BitCoin
Thus greatly limiting your potential in your roulette "field of expertise". BTC can be used as a nonspeculative tool for online casinos. BTC is one of the best things to have ever come about for online gambling and yet, you don't even realize it. You are like a one-armed one-legged driver trying to drive a stickshift when you could be driving an automatic.Quote: EvenBobI never speculate, I only put money where there is a guaranteed return. Like roulette.
Quote: darkozThere is you and there is me. One of us wins in casinos. Hint:. It isn't you!
Yet another bet you would lose.
Quote: EvenBobYet another bet you would lose.
No I wouldn't
We did this one..... It has the value that 'the marketplace' says it has... The buying power, if you will. Currently a Bitcoin can buy about $35k of soap, cars, or roulette chips. Do roulette chips have no intrinsic value? That sure looks like intrinsic value to me.Quote: EvenBobWhy not just use bars of soap if Bitcoin has no intrinsic value and you have to get rid of it as soon as you get it in a transaction. What's the point. At least with soap it has some value, it has a use.
I can also transfer a bitcoin value around the globe in an instant. No need to ship a bar of soap or a dollar bill.
Quote: OnceDear
I can also transfer a bitcoin value around the globe in an instant. No need to ship a bar of soap or a dollar bill.
It's like a miracle currency non currency. What could possibly go wrong this scenario. snicker..
Sorry. Your shouty post maybe did need one.Quote: gamerfreakHopefully I didn’t need the /s
You never did answer.... Do roulette chips have 'intrinsic value'? What about when they have $100 stamped on them?Quote: EvenBobIt's like a miracle currency non currency. What could possibly go wrong this scenario. snicker..
What is intrinsic value any way? Is it like the calorific content of a chocolate bar, compared to say the calorific content of a voucher for a chocolate bar? I think I could understand if it was that. Then I could say that the voucher has no intrinsic value: bitcoin has no intrinsic value, the same as a dollar bill has no intrinsic value.
off to google intrinsic value...
https://www.investopedia.com/terms/i/intrinsicvalue.asp
https://en.wikipedia.org/wiki/Intrinsic_value_%28ethics%29
https://kainramsay.com/what-is-your-intrinsic-value/
Perhaps some people think faulty logic, oftentimes not understanding how things yet thinking they do, BS roulette systems masked as "methods" so it sounds good, have an intrinsic value. If so, Bob is rich on paper.Quote: OnceDearYou never did answer.... Do roulette chips have 'intrinsic value'? What about when they have $100 stamped on them?
What is intrinsic value any way? Is it like the calorific content of a chocolate bar, compared to say the calorific content of a voucher for a chocolate bar? I think I could understand if it was that. Then I could say that the voucher has no intrinsic value: bitcoin has no intrinsic value, the same as a dollar bill has no intrinsic value.
off to google intrinsic value...
https://www.investopedia.com/terms/i/intrinsicvalue.asp
https://en.wikipedia.org/wiki/Intrinsic_value_%28ethics%29
https://kainramsay.com/what-is-your-intrinsic-value/
If Bob's 'method' had intrinsic value, his reluctance to exploit it has equal negative intrinsic value. Heck, why do we even mention it. His method has zero value even as a talking point, except maybe as a negative testimonial.Quote: AxelWolfPerhaps some people think faulty logic, oftentimes not understanding how things [work?] yet thinking they do, BS roulette systems masked as "methods" so it sounds good, have an intrinsic value. If so, Bob is rich on paper.
[I inserted the word 'work', which I thought might be missed in error]
35,202.10 United States Dollars, no big plummet like you guys were claiming would happen soon.Quote: EvenBobIt's like a miracle currency non currency. What could possibly go wrong this scenario. snicker..
