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Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


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  #21  
Old 01-07-2018, 03:03 AM
DaCoachIsDrunk DaCoachIsDrunk is offline
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I think bitcoin is here to say.. I never really understood it, but a friend of mine was trying to get me to invest.. It's a bit tricky.. You have to sign up to a website called coinbase. You then have to sign up to another site called binance (this might not be totally correct, I just remember there were several steps).. It also takes a long time for you to withdrawal money.... I think the complexity of it all will ease in the future and one day it will be as simple as using your credit card.

Many banks are already adopting not just bitcoin but several other digital currencies (Ripple, Etherium). More and more stores are accepting it (Overstock being one). So, yes I think it is here to stay. My friend made huge profits.. I think the secret is, take out your initial investment as soon as you can and then you don't have to worry as much about how volatile it is at the moment.
 
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  #22  
Old 01-08-2018, 07:15 AM
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VPSnet VPSnet is offline
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Greetings,

As an investment, I won’t touch it. But as a concept, I love it! A global currency would eliminate the need for exchanges making global commerce easier by increasing efficiency, reducing transaction costs, and ultimately reducing costs for the end consumer. Even better, Bitcoin is not controlled by a central bank, thereby reducing the risk of manipulation from authoritarian governments. And with a limited supply, inflation should be kept at a minimum.

I wish Bitcoin all the best of luck, but I’m afraid it may never make it into one of our investment portfolios.”

Cheers!
 
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  #23  
Old 01-08-2018, 08:11 AM
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Zap Zap is offline
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Originally Posted by ScriptMan View Post
With respect due all and an apology to my friend Zap The Dutch once though tulip bulbs were a sure fire investment. If you don't know how that ended you can look it up.

I own no coins and have no plans to so.
No apology necessary, my friend. And I can certainly see why many people would think bitcoin is in a bubble due to it's behaviour but nothing could be further from the truth.
When you look at a chart on bitcoin, the price action might look a little bubbly, but upon closer inspection of the facts, the mirage that looks like a bubble quickly disappears.
Unlike tulips, bitcoin (and other cryptocurrencies) serve needs with more importance than looking pretty like a tulip
Bitcoin is a trustless system for holding and transferring value, without an intermediary like a bank that siphons off some of that value for itself. Banks can and regulary do freeze the assets of those who don't do as their told by their governments. They nickel and dime you to death with fees for everything.
And most importantly, people erroneously believe that when they deposit their money into a bank, that the money is still theirs. It's not. The moment you deposit funds into your bank account, you become a creditor (a creditor that is last to get paid, I might add) of that bank and the funds now belong to the bank.
If you don't believe this, check your banking laws. They've gone to great pains to ensure that is spelled out. So if your bank goes under, you're screwed because any funds that remain to be dispersed will go to their fat cat friends first and if there's any scraps left after that, you may see a small portion returned to you.
With bitcoin, you are your own bank. There is no middle man to screw you. Nobody to freeze you out of your own account. And no corporation that might go under tomorrow and take your funds with them.

But that is just the currency aspect of cryptos. The real power is in the distributed ledger (block chain) technology. Public records of every transaction so there are no shenanigans or creative bookkeeping tricks. No centralized authority that makes rules for you to follow but not them. Decentralized contracts. The possibilities are mind boggling.

The amount of money invested in all cryptocurrencies today is less than 1 trillion dollars. Institutional investors have only recently started coming in and this is just the beginning. Talk to 10 of your friends and relatives. Ask them if they own bitcoin. You'll likely get 9 negatives for every single positive. There is no bubble here. When two thirds of the people own some bitcoin and the market cap is over 10 or 20 trillion, then and only then, can we start talking about bubbles in cryptocurrencies.
 
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  #24  
Old 01-08-2018, 12:01 PM
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Originally Posted by Zap View Post
..............
So if your bank goes under, you're screwed because any funds that remain to be dispersed will go to their fat cat friends first and if there's any scraps left after that, you may see a small portion returned to you. ................
We have this thing called the FDIC and the first 100K is covered by that. Now we could discuss what the governments word is worth and there we might agree.
 
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  #25  
Old 01-09-2018, 08:04 AM
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Originally Posted by ScriptMan View Post
We have this thing called the FDIC and the first 100K is covered by that. Now we could discuss what the governments word is worth and there we might agree.
I know all about the FDIC. We have something similar here.
However, there are 2 huge problems with the FDIC (and our CDIC equivalent).

1. They hold (depending on what day it is) a reserve of anywhere between 1% and 2% of the customer funds held at banks. If a single bank fails and it's also a very small bank, then you "should" be ok. If the bank that fails is larger than a 1-2% size portion of the whole, then you are out of luck. You can not possibly hope to cover people's deposits when you only have 2% of the funds necessary to do it. So your first 100K is only "covered" on paper, not in reality, so we can't really call it covered.

2. Banks are highly invested in each other and with huge leverage sizes in their positions. If one bank fails and it is larger than the aforementioned 1-2%, then it is going to sink a lot of other banks with it. And this time, unlike in 2008, there will be no taxpayer bailout. It was after that bailout that the US and a lot of other countries (including my own) passed legislation that will BAIL IN the banks in the event of a failure. And they're going to use YOUR deposits to do it.
Again, if you doubt that, check your local legislation regarding bail in procedures.

It's actually the FDIC that's going to screw you. It's part of their mandate now.

http://investmentwatchblog.com/bank-...egarded-asset/


And back to the topic of bitcoin. There is no government entity that's going to "write down" the funds in your account. No big bank that will go under and take your funds with them. And just as important, no middle man that's going to siphon off value from your account at every opportunity. This is the reality of banking today, which is part of the reason why bitcoin, unlike tulips, has real tangible value to the people who hold it. As volitile as it currently is, it still is a safe haven for assets OUTSIDE of the criminal banking system. And the volitility will decrease with time and mass adoption.

