Page 1 of 4 1234 LastLast
Results 1 to 10 of 34

Thread: Do you use Bitcoin or any Crypto Currency?

  1. #1
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    Las Vegas
    Posts
    9,854
    Blog Entries
    1

    Default Do you use Bitcoin or any Crypto Currency?

    I admit I was skeptical for a very long time especially after the Mt.Gox fiasco, but now that I've learned more about the tech and actually used it to buy things I see the possibilities.
    The volatility bothers me, but had I learned more a few years back my couple hundred in bit coin would be work a little bit of money now.

    I really dig the decentralization part, and the privacy aspects of using crypto. Not sure if Bitcoin itself will end up being the standard, but it looks really promising and exciting.

    In case anyone needs to get up to speed, here's a quick video.

    https://youtu.be/Um63OQz3bjo

    Anyone here use or have any Bitcoin, or Ether?

  2. #2
    Discount Prodigy
    Array
    Owen's Avatar

    Join Date
    Mar 2014
    Location
    Localhost
    Posts
    769

    Default

    Quote Originally Posted by Harold Mansfield View Post
    I admit I was skeptical for a very long time especially after the Mt.Gox fiasco, but now that I've learned more about the tech and actually used it to buy things I see the possibilities.
    The volatility bothers me, but had I learned more a few years back my couple hundred in bit coin would be work a little bit of money now.

    I really dig the decentralization part, and the privacy aspects of using crypto. Not sure if Bitcoin itself will end up being the standard, but it looks really promising and exciting.

    In case anyone needs to get up to speed, here's a quick video.

    https://youtu.be/Um63OQz3bjo

    Anyone here use or have any Bitcoin, or Ether?
    I used an old computer to mine bitcoin a while ago and ran it for a week. That bitcoin I mined is worth $0.02, so you can say I'm rich.

  3. #3
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    Las Vegas
    Posts
    9,854
    Blog Entries
    1

    Default

    The value has been exploding the last few months. It's gotta bust soon and level out, right?

  4. #4
    Discount Prodigy
    Array
    Owen's Avatar

    Join Date
    Mar 2014
    Location
    Localhost
    Posts
    769

    Default

    Quote Originally Posted by Harold Mansfield View Post
    The value has been exploding the last few months. It's gotta bust soon and level out, right?
    i
    No. Bitcoin is capped, so once that hits the cap it'll explode. I would buy now but I have no interest in Bitcoin right now.

  5. #5
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    Las Vegas
    Posts
    9,854
    Blog Entries
    1

    Default

    Quote Originally Posted by Owen View Post
    i
    No. Bitcoin is capped, so once that hits the cap it'll explode. I would buy now but I have no interest in Bitcoin right now.
    I know there's a coin limit, I'm talking about the value. It's swinging wildly up and down double digit percentage points. Up 921% in the last year. No that's not a typo.

  6. #6

    Default

    I considered purchasing when it was in the 400s and I am kicking myself for not. No telling how high it can go. Crazy to consider buying at 7K a deal.

  7. #7
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    Las Vegas
    Posts
    9,854
    Blog Entries
    1

    Default

    Quote Originally Posted by Bobjob View Post
    I considered purchasing when it was in the 400s and I am kicking myself for not. No telling how high it can go. Crazy to consider buying at 7K a deal.
    All the bitcoin people are saying it will go over $10k. As much as I believe in the tech, I just keep remembering when people were saying the same about Enron. the first tech bubble, and Mortgage backed securities. I'll keep a couple hundred spread around 2 or 3 different crypto currencies, but will probably not do any "investing".

  8. #8
    Registered User
    Array
    Join Date
    Dec 2012
    Location
    New York
    Posts
    712

    Default

    I’m not so sure about crypto currencies. But I admit I don’t understand anything about the technology involved.

    It seems to me like it is just a perceived value without a real underpinning of value. Although standard currency values are also somewhat perceived at least they can be measured against major global commodities one way or the other. A dollar or a Euro or a pound can all be measured against oil, gold, silver and agricultural and other commodities. I don’t know if Crypto can be measured that way.

    It seems that if the users of Crypto lose faith the entire structure will crumble. I don’t see what else would support it. I could be VERY wrong on this.

  9. #9
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    Las Vegas
    Posts
    9,854
    Blog Entries
    1

    Default

    The value comes from the amount of money that people are putting into using bitcoin The financial players are in now. All the banks, the payment processors, investment houses. That's where the skyrocketing value comes from. People are using it and that number is growing. It's very prevalent around the world especially in Asia. I have a friend in Thailand right now and she's reported back that many of the stores (Like 7-11's) there take Bitcoin and Etherium and it's common.

    As I said I'm not sure Bitcoin itself will be the standard but block chain technology itself is here to stay and is being used in a variety of applications already.

  10. #10
    Registered User
    Array
    Join Date
    Dec 2012
    Location
    New York
    Posts
    712

    Default

    The idea that the value increases or decreases based on how many use it without some hard base value seems very shaky and easy to manipulate. It can probably crash as fast as it rises. It sounds a bit Ponzi, somebody, someday is going to be left holding the bag (of worthless bitcoins), in my humble opinion. Standard currencies can fluctuate, but not too dramatically, and are at least theoretically backed by the issuing government. Governments and central banks buy and sell their own currencies to maintain some reasonable stability.

    Another question for me is more obvious; what’s the advantage of using crypto rather than a standard currency? It seems more like an electronic barter accounting system than an actual currency especially if it is only useable with someone else who uses it.

    Overall it sounds like a fun “trading play” for a while but I don’t see the longer term benefits or value.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •