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  #31   Spotlight this post!  
Unread 12-13-2017, 12:37 PM
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Re: Bitcoin

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Originally Posted by Taylor View Post
Anybody else find it telling that the medium he used to place value on his own intellect was hard currency?
I should have said, "my 0.000001 BTC"
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Unread 12-13-2017, 12:50 PM
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Re: Bitcoin

The number of BTC may be fixed, but the number of cryptocurrencies is infinite. Which is inflation. And I'm pretty sure that cryptocurrencies will become worthless when mathematicians figure out how to factor large primes quickly. So by betting on cryptocurrencies, you're betting against human achievement. So there!

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Unread 12-13-2017, 12:51 PM
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Re: Bitcoin

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Originally Posted by Oblarg View Post
At this point, the only people left in bitcoin are gullible libertarians and fraudsters, basically.

I'm not sold on the idea of cryptocurrencies in general, but bitcoin in particular cannot function as a useful currency for many obvious reasons.

It'll be mildly humorous watching people's surprise when the next major exchange goes down in flames because the people running it figure they have enough money for it to make sense to disappear.
And the fact the technologically illiterate older people will keep it from taking off in the first place.
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Unread 12-13-2017, 01:07 PM
Oblarg Oblarg is offline
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Re: Bitcoin

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Originally Posted by gorrilla View Post
And the fact the technologically illiterate older people will keep it from taking off in the first place.
On the grand list of "reasons why bitcoin will never be a functional currency," that one's pretty close to the bottom.
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Unread 12-13-2017, 01:16 PM
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Re: Bitcoin

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Originally Posted by Oblarg View Post
On the grand list of "reasons why bitcoin will never be a functional currency," that one's pretty close to the bottom.

Bitcoins whole premise relies on people trusting it and continually buying in, if it's not backed by the us government and insured no sane person would bet their retirement on it.
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Unread 12-13-2017, 01:23 PM
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Re: Bitcoin

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Originally Posted by gorrilla View Post
Why would a company ever use a non-insured way to transfer their money? Also a lot of large businesses already have their own Banks, like tdecu for example.
I didn't believe in cryptocurrencies until my buisness started doing international wire transfers. **** that ****

I think the reality is traditional FIAT currency is a lot less stable than we realize. It's tricky to see this if you live in the USA as the US dollar is the base currency for a lot of transactions. Even for two codependent trading partners like Canada and the US the exchange rate can fluctuate by a huge amount each day.

China has been manipulating the value of their own currency for years.
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Unread 12-13-2017, 01:26 PM
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Re: Bitcoin

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Originally Posted by gorrilla View Post
no sane person would bet their retirement on it.
There are literally people who have retired because of the wealth accumulated via bitcoin. I think they'd argue you are wrong (so far.)
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Unread 12-13-2017, 01:31 PM
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Re: Bitcoin

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Originally Posted by Ryan Dognaux View Post
There are literally people who have retired because of the wealth accumulated via bitcoin. I think they'd argue you are wrong (so far.)
People retired off Amway and marykay, nobody uses makeup as a currency. It all depends on exploiting other gullible people.

Also most of the people who made hundreds of thousands or millions off of Bitcoin got in super early, the ship has long sailed for everyone else, unless you are already super rich.
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Unread 12-13-2017, 01:33 PM
Oblarg Oblarg is offline
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Re: Bitcoin

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Originally Posted by Ryan Dognaux View Post
There are literally people who have retired because of the wealth accumulated via bitcoin. I think they'd argue you are wrong (so far.)
There are people who have retired after making large profits on speculative bubbles of all kinds.

This has very little/nothing at all to do with the actual utility/value of the commodity involved.
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Unread 12-13-2017, 01:36 PM
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Re: Bitcoin

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Originally Posted by mman1506 View Post
I didn't believe in cryptocurrencies until my buisness started doing international wire transfers. **** that ****

I think the reality is traditional FIAT currency is a lot less stable than we realize. It's tricky to see this if you live in the USA as the US dollar is the base currency for a lot of transactions. Even for two codependent trading partners like Canada and the US the exchange rate can fluctuate by a huge amount each day.

China has been manipulating the value of their own currency for years.

Using Bitcoins to get around international finance laws sounds like a pretty good way to end up like the Enron guys
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  #41   Spotlight this post!  
Unread 12-13-2017, 01:37 PM
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Re: Bitcoin

Quote:
Originally Posted by Oblarg View Post
There are people who have retired after making large profits on speculative bubbles of all kinds.

This has very little/nothing at all to do with the actual utility/value of the commodity involved.
Hence the 'so far' stipulation - it could crash to 0 tomorrow.

Let's circle back in a year and see who was right - bitcoin could be worth 100k at that point, or might be worth nothing. We will see
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Unread 12-13-2017, 01:44 PM
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Re: Bitcoin

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Originally Posted by Paul Copioli View Post
I should have said, "my 5.75 Dogecoin"
FTFY

to the mooooooooooooooooon!
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Unread 12-13-2017, 01:46 PM
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Re: Bitcoin

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Originally Posted by gorrilla View Post
Using Bitcoins to get around international finance laws sounds like a pretty good way to end up like the Enron guys
International finance laws? I'm just suggesting using it as a international money transfer back end. Have you ever tried transferring large sums of money internationally? It sucks. You literally have to walk into a bank and write a couple numbers on a piece of paper and pray you didn't make an error. Then it takes a couple days to transfer and their's no way to predict your transaction fees.

You can just treat cryptocurrency like a commodity just as you would anything else. It doesn't circumvent your requirement to pay capital gains and other taxes.
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Unread 12-13-2017, 01:52 PM
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Re: Bitcoin

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Originally Posted by mman1506 View Post
International finance laws? I'm just suggesting using it as a international money transfer back end. Have you ever tried transferring large sums of money internationally? It sucks. You literally have to walk into a bank and write a couple numbers on a piece of paper and pray you didn't make an error. Then it takes a couple days to transfer and their's no way to predict your transaction fees.

You can just treat cryptocurrency like a commodity just as you would anything else. It doesn't circumvent your requirement to pay capital gains and other taxes.
How are you going to prove how much you sent? Show the IRS a screenshot of the block chain? Lol

Also how are you going to conduct business when the value fluctuates every few hours, you could send them 1million in Bitcoin and it could crash to nothing by the time they go to open their wallet on the other end
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Unread 12-13-2017, 01:54 PM
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Re: Bitcoin

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Originally Posted by gorrilla View Post
Why would a company ever use a non-insured way to transfer their money? Also a lot of large businesses already have their own Banks, like tdecu for example.
http://www.nasdaq.com/article/how-bl...arket-cm848889

I'm guessing you won't understand how these things are related and I'm not going to explain it... just trust me, blockchain and secure transactions go together like RSA and encryption.

I agree with Paul that blockchain is the future... I'm not convinced about ETH though...
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