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OT- Bitcoin

salsa red said:
Bitcoin isn't going anywhere but up likely. Now it is a bit speculative and the price can be manipulated a bit but because it's decentralized it cannot be controlled by a government and it is also becoming more scarce as time goes. It is a good hedge against inflation. I don't think it will ever go down to zero but the price could vary and the correction we have seen isn't too surprising with how quickly it grew. Now is a good time to get in while the price is lower than what it's been.
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and what you say all makes sense... but I guess I get hung up on the fact that it’s a made up currency... that isn’t backed... doesn’t that make it very volatile? I mean I can imagine that the people that made this could decide to one day just take it off line and disappear... but that’s where my general lack of knowledge of Bitcoin probably comes it... is there backstops in case that happens?
 
Clemke32 said:
I still don’t get the whole thing about Bitcoin, I mean from everything I’ve read it’s a made up currency, that’s not even really backed... now I could be off on that assessment and I get the infatuation with the amount of growth it’s seen, but I just can’t support something that’s made up and not backed... heck I just seen that it dropped 12 percent over night with 200 billion dollars being wiped off the market...
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What currency isn't "made up" and is "really even backed?"
 
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One of the reasons it shot up last week is because somebody said they were going to print 3 trillion out of thin air to start with, as soon as they can and go from there. As I previously hinted, the price of Bitcoin recently suggested ahead of time what was likely to happen, and Bitcoin was telling us that the Big Guy was on his way out, and a massive new round of funny money was about to be printed at an alarming rate. What I don't get is why people would value this so much more over gold or other precious metals.

I'm also not 100% convinced that JP. Morgan "leaked" email stating it would go to 160K was an accident. I'd bet it wad a set up and they stood to profit from it.
 
litespeedhuskerfan said:
One of the reasons it shot up last week is because somebody said they were going to print 3 trillion out of thin air to start with, as soon as they can and go from there. As I previously hinted, the price of Bitcoin recently suggested ahead of time what was likely to happen, and Bitcoin was telling us that the Big Guy was on his way out, and a massive new round of funny money was about to be printed at an alarming rate. What I don't get is why people would value this so much more over gold or other precious metals.

I'm also not 100% convinced that JP. Morgan "leaked" email stating it would go to 160K was an accident. I'd bet it wad a set up and they stood to profit from it.
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I'm not sure they value it more. It's just that it is, in its current allotment, more scarce than gold or other items.

There's only 21 million bitcoins right? And how many millionaires are there in the world?
 
Clemke32 said:
I still don’t get the whole thing about Bitcoin, I mean from everything I’ve read it’s a made up currency, that’s not even really backed... now I could be off on that assessment and I get the infatuation with the amount of growth it’s seen, but I just can’t support something that’s made up and not backed... heck I just seen that it dropped 12 percent over night with 200 billion dollars being wiped off the market...
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Its backed by the dollar and basically every other currency. Sounds weird, but its basically true of all currencies now. You can't find many countries anymore where you can go to the central bank and trade your "dollars" in for something tangible.

Think of it like buying a million dollars worth of shares in Microsoft. You can't knock on the door and say "I'd like to redeem my shares for some of the stuff in here".
 
Crazyhole said:
Its backed by the dollar and basically every other currency. Sounds weird, but its basically true of all currencies now. You can't find many countries anymore where you can go to the central bank and trade your "dollars" in for something tangible.

Think of it like buying a million dollars worth of shares in Microsoft. You can't knock on the door and say "I'd like to redeem my shares for some of the stuff in here".
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There are currently zero (0) countries whose currencies are backed by gold. But they're all backed by the "good faith" of their respective governments.

Oddly enough, you can buy crypto-currencies that are backed by gold. But crypto-currencies are bad, right?

cryptobriefing.com

The Top 5 Gold-Backed Cryptocurrency Tokens

Gold-backed cryptocurrency tokens have emerged as a new, commodity-pegged stablecoin in the crypto market. Here are the top five picks.
cryptobriefing.com cryptobriefing.com
fififinance.com

Which Currencies Are Backed by Gold | FiFi Finance

Are there any currencies backed by gold today? Gold is one of the most fascinating precious metals in the world.
fififinance.com fififinance.com
 
