BitCoin
What else is like crypto but crypto? It’s not a coin, paper, or a beanie baby. It’s not a stock or an interest rate.
Quote: AxelWolfGuys like Bob were silent as BTC was skyrocketing making 10 of thousand of people millionaires
Just like I'm silent when any Ponzi scheme works like it should.. Makes some people millionaires and bankrupts others.
"There is no net wealth created from Bitcoin. For every dollar somebody profits, somebody else will lose a dollar.."
Mike Shackleford, May 9th 2021
Hallelujah!
https://wizardofvegas.com/forum/gambling/online/13594-bitcoin/126/#post808946
Quote: EvenBobWhy do you keep repeating this over and over, I don't get it.
He has nothing else. It's pretty funny. On another forum, the biggest proponents of bitcoin see what is being attempted in El Salvador as either a bad thing or perhaps as a mixed message, but here it is seen as the best thing since sliced beer.
Quote: EvenBobJust like I'm silent when any Ponzi scheme works like it should.. Makes some people millionaires and bankrupts others.
"There is no net wealth created from Bitcoin. For every dollar somebody profits, somebody else will lose a dollar.."
Mike Shackleford, May 9th 2021
Hallelujah!
https://wizardofvegas.com/forum/gambling/online/13594-bitcoin/126/#post808946
Michael shackleford did say that. I really don't understand the purpose of the comment.
There is no net wealth created from the US dollar either. For every dollar someone profits, somebody else will lose a dollar.
Even the bank and credit card companies which use interest on loans to technically generate wealth from the dollar are in essence "for every dollar profited, taking that dollar from someone else."
I would really like an explanation of what wealth building enterprise doesn't take a dollar from one person to give to another.
What enterprise builds wealth and no one has to pay for use of that enterprise?
Quote: rxwineHey, anyone ever hear of things that don’t fit one definition or another perfectly.
What else is like crypto but crypto? It’s not a coin, paper, or a beanie baby. It’s not a stock or an interest rate.
No.No. No.
Just because an object is square is no reason you can't make it fit into the round hole if you simply concentrate on the tangents.
Is it a fish? Is it a fowl?
Is Left Twix really superior to Right Twix?
I'm sure Salvadorians throughout the country are thrilled to know they can now use bitcoin. Just as soon as their government brings in electricity,internet and the rest of the infrastructure needed. Maybe they can use it to pay for the cable tv. It's a shame the government didn't act faster. I'm sure Salvadorians are angry they won't get a chance to use bitcoins to buy their Teslas. It's just as well as most residents don't have the means to recharge them once they get home.
Quote: billryanNo.No. No.
Just because an object is square is no reason you can't make it fit into the round hole if you simply concentrate on the tangents.
Is it a fish? Is it a fowl?
Is Left Twix really superior to Right Twix?
I'm sure Salvadorians throughout the country are thrilled to know they can now use bitcoin. Just as soon as their government brings in electricity,internet and the rest of the infrastructure needed. Maybe they can use it to pay for the cable tv. It's a shame the government didn't act faster. I'm sure Salvadorians are angry they won't get a chance to use bitcoins to buy their Teslas. It's just as well as most residents don't have the means to recharge them once they get home.
It sounds like those people who claim a currency needs to be accepted as legal tender by a country and that's why Bitcoin isn't a currency are really bitter El Salvador is making them look so wrong
Quote: darkozIt sounds like those people who claim a currency needs to be accepted as legal tender by a country and that's why Bitcoin isn't a currency are really bitter El Salvador is making them look so wrong
I have no idea who is claiming a currency needs to be accepted as legal tender by a country are, so I can't speak for them. It's hard attempting to have a conversation with people who lack a fundamental understanding of the subject.
To paraphrase a friend- If your plan involves using El Salvador to prop it up, it's not a very good plan, to begin with.
Who is next? Chechnya? Moldavia? Grand Fenwick? What other mover and shaker will jump on the bandwagon?
Quote: billryan
I'm sure Salvadorians throughout the country are thrilled to know they can now use bitcoin.
It really is a joke. The vast majority of people in El Salvador will have no access to bitcoin at all, and won't understand it if they did. There's a 50-50 chance it won't even come to be because it goes into effect in the middle of September and a lot can happen between now and then. Everything we have to go through in the US to setup a Bitcoin account will have to be done by the average poor person in El Salvador. Not only are these people not internet savvy they don't even have access to the internet for the most part. The highlight of their month is waiting for their relatives to send them money from them being illegally in the US. Even if they had internet access what are they supposed to buy Bitcoin with, they have no money. lol
You stay up all night stocking and pricing things based on the bitcoin being worth $32,000, but by noon it is trading for 35,000 so all your prices are off by 10% How does one plan on replacement costs?
There are literally a million problems with an economy like ES adopting bitcoin as even a quasi-official means of exchange. Should be a fun ride. I just don't see how this is a good thing for anyone who has "invested" in BC. Why anyone would think this will cause the price of BC to increase.
Quote: EvenBobThe highlight of their month is waiting for their relatives to send them money from them being illegally in the US.
I deem that to be borderline racist characterisation. Warning to EB that such characterisation as 'being illegally in the US' is unacceptable.
Quote: mcallister3200Not EB is an expert on El Salvadorians and their daily lives also. And if they are in the US they must be illegal apparently. Is there anything the guy does not know? Truly incredible.
One-third of Salvadorians are regular internet users. 50% of the country has no internet access. 70% of Salvadorian adults don't have a bank account. Those are simple facts anyone can pull off the internet.
When I looked at economies similar to El Salvador, Zimbabwe was one of the nations with a similar outlook that google listed.
Imagine if Zimbabwe announced they were going to adopt bitcoin as one of its means of exchange? Would it make you estatic?
Quote: billryanOne-third of Salvadorians are regular internet users. 50% of the country has no internet access. 70% of Salvadorian adults don't have a bank account. Those are simple facts anyone can pull off the internet.
When I looked at economies similar to El Salvador, Zimbabwe was one of the nations with a similar outlook that google listed.
Imagine if Zimbabwe announced they were going to adopt bitcoin as one of its means of exchange? Would it make you estatic?
I’m neutral/indifferent about crypto. Nothing about money or markets makes me ecstatic. I like having it, it’s just a means of purchasing time spent in wilderness areas and freedom from having others wishes/goals/desires imposed on me rather than items for me though.
Quote: mcallister3200And if they are in the US they must be illegal apparently
Hundreds of thousands of El Salvadorans are here illegally, look it up. Glad I could be of service in wising you up. El Salvador is about the size of Massachusetts yet one quarter of their population is in the United States.
Quote: OnceDearI deem that to be borderline racist characterisation. Warning to EB that such characterisation as 'being illegally in the US' is unacceptable.
Over half a million are here illegally, how was it racist to mention that. Both legal and illegal El Salvadorians send several billion dollars a year back to their home country. It's a huge part El Salvador's economy.
Quote: billryanCan you imagine running a supermarket and having to price your items in bitcoin?
You stay up all night stocking and pricing things based on the bitcoin being worth $32,000, but by noon it is trading for 35,000 so all your prices are off by 10% How does one plan on replacement costs?
There are literally a million problems with an economy like ES adopting bitcoin as even a quasi-official means of exchange. Should be a fun ride. I just don't see how this is a good thing for anyone who has "invested" in BC. Why anyone would think this will cause the price of BC to increase.
But what if you compare it to a failing currency?
Quote:In 1923, when the battered and heavily indebted country was struggling to recover from the disaster of the First World War, cash became very nearly worthless. Germany was hit by one of the worst cases of hyperinflation in history with, at one point, 4.2 trillion German marks being worth just one American dollar.
Quote: rxwineBut what if you compare it to a failing currency?
I find it funny that people bring up the hyperinflation that Germany experienced but no one ever mentions how they solved it.
In a nutshell, they did away with their old currency and replaced it with a New Mark that was tied directly to the US Dollar. I think it was the first time a foreign country tied its currency to the dollar. Inflation went away and a brief period of semi-prosperity came over Germany.
Things just might have worked out for everyone except the US economy was hit with the Great Depression and the dollar was weakened. Inflation started up again and the weary German people rejected the government it had elected and turned to extremists to restore The Great Germany they had been promised. Most know how that ended.
Germany was a relatively young country at the time. The country wasn't unified until 1871 and had been thru two major wars in the time since.
Most of Germany was shocked when they found out they had lost the First World War. They'd been fed a steady diet of lies about how well the war was going and in the spring and summer, they were told the capture of Paris was imminent.
Suddenly the war is over and they lost. Germany hadn't been invaded, had hardly been attacked, the German army was largely undefeated and suddenly the war was over and they lost. A week before they surrendered, German newspapers reported on the massive defeat Americans had suffered and there was speculation America might realize it made a mistake and withdraw.
Those who don't know history are doomed to repeat the same mistakes.
Quote: billryanI find it funny that people bring up the hyperinflation that Germany experienced but no one ever mentions how they solved it.
In a nutshell, they did away with their old currency and replaced it with a New Mark that was tied directly to the US Dollar. I think it was the first time a foreign country tied its currency to the dollar. Inflation went away and a brief period of semi-prosperity came over Germany.
Things just might have worked out for everyone except the US economy was hit with the Great Depression and the dollar was weakened. Inflation started up again and the weary German people rejected the government it had elected and turned to extremists to restore The Great Germany they had been promised. Most know how that ended.
Soooo, their currency failed in a nutshell.
They eventually solved their problem.
But you don't think Bitcoin can do that? Solve problems?
Just literally passed this billboard on the highway.
Quote:he idea of creating a fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for consumers who don’t have bank accounts. But it’s also sparking strong pushback from those with the most to lose: banks.
Quote: darkozApparently someone values Bitcoin.
Charities love crypto because it costs them nothing to get and it can go up in value. I would love to get a Bitcoin for my birthday because it cost me nothing and all I can do is come out ahead no matter what I sell it at. El Salvador is just a crypto scam. They encourage merchants who take Bitcoin as payment for something to sell it to the central bank for US dollars. That way when it goes up the bankers benefit and not the people who sold it to them. I would not be surprised if El Salvador makes it a law that a merchant has to sell any Bitcoin they get to the government. The president of El Salvador is a young guy in his thirties who wears leather jackets and baseball caps turned around backwards. Drug cartels run El Salvador, big surprise.
Sending money back to the home country is as American as apple pie and has been going on for almost two centuries. They should have been ashamed of themselves, all of those lazy slobs back in Ireland, Italy, Germany, Poland, Russia and other such places living off their hard working kin in the U.S. of A.Quote: EvenBobBoth legal and illegal El Salvadorians send several billion dollars a year back to their home country. It's a huge part El Salvador's economy.
Quote: UP84Sending money back to the home country is as American as apple pie
No kidding. Where did I say it was wrong. I simply stated that the economy of El Salvador is dependent on people in the u.s. sending money to relatives. My dad and his three brothers joined the Navy in the 1930s during the Depression so they could send money back to their family. Only they were US citizens as were the people from the European countries you mentioned.
In theory, it sounds great. In reality, who knows what will happen. Salvador is already paying premium rates on its debt and has requested a billion-dollar loan from the IMF. Let's see what they have to say about this. I can't imagine any banks giving a long leash on it..
Feeding frenzy? Who's eating what?Quote: EvenBobBC jumped to 40k overnight. Let The Feeding Frenzy begin. LOL
Well, my tulip bulbs grew a little, so I'm smiling ( at the moment )
I see no reason for EvenBob to mock or LOL. He has no horse in this race. He could have had, but chooses not to.
Quote: OnceDearFeeding frenzy? Who's eating what?
Well, my tulip bulbs grew a little, so I'm smiling ( at the moment )
I see no reason for EvenBob to mock or LOL. He has no horse in this race. He could have had, but chooses not to.
EB's argument is this:
When BTC price goes down, "Aha, it's worthless!"
When BTC price goes up, "Aha, it's worthless!"
He uses the same strategy to beat Roulette.
When he wins money, he proclaims, "Aha, it works!"
When he loses money he proclaims, "Aha, it works!"
In this manner he never is wrong
It seems a lot of people were sellers above 40,000. People that got in at 32 and sold at 40 and now are hoping to repeat. Tesla was in a similar cycle for about three years and some made a fortune off it long before the stock really exploded. With Tesla, the long-term numbers supported the play. With bitcoin, it's pure speculation. If I was a speculator, I'd be getting interested but I rarely speculate on stocks and certainly not on something that doesn't know if it is an asset or a wanna-be currency.
Quote: OnceDearHe has no horse in this race.
I am the jockey of a horse called schadenfreude, he is a mighty steed and entertains me daily. The Feeding Frenzy has dropped it back down to 39000, as I feel wave after wave of schaden sweep over me.
Quote: darkozEB's argument is this:
When BTC price goes down, "Aha, it's worthless!"
When BTC price goes up, "Aha, it's worthless!"
Because it's, well, worthless.. It has no reason for existing other than for rich people to get richer. A wise man recently posted here: "There is no net wealth created from Bitcoin." How many really understand what that means.