Think about that for a second. Every time a bank fails... US, Canadian, Italian, Greek, doesn't matter. Every time a bank fails, more people will turn to bitcoin to save what they have left. Every time another country like Zimbabwe or Venezuela devalues it currency so much that people are starving in the streets, people will turn to bitcoin. Every time a country like China introduces capital controls to reduce the flow of money out of the country, people will turn to bitcoin. These are events which are only increasing in frequency with time.
 
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  #26  
Old 01-10-2018, 08:53 AM
Lebar.123 Lebar.123 is offline
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I think cryptocurrencies are the money of the future because they are self-regulated and do not have a higher authority to govern the flow and inflation.
 
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  #27  
Old 01-10-2018, 06:43 PM
iwinx iwinx is offline
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I pretty sure there is no future for bitcoin. So I dont think its a future currency.
 
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  #28  
Old 01-19-2018, 05:09 PM
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TermLife TermLife is offline
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Money of the today or Crash of the Future.
 
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  #29  
Old 01-23-2018, 04:13 AM
steelshadow steelshadow is offline
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yes i too believe BTC or other cryptocoins will be the future of transactions
 
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  #30  
Old 01-23-2018, 05:21 AM
RickyHill RickyHill is offline
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Yeah that's the big cryptocurrency but the most important thing is if we focus on the then its most profitable but if you cannot learn and start the work and investment then it's not good for those.
 
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  #31  
Old 01-23-2018, 07:41 AM
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Originally Posted by Lebar.123 View Post
I think cryptocurrencies are the money of the future because they are self-regulated and do not have a higher authority to govern the flow and inflation.
Actually, the vast majority of cryptocurrencies DO have a higher authority, usually a company, so you have to be careful where you put your money if you're investing in the altcoins. There are over 3000 cryptocurrencies. 99.9% will go to zero but that still leaves a handful that will be very successful long term.
If you want to invest in any cryptocurrency, you have to do your homework and fully research the coin and the team behind it.
 
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  #32  
Old 02-09-2018, 03:23 AM
Julia Sta Romana Julia Sta Romana is offline
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I know Bitcoin isn't that stable now but I am interested in trying it out. I think this is where the future of currency so learning how to use and trade in bitcoin is going to be important.
 
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  #33  
Old 02-17-2018, 09:29 PM
Chupa Chupa is offline
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Bitcoin had a nice drop and doing a little comeback right now. I'm thinking of jumping on it and going along for the ride. Just going to drop in some throwaway money and see what happens.

I do think it is a future currency and will have mainstream appeal as more e-commerce shops accept it. There was a big run up on it that was mostly speculative but there is momentum that is it gaining mainstream appeal.
 
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  #34  
Old 02-18-2018, 03:14 AM
Denny45 Denny45 is offline
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Yes, i have started spending in bitcoin as well;. Hope it will raise more in future.
 
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  #35  
Old 02-21-2018, 01:56 PM
zomgmike zomgmike is offline
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I'm withholding any long term opinions about BTC until we know more about how it will fit into societal order. It has been around for years but it is only now becoming super mainstream.

Where I'm going with that is when it's a little corner of the web, the IRS may not like it but they don't exactly spend the resources to enforce tax law on a complex issue used by few people. But when everyone starts using it, you can bet your botton dollar (bitcoin!?) that the IRS is going to figure out a way to track it and tax it.

Once the gub'mint has had time to react (and a fair bit of time they do need) it will be time to decide how long the show will go on for BTC.

Just my two satoshi.
 
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  #36  
Old 02-25-2018, 06:41 PM
logroller logroller is offline
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I don't think BTC becomes the new currency. What does a private currency do that credit accounts backed by government currency cannot?

I do think cryptocurrencies will continue as a speculative investment. It's today's forex. I also think the block chain technology will find other important uses.
 
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  #37  
Old 02-26-2018, 11:57 PM
trishana12 trishana12 is offline
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So I want to highlight some reasons why 2018 might be the best ever year for cryptocurrencies and why I'm heavily invested in them to $2,000. Though other platforms could see similar gains, I believe ethereum will be the main focus.
 
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  #38  
Old 03-02-2018, 06:42 PM
CryptoNinja CryptoNinja is offline
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Originally Posted by logroller View Post
I don't think BTC becomes the new currency. What does a private currency do that credit accounts backed by government currency cannot?
Ever heard of civil forfieture? I heard about a couple pro poker players who were pulled over, had a bunch of cash on them and it was confiscated. They had to sue to get it back. That's much harder to do when someone has Bitcoin, particularly if you can't charge them with a crime.
 
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  #39  
Old 03-02-2018, 06:49 PM
ramjani ramjani is offline
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Is it true that you are prepared to put resources into it after a crash? Doesn't it imply that it is hazardous to get it all things considered?
 
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  #40  
Old 03-05-2018, 08:32 AM
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Originally Posted by ramjani View Post
Is it true that you are prepared to put resources into it after a crash? Doesn't it imply that it is hazardous to get it all things considered?
It's the inexperienced investor that puts their money into an investment at the top of it's valuation. The smarter, more experienced investors look for bargains, assets that have recently had a large pullback and put their money in at that point, riding the next wave higher.

I read so many stories of people mortgaging their homes to buy bitcoin when it was running up to $20,000 and then they panicked and sold it at a loss on the way back down to $6000. Inexperienced investors.

The smart investors watched it, saw that it was holding above $8000-$9000 very well and got their money in then. It's still a bargain at $11,000.

The last run up topped out at $20,000. The next run up will go higher.
 
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