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TruHusker said:
The goal is to eventually bankrupt America so the dollar becomes worthless which will force us into the electronic currency. Coming to a country near you very soon!
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It's interesting, it's seems the dollar takes a beating from all sides, if a welfare queen isn't having her 7th kid for a buck. or haliburton isn't selling 500 dollar hammers, then you have a school board spending as much as it can, so it can ask for more the next year.....which I guess isn't that bad, till you hit real trouble like covid....and lose your tax base and start printing money at the speed of light. so there alot of things putting hardship on the dollar...but at least the dollar is the world's main currency like 3/4ths of the world, the euro and japan make up 1/4th...china is a non factor as far as that. so we are not in it alone...so far..

bitcoin is like a lil blimp compared to the dollar, I just wish some politicians could be a lil more conservative as far as printing the dollar, but that probably won't ever happen so even with dips, bitcoin is a good hedge for those who know about it. I had my stop limit order set at 30 grand (for around a 25% swing allowance for volatility)...and it almost hit it. but over time I see it continuing to go up.
 
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LoudHogRider said:
There are currently zero (0) countries whose currencies are backed by gold. But they're all backed by the "good faith" of their respective governments.

Oddly enough, you can buy crypto-currencies that are backed by gold. But crypto-currencies are bad, right?

cryptobriefing.com

The Top 5 Gold-Backed Cryptocurrency Tokens

Gold-backed cryptocurrency tokens have emerged as a new, commodity-pegged stablecoin in the crypto market. Here are the top five picks.
cryptobriefing.com cryptobriefing.com
fififinance.com

Which Currencies Are Backed by Gold | FiFi Finance

Are there any currencies backed by gold today? Gold is one of the most fascinating precious metals in the world.
fififinance.com fififinance.com
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Where can I go to redeem my crypto currency for gold?
 
Bitcoin isn't a currency...its a store of wealth...and you need to hold it, when it drops 5k or 10k in a day that is a good thing, it means you buy more
 
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Read this fascinating story this morning....

tefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.
 
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Read a few stories like this...my question is, what happens to the money? Does it go into the creators of Bitcoins pockets?? read something else fascinating about why this is skyrocketing now....and it made perfect sense but never thought of it..lot of other countries governments are raiding people's bank accounts for money, that isn't possible here, so people are using it as a safe haven in some cases and not always as just an investment.
 
litespeedhuskerfan said:
Read a few stories like this...my question is, what happens to the money? Does it go into the creators of Bitcoins pockets?? read something else fascinating about why this is skyrocketing now....and it made perfect sense but never thought of it..lot of other countries governments are raiding people's bank accounts for money, that isn't possible here, so people are using it as a safe haven in some cases and not always as just an investment.
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The Bitcoin is lost forever.

And Bitcoin's creators are anonymous (very reassuring fact, I know).
 
Suhrreal said:
The Bitcoin is lost forever.

And Bitcoin's creators are anonymous (very reassuring fact, I know).
Click to expand...

I don't understand how it can be lost forever....does the amount of Bitcoins circulating go down when that happens then? Thereby making the ones left more valuable?

EDIT-I don't believe it is lost forever. I think it is lost forever to the guy who cannot remember his password, but I am thinking his lost money is somebody else's found money. No freaking way the creators of this are going too let the opportunity to make so much easy money just slip away.
 
litespeedhuskerfan said:
I don't understand how it can be lost forever....does the amount of Bitcoins circulating go down when that happens then? Thereby making the ones left more valuable?

EDIT-I don't believe it is lost forever. I think it is lost forever to the guy who cannot remember his password, but I am thinking his lost money is somebody else's found money. No freaking way the creators of this are going too let the opportunity to make so much easy money just slip away.
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Yes, the amount of Bitcoins is tending to zero because people lose their keys, forget their password, data is corrupted, etc. Although, theoretically you are correct...the Bitcoins don't go anywhere they are just irretrievable.

Whether that makes it "more valuable" is up to the consensus of people willing to believe Bitcoin "stores value."
 
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Suhrreal said:
Yes, the amount of Bitcoins is tending to zero because people lose their keys, forget their password, data is corrupted, etc. Although, theoretically you are correct...the Bitcoins don't go anywhere they are just irretrievable.

Whether that makes it "more valuable" is up to the consensus of people willing to believe Bitcoin "stores value."
Click to expand...

Bet ya anything they don't disappear...they just disappear to the guy who can't remember the password. There is no way on this planet somebody smart enough to create Bitcoin is going to let tens of millions (hundreds of millions even) of dollars just go up in smoke and i'm betting they knew this would happen when they created this.

