Bitcoin

[Davey Crockett]

Can you cash in any time or only at the end ? Sorry for all the questions .

 

[NDwalleyes]

Can you cash in any time or only at the end ? Sorry for all the questions .

You can buy and sell when ever you want. I've yet to buy or sell any yet so not sure what it entails. There are bitcoin ATMs. Nearest one is in GF.

 

[deleted_account]

My miner is doing the accounting, so I get paid. When the coins all in circulation, it is my understanding that there will be a very small transaction fee to pay the miners.

accounting for what? what transactions are happening? and yes sorry for the dumb questions but this is all very strange

 

[Bed Wetter]

Bitcoin isn't entirely electronic, right? Pretty sure there some actual coins somewhere...

Anyway, I got a bunch of guns. If I rob someone of their bitcoins, I'm not really robbing them because the value is theoretical, right?

 

[Captain Ahab]

It is interesting and entertaining.

Would suck to be this guy:

https://www.forbes.com/sites/kellyp...t-on-hard-drive-worth-9-million/#74f9aa7a245c

 

[SupressYourself]

Yikes. Not having a backup (or several) is a cardinal sin of computing, but the above story really illustrates the "imaginary" factor of bitcoin. I'll keep my money in more tangible investments, thank you. My stash of Beanie Babies is due for a comeback.

 

[jer79]

beanie babies are a solid investment move, also cabbage patch dolls, and troll dolls. an added benefit of troll dolls is that you can rub their hair for good luck while playing bingo.
the bitcoin thing has drawn my interest in the past but never dived in...you never know, someday we might be wiping our asses with dollar bills.

 

[NDwalleyes]

My take on it is this....

As it sits now, is there an investment opportunity in bitcoin...yes.
Is there potential for a long-term huge upside with minimal investment...yes

Would I invest all my money into bitcoin...no.

But, a guy has to be aware of changes in global currencies that are driven, in large part, by countries with poor economies and iron fisted governments like China. Keep in mind that a single bitcoin in a dirt poor country like Haiti goes a long, long way because it is not dependent on the local government.

Bitcoin is a bastion of freedom. People long to live in a world where their finances, spending, and monetary value are free of a meddling government. I think bitcoin will continue to become more mainstream. In a sense, our lives are controlled by money, it is politician's fear of loosing control that slows it down.

 

[deleted member]

Unless the currency is tangible with actual value in the material of the actual currency... like gold or silver... isnt government involvement necessary? Even bitcoin has rules. And considering we are valuing them in $ i cant help but think the $ is still the better option. But, i am financially naive. So...

 

[Captain Ahab]

My take on it is this....

As it sits now, is there an investment opportunity in bitcoin...yes.
Is there potential for a long-term huge upside with minimal investment...yes

Would I invest all my money into bitcoin...no.

But, a guy has to be aware of changes in global currencies that are driven, in large part, by countries with poor economies and iron fisted governments like China. Keep in mind that a single bitcoin in a dirt poor country like Haiti goes a long, long way because it is not dependent on the local government.

Bitcoin is a bastion of freedom. People long to live in a world where their finances, spending, and monetary value are free of a meddling government. I think bitcoin will continue to become more mainstream. In a sense, our lives are controlled by money, it is politician's fear of loosing control that slows it down.

I understand this thing enough to be dangerous, but how does a poor Haitian with no electricity or computer acquire and spend Bitcoins?

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What do you take to a Bitcoin ATM? A jump drive?

 

[Allen]

It is interesting and entertaining.

Would suck to be this guy:

https://www.forbes.com/sites/kellyp...t-on-hard-drive-worth-9-million/#74f9aa7a245c

I understand that article about as well as I understand bitcoin.

 

[Captain Ahab]

I understand that article about as well as I understand bitcoin.

I think bitcoin is probably the most ingenious pyramid thing ever devised. I see the early guys getting while the getting is good if they cash out while the price is on the rise. As it grows I see a lot of teething problems. If the price ever starts tanking, the jackals will come out like no other. I'm all for making a dollar, but the thing scares the bejeezus out of me. A guy might be good for a bit, though. No pun intended. The "anonymous" starter of the whole thing is a big question mark. Does he have the ability to have the "magic" algorithm to snag a pile of bitcoins and cash out like a bandit or not? I am not trying to play devils advocate, but boy I have a lot of questions.

 

[SDMF]

I think a better investment over time is 22LR, 223, 7.62x39, and 9MM ammo. SKS, AK-47, AR, and Glock magazines as well.

 

[Captain Ahab]

The concept is there, the regulation is a hard grab. And "mining" is interesting. They say there are no fees by a central bank, but aren't the "miners" the central bank taking their fees? And what percentage are the "miners" taking?

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I think I am going to buy 1 bitcoin just for an amazing conversation piece.

 

[Ericb]

It puzzels me. There is nothing of value backing it. The people mining are paid in it. Shouldnt there be massive deflation?

 

[Iwhackwheat]

I'm not tech savvy, but how do you know exactly what this box in your garage is doing? What if it is hacking nuclear codes? What if it is creating a network of random ip addresses for some perv to watch kiddie porn through and not get traced? Or worst of all, what if it is creating gofundme pages for water protectors?

 

[KDM]

As of now, bitcoins are an interesting idea, but not something I am interested in dealing with. Watching the Worldcom and Enron actions and results was enough to give me a healthy suspicion concerning digital wealth, real value vs. implied value, and the financial security for my family.

 

[Account Deleted]

If I were to do this, I would never hold them. I'd turn them into real dollars about as fast as I got them.

 

[NDwalleyes]

It puzzels me. There is nothing of value backing it. The people mining are paid in it. Shouldnt there be massive deflation?

One can say the exact same thing about the US dollar, except that rather then mining we are working.

 

[Davey Crockett]

Sounds easier than milk cows, How often do you have to tend to the machines ?