Bitcoin and other cryptocurrencies

[diesel1959]

I still raf.

Me too. What a joke.

 

[AustinBR]

I just downloaded Coinbase and am planning on adding a little bit of play money into it. Anyone use it?

 

[MTA]

I still have no idea how bitcoins work

 

[ed308]

I just downloaded Coinbase and am planning on adding a little bit of play money into it. Anyone use it?

Nope. When I learned it lost 80% on it's value in one day, that killed all of my curiosity.

 

[Darkpriest667]

I use coinbase only to put fiat dollars in.. and cash out... I do all my trading on an exchange called poloniex.

 

[Dawico]

I still have no idea how bitcoins work

Think of it like a pyramid scheme based on a product in somebody's imagination.

 

[AustinBR]

I use coinbase only to put fiat dollars in.. and cash out... I do all my trading on an exchange called poloniex.

I'm going to be doing some trading on GDAX and using Coinbase to store everything.

Had I invested $500 last night, I would have already made $100 bucks lol.

 

[Darkpriest667]

Think of it like a pyramid scheme based on a product in somebodies imagination.

Really you think bitcoin is a pyramid scheme? It's basic laws of supply and demand Dawico... there are only 21 million that will ever exist... 16 million have already been mined and it's possible that as many as 2 million have been lost on hard drives or other media that were thrown away.


The US dollar on the other hand is printed infinitely and is backed by just as much as bitcoin, which is to say nothing. The difference is the Federal Reserve prints as much as they want whenever they want. So the laws of supply and demand SHOULD dictate the US dollar is worth just about nothing consider they print trillions a year with nothing to back it up.

I don't consider bitcoin to be money, it consider it a commodity that you can get a store of value or return on. Some people think it is money.

 

[MTA]

I still have no idea what the hell any of this is and no one on the internet gives a retard level explanation of it

 

[AustinBR]

I still have no idea what the hell any of this is and no one on the internet gives a retard level explanation of it

Try these three links. The third one is very simple to understand I think.

https://www.buybitcoinworldwide.com/beginners-guide/



https://www.coindesk.com/bitcoin-explained-five-year-old/

 

[Younggun]

Because there really isn't a good explanation of it.


Think of it this way. Nonexistent pretend money that you buy with real money which is easily hidden and hard to trace. Illegal activities are easily financed through it and hidden under piles of people buying in to it because they think it's a great way to make money as demand increases.

Demand increases because value has increased which in turn increases demand which increases value, all the while the currency has no material value (or existence).


Also, I'm going to start selling hooky dollars. Initial sales will be .01 American dollars to 1 hooky dollar. I will release 1000 hooky dollars per week to a maximum of 1 million hooky dollars. The rate of release may be changed however the maximum number will never exceed 1 million.

Hurry and get your hooky dollars today!

 

[MTA]

Try these three links. The third one is very simple to understand I think.

https://www.buybitcoinworldwide.com/beginners-guide/



https://www.coindesk.com/bitcoin-explained-five-year-old/

Interesting and thanks for the links. I understand now. I guess the rothschilds arent too happy about this huh?

 

[ed308]

Really you think bitcoin is a pyramid scheme?

Or Ponzi scheme.

 

[Vaquero]

When I can stroll into Hollywood with my 1911 and AR15 with no harassment, and no "permit ".
I'll buy a whole damn bitcoin.

Fairytale. All across the board.

 

[AustinBR]

Or Ponzi scheme.

How is it a Ponzi or Pyramid scheme?

 

[Younggun]

Unless bitcoin users keep talking people in to buying bitcoin, the value will tank overnight.

 

[Dawico]

Really you think bitcoin is a pyramid scheme? It's basic laws of supply and demand Dawico... there are only 21 million that will ever exist... 16 million have already been mined and it's possible that as many as 2 million have been lost on hard drives or other media that were thrown away.


The US dollar on the other hand is printed infinitely and is backed by just as much as bitcoin, which is to say nothing. The difference is the Federal Reserve prints as much as they want whenever they want. So the laws of supply and demand SHOULD dictate the US dollar is worth just about nothing consider they print trillions a year with nothing to back it up.

I don't consider bitcoin to be money, it consider it a commodity that you can get a store of value or return on. Some people think it is money.

Yes I do.

The miners get paid to keep track of the currency with new currency. The amount ever to exist is limited.

What happens when the new currency reaches its limit? There is none to pay the miners with.

That is when the whole system crumbles. The people keeping track of everything quit getting paid. They either quit doing their job, start stealing, or all of a sudden more bitcoin is made.

Any way you look at it, it is doomed. And fake.

Don't get me wrong, people will make money but even more will lose their investments once it crumbles. Pyramid, Ponzi, whatever you want to call it, it is a scam.

 

[Darkpriest667]

How is it a Ponzi or Pyramid scheme?

Because they don't understand how it works. They trust bankers who would more actively take away their firearms rights than the average citizen. ;-) That's why.

 

[Younggun]

Because they don't understand how it works. They trust bankers who would more actively take away their firearms rights than the average citizen. ;-) That's why.

"Bankers are bad so this new rip off is good"

"He isn't actively complaining about bankers right now so he must support them"

Try again.



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[Younggun]

Oops, almost forgot about this flag on the field.

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