Any Crypto Investors (Gamblers)?

[SoddenJack]

We have a little bit “invested” in Bitcoin just for fun. We’ve made a little bit on it, though it’s nothing that’s going to change our lifestyle. My son has been asking to buy Dogecoin. He’s only 7 so I believe he thinks he’s going to get a physical coin with a Doge face on it.

 

[Akousticplyr]

It is mind blowing just thinking of what bitcoin farming is doing to power grids, etc.

 

[Country Bladesmith]

1. Every currency in the world is backed by a sovereign government, and the intrinsic value of that currency is backed by economic activity of that country, often measured as a function of GDP. Without a political backing, and an intrinsic valuation method by economic activity, a currency is doomed

2. The technology may have potential value - but the currency not

This is what has kept me from buying crypto. That said, if it takes another deep plunge, I may buy a little. It seems very volatile, from what little I know about it, so it’d be a short-term investment that I’d trade for $$ as soon as it went back up. I have a hard time looking at it as a currency.
But I’m far from being an economist.

 

[3rdguy]

It is mind blowing just thinking of what bitcoin farming is doing to power grids, etc.

Meanwhile Texas was brought to its kness with an inch of snow.

 

[telescopes]

Wait until the next solar flare.

 

[telescopes]

In order to have real value over time, scarcity is a critical element that must be considered. Gold is created not in the belly of a star or in a supernova event as most elements are, but requires the collision of two neutron stars. This is a somewhat rare occurrence. Crypto is neither rare or scarce. It is easy to obtain and it’s value is circumspect.

 

[Country Bladesmith]

Meanwhile Texas was brought to its kness with an inch of snow.

? In defense of Texas, it was a good bit more than an inch, though. That was a crazy weather event for the Deep South.

 

[RonB]

It will end badly as did the tech bubble and the housing bubble. I still remember my lawn guy in 1999 didn’t want to talk about my lawn. Every time I saw him he only wanted to talk about AOL and Amazon. People forget that even though Amazon was and is a great company, the stock price declined by 95% when the bubble burst. Today my 20 something nephew and his friends all are talking about crypto currencies.

 

[LOREN]

I still don’t understand the concept of blockchain... I don’t think I ever will.

 

[LOREN]

With everything relying on computers, I wonder if we’re too exposed to criminals or foreign entities. I didn’t realize how many U.S. institutions have been hacked for “ransom” until this pipeline hacking hit the news. I think it’s possible (in theory at least) that an enemy could shut the U.S. down completely, causing as much damage as a physical war.

 

[fightnhampster]

...if it takes another deep plunge, I may buy a little. It seems very volatile, from what little I know about it, so it’d be a short-term investment that I’d trade for $$ as soon as it went back up....

+1

 

[olkofri]

With everything relying on computers, I wonder if we’re too exposed to criminals or foreign entities. I didn’t realize how many U.S. institutions have been hacked for “ransom” until this pipeline hacking hit the news. I think it’s possible (in theory at least) that an enemy could shut the U.S. down completely, causing as much damage as a physical war.

Live Free or Die Hard ?

 

[EA-6B]

I've started an experiment to accept USDC for transactions.
Some USDC info :

USDC price today, USDC to USD live price, marketcap and chart | CoinMarketCap

The live USDC price today is $0.9999 USD with a 24-hour trading volume of $16,740,590,605.87 USD. We update our USDC to USD price in real-time.

coinmarketcap.com

?

 

[Dies_Irae]

I have 100% of my NW in Bitcoin, over six figures. There is Bitcoin, and there are 6000 other "shitcoins".

Bitcoin is like digital gold, but even that is far too simplistic an explanation. Bitcoin will not only replace gold as a store of value but will replace sovereign debt as the "risk free rate". Bitcoin has value due to being scarce, there are only 21 million Bitcoin that can ever exist. It is not only scarce but deflationary as Bitcoin sent to the wrong or not secured with family members, for example, will result in it being lost forever. Compare this to gold where there is 2% "inflation" (gold being mined) roughly every year. Also supply is fixed with Bitcoin. If people fled the dollar due to inflation concerns and bought gold as a store of value, the price of gold would go up. This price increase would create an incentive to mine gold more efficiently, increasing supply, and decreasing price. That is why commodities are poor stores of value.

Bitcoin has no counter party risk. You must pay to have your old stored in a vault and trust they can secure it. What happened if you had gold anywhere in Europe in the early 1900s? Someone invaded and took it. Or if you were in the United States the government confiscated it. You can secure your Bitcoin by literally memorizing your seed phrase in your head and there is no way to take it from you willingly.

Bitcoin is cheap and quick to send. How much does it cost to send $1,000,000 of gold bars from New York to Tokyo? How long? You can send $1,000,000 of Bitcoin for $5 and have it be confirmed in an hour. If you want to spend more you can have it confirmed in minutes.

