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BitCoin falling like a Dotcom

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2 hours ago, No Excuses said:

 

A currency that fluctuates wildly on a daily basis will never, ever replace our current system, even if it fails.

 

And if our current system ever collapses, you’ll be using sticks and stones. “The collapse of society was salvaged by BitCoin” is some dopey low grade Sci-fi novel bs.

It will be much more stable when it is more trusted and has a larger market cap.

 

Our current system will fail. It is unsustainable. It will probably happen in our lifetimes and yes, it will probably suck. 

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Every large company on the planet is investing heavily in crypto, soon ES crypto experts will be laughing at those morons. If Facebook only had access to the ES, they could have avoided the upcoming catastrophe. 

 

@PleaseBlitz I bet Zuck would greatly appreciate it if you contacted him & shared your knowledge with him.

 

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I admit it, I've speculated on Bitcoin and Ethereum.  Of the two, I found Ethereum more interesting, as there is often a trade involved, and not just a transfer.  Which ccan be useful for things which can be digitized such such as contracts / software. 

 

Not saying how much I've gained / lost 🙂  But if the whole thing goes in the toilet, no big deal for me.

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Oh, and if anyone suggests, “trading crypto”, kick’em in the nuts. That’s the worst advice anyone could possibly offer someone thinking of entering the space.

1 minute ago, DCSaints_fan said:

I admit it, I've speculated on Bitcoin and Ethereum.  Of the two, I found Ethereum more interesting, as there is often a trade involved, and not just a transfer.  Which ccan be useful for things which can be digitized such such as contracts / software. 

 

Not saying how much I've gained / lost 🙂  But if the whole thing goes in the toilet, no big deal for me.

 

#Matic

 

 

*How did I respond with #Matic within a second of reading DCFs post, must be a lucky guess or an awfully complicated set up I’ve integrated into my browser.

 

 

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16 minutes ago, sportjunkie07 said:

It will be much more stable when it is more trusted and has a larger market cap.

 

Our current system will fail. It is unsustainable. It will probably happen in our lifetimes and yes, it will probably suck. 

 

If it fails, I’d bet it falls backwards not forwards.  As in silver and gold, not ones and zeroes.

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Just now, Springfield said:

 

If it fails, I’d bet it falls backwards not forwards.  As in silver and gold, not ones and zeroes.

 

And if not that, tulips. 

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12 minutes ago, volsmet said:

Oh, and if anyone suggests, “trading crypto”, kick’em in the nuts. That’s the worst advice anyone could possibly offer someone thinking of entering the space.

 

Whats the point of buying in then?  I’m not buying drugs or ordering hits.  Educate me.

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If you’re investing & scared of crypto, invest in uranium. 

 

 

 

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2 minutes ago, Springfield said:

 

I’m not buying drugs or ordering hits.  

 

Oh, I had you all wrong, my bad. 

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6 minutes ago, Springfield said:

 

If it fails, I’d bet it falls backwards not forwards.  As in silver and gold, not ones and zeroes.

Both, I would suspect. 

 

You can use bitcoin for nefarious activity but it can be tracked. It is just difficult to track. 

 

You are better off using cash or crypto currencies other than bitcoin for true privacy. 

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31 minutes ago, sportjunkie07 said:

It will be much more stable when it is more trusted and has a larger market cap.

 

Our current system will fail. It is unsustainable. It will probably happen in our lifetimes and yes, it will probably suck. 

 

Bitcoins entire existence is reliant on our current system remaining stable. If our current financial system collapses to the point of irrelevancy, no one will have the means to even access bitcoin, let alone assign it any kind of value.

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3 minutes ago, sportjunkie07 said:

Both, I would suspect. 

 

You can use bitcoin for nefarious activity but it can be tracked. It is just difficult to track. 

 

You are better off using cash or crypto currencies other than bitcoin for true privacy. 

 

#xmr

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The failing dot com adumbrative just cleared 10k ... from the inception of this thread you’ve made yourself quite a bit of money if you handicapped the intelligence of its founding members correctly. 

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5 hours ago, volsmet said:

Blockchain/hashgraph. To suggest it’s primary focus is hiding money displays a grotesque lack of knowledge on the topic. 

I didn’t suggest that. 

 

I said those people will always be attracted to it. 

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1 hour ago, Springfield said:

Whats the point of buying in then?  I’m not buying drugs or ordering hits.

Well there’s your problem right there.

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This Brad guy reads the ES.

 

http://fortune.com/2019/06/21/a-bang-up-week-for-ripple-ceo-daily/

 

Quote

 

Good Friday morning.

