvenBobYou seem puzzled. Not surprising.
This is getting more hilarious by the post!
Quote: PokerGrinderI have no problem admitting I bought more btc in the 40’s and 50’s, hell I bought some in the high 50’s. However my average buy cost is around 13k.
I just bought more btc at 38k, buy the dip people!
Other than the fact that it's "low" right now, what makes you a believer in BTC? Why do you think it's a solid investment?Quote: PokerGrinderI just bought more btc at 38k, buy the dip people!
Quote: AxelWolfOther than the fact that it's "low" right now, what makes you a believer in BTC? Why do you think it's a solid investment?
Digital currency is going to be used for purchasing the world over. It will get more and more worldwide acceptance. And as it does and more and more people insist on getting paid in crypto (similar to how some people insist on only PayPal or only US dollars) you will need to own some form of crypto.
I was just going through this thread from the beginning and here is an interesting post from Alan Mendelssohn in 2013.
Quote: AlanMendelsonHere's my problem with bitcoin:
1. I don't accept it as payment from my clients
2. I can't pay any of the TV stations I do business with with bitcoin
3. I can't use it to buy gas at the Shell station on the corner
4. I can't use it to pay for groceries at my Ralph's market
5. Visa, Mastercard and Harrah's Rincon and Caesars Palace won't allow me to bet it either
So why do I need bitcoin?
He brings up some salient points
And here is his answer although it took a few years.
https://www.google.com/amp/s/www.forbes.com/advisor/credit-cards/are-crypto-rewards-credit-cards-a-good-idea/%3famp
Yep, by next year at least Alan's list of 2-5 above will accept Bitcoin as payment through their upcoming visa and MasterCard programs (and you can already use PayPal using Bitcoin).
I suppose Alan may refuse payment of Bitcoin so his list doesn't include number one in the future... Until his competition starts accepting it. Then suddenly you might see Alan accept it as well.
My opinion:. It's a volatile currency but it's here to stay just like real estate or gold interests are volatile but here to stay
I don't doubt digital currency(not the same as cryptocurrency) and blockchain technology is the wave of the future. I'm sure a cryptocurrency will do well, but I'm specifically asking why BITCOIN? Why does he and others think it's worth more than 38k? I have no doubt BTC will be around for a long time, I just have no clue what the value will be 5. 10..15... or 20 years down the road.Quote: darkozDigital currency is going to be used for purchasing the world over. It will get more and more worldwide acceptance. And as it does and more and more people insist on getting paid in crypto (similar to how some people insist on only PayPal or only US dollars) you will need to own some form of crypto.
I was just going through this thread from the beginning and here is an interesting post from Alan Mendelssohn in 2013.
He brings up some salient points
And here is his answer although it took a few years.
https://www.google.com/amp/s/www.forbes.com/advisor/credit-cards/are-crypto-rewards-credit-cards-a-good-idea/%3famp
Yep, by next year at least Alan's list of 2-5 above will accept Bitcoin as payment through their upcoming visa and MasterCard programs (and you can already use PayPal using Bitcoin).
I suppose Alan may refuse payment of Bitcoin so his list doesn't include number one in the future... Until his competition starts accepting it. Then suddenly you might see Alan accept it as well.
My opinion:. It's a volatile currency but it's here to stay just like real estate or gold interests are volatile but here to stay
Quote: darkozDigital currency is going to be used for purchasing the world over. It will get more and more worldwide acceptance.
I love it when people state wishful thinking and fantasy like it's a fact. Imagine if the US dollar went down in value by 50% in less than two weeks. What does your fruitful imagination think would happen. Bitcoin will always be extremely volatile that's why it will never be anything other than it is now, a Beanie Baby collectible.
Quote: EvenBobI love it when people state wishful thinking and fantasy like it's a fact..
Coming from the guy who beats roulette but needs candles to light his house
Quote: EvenBobImagine if the US dollar went down in value by 50% in less than two weeks. What does your fruitful imagination think would happen. Bitcoin will always be extremely volatile that's why it will never be anything other than it is now, a Beanie Baby collectible.
Imagine if the US dollar was worth a dollar in 2010 and now was worth $38,000 each?
What does Evenbob fruitful imagination think would happen.
A lot of people would own the candle factory's that light his home.
Quote: darkozDigital currency is going to be used for purchasing the world over. It will get more and more worldwide acceptance. And as it does and more and more people insist on getting paid in crypto (similar to how some people insist on only PayPal or only US dollars) you will need to own some form of crypto.
What is the advantage of digital currency over electronic transactions based on the US dollar or any other legitimate currency? I already know people who just don't carry cash any longer and use credit cards for everything. What is wrong with that? Isn't the US dollar already mostly a digital currency as most of the "money" in circulation does not exist in a physical sense, but electronically only.
