Thread: Is Bitcoin an imploding ponzi??...

There are a lot more options than two to buy bitcoins. Here are the exchanges where you can buy, some allow instant credit/debit card payments too.

https://coinmarketcap.com/currencies/bitcoin/#markets

You can buy from people too. On the street, with just scanning a QR code on the phone.

Fiat is debt based currency. That's why inflation -and hyperinflation- exists because the printed money is borrowed from the issuing bank at interest, using the existing money supply as collateral.
Bitcoin is just software and it has a hard cap on the supply. Also the dot com is still making money to those who were in early and for those who host websites with dot com domains.
The fees are there for the miners - the owners of the rigs that secure the blockchain. They verify the transactions that go to the network and put them in blocks.
Actually banks are starting their own blockchains while advising everyone else to avoid them.
About the volatility: it is decreasing as adoption rises. Right now you can find students in pretty much every classroom who own crypto.
With the rise of ETH the market has been given a new tool to secure and verify contracts. Smart contracts only execute transactions when all conditions are met. Bitcoin can also be used for this purpose with the use of colored coins.
About the taxability: the wallets themselves can only be accessed by their owners but since the blockchain is a public ledger everyone can see what's in it. The tax man can come after you so it's not really good for tax evasion. The difference is the issuer: Only the US is authorised to print or issue new US Dollars but since bitcoin is a global network anyone can participate in generating bitcoins if they have enough computing power.

As you can see it's a lot more than just money, it creates new technologies and removes politics from transactions. If I was in North Korea (which I don't intend to visit, EVER) and I somehow had access to the internet I could still transact to anyone in Venezuela. Highly unlikely but doable.

I actually mined bitcoins back in 2012 and I still have some. This is cloud computing which is essentially what my nick refers to.

To end my entry here's a reputable math geek's explanation on how it works

https://www.youtube.com/watch?v=bBC-nXj3Ng4

Originally Posted by cloudchecker

Fiat is debt based currency. That's why inflation -and hyperinflation- exists because the printed money is borrowed from the issuing bank at interest, using the existing money supply as collateral.

Not entirely, governments have the ability to tax and often own assets. Even in places where hyperinflation has occurred few escaped the wrath by holding the right assets, most have no money at all including in the US. Russia defaulted on it's debt in 1998 and for all intents and purposes not much changed, things soon when back to normal. Can you show an industrialized or emerging nation where hyperinflation never ended?

It takes more dollars to buy an equal item today than it did 100 years ago, but most of us are paid more dollars. History has shown the best way to counteract this is to hold assets that throw off cash flow. Holding metals for years on end has cost people in both real and opportunity metrics. Why will crypto be any different?

Originally Posted by cloudchecker

Bitcoin is just software and it has a hard cap on the supply.

It has a limited supply backed by nothing more than the next purchaser willing to pay something over what the last guy paid. As a means of exchange with few exceptions it is a throwback to 1907.

Originally Posted by cloudchecker

Right now you can find students in pretty much every classroom who own crypto.

I wouldn't base my future on kids just out of puberty.

I'm back to see how much this thread evolved. Not much action even though Bitcoin and the crypto world is literally the easiest and most legit way of making money online.
I don't have an affiliate network, no email lists to send spam to. Only an ever deeper understanding of this stuff.
This is the number one dream gig for antisocial types. No need to lick the customers' asses just to sell some bullshit weight loss cream or pill.
If you get fatigued by too much human interaction this thing can be done solo.
Lots of people are unable to make a buck in even legit MLMs because they lack the people skills.
Doing the same lengthy sales pitch like a parrot over and over with less than 1 percent conversion rate is exhausting.
This is for those people who can't be bothered with the magic cures and plastic nonsense only fools would buy.
Or the sect like climate of MLM groups. I have been to numerous MLM seminars and the brainwashing is always the same. Like, "we are a family" and such while it's always a den of snakes.
I guess snakes have families too.
No need to dress up like Jehova's witnesses to preach about the best apple peeler.
The smarter and luckier ones have already made a life changing amount of money just by knowing trends and taking action in time.
The adoption curve is exponential just like in the case of the internet or any other disruptive technology.
This is nothing more than technology and you cannot go wrong by investing in relevant tech.
Bitcoin alone went up by 1000% since my last visit. Read the writing on the wall!
Corporate is going mad about buying, volume and therefore liquidity is through the roof.
Wall street has entered the game.
It was indeed foolish to miss a 1000% return. I mean do you guys hate money or what?
Don't make the same mistake twice.
At least get some Bitcoin and ETH.

Do yourself a favor and read the whitepaper.

Originally Posted by cloudchecker

I'm back

Congrats on your gains. I never would have guessed BTC would have soared like this; hell I even suspected it would be at zero by now.

Originally Posted by cloudchecker

Bitcoin alone went up by 1000% since my last visit. Read the writing on the wall!

So have GameStop, Tesla, and a slew of other stocks. Some people will get out in time, many will get in too late and/or stay too long.

Originally Posted by cloudchecker

Wall street has entered the game.