Quote: AxelWolf35,202.10 United States Dollars, no big plummet like you guys were claiming would happen soon.
compares to what I posted 2 days ago
Quote: OnceDear
This is where I'm watching the trend
(currently 32695.57 USD +426.19 (+1.32%) MARKET OPEN (JUN 27 10:03 UTC))
(35649-32695)/32695 = 9% up-tick over 2 days. Did anyone mention 'volatile' $:o)
No carnage yet.
My gut feeling..... it will climb to $37.4k this week and then drop < $29k then struggle to go anywhere for a month.
My proposed action..... Hodl. but seriously reconsider if it hits $41k
I should start an investment column.
Quote: rxwineI side on the idea that Bitcoin remains volatile enough to make money. Or lose money.
As long as it does it's just an expensive penny stock and just about as useful. It's volatility will keep it from being anything other than a curiosity forever. It's not regulated or controlled because as soon as you do that whatever value it has as a collectible drops.
HmmmmmQuote: EvenBobAs long as it does it's just an expensive penny stock and just about as useful. It's volatility will keep it from being anything other than a curiosity forever. It's not regulated or controlled because as soon as you do that whatever value it has as a collectible drops.
EvenBob seems to be saying Unregulated curiosity has higher value by virtue of being unregulated? I can agree with that.
Just think how much the value of the dollar would gain if it became unregulated. Freed of political influence.
There is precedent for that. Twenty four years ago, the UK gave it's central bank considerable independence from political meddling in monetary policy. It was a great success and waved in a period of low and steady inflation. The government could not just turn money presses on or off on a whim.
https://www.bankofengland.co.uk/speech/2017/twenty-years-of-boe-independence-the-evolution-of-monetary-policy
"I believe that the decision to grant independence to the Bank of England, and the era of low and stable
inflation that it helped cement, was one of the most successful institutional reforms to economic policy in my
professional lifetime. The inflation targeting framework, buttressed by operational independence, has worked
well. And independence, and the credibility that it has engendered, have allowed monetary policy to adapt
successfully to the dramatic challenges of the last twenty years, developing innovative policy tools in
response."
So yeah. Unregulated.... Long may it be so.
Quote: OnceDear
So yeah. Unregulated.... Long may it be so.
Wow, comparing Bitcoin to the Bank of England. Desperate times call for desperate arguments. LOL
"..the cryptocurrency remains vulnerable to any weakness on the macro front and could drop to the former hurdle-turned-support of $19,666..'
Quote: EvenBobBut that is all it is, fluctuations.
At bottom, everything is just fluctuations. Harmonic oscillations in various quantum fields.
A million dollars in $20 bills weighs one hundred pounds and fills two average-sized suitcases.
A million dollars in $100 bills can fit in an oversized carry-on bag.
In both cases one has to clear customs and removing $10,000 from the country is illegal without proper paperwork.
Does anyone know how many bitcoin will fit in an overnite bag?
Quote: billryanDrug laundering 105
A million dollars in $20 bills weighs one hundred pounds and fills two average-sized suitcases.
A million dollars in $100 bills can fit in an oversized carry-on bag.
In both cases one has to clear customs and removing $10,000 from the country is illegal without proper paperwork.
Does anyone know how many bitcoin will fit in an overnite bag?
Why would a drug dealer be concerned about the illegality of transporting cash out the country?
If he can get the drugs in, he can get the money out.
As for Bitcoin fitting into an overnight bag, about$34,000 US at this time :)
Quote: darkozWhy would a drug dealer be concerned about the illegality of transporting cash out the country?
If he can get the drugs in, he can get the money out.
As for Bitcoin fitting into an overnight bag, about$34,000 US at this time :)
Seriously?
Quote: billryanDoes anyone know how many bitcoin will fit in an overnite bag?
Find one first, then worried about the bag. So far nobody has ever seen a Bitcoin, let alone held one. Ever send somebody on a snipe hunt?
Quote: billryanSeriously?
You can't answer the question?
Quote: darkozYou can't answer the question?