Just my opinion, and i'd bet a lot of money on it...but I also thought Leaf would be a better QB than Manning
 
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litespeedhuskerfan said:
Bet ya anything they don't disappear...they just disappear to the guy who can't remember the password. There is no way on this planet somebody smart enough to create Bitcoin is going to let tens of millions (hundreds of millions even) of dollars just go up in smoke and i'm betting they knew this would happen when they created this.

Just my opinion, and i'd bet a lot of money on it...but I also thought Leaf would be a better QB than Manning
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A Bitcoin by itself is pretty much worthless. You could assign it a value based on the amount of electricity it needed to be created I suppose, but only when somebody is willing to pay you $ or something else does a Bitcoin confer value.
 
Suhrreal said:
A Bitcoin by itself is pretty much worthless. You could assign it a value based on the amount of electricity it needed to be created I suppose, but only when somebody is willing to pay you $ or something else does a Bitcoin confer value.
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Of course...agree 1000%

But I'm missing how that is related because we have the data to show peolle do value it and it is worth bank right now. Tangible bank....and people smart enough to create billions in bank aren't dumb enough to let it just evaporate into thin air bacsue some poor schmuck lost his password. Why do you think all the behind the scenes are so secret?
 
litespeedhuskerfan said:
Of course...agree 1000%

But I'm missing how that is related because we have the data to show peolle do value it and it is worth bank right now. Tangible bank....and people smart enough to create billions in bank aren't dumb enough to let it just evaporate into thin air bacsue some poor schmuck lost his password. Why do you think all the behind the scenes are so secret?
Click to expand...

I'm not sure what you're getting at, but at the end of the day, if the consensus of Bitcoin miners allows it, they can increase the cap of Bitcoins to whatever number they want. There is no "hard-cap" so-to-speak on the number of Bitcoins out there. It's code that can be changed at any time. It only needs a consensus to change.
 
Suhrreal said:
I'm not sure what you're getting at, but at the end of the day, if the consensus of Bitcoin miners allows it, they can increase the cap of Bitcoins to whatever number they want. There is no "hard-cap" so-to-speak on the number of Bitcoins out there. It's code that can be changed at any time. It only needs a consensus to change.
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I appreciate the replies and find this subject fascinating and hope it didn't come across like i was arguing, I wasn't. You had previously stated the coins just went away if somebody can't remember their password and they can no longer access their account/money after 10 tries and nobody got to realize their value and I was just saying I think that is impossible to believe....hope it didn't come out as any other way than me being fascinated about this.
 
litespeedhuskerfan said:
I appreciate the replies and find this subject fascinating and hope it didn't come across like i was arguing, I wasn't. You had previously stated the coins just went away if somebody can't remember their password and they can no longer access their account/money after 10 tries and nobody got to realize their value and I was just saying I think that is impossible to believe....hope it didn't come out as any other way than me being fascinated about this.
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Reread what I wrote. The 10 tries thing was just some random guy that put himself in a bind; it is not a feature of Bitcoin.
 
The bitcoins are locked to the blockchain. They aren't lost, but rather locked an inaccessible due to the guy being an idiot.

My bet:

BTC will be above $40K within 2 weeks

EGLD will be above $40 for sure. Like $50 or $60.
 
GBRforLife1 said:
The bitcoins are locked to the blockchain. They aren't lost, but rather locked an inaccessible due to the guy being an idiot.

My bet:

BTC will be above $40K within 2 weeks

EGLD will be above $40 for sure. Like $50 or $60.
Click to expand...

$32.7k

Head and shoulders pattern developing. Bitcoin could be retesting the depths within your time frame.
 
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litespeedhuskerfan said:
I don't understand how it can be lost forever....does the amount of Bitcoins circulating go down when that happens then? Thereby making the ones left more valuable?

EDIT-I don't believe it is lost forever. I think it is lost forever to the guy who cannot remember his password, but I am thinking his lost money is somebody else's found money. No freaking way the creators of this are going too let the opportunity to make so much easy money just slip away.
Click to expand...

you need to do some research, everything your saying is wrong
 
bought at 17, sold at 32, bought back at 29.500
 
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CromsLaugh said:
Bitcoin isn't a currency...its a store of wealth...and you need to hold it, when it drops 5k or 10k in a day that is a good thing, it means you buy more
Click to expand...

How can it be a good store of wealth if it goes down in value? Those two statements are at odds with each other.
 
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