 

Facebook may have gotten all the attention this week, but it’s also been a bang up week for Ripple, which uses cryptocurrency to facilitate real time transactions, working with financial institutions. On Monday, Ripple announced it was investing some $50 million in MoneyGram, which will use Ripple’s XRP product to speed up and simplify cross-border payments. MoneyGram stock soared 150% after the announcement.

 

Ripple CEO Brad Garlinghouse told those attending Fortune’s Brainstorm Finance in Montauk, N.Y., that the Facebook announcement had been a “call to action” for other institutions considering cryptocurrency projects. “I’m thinking of sending a case of champagne to David Marcus,” who runs the Facebook-led Libra project, he said. “It’s going to be a record week for Ripple.”

 

The very term cryptocurrency conjures up images of shady transactions by criminals seeking anonymity. “There is a lot of hype and a lot of bull**** in the blockchain space,” Garlinghouse said. But his company’s work with financial institutions avoids anonymity, complies with bank “Know Your Customer” rules, and allows real-time settlements without the need for institutions to hold large cash balances to cover them. Referring to those balances, he said: “If you can reduce the amount of oil in the engine, that creates tremendous efficiencies.”

 

Also at the event, entrepreneur and Everledger CEO Leanne Kemp told how she is using blockchain technology to track the provenance and movement of diamonds. And 17-year old Ananya Chadha—who won the CryptoChicks Hacking Award in Toronto last year—wowed the group with her animated description of how blockchain plus genetics plus nanotechnology plus brain-computer interface is going to create “the craziest things” in the future.

 

 

These people don’t realize blockchain is just a buzz word & crypto is for green-lighting unruly teddy ruxpin smugglers. 

6 minutes ago, Sacks 'n' Stuff said:

Well there’s your problem right there.

 

His problem, and likely yours. A lack of knowledge is often the problem, unless you’re republican, then a lack of knowledge is seen as authenticity.

 

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27 minutes ago, volsmet said:

His problem, and likely yours. A lack of knowledge is often the problem, unless you’re republican, then a lack of knowledge is seen as authenticity.

I was just making a joke dude. Cut the smarmy ****, OK?

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Posted (edited)
3 hours ago, Springfield said:

volsmet isn’t the first person I’ve encountered with this specific attitude towards crypto.  It’s like a common personality trait.

 

I actually first saw the video I posted on page one on Greg Mankiw's blog (http://gregmankiw.blogspot.com/2018/01/wisdom-about-bitcoin.html). It's hilarious mostly because it's incredibly accurate.

 

3 hours ago, volsmet said:

Oh, and if anyone suggests, “trading crypto”, kick’em in the nuts. That’s the worst advice anyone could possibly offer someone thinking of entering the space.

 

Interesting. Most cryptocurrency advocates argue that one of their greatest strengths is that they are supposed to be a store of value, a weapon against inflation. They tell stories of Bitcoin use in Venezuela, to combat the hyperinflation. We see @sportjunkie07making something of that argument in this thread.

 

If that's the case, how can someone make money except by trading? *EDIT* The whole point of storing value as a currency is that it doesn't go up (deflation) or down (inflation), though it might fluctuate in value against a different currency from day to day (which is where currency traders attempt to make their money).

Edited by techboy
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Posted (edited)

 

2 hours ago, No Excuses said:

 

Bitcoins entire existence is reliant on our current system remaining stable. If our current financial system collapses to the point of irrelevancy, no one will have the means to even access bitcoin, let alone assign it any kind of value.

Life will go on, even with a financial collapse and a worldwide economic depression. 

 

I suspect the collapse will be gradual until there is a triggering event. The public moved from cash to mostly plastic in my lifetime. We've got venmo, paypal, and apple pay right now. Facebook is coming out with their own cryptocurrency  (not really a cryptocurrency but whatever). 

 

The public is being conditioned for a change and the current system is unsustainable. 

 

 

Edited by sportjunkie07

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1 hour ago, Sacks 'n' Stuff said:

Well there’s your problem right there.

 

**** dude.  I’m doing this all wrong.  Cocaine, hookers and hitmen.  Now I just need $10,000 so I can buy one of these stupid things.  How much cocaine does one bitcoin buy me?  I don’t wanna buy too much.

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43 minutes ago, techboy said:

 

I actually first saw the video I posted on page one on Greg Mankiw's blog (http://gregmankiw.blogspot.com/2018/01/wisdom-about-bitcoin.html). It's hilarious mostly because it's incredibly accurate.

 

 

Interesting. Most cryptocurrency advocates argue that one of their greatest strengths is that they are supposed to be a store of value, a weapon against inflation. They tell stories of Bitcoin use in Venezuela, to combat the hyperinflation. We see @sportjunkie07making something of that argument in this thread.

