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  1. #81
    Banned Strawberry's Avatar
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    Quote Originally Posted by Hubcap View Post
    Mostly what drives these cypto currencies are the Chinese. The Chinese don't have a lot of places to invest their money and the one place they do is in cypto currencies.

    The Chinese government can put a stop to that tomorrow if they want.
    They did in September. It's illegal to trade with Bitcoin in China.
    Bitcoin went from $3000 to $10.000.
    What is it you people don't understand about decentralized currency?
    D-E-C-E-N-T-R-A-L-I-Z-E-D - as in, not centralized, not controlled by one entity

    - - - Updated - - -

    Quote Originally Posted by Gehco View Post
    I have my doubts of a world currency at this point. Even bitcoin isn't accepted by the common industry. As well, the fact that bitcoin can be mined if you have a strong enough computer wouldn't handle well for the overall economy.
    You can't mine Bitcoin with a computer.

    - - - Updated - - -

    Now it's at $11.100. Is it a bubble? Hard to say. It's been steadily increasing if we don't count a short lived drop in value from $7k to $5k a month or so ago.

  2. #82
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    Quote Originally Posted by Strawberry View Post


    You can't mine Bitcoin with a computer.

    - - - Updated - - -

    Now it's at $11.100. Is it a bubble? Hard to say. It's been steadily increasing if we don't count a short lived drop in value from $7k to $5k a month or so ago.
    Bitcoin is effectively the digital cost of your hardware's computing output. When Bitcoin started, you could mine it with laptops, now that computing power per bitcoin is so high, dedicated large scale farms are required.

  3. #83
    Banned Strawberry's Avatar
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    Quote Originally Posted by The Fiend View Post
    Bitcoin is effectively the digital cost of your hardware's computing output. When Bitcoin started, you could mine it with laptops, now that computing power per bitcoin is so high, dedicated large scale farms are required.
    Yeah that is correct, however those farms are made of ASICs which are computers in a way just not personal computers. You cant surf the net on them, play games, etc.

  4. #84
    And all that electricity wasted.

    Then people use it to cash out for you know real money.

  5. #85
    The currency of the future lost almost a fith of its value in a day. Such stability

    https://www.reuters.com/article/us-g...-idUSKBN1DU1Z3

  6. #86
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    BTC has polarized spectators. Lots of hate going around. It doesn't help that the crypto market is so volatile. Joseph Stiglitz thinks bitcoin should be outlawed because its only purpose is to escape state regulation, and I have to agree with him on this. I would not be surprised to see states beyond China moving against bitcoin exchanges.

    On the other hand, some cryptocurrencies, like Ethereum, have potential to be something more than a criminal transaction platform.

  7. #87
    Banned Strawberry's Avatar
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    Quote Originally Posted by Mittens View Post
    The currency of the future lost almost a fith of its value in a day. Such stability

    https://www.reuters.com/article/us-g...-idUSKBN1DU1Z3
    Meanwhile, Bitcoin hits all time high passing $15.000 mark today. There's no stopping to it.

  8. #88
    Quote Originally Posted by Strawberry View Post
    https://en.wikipedia.org/wiki/Legali...y_or_territory

    There are quite a few countries accepting Bitcoin, Japan most likely being the most imporant on this list. Bitcoin is a legal form of payment in many countries, and more to come.



    Yeah, it's possible to cash it in. However you have to pay taxes just like normal, depending on the country.




    You can buy cash with it and then you can buy food
    But really, currency doesn't just happen overnight. Give it time, it won't take long before it completely takes off in Japan and then it's just going to explode.



    If I had a dollar for every time someone said that Bitcoin is going to die, I would have been a millionaire now
    I actually have 0 Bitcoins, however I have invested in altcoins. They are risky but on the countruary to Bitcoins which is a rather stable currency, altcoins can give back x10, x100, or even x1000 the return. That is actually quite realistic for those who invested in for example NEO. Back in February it was worth $0.1. Now it's $28 and all time high $50. That's a lot of return for those who were lucky to invest in the right coin.
    So, cryptocurrency is basically another stock market?

  9. #89
    Quote Originally Posted by Strawberry View Post
    Rather interesting read.

    https://socioecohistory.wordpress.co...mist-magazine/

    Meanwhile Bitcoin breaks $5000 and hits all time high at $5350 or so (now about $5250). This is the world currency everyone's been waiting for.
    And not only that, it's being followed by a horde of altcoins designed for many different purposes, from online tipping to clean energy.
    Those who hoarded altcoins in late 2016 for next to nothing are multimilionaires/bilionaires right now.

    Edit:
    17-11-28:
    Bitcoin now $10.000.
    17-11-29:
    Bitcoin now $11.100.
    17-12-07:
    Bitcoin now $15.050.
    So, bitcoin's price right now is 15,000 but is anyone buying it at that price?

    I mean, just because something has a price tag doesn't mean people are buying it.

  10. #90
    Quote Originally Posted by Tota View Post
    So, bitcoin's price right now is 15,000 but is anyone buying it at that price?

    I mean, just because something has a price tag doesn't mean people are buying it.
    just peaked at 18.5k, but yes you can buy parts of bitcoin you don't have to buy a whole bitcoin..

    I put in 800 couple weeks ago up to 1.2k, not bad and i'll just sit til it doubles or triples..

    I also have 1 litecoin hope that hits 10k one day and half an Eth (all cryptocurrency)

  11. #91
    Quote Originally Posted by Unclekreepy View Post
    just peaked at 18.5k, but yes you can buy parts of bitcoin you don't have to buy a whole bitcoin..

    I put in 800 couple weeks ago up to 1.2k, not bad and i'll just sit til it doubles or triples..

    I also have 1 litecoin hope that hits 10k one day and half an Eth (all cryptocurrency)
    How do people protect it from theft or fraud once they buy it? Regular currency is fully protected by law, is this one?

  12. #92
    Banned Strawberry's Avatar
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    Quote Originally Posted by Tota View Post
    How do people protect it from theft or fraud once they buy it? Regular currency is fully protected by law, is this one?
    You can store it on a piece of paper, in a wallet, on a USB stick, in a virtual machine. The choices are many. I personally keep my crypto in an exchange but that's risky as hell.

  13. #93


    This is some grade A currency material.

  14. #94
    Quote Originally Posted by Tota View Post
    How do people protect it from theft or fraud once they buy it? Regular currency is fully protected by law, is this one?
    well coinbase has insurance on it so pretty safe there but the best place is to store it in a local wallet on a thumb drive.. since I have so little invested i'll just keep it on the exchanges until I get a nice profit then store it locally..

    since my post though I took my profits from bitcoin and bought another litecoin for $190 .. which went wild and jumped over 400 a day later so was up to almost 2k off my $800.

  15. #95
    Wait when the speculation bubble bursts . This is a virutal currency not backed up by anything (well similar to nowdays regular currencies that are not backed up by the gold anymore, goverments just print and print and print fucking up inflation ).

  16. #96
    Quote Originally Posted by Nehezbegar View Post
    Wait when the speculation bubble bursts . This is a virutal currency not backed up by anything (well similar to nowdays regular currencies that are not backed up by the gold anymore, goverments just print and print and print fucking up inflation ).
    When it bursts (if ever) it's going to be time to buy the hell out of BTC and popular alts.

  17. #97
    Quote Originally Posted by The Darkener View Post
    Ye, but that doesn't make it a currency. You can get cash by selling pretty much anything.

    I don't know how these bitcoins can become a currency if they are worth so much. It's like, let's trade with kgs of gold, or cars or houses. Maybe I'm just too retarded to understand this, but I really don't see how something worth so much can become a currency.
    To something become a currency, you need everybody believe, that it has value, there have to be enough in the circulation to keep a market flowing and you have to be able to split it easily. Your examples have a problem, that you can split a house to tiny parts cheap enough you can buy breakfast with. However you can break BTC as you needed, for example to really small parts called satoshi.

    What make it hard to be a reliable currency is volatility. Because no central bank is involved the value is only driven by offer and demand for it. That creates a value swings that prohibits many things. For example to receive your monthly wage in bitcoins, make save long term investments etc. Lot of tin foil hatters praise Bitcoin for a lack of involvement of national banks but that involvement is good. It stabilize the currency that it can serve its economy purpose. Until solving these issues, I can't really see Bitcoin starting to become a prime national currency anywhere.

    On the other hand we don't have to cry about what it isn't and enjoy what Bitcoin has become. It is very interesting speculative capital that can bring you a lot of money if you know how to play the game. For example now it would be good idea to find a good trading platform, buy some and wait. Recent value is relatively low so its best time to buy in expectation of future rise.

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