It seems to me that cryptocurrency is a solution in search of a problem, which I give credit to Michael Bluejay for saying first.
Imagine if you'd bought land on the Las Vegas strip in the 1940s. Those people made out well. Now imagine you were the guy who paid five million for a half an acre in 2005 and it is still sitting empty.
Timing is everything.
Quote: WizardWhat is the advantage of digital currency over electronic transactions based on the US dollar or any other legitimate currency? I already know people who just don't carry cash any longer and use credit cards for everything. What is wrong with that? Isn't the US dollar already mostly a digital currency as most of the "money" in circulation does not exist in a physical sense, but electronically only.
It seems to me that cryptocurrency is a solution in search of a problem, which I give credit to Michael Bluejay for saying first.
Inflation
Quote: WizardWhat is the advantage of digital currency over electronic transactions based on the US dollar or any other legitimate currency? I already know people who just don't carry cash any longer and use credit cards for everything. What is wrong with that? Isn't the US dollar already mostly a digital currency as most of the "money" in circulation does not exist in a physical sense, but electronically only.
It seems to me that cryptocurrency is a solution in search of a problem, which I give credit to Michael Bluejay for saying first.
The obvious answer is people were trying to hide transactions from tax agencies. The strange thing is that every bitcoin transaction leaves a paper trail and people shouldn't be surprised when the IRS comes a knocking.
There is a place for cyrptocurrency. Just not some 5,000 different ones floating around now, where sophisticated investors choose to " invest" based on ones name or it the price is cheaper or whatever justification they choose to believe their shiny rock is better than the competition's shiny rock.
Quote: WizardWhat is the advantage of digital currency over electronic transactions based on the US dollar or any other legitimate currency? I already know people who just don't carry cash any longer and use credit cards for everything. What is wrong with that? Isn't the US dollar already mostly a digital currency as most of the "money" in circulation does not exist in a physical sense, but electronically only.
It seems to me that cryptocurrency is a solution in search of a problem, which I give credit to Michael Bluejay for saying first.
Pokergrinder said it.
Bitcoin value while volatile has gone up over time.
The US dollar is inflationary and has gone down.
Evenbob asked what would happen if the US dollar lost half it's value in two weeks.
What has happened is the US dollar has lost a lot more over the decades.
Remember when a dollar brought you two slices of pizza? A month's rent was $47?
Watch old movies and you start to realize how the US dollar is really doing.
Quote: billryanImagine if you had actually bought some back in 2010 instead of waiting until after the ship had sailed.
Imagine if you'd bought land on the Las Vegas strip in the 1940s. Those people made out well. Now imagine you were the guy who paid five million for a half an acre in 2005 and it is still sitting empty.
Timing is everything.
Bill, you keep arguing counterintuitively.
Is your argument Bitcoin is worthless or that Bitcoin has gone up thousands of percent in Value but people are late to invest.
The former can't be true if you believe the latter.
And people missing the boat happens all the time. Try launching a new free video internet service. YouTube has caused that boat to sail.
Arguing YouTube is worthless because you didn't get into the action when it was being developed makes no sense
Quote: PokerGrinderInflation
New Bitcoin are added to the supply all the time, which would have an inflationary effect.
Quote: WizardNew Bitcoin are added to the supply all the time, which would have an inflationary effect.
There is a maximum number of bitcoins.
Do you think you think it will keep going up, if so, why?Quote: darkozPokergrinder said it.
Bitcoin value while volatile has gone up over time.
Had Elon Musk not backpedaled on bitcoin and now more bad news regarding China, I would have said yes it's going up, but now I have no clue either way. I really don't think anyone has a clue. You have so-called experts on both sides saying totally different things.
Quote: WizardWhat is the advantage of digital currency over electronic transactions based on the US dollar
Advantage same as disadvantage, except for the new Chinese digital currency: It's strength and weakness flow from the same source:-
It's not backed by any nation state, government or enterprise.
Remember when paypal marketed itself as the new future of money.... That was all well and good except that Paypal can and do unilaterally lock users out of their accounts, put holds on transactions, enforce chargebacks and refunds, and ban users for life from its service. Any private company could do that. Any government could devalue its currency in many ways.
Meanwhile Crypto has zero substance or support except for blind 'faith'
I hold, but I'm not comfortable to risk more.
Hrmmmmm in a very constrained way. 89% of all BTC that can ever exist, already exist. They are possibly being irrevocably lost faster than they are being mined.Quote: WizardNew Bitcoin are added to the supply all the time, which would have an inflationary effect.
https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/
But then.... Other coins can and do come into circulation on a whim, but who would be daft enough to buy them?
