Miscellaneous Rumbles

Bitcoin - WTF?

26

I commented on this thread a couple of years ago and I still don’t get it or trust it today.

The blockchain technology is supposed to keep your bitcoin safe. Apparently not. A hacker stole some from the Silk Road guy and the DOJ got their hacker to steal it from the first hacker.

https://www.wsj.com/article...

27

I dunno, I've been watching the ups and downs of the entire cryptocurrency world, and I've come to the conclusion that I would probably do better at a Vegas Blackjack table in the long run (and I don't do very well there, fyi). I've had it proven to me more than once that NOTHING is 100% safe in the online world. I believe it.

I'm with those who prefer to be able at some point to put something in their hand and say "This is mine. I earned it (in some way)" than point to a largely imaginary number on some screen and say the same, hoping all the while that it's really and truly worth what it says it is.

It's why I have a bunch of nice, safe "blue chip" accounts with a couple of local institutions. Everything is insured and if I need access to it, it's no more than a week away from actually being in my hand, if I prefer.

Call me old-fashioned, and while your at it bartender, build me one, too.

28

Excuse me for being off topic but is there trend toward nostalgia working? Under New Topics a 3 year old thread and this two year old thread are revived. Just find that curious.

29

Both resurrected by the same bot by the looks of it.

30

It's insane how big it grew in price. If you could go back in time and tell your parents to invest in bitcoin, that would probably say that you are crazy my little kid. I feel bad that I came so late to trading, I could probably make a lot of money if I started just a few months earlier. With the help provided by Forex ea bot, it's much easier to make a future plan of trading and predict the fluctuation, according to the statistics, which you get from the virtual trades made in real time by the bot.

31

Supposedly it's all owned by a certain guy who is pretty evil (not sure who the guy is).

Besides servers, they also have the ability to use regular peoples computer's power at night when they aren't using it if they allow. So bitcoin farming could be mined all the time.

It scares me because it's not backed by anything like the dollar being backed by gold (for the most part). While I believe we will move to some sort of crypto currency in the future...it's only as valuable as someone thinks it is. Also there have been guys who have lost million because their computer crashed and they couldn't remember their credentials...and with so much encryption, you're not getting it back.

32

Bitcoin gets me thinking about gambling chips with active chromatophores. Or maybe credit default swaps and various other derivatives. Credit derivatives, it ain't rocket science.

......rocket science is easy.

Maybe like investing in the volatility of the market rather than a product on the market.

I dunno. Squirming nebulosity that demands so much electrical energy just to mine and exist that it alone may defeat all efforts to defeat global heating.

A downside without an upside looking to be saved by and called Q-bitcoins? I wonder?

33

I bought $40 when Paypal started offering to trade it back in November. Fractional percentage in Bitcoin and Etherium. I think the value of both combined are about $107 as of today. It's not backed by anything, to me it's like a scratch off ticket combined with the stock market.

My friend who started mining bitcoins (early) had the right idea, I got into it all a little to late for that.

34

My older two sons wanted to build a computer when they were in high school, specifically to mine Bitcoin. I told them it was a stupid idea and it wouldn’t even pay for the electricity to run the computer.

Lesson: don’t listen to your father.

35

I started an account with coinbase in 2014, thinking it might be useful to have bitcoins for online transactions. I put in $10 at the time. It's worth $1500 now.

Bitcoin isn't stealing your bandwidth, and the US Dollar is no longer backed with gold.

I'm not about to go dumping my savings into Bitcoin, but it's not a scam. Wish I had bought more in 2010 when my roommate told me about it.

36

it's only as valuable as someone thinks it is

Isn't that how the stock market works?

37

it's only as valuable as someone thinks it is

Isn't that how the stock market works?

– Otter

At the micro level, yeah.

Overall, if the really big guys lose a bundle, the rest of us cover their losses by giving up a portion of the value of our individual bux while the fed filters in billions or trillions to stabilize things.

Privatized profits, socialized losses. It's a beautiful thing.

38

I’m with Voltaire. Best of all possible worlds.

39

I wonder if the great philosophizer ever considered that his beloved species would one day have the Anthropocene era named after them, and get credit for the next mass extinction as well!?

Oops!

He was cool though. I could imagine him doing George Carlinesque videos wearing his Sir Isaac Newton/Brian May style wig!

40

Supposedly it's all owned by a certain guy who is pretty evil (not sure who the guy is).

Besides servers, they also have the ability to use regular peoples computer's power at night when they aren't using it if they allow. So bitcoin farming could be mined all the time.

It scares me because it's not backed by anything like the dollar being backed by gold (for the most part). While I believe we will move to some sort of crypto currency in the future...it's only as valuable as someone thinks it is. Also there have been guys who have lost million because their computer crashed and they couldn't remember their credentials...and with so much encryption, you're not getting it back.

– shane kislack

US dollar was sorta backed by gold until Nixon closed that door in the 70's. Bitcoin in theory could be a good thing in that no government can debase it, but it takes enormous amount of mainly fossil fuels to keep it going,and it's only one solar flare away from disappearing.

41

it's only one solar flare away from disappearing.

As is the world economic system as it is...

42

I recently purchased my first digi wallet, bitcoinzzzz come to meeeee.


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