These are just a few characteristics of Bitcoin. I can go on and on if anyone is intersted.

Bitcoin is mathematical, engineered, hard money. As Michael Taylor says, you don't design a boat with a hole in it. Or a plane. Hydraulic, pneumatic, electrical systems do not work with leaks in them. Inflation is a "leak" in the money system.

Let me finish by saying Bitcoin will not be a world reserve currency, at least not in the near term. It certainly will be a world reserve ASSET. Many theorize it must become a store of value before becoming a unit of exchange, but I digress. Bitcoin will exist side by side digital central bank currencies that are inflated to nothingness.

The market does look quite hot right now as people jump in on various shitcoins but this happened in 2017 as well. Bitcoin keeps chugging on regardless...

And for a little fun if anyone wants to learn how to use Bitcoin, message me. I will walk you through creating a wallet and will send the first three people $5 of Bitcoin.

Will

 

[Dies_Irae]

In order to have real value over time, scarcity is a critical element that must be considered. Gold is created not in the belly of a star or in a supernova event as most elements are, but requires the collision of two neutron stars. This is a somewhat rare occurrence. Crypto is neither rare or scarce. It is easy to obtain and it’s value is circumspect.

If Bitcoin is so easy to obtain please make some and send it to all of us!

 

[Dies_Irae]

Another way to think of Bitcoin is that is the worlds first successful monetary network. Think of Facebook, it dematerialized social interaction and created a digital social network. Youtube (or Netflix etc) dematerialized analog video media and created a digital video network. Amazon did the same to 10,000 brick and mortar stores and created a digital shopping network. Instagram took your shoe box of family photos and created a digital photo sharing network. Bitcoin dematerializes money and brings it to the digital age.

Sorry I keep going on and on but second to Catholicism I enjoy evangelizing Bitcoin . Many people talk about how companies are beginning to move their cash reserves on their balance sheets, which are now becoming liabilities due to the money printers being in full force with no end in site, and instead now buying Bitcoin with them. What is far more interesting and bullish for Bitcoin is the fact that insurance companies are now eyeing Bitcoin, likely due to bonds now being negative yielding. For example, NYDIG, which is a company that offers institutional on ramps to Bitcoin, just announced the appointment of New York Life Chairman and CEO Ted Mathas to its Board of Directors. Just wait until insurance companies start buying up Bitcoin..

If you're looking for a good time to grab some Bitcoin, today is a firesale with Elon Musk tweeting negatively about it.

 

[brian64]

Now all it needs is an army.

 

[Dies_Irae]

Now all it needs is an army.

The entire point of bitcoin is that it is decentralized and thus does not need the state to use martial force to ensure monopoly on the money. Despite today the money not being being created by the state but by private centralized banks essentially unaccountable to the state.

Actually bitcoin has something better then an army. It is quite literally an organism that grows and absorbs information from systems around it very much like mycelium.

For example, you have many parts to the bitcoin ecosystem. There are people who create the mining equipment who work everyday to create better technology to make the machines more efficient and able to perform better computing processes. You have people who create write the software that run on these machines who also work to make better software. You have people looking to create or find more efficient energy sources to provide power to miners. You have the many coders who work on the open source code of Bitcoin itself who work to secure the code. You have the people who create hardware wallets (the devices you ‘store’ Bitcoin on) to make the self custody of Bitcoin more secure and more user friendly. You have people who are creating exchanges and compete to created the best exchange in order to ensure the best price discovery. You have people who are creating better educational material to teach people about Bitcoin. You have people lobbying in government for better regulation for Bitcoin. All of these actors contribute to the bettering Bitcoin as a whole. Any contribution from them strengthens the entire system.

Gold just sits there and looks pretty. Bitcoin everyday advocates for and improves upon its own existence.

 

[brian64]

Despite today the money not being being created by the state but by private centralized banks essentially unaccountable to the state.

True...but that transnational banking cartel more or less owns and operates government...and by extension, its armed forces and regulatory agencies. So I would expect Bitcoin to operate in its current configuration for only as long as they wish it to.

 

[Dies_Irae]

True...but that transnational banking cartel more or less owns and operates government...and by extension, its armed forces. So I would expect Bitcoin to operate in its current configuration for only as long as they wish it to.

A government would need to shut down the entirety of the internet to stop Bitcoin and even then there are already satellites syncing the Blockchain. Also if one country moves against Bitcoin it creates an incentive for others to embrace it. Particularly now as countries such as Russia and China are distancing themselves from the dollar. The genie is out of the bottle and there really is nothing they can do.

As I said I don’t believe Bitcoin will be a world reserve currency anytime soon. Government has already stopped that by the fact that it is a taxable event if you want to buy something with it. They will continue to have their fiat currencies, although they will be digitized.