Quote: billryanand certainly not on something that doesn't know if it is an asset or a wanna-be currency.
Nobody knows what it is, because it's nothing. It's an invention created to be a collectible and have wild spikes in the marketplace so a few can make money. Eventually enough people will drop out of the game and Bitcoin will slowly drop down and eventually disappear. Nobody will miss it because how do you miss nothing.
Quote: mcallister3200That is utterly pathetic.
Hardly. There are many people who live off schadenfreude, who live for schadenfreude. They are the pathetic ones. Their lives depend on the misery of others. For me it's just mild entertainment.
Quote: mcallister3200That is utterly pathetic.
Personal insult -- three days.
Quote: billryanSeeing how darkoz doesn't seem to know the difference between something not being a good investment and something being worthless, it's becoming increasingly difficult to have a rational discussion.
Personal insult -- three days.
Quote: EvenBobI am the jockey of a horse called schadenfreude, he is a mighty steed and entertains me daily. The Feeding Frenzy has dropped it back down to 39000, as I feel wave after wave of schaden sweep over me.
You must be very lonely as he hasn't run since 2006.
https://www.skysports.com/racing/form-profiles/horse/97827/schadenfreude-usa
Quote: DRichYou must be very lonely as he hasn't run since 2006.
Where do you think he went when they retired him.
Glue factoryQuote: EvenBobWhere do you think he went when they retired him.
I think you made a mistake regarding your own policy he attacked the writing, not the writer. He said that's pathetic, he didn't call him pathetic.Quote: WizardPersonal insult -- three days.
Quote: EvenBobWhere do you think he went when they retired him.
Perhaps I'll now use that for an online casino and try to time the cash-out.
Quote: EvenBobWhat is going on today this is a perfect example of what Mike says that Bitcoin does not create wealth. When a stock goes up in price it's usually because the company has increased in value. It got a big contract, it merged with another company, whatever. Bitcoin is going up today because of pot stirring by Elon Musk and some other rich guy I never heard of. It's not increasing in value because it became more valuable, it's increasing because of rumors rich guys might be buying a lot of it. It's the worst kind of speculation. You saw this during gold rush scenarios where the price of gold claims would skyrocket not because they found more gold, but because people were spreading false rumors of gold that was found. Most people who speculated in gold claims lost money.
Actually stock manipulation is rampant and quite a few companies have gone up on no news or down on good news.
GameStop skyrocketed on precisely what you claim is a product with no value yet it has brick and mortar stores across the country
Bitcoin is going up today? What exchange are you getting your numbers from, there might be a good Arbitrage situation.Quote: EvenBobWhat is going on today this is a perfect example of what Mike says that Bitcoin does not create wealth. When a stock goes up in price it's usually because the company has increased in value. It got a big contract, it merged with another company, whatever. Bitcoin is going up today because of pot stirring by Elon Musk and some other rich guy I never heard of. It's not increasing in value because it became more valuable, it's increasing because of rumors rich guys might be buying a lot of it. It's the worst kind of speculation. You saw this during gold rush scenarios where the price of gold claims would skyrocket not because they found more gold, but because people were spreading false rumors of gold that was found. Most people who speculated in gold claims lost money.
At the time you posted this, and before, it was trending downward, just under 40k
If the buyers and sellers all break even, some winners and some losers then bitcoin is creating wealth for other companies like coinbase, online casinos, and other people who profit because of BTC.
I like the idea that you don't even have to sell "vaporware" to make money. You can actually make money renting it.
What a concept!
(pay no attention to this post)
Quote: rxwine<lightbulb>
I like the idea that you don't even have to sell "vaporware" to make money. You can actually make money renting it.
What a concept!
(pay no attention to this post)
Wouldn't making money by renting it be called banking?
Quote: AxelWolfBitcoin is going up today? What exchange are you getting your numbers from
It was at 41000 when I posted that earlier this afternoon
Quote: AxelWolfbitcoin is creating wealth for other companies like coinbase, online casinos, and other people who profit because of BTC.
That's like saying the crook is creating wealth by robbing the jewelry store and then selling the the stuff to different pawn shops. He is not creating wealth for everybody involved, he's just moving it around. That's what Bitcoin does, it takes already created wealth and moves it from one place to another. A few people profit, the rest lose. Just like the insurance company who insured the jewelry store lost
Quote: EvenBobThat's what Bitcoin does, it takes already created wealth and moves it from one place to another.
Sort of like a currency does?
$:o)