Do I really need to explain why a drug dealer would care if it was illegal to export cash?
Or why said dealer would find it much easier to send his illegal gains back home using bitcoin as opposed to sending cash?.
Quote: billryanDo I really need to explain why a drug dealer would care if it was illegal to export cash?
Or why said dealer would find it much easier to send his illegal gains back home using bitcoin as opposed to sending cash?.
Yes.
You have made a point and now seem unable to explain it.
Why would someone who doesn't care about the law importing drugs and who manages to have a pipeline importing physical drugs give a care about breaking currency laws and be unable to physically move the cash in the opposite direction?
If you can't explain it then fine. But keep asking why you need to explain it pretty much says you don't have an answer.
Otherwise you just would have answered.
For that matter, why would a drug dealer be less afraid of Bitcoin which has every transaction traced than a bunch of US cash which once he has it outside the country is practically untraceable?
Let us suppose you have 5,000 pounds of something you need transport from NYC to South America.
If it is legal merchandise, you can call any bonded carrier, insure it and hand it off to professionals who make deliveries for their business. It's also a hell of a lot cheaper.
If it isn't legal, now you have vastly increased transportation costs, will not be able to insure it and you have to worry about law enforcement on top of everything else.
Why do you suppose money laundering is such a huge business? It's better to wash the money here than risk transporting the cash out of the country.
bitcoin makes it infinitely easier to surreptitiously export your illegal money. If you can't understand that, no further conversation is desired.
Quote: billryanDo you understand logistics?
Let us suppose you have 5,000 pounds of something you need transport from NYC to South America.
If it is legal merchandise, you can call any bonded carrier, insure it and hand it off to professionals who make deliveries for their business. It's also a hell of a lot cheaper.
If it isn't legal, now you have vastly increased transportation costs, will not be able to insure it and you have to worry about law enforcement on top of everything else.
Why do you suppose money laundering is such a huge business? It's better to wash the money here than risk transporting the cash out of the country.
bitcoin makes it infinitely easier to surreptitiously export your illegal money. If you can't understand that, no further conversation is desired.
But you haven't explained how the drug dealers have circumvented law enforcement, bonded carriers etc when importing the drugs.
The drug dealer has 5,000 pounds of cocaine. You aren't suggesting he digitally wires the cocaine, are you?
Obviously he transports the cocaine physically into the country. If you can't understand that cocaine cannot be sent digitally, then there is no further conversation desired.
Now he has successfully circumvented law enforcement through some physical carrier. And you think that carrier would be better off returning empty handed than just transporting in reverse the soon to be untraceable US dollars? Instead of utilizing the transportation that successfully gets the drugs into the country, the drug dealer would prefer a traceable, trackable and ultimately confiscatable Bitcoin?
We start in Columbia and the money ends up back in Colombia. The cost of getting the cash there is almost entirely because it is illegal to export the cash. Otherwise, he could rent a 20-foot container for $1,0000 and insure it.
In any event, congrats to Dark Oz. I've been on chatrooms since 2001 and he is the first person I've decided to ignore. Now I just have to figure out how.
Quote: billryancongrats to Dark Oz. I've been on chatrooms since 2001 and he is the first person I've decided to ignore. Now I just have to figure out how.
Just block him. You will see that he posted but you won't see what he posted. It's a rather useless feature because every time somebody quotes him you will see what he said in the quote.
Quote: billryanThe drug dealer had considerable expense importing the drugs. As a US bill weighs the same as a gram of coke, he now has considerable expense exporting his cash, as well.
We start in Columbia and the money ends up back in Colombia. The cost of getting the cash there is almost entirely because it is illegal to export the cash. Otherwise, he could rent a 20-foot container for $1,0000 and insure it.
In any event, congrats to Dark Oz. I've been on chatrooms since 2001 and he is the first person I've decided to ignore. Now I just have to figure out how.
Too bad!
