Bitcoin and other cryptocurrencies

[Darkpriest667]

I'm not laying out logical fallacies young gun.. I'm just saying look, the proof of stake method takes the transaction process out of the hands of people and into the hands of an algorithm that cannot and has so far not been able to be tampered with or used for political purposes.

that doesn't make it a ponzi scheme and the ignorance of the people on these boards about how the blockchain works hurts my head.



It is true, once all the bitcoins have been mined, transaction fees will be the sole source of income for miners. The main concern, then, is whether or not transaction fees will be enough to keep miners financially afloat.

Using current mining costs as a measure of required mining profitability over 100 years from now is dubious, since we don’t know how mining technology will progress over time. It is entirely possible that mining chips will become so small and cheap that they can be installed on all electronic devices — similar to the goal 21 Inc. hopes to achieve. This development would turn mining from a purposeful business decision to an after thought, surviving in the background of daily life. Furthermore, mining hardware may become so energy efficient over the next century that transaction fees prove to be plenty to keep miners in business.

It may also be the case that transaction fees simply rise to a level sufficient for mining profitability. If, once all the bitcoins have been mined, the entire world uses the digital currency as its primary medium of exchange, then it is possible that transaction fees will rise due to an increase in the demand for transactions.

 

[ed308]

that doesn't make it a ponzi scheme and the ignorance of the people on these boards about how the blockchain works hurts my head.

Ponzi Scheme: a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

Plenty of people working in the financial and banking industry have called the Bitcoin a Ponzi scheme. People a lot smarter than you or me. You like to gamble? Thats basically what your doing. The odds are against you. But if taking significant risk entertains you, then Bitcoin is probably right for you.

People a lot smarter than me have recommended caution when it comes to Bitcoin. It's not a place for serious investments due to the volatility of the Bitcoin market. I like my investments to be there at some point in the future. With Bitcoin, you can loose everything today, tomorrow, next week or next month. But if entertainment is what your looking for, have it.

 

[Dawico]

I'm not laying out logical fallacies young gun.. I'm just saying look, the proof of stake method takes the transaction process out of the hands of people and into the hands of an algorithm that cannot and has so far not been able to be tampered with or used for political purposes.

that doesn't make it a ponzi scheme and the ignorance of the people on these boards about how the blockchain works hurts my head.



It is true, once all the bitcoins have been mined, transaction fees will be the sole source of income for miners. The main concern, then, is whether or not transaction fees will be enough to keep miners financially afloat.

View attachment 126858 Using current mining costs as a measure of required mining profitability over 100 years from now is dubious, since we don’t know how mining technology will progress over time. It is entirely possible that mining chips will become so small and cheap that they can be installed on all electronic devices — similar to the goal 21 Inc. hopes to achieve. This development would turn mining from a purposeful business decision to an after thought, surviving in the background of daily life. Furthermore, mining hardware may become so energy efficient over the next century that transaction fees prove to be plenty to keep miners in business.

It may also be the case that transaction fees simply rise to a level sufficient for mining profitability. If, once all the bitcoins have been mined, the entire world uses the digital currency as its primary medium of exchange, then it is possible that transaction fees will rise due to an increase in the demand for transactions.

Sure are a lot of "ifs", "mays", and "we don't knows" for such a "solid" investment.

But yeah, insult those that don't buy into a made up currency.

 

[Vaquero]

I remember when ostriches and emus were 5 and 10 thousand dollars. The meat of the future.

Then, the ones who got in late just let them free. They weren't worth the cost of feed.

Yeah. I'm sceptical.

 

[Dawico]

I remember when ostriches and emus were 5 and 10 thousand dollars. The meat of the future.

Then, the ones who got in late just let them free. They weren't worth the cost of feed.

Yeah. I'm sceptical.

I remember that. They were running around loose as the owners didn't want to feed them anymore. Ultimately worthless like many investments.

 

[OFFascist]

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.

For the others who don't know about how Coinbase and GDAX work together here is a good video explaining it.



Coinbase you are basically buying at the market price, GDAX you can do limit orders and set the prices you are willing to buy and sell at; also less fees.

 

[perfor8]

bump

 

[perfor8]

$33,000, LOL

 

[Axxe55]

I have seen more than a few idiots invest way too much into some "scheme" that they thought would make them rich enough to never have to work again.

They lost everything and failed.

 

[southtexaspilot]

I bought into Bitcoin a few years ago. $5k for 1.4 coin. Didn’t sell it when it spiked last time. Won’t sell it this time. Waiting for the mining to exhaust itself.


Sent from my iPhone using Tapatalk

 

[perfor8]

I have seen more than a few idiots invest way too much into some "scheme" that they thought would make them rich enough to never have to work again.

They lost everything and failed.

Interesting (it's not really, I'm just making conversation). What were these schemes? Because they obviously weren't BTC.

 

[SQLGeek]

I convinced myself then that it was close to being peaked. Lol. I suck at investing.

 

[Darkpriest667]

It's not worth 1M like I thought it would be but it went up 300% since my last post. :-) Which is better than the market did in that time.

I also own a substantial amount of doge coin which today is almost valued at 1 cent each. It started out as a joke coin, but has quickly become an actual accepted form of payment.

As long as the Fed can be told to print money at will, at infinitum, cryptos will continue to maintain a presence. In Venezuela where the government turned the money into a worthless note people have been using cryptos to continue. Cryptos cannot be manipulated by governments and large organizations because the algorithms cannot be controlled in that way. What makes their value hold is the fact THERE IS A LIMITED AMOUNT OF CRYPTO. None can ever be created and once lost to the ether because wallets get lost etc they can never be brought back.

Those of you that "invest" in gold and silver probably don't hold onto the physical commodity, worse there is no way to "split" your silver coins (those of you that do own them) without shaving some of the total value off when you split them physically. (In Roman and earlier eras there was a method called shaving in which people shaved commodity based currency to acquire more wealth and give less away.) The other advantage is you can be KILLED and robbed for your commodity based currency and killing me does not give you my crypto password (good luck hacking it it's SHA 256 encrypted so unless you have the encryption key you'll never get the password.)

You guys laughed at me. I bought a car with Crypto and paid off 1/3 of my first mortgage. I'm still sitting on quite a bit of it and don't intend on selling until I retire, which may be a lot sooner than I thought.

 

[Younggun]

I laughed at everyone who bought bitcoin early on. Said it was stupid and just another scheme.

Shoulda bought the stupid make believe money.


Sent from my iPhone using Tapatalk

 

[perfor8]

Institutional money will pour into cryptos (mostly BTC) in 2021.

 

[SQLGeek]

It's not worth 1M like I thought it would be but it went up 300% since my last post. :-) Which is better than the market did in that time.

I also own a substantial amount of doge coin which today is almost valued at 1 cent each. It started out as a joke coin, but has quickly become an actual accepted form of payment.

As long as the Fed can be told to print money at will, at infinitum, cryptos will continue to maintain a presence. In Venezuela where the government turned the money into a worthless note people have been using cryptos to continue. Cryptos cannot be manipulated by governments and large organizations because the algorithms cannot be controlled in that way. What makes their value hold is the fact THERE IS A LIMITED AMOUNT OF CRYPTO. None can ever be created and once lost to the ether because wallets get lost etc they can never be brought back.

Those of you that "invest" in gold and silver probably don't hold onto the physical commodity, worse there is no way to "split" your silver coins (those of you that do own them) without shaving some of the total value off when you split them physically. (In Roman and earlier eras there was a method called shaving in which people shaved commodity based currency to acquire more wealth and give less away.) The other advantage is you can be KILLED and robbed for your commodity based currency and killing me does not give you my crypto password (good luck hacking it it's SHA 256 encrypted so unless you have the encryption key you'll never get the password.)

You guys laughed at me. I bought a car with Crypto and paid off 1/3 of my first mortgage. I'm still sitting on quite a bit of it and don't intend on selling until I retire, which may be a lot sooner than I thought.

Do you think it’s worth getting into some of the lesser known ones right now? Wondering if might be worth throwing some of my play money at it.

 

[Darkpriest667]

Do you think it’s worth getting into some of the lesser known ones right now? Wondering if might be worth throwing some of my play money at it.

Elon musk supports dogecoin openly and its cheap as hell. like for 30 bucks you can get 30000

 

[Coop45]

I remember when ostriches and emus were 5 and 10 thousand dollars. The meat of the future.

Then, the ones who got in late just let them free. They weren't worth the cost of feed.

Yeah. I'm sceptical.

Those emus had some awesome VooDoo chicken feet and was good in chili.

 

[MacZC7]

With the flip of a switch your crypto is useless. I’d go with AR parts or solid gold!

 

[SQLGeek]

Elon musk supports dogecoin openly and its cheap as hell. like for 30 bucks you can get 30000

Which exchange would you recommend? Appreciate the info. I might throw a few bucks at it just for giggles.