Wall Street is also floating a lot of IPOs these days. History indicates most of these will decline in value. Personally, I see good and bad in Wall Street entering. I like the idea of trading on organized exchanges with zero counterparty risk and protection against fraud. I dislike how they routinely have foisted so much woo on the public near market tops.

Originally Posted by cloudchecker

It was indeed foolish to miss a 1000% return. I mean do you guys hate money or what?

There was a young bull and an old bull standing on a hill. The young bull says "lets run down there and screw one of those cows" to which the old bull replies "lets walk down and screw them all!"

Everyone knows the name of lottery winners, and winners that blew it all. Few stories of the millions of lottery losers. On balance the people that invest sensibly and consistently in a balanced portfolio will come out ahead in the long term.

Originally Posted by cloudchecker

Don't make the same mistake twice

Would that include thinking a 1000% gain will turn into 2000% only to watch it evaporate?

Originally Posted by cloudchecker

Not much action even though Bitcoin and the crypto world is literally the easiest and most legit way of making money online.

A lot of Robinhooders are saying the same thing about buying stocks and options. Beyond it's gone up and people say it's going to keep going up; what makes BTC any more "legit" than gold, diamonds, art, trading cards, or collector coins?

It's clear you don't have any insight on the software and how it does its job. Or the true technical implications of ETH smart contracts and automation protocols. Your arguments are just as valid as if you said "TCP/IP is a scam don't get fooled".
I mean there are resources to get informed and you just TL;DR the whole thing.
There is due diligence and there is luddism.
MLM truly sucks. A waste of time.
This is legit.
Sure, I'm the moron. See you at $100,000

Originally Posted by cloudchecker

This is legit.

I asked you a simple question Sally, what makes it "legit" beyond it's going up in price?

As of the moment it seems to be playing a role as a store of value/capital gains; as a means of exchange on any massive scale I'm not seeing it. Further I suspect most of the recent small and probably many large scale buyers have as much insight on the software as I.

People are buying because others are buying.

Originally Posted by cloudchecker

It's clear you don't have any insight on the software and how it does its job

See you at $100,000

You're leading with price appreciation in both posts yourself, not software.

Originally Posted by cloudchecker

Sure, I'm the moron

You're a moron for getting huffy when asked to splain all this wizbang to a simple artisan like ribshaw. Is there come reason "X" crypto the price can't and won't be separated from "Y" crypto the technology?

See my older posts. Every link to get someone started is there. Every piece of relevant literature.
TL;DR syndrome at its best.
If you cannot google "Bitcoin whitepaper" or "ETH whitepaper" nobody in the world can possibly help you.
The price represents its assumed value. It's so high because it has a ton of uses. It is useful unlike your endless ad hominems.
But here it is in case you are unable to use a search engine on your own:
Bitcoin - Open source P2P money
Home | ethereum.org
Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap

This feels like explaining gravity to a flat earther.
To understand all this wizbang you actually must be computer literate which you obviously aren't. Do you expect me to lead everyone with baby steps through years of IT basics?
All the HaaS and IaaS and stuff like that. Servers, networks and all that stuff.
You must be computer literate. There is no way around it. You must understand protocols and how things are validated. If the fundamentals are not there you're a waste of time.
Read the whitepapers. I can't just beam IT into your head.

Originally Posted by Hollaback Sally Rides Again 1/24/2021

Corporate is going mad about buying, volume and therefore liquidity is through the roof.
Wall street has entered the game.

The fund below comprising a basket of "crypto" stocks reached it's high current high print of $37 on the first day it was dumped sold publicly. Right now it's at $24.

Originally Posted by Van Eck

Fund Description

VanEck Vectors Digital Transformation ETF (the “Fund”) seeks to track as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Digital Assets Equity Index (the “Index”), which is intended to track the performance of companies that are participating in the digital assets economies. https://www.vaneck.com/us/en/investm...tion-etf-dapp/

Originally Posted by Hollaback Sally Rides Again 1/24/2021

It was indeed foolish to miss a 1000% return. I mean do you guys hate money or what?
Don't make the same mistake twice.
At least get some Bitcoin and ETH.

ETH Price $1368.90 1/24/2021
ETH Price $1829.95 Today

BTC Price $32,285.73 1/24/2021
BTC Price $32,641.88 Today

Originally Posted by To the Moon Sally 1-26-2021

Sure, I'm the moron. See you at $100,0000

I'm going to give Sally a lot of credit since ETH rose to $4K and BTC $64K after his insult filled tirade-ical homecoming. If people had bought Sally's witty return and sold shortly thereafter they would have netted a tidy return. Now prices are back to a tittle more than when he briefly drove by to regale us with wisdom. What now brown cow? Buy, Sell, Hold? Sally?

A major problem it can become investmenting/trading on advice absent one's own well constructed plan.

Originally Posted by Sally the Barista 02-05-2021

I'm gonna have so much fun when I return to serve a tall glass of "I told you so".

Will this be served with one of those F*&KING cardboard straws?