I was going to ask next what the drug dealer tells his boss when the $500,000 in Bitcoin he obtained for the drugs was now only worth $250,000.
I suppose he would just have his head cut off.
But hey he saved on shipping, right?
Quote: darkozToo bad!
I was going to ask next what the drug dealer tells his boss when the $500,000 in Bitcoin he obtained for the drugs was now only worth $250,000.
So you finally agree that Bitcoin makes a poor currency? About time
Quote: EvenBobSo you finally agree that Bitcoin makes a poor currency? About time
I would if I was a drug dealer.
Too volatile for drug dealers.
But tell Bill Ryan that for me. He has me on ignore.
Bill thinks a drug dealer is going to risk his life on Bitcoin volatility to save on UPS and FedEx charges
He stuffs money inside the pages of books and sends the books FedEx or UPS or regular post office. He even pays for tracking.
He doesn't rely on a digital currency with a trail behind it.
SMH
Quote: EvenBobSo you finally agree that Bitcoin makes a poor CURRENCY? About time
Wait, so you admit Bitcoin is a currency?
About time!
(Word currency in quote highlighted by me)
Visa and MasterCard are accepted in 75,000,000 places.
After twelve years, bitcoin is accepted in far less than one percent of the merchants who accept credit cards. I suppose it's a glass half-empty situation.
Quote: billryanbitcoin is accepted in 15,000 places. A fun fact.
Visa and MasterCard are accepted in 75,000,000 places.
After twelve years, bitcoin is accepted in far less than one percent of the merchants who accept credit cards. I suppose it's a glass half-empty situation.
So what that Bitcoin is ‘only’ accepted in 15,000 places?!? If there is ONE safe place that will accept it and give me $$$$$ for it then if someone wants to give me BTC I’d accept it at a slight discount, depending on the costs on me to change it to $$$$$. Then I can use my Visa and I have the cash from the BTC. Viola! The BTC can now buy me the stuff I wanted at any of the 75,000,000 places Visa is accepted.
So for semantics sake, I’ll agree with EB, that it’s not a great currency. The steps needed to change it into $$$$$ make him correct. But WHO CARES? If there is a guy willing to buy one for $40k, and a guy willing to sell one for $40k, it’s worth $40k.
What will it be worth tomorrow, next year, 10 years from now…. no way I am smart enough to feel confident in my guess.
Hopefully, you don't apply the greater fool theory to your investments.
Quote: billryanProponents of bitcoin make a big deal that it is accepted in 15,000, in an attempt to show it is being accepted. McDonald's gift certificates are accepted in more places.
Hopefully, you don't apply the greater fool theory to your investments.
Really?
I think I would have the same luck asking to pay for a candy bar at my local store with McDonald's gift certificates as with Bitcoin.
How many Casinos will accept McDonald's gift certificates? (A lot more Online Casinos will accept Bitcoin than McDonald's gift certificates.)
Regardless, McDonald's has been around for seventy years and Bitcoin a dozen. Let's see how many places accept Bitcoin fifty+ years from now.
Quote: billryanbitcoin is accepted in 15,000 places. A fun fact.
Visa and MasterCard are accepted in 75,000,000 places.
After twelve years, bitcoin is accepted in far less than one percent of the merchants who accept credit cards. I suppose it's a glass half-empty situation.
Come to think of it, you could fill lots of those prepaid credit cards to their limit and ship those, They have dogs that can detect paper money, but haven’t heard of any detecting common plastic. (Just explosive plastic)
It turned out that someone had melted down gold, fashioned it into crescent wrenches, and then painted them so they looked like regular tools headed to a construction firm in SA.
The shipment was worth millions, and records indicated that several similar loads had passed thru customs in the past few weeks.
Quote: billryanAbout 20 years ago in Queens, customs pulled a suspicious shipment of tools headed to Colombia. Something about them didn't seem right and set off an Inspectors spidey-senses.
It turned out that someone had melted down gold, fashioned it into crescent wrenches, and then painted them so they looked like regular tools headed to a construction firm in SA.
The shipment was worth millions, and records indicated that several similar loads had passed thru customs in the past few weeks.
Several years ago a man was flashing coins. A passing dog didn't like it and bit the man because of the coins
It was the first known instance of Bitcoin
Quote:The lake is so warm you feel like you're in a hot tub," said Abi Buddington, a resident of Dresden, N.Y., whose home is near the plant.
The facility on the shores of Seneca Lake is owned by private-equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of that fossil-fuel energy not to keep the lights on in surrounding towns, but for the energy-intensive "mining" of Bitcoin.
Quote: rxwineProbably not good news.
one source = https://twnews.co.uk/us-news/bitcoin-mining-is-turning-a-new-york-lake-into-a-hot-tub-says-a-local-here-s-how
It's laughable how some supporters of these kind of mining operations rave about how great they are where there's plentiful 'green' energy, such as solar, wind or hydro, or geothermal. Fact is, wasted electricity is still wasted electricity.
And you US guys have a nation where much of your energy is used to air-con chill your homes. There might be a case to make for using bitcoin mining to heat homes in colder climates. It would be a case full of holes though.
For the old geo-thermal electricity generators, such as in El Salvador?Quote: billryanBut what happens when you tap into a volcano?
Any temperature (or pressure) gradient can be used to 'generate' electricity. Pop some water in a tank on top of a hot mountain and drive a steam powered generator from it. Looks like free energy and mostly it is. But then you need to release or re-cool that steam somehow..... divert the energy to a lake, maybe. OK if you like your lake warm and your fish pre-cooked. Or maybe just keep feeding water from the lake into your steam releasing generator. After all, lakes never run out.
'Wall Street giant JPMorgan, after correctly calling May's cryptocurrency crash, has warned over El Salvador's controversial plan to adopt bitcoin as legal currency—pointing to bitcoin's low trading volume outside of major exchanges and its extreme price volatility as possibly "a significant limitation on its potential as a medium of exchange.”
Duh, ya think? And it turns out the Congress in El Salvador did not even look at the details of this they just voted immediately after they heard about it. They have no idea what they're doing or what they're getting into. If it actually does go into effect in September, and I still don't think it will, it will be the biggest monetary cluster buster in the last 30 years.
Coinbase is set to release its second-quarter results this week. Some are saying that bad earnings will set in motion a huge sell-off while Goldman Sachs is saying they think the report will be good. Public interest in it seems to have died down dramatically in the last few weeks. Some are saying the FBI seizure of the ransomware loot, combined with bitcoin losing half its value literally overnight has opened more than a few eyes to the disadvantages that were easy to overlook when it was on fire.
Quote: billryanthe FBI seizure of the ransomware loot, combined with bitcoin losing half its value literally overnight has opened more than a few eyes to the disadvantages that were easy to overlook when it was on fire.
It is in big big trouble, I follow it every day. Volume being down so much is hurting it big time, people just aren't interested anymore and the rich can only prop it up for so long. Some experts are saying it's waiting for the slightest nudge downward and a big sell-off is coming down to below 20,000. I get a kick at how many commentators try to make Bitcoin sound oh so legitimate when it's just a joke.
Edited later: Bitcoin drops $400 between 11 p.m. and 11:30 p.m. to $29,700
Quote: EvenBob11pm Bitcoin is $130 away from going below $30,000. The Dow plummeted over 700 points today. This is because world leaders completely bungled the covid-19 crisis by reopening the countries way too soon. I predicted this would happen. Once Bitcoin is into the $29,000's buckle up.
Edited later: Bitcoin drops $400 between 11 p.m. and 11:30 p.m. to $29,700
When Bitcoin gets back down to $200 like when you first commented in 2014 then I will give you props.
For now, nope!
Do you have a prediction for when that happens?