Quote: darkozComing from the guy who beats roulette but needs candles to light his house
Never used candles for light, what a novel idea. I must try that.
Quote: WizardI already know people who just don't carry cash any longer and use credit cards for everything. What is wrong with that?
During hurricane Irma, all the credit and electronic bank transactions were knocked out around me for a couple days. If you didn't have cash, you didn't have money.
Quote: darkoz
What has happened is the US dollar has lost a lot more over the decades.
.
Therein lies the keyword, decades. I get a $100 bill and I know one month from now it's still going to be worth it $100. With Bitcoin I have no idea what it's going to be worth in a month. This is why it will never amount to anything, total lack of stability. Monopoly money has more stability than Bitcoin.
Quote: darkozBill, you keep arguing counterintuitively.
Is your argument Bitcoin is worthless or that Bitcoin has gone up thousands of percent in Value but people are late to invest.
The former can't be true if you believe the latter.
And people missing the boat happens all the time. Try launching a new free video internet service. YouTube has caused that boat to sail.
Arguing YouTube is worthless because you didn't get into the action when it was being developed makes no sense
I've never said bitcoin is worthless. I don't think it's a good investment at anywhere near the current prices. At 63,000, it needed to go to $125,000 in order for me to double my money. I don't see that happening anytime soon. Someone who bought at $60,000 now has to see bitcoin triple in value to make it a decent investment.
If you look at bitcoin as an asset, there are many better investments going forward. I'm sure I must own some crypto as I have some money invested in an alternative assets fund.
By the way, if someone asked me if they should invest in bitcoin or in vintage comics, I'd tell them they are both overpriced right now.
Quote: billryanI've never said bitcoin is worthless. I don't think it's a good investment at anywhere near the current prices. At 63,000, it needed to go to $125,000 in order for me to double my money. I don't see that happening anytime soon. Someone who bought at $60,000 now has to see bitcoin triple in value to make it a decent investment.
If you look at bitcoin as an asset, there are many better investments going forward. I'm sure I must own some crypto as I have some money invested in an alternative assets fund.
By the way, if someone asked me if they should invest in bitcoin or in vintage comics, I'd tell them they are both overpriced right now.
Well, I agree with everything in this post.
C'mon Bill I want to argue, not agree with you :)
That sounds reasonable to me.Quote: billryanI've never said bitcoin is worthless. I don't think it's a good investment at anywhere near the current prices. At 63,000, it needed to go to $125,000 in order for me to double my money. I don't see that happening anytime soon. Someone who bought at $60,000 now has to see bitcoin triple in value to make it a decent investment.
If you look at bitcoin as an asset, there are many better investments going forward. I'm sure I must own some crypto as I have some money invested in an alternative assets fund.
By the way, if someone asked me if they should invest in bitcoin or in vintage comics, I'd tell them they are both overpriced right now.
FYI, There are people earning interest on their crypto, I think as much as 12%
Quote: billryanAt 63,000, it needed to go to $125,000 in order for me to double my money. I don't see that happening anytime soon. Someone who bought at $60,000 now has to see bitcoin triple in value to make it a decent investment.
So, if it were $6 or $60 or $600 or $6,000 would it be a better investment?
In any case it would have to double to double your investment. Is $12, £120, $1,200 or $12,000 any less likely a proposition.
Agreed.Quote:If you look at bitcoin as an asset, there are many better investments going forward.
Quote: OnceDearSo, if it were $6 or $60 or $600 or $6,000 would it be a better investment?
In any case it would have to double to double your investment. Is $12, £120, $1,200 or $12,000 any less likely a proposition.
Agreed.
At this point, past performance isn't very relevant. BC has 5,000 competitors and new ones opening almost daily.
Even if you think the future of crypto is going to be explosive growth, can BC keep its market share? Expand it?
50 competitors? 500? 50,000?Quote: billryanAt this point, past performance isn't very relevant. BC has 5,000 competitors and new ones opening almost daily.
Even if you think the future of crypto is going to be explosive growth, can BC keep its market share? Expand it?
That's the fun of it. Just numbers.
But actually, I agree.
Let's schedule a review of these last few posts in say, 6 months.
Quote: OnceDear50 competitors? 500? 50,000?
That's the fun of it. Just numbers.
But actually, I agree.
Let's schedule a review of these last few posts in say, 6 months.
Didn’t someone say Bitcoin is speculation not investment several times already, or is it just me?
Quote: billryanIt looks like there are currently 4,000 CCs being traded and over 1,000 that have failed. I doubt more than a couple of dozen will survive.
The ones that survive will be the ones that do more than offer an alternate currency. They will deliver a service that's recognized and necessary.
But I do agree only about a dozen will probably survive
