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Unread 12-12-2017, 02:26 PM
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Re: #VEXproChristmas

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Originally Posted by JohnFogarty View Post
my wallet has been prepared.
Ohh good, you found the password.*

*This is a bitcoin joke... it’s value will fluctuate accordingly.

EDIT: I did not start this thread - it was split from another topic because people want to talk about cryptocurrency. I could care less about it except to say that Bruce Sterling and many other authors predicted the rise of these things many many years ago.
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Last edited by marshall : 12-13-2017 at 07:10 AM.
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Unread 12-12-2017, 02:48 PM
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Re: #VEXproChristmas

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Originally Posted by marshall View Post
Ohh good, you found the password.*

*This is a bitcoin joke... itís value will fluctuate accordingly.
Can someone create vB code which will output the current value of Bitcoin? It doesn't have to be fancy, a random number generator would produce the desired comedic effect.
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Unread 12-12-2017, 04:01 PM
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Re: #VEXproChristmas

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Originally Posted by Nbot View Post
Can someone create vB code which will output the current value of Bitcoin? It doesn't have to be fancy, a random number generator would produce the desired comedic effect.

$0
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Unread 12-12-2017, 07:46 PM
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Re: #VEXproChristmas

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Originally Posted by gorrilla View Post
$0
I don't think you understand what value means.
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Unread 12-12-2017, 09:22 PM
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Re: #VEXproChristmas

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Originally Posted by dirtbikerxz View Post
I don't think you understand what value means.
Bitcoin doesn't really have any "value"
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Unread 12-12-2017, 09:24 PM
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Re: #VEXproChristmas

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Originally Posted by gorrilla View Post
Bitcoin doesn't really have any "value"



hmmmmmmmmm, I don't know about you, but 17k is pretty valuable to me
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Unread 12-12-2017, 09:29 PM
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Re: #VEXproChristmas

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Originally Posted by gorrilla View Post
Bitcoin doesn't really have any "value"
M-W "value"

1. the monetary worth of something

2. a fair return or equivalent in goods, services, or money for something exchanged

If I had 1 bitcoin, I could find a good number of people to give me 17287 US dollars in exchange for putting that bitcoin in their virtual wallet instead of mine. With a little more trouble, I could probably find someone to give me ~14 oz of gold instead, or 162700 nylock nuts from McMaster-Carr. Bitcoin has value because it can be exchanged for goods and services, the same as the US dollar, gold, or commodities.
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Unread 12-12-2017, 10:04 PM
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Re: #VEXproChristmas

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Originally Posted by nickbrickmaster View Post
M-W "value"

1. the monetary worth of something

2. a fair return or equivalent in goods, services, or money for something exchanged

If I had 1 bitcoin, I could find a good number of people to give me 17287 US dollars in exchange for putting that bitcoin in their virtual wallet instead of mine. With a little more trouble, I could probably find someone to give me ~14 oz of gold instead, or 162700 nylock nuts from McMaster-Carr. Bitcoin has value because it can be exchanged for goods and services, the same as the US dollar, gold, or commodities.

It's value exists only in getting other people to buy into it, that's why bitcoinbros push it so hard.

Edit: unless btc is backed by some authority (eg. The us government) it will only be a pump and dump scheme, it's value is all hype, btc investors want people to be hyped about it so other will go in and buy some.

This isn't even mentioning the irs problems you can run into
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Last edited by gorrilla : 12-12-2017 at 10:28 PM.
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Unread 12-12-2017, 10:26 PM
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Re: #VEXproChristmas

You know it's Chief Delphi when a normal thread about new products being released turns into a debate about Bitcoin.
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Unread 12-12-2017, 10:40 PM
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Re: #VEXproChristmas

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Originally Posted by Nick_Coussens View Post
You know it's Chief Delphi when a normal thread about new products being released turns into a debate about Bitcoin.
off-season CD

I'm excited for those new products though; I know I will be mashing ctrl-r tomorrow.
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Unread 12-12-2017, 11:17 PM
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Re: #VEXproChristmas

I'll just leave this history lesson here.

While the US Dollar (and as I understand it, most national currencies) now have value by fiat rather than being tied to a specific commodity such as gold, sliver, crude oil, pork bellies, or flax, these currencies at least carry an assurance that they are (in the U.S. at least, and I presume analogs elsewhere) "legal currency for all debts, both public and private". If I have a fistful of dollars, I can AT A VERY MINIMUM use them to pay my taxes and mortgage, and can expect to be able to buy food and other commodities within the U.S. from people who have to pay taxes and mortgage. Bitcoin, on the other hand, does not have the inherent stability of tulip bulbs.
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Unread 12-12-2017, 11:26 PM
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Re: #VEXproChristmas

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Originally Posted by GeeTwo View Post
I'll just leave this history lesson here.

While the US Dollar (and as I understand it, most national currencies) now have value by fiat rather than being tied to a specific commodity such as gold, sliver, crude oil, pork bellies, or flax, these currencies at least carry an assurance that they are (in the U.S. at least, and I presume analogs elsewhere) "legal currency for all debts, both public and private". If I have a fistful of dollars, I can AT A VERY MINIMUM use them to pay my taxes and mortgage, and can expect to be able to buy food and other commodities within the U.S. from people who have to pay taxes and mortgage. Bitcoin, on the other hand, does not have the inherent stability of tulip bulbs.
Please, tell me more about your life 400 years ago.
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Unread 12-12-2017, 11:42 PM
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Re: #VEXproChristmas

Will we be able to purchase from Vex using Bitcoins now?
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Unread 12-13-2017, 12:09 AM
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Re: #VEXproChristmas

My former coaching partner just paid off her truck loan with the zero value currency that is being discussed here. Bubble or no, I'll leave that to economists rather than yahoos in CD.
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Unread 12-13-2017, 03:41 AM
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Re: #VEXproChristmas

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Originally Posted by mrnoble View Post
My former coaching partner just paid off her truck loan with the zero value currency that is being discussed here. Bubble or no, I'll leave that to economists rather than yahoos in CD.
Sure!

Having (obnoxiously, sorry) made my point, it is true that a similar point could be made in bitcoin's favor with some more quick googling (although when I tried all I could find (from an established news site) was https://www.bloomberg.com/news/artic...going-anywhere )

I think one big issue with the bitcoin bubble debate is that there is no real way to price bitcoin.
I mean, you can try, and google links show people have.
For example, this one does: https://www.luno.com/blog/en/post/ho...ice-determined ... but in the end it boils down to "because there's demand (and supply) for it!" Which, I mean, is true, but the question is why there is demand for it. For example, the oil price is determined by the demand for oil, but the demand for oil is based on super concrete needs for oil (like cars, electricity, planes, etc.) which is firmly grounded and unlikely to change easily. Demand for bitcoin, on the other hand comes from... libertarian post apocalyptic doomsday preppers??? (And also, speculative investors I guess, and just a touch of illegal use).

This article: https://www.investopedia.com/article...self-guide.asp also tries and does a much better job, but at the end of the article it makes this important note:
Quote:
Under the assumptions we used above, Bitcoin may seem as if it is close to fairly priced today.

But what if we think the monetary base will reach $2 trillion in ten years and investors prove willing to settle for annual returns of 30%? Suddenly BTC's current fair market value skyrockets to $7,250! Conversely, if we think the monetary base will reach just $500 billion in ten years and investors only touch Bitcoin when they expect an 80% annual return, the current fair value would plummet to $70.

The Bottom Line

If you're a risk-tolerant Bitcoin believer, today's prices are probably enticing. If you're a more conservative skeptic, you will likely steer clear of an asset class that looks as if it is in a speculative bubble. But either way, you only need to make two basic assumptions to come up with your own fair market value for Bitcoin: its future monetary base, and your risk-adjusted rate of return. Good luck!Under the assumptions we used above, Bitcoin may seem as if it is close to fairly priced today.
So again, we really can't make very good price estimates on bitcoin.

Unable to make price estimates on bitcoin, any price on bitcoin becomes a reasonable price (especially when you've got a lot of money riding on it being a reasonable price).






Quote:
Originally Posted by mrnoble View Post
My former coaching partner just paid off her truck loan with the zero value currency that is being discussed here. (...)
Congratulations for your former coaching partner, they seem to be making a much better use of their time than my current use of writing overly long BTC bubble posts to make me feel better at having missed out.
Having said that, just because it's a bubble doesn't mean you can't make money out of it. By definition, a bubble rises extremely fast; the worry with bubbles isn't that you can't make a lot of money from it but that it also might suddenly disappear.

Quote:
Originally Posted by mrnoble View Post
(...) rather than yahoos in CD.
...How else am I supposed to spend my summer holiday???

(Also, sorry for diverting the thread again. I guess the answer to my question of spending the summer holiday will be re-freshing VEXpro a lot.)
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Last edited by Cabey4 : 12-13-2017 at 03:44 AM. Reason: Yet more spelling and word choice stuff.
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