 

If that's the case, how can someone make money except by trading? The whole point of storing value as a currency is that it doesn't go up (inflation), though it might fluctuate in value against a different currency from day to day (which is where currency traders attempt to make their money).

 

Bitcoin, specifically, has an expiration date, imo, but the whole of overledger blockchain etc/hashgraph doesn’t. Trading involves massive tax implications & you have to be a trader/ta guy/pump & dump chaser ... I invest in projects I believe in, long term. What I do involves in depth research into the team’s, projects, and technologies, I don’t have delusions of getting rich quickly in trading, I make more than enough in dfs for that, I study the news around the globe & invest.

 

The amount of money to be made is massive, imho. 

 

I don’t advocate trading because it’s a guaranteed loss for those who haven’t put in the time to study charts ... Elliot wave truther or otherwise, you need to have experience to jump into trading or you’ll just obliterated. 

 

Elixxir gets me hot under the collar. Some like porn, I prefer David Chaum.

 

 

David Schwartz is a deity, an nsa consulting deity. People don’t seem to understand how crypto/blockchain has evolved & drastically underestimate the people involved. Ripple made another impressive hire this week.

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9 minutes ago, Springfield said:

 

**** dude.  I’m doing this all wrong.  Cocaine, hookers and hitmen.  Now I just need $10,000 so I can buy one of these stupid things.  How much cocaine does one bitcoin buy me?  I don’t wanna buy too much.

 

You can buy 1% of a bitcoin. 

Michelle Bond experience: Senior counsel for the US securities and exchange commission... what’s that? Interesting experience for someone who has now devoted her life to... drug trafficking... according to the well informed ES experts. A wise community indeed.

 

 

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6 minutes ago, volsmet said:

Bitcoin, specifically, has an expiration date, imo, but the whole of overledger blockchain etc/hashgraph doesn’t.

 

So, why exactly should one buy Bitcoin again? Plenty of companies are making use of blockchain (Vanguard, for example https://pressroom.vanguard.com/news/Press-Release-Vanguard-Using-Blockchain-Technology-To-Improve-Index-Data-Distribution-121217.html). Blockchain would seem to have value.

 

Buying Bitcoin (or Dogecoin, or Ethereum, or any of the seemingly endless options you listed), though, isn't an investment in blockchain. It's a bet on one particular implementation.

 

You say you wouldn't try to trade it, and I agree. At its heart, the most charitable case for Bitcoin is that it's what its supporters want to believe... a long term store of value that will become a stable currency, replacing so called "fiat" currencies. That's the best case, and while currency trading is what made George Soros filthy rich, it's also notorious for being unforgiving, brutal, and more ruinous than day trading stocks.

 

The problem, though, is that beyond that, Bitcoin literally has no value. If I buy a stock, I can speculate and trade it if I want, but underneath, I am buying a piece of a company that makes something or provides a service. A bond gives me a similar connection to a company or government. Real estate I own land that has a use, and the same for timber and so on. Even gold is pretty, makes jewelry, and can be used as a conductor.

 

None of that is true of Bitcoin. When its "expiration date" hits, either because another cryptocurrency wins or the whole idea is abandoned for some reason, you are left holding ether(eum).

 

There's no reason for it to have any actual value, so you have to trade it if you want to make any money off it. 

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16 minutes ago, techboy said:

 

So, why exactly should one buy Bitcoin again? Plenty of companies are making use of blockchain (Vanguard, for example https://pressroom.vanguard.com/news/Press-Release-Vanguard-Using-Blockchain-Technology-To-Improve-Index-Data-Distribution-121217.html). Blockchain would seem to have value.

 

Buying Bitcoin (or Dogecoin, or Ethereum, or any of the seemingly endless options you listed), though, isn't an investment in blockchain. It's a bet on one particular implementation.

 

You say you wouldn't try to trade it, and I agree. At its heart, the most charitable case for Bitcoin is that it's what its supporters want to believe... a long term store of value that will become a stable currency, replacing so called "fiat" currencies. That's the best case, and while currency trading is what made George Soros filthy rich, it's also notorious for being unforgiving, brutal, and more ruinous than day trading stocks.

 

The problem, though, is that beyond that, Bitcoin literally has no value. If I buy a stock, I can speculate and trade it if I want, but underneath, I am buying a piece of a company that makes something or provides a service. A bond gives me a similar connection to a company or government. Real estate I own land that has a use, and the same for timber and so on. Even gold is pretty, makes jewelry, and can be used as a conductor.

 

None of that is true of Bitcoin. When its "expiration date" hits, either because another cryptocurrency wins or the whole idea is abandoned for some reason, you are left holding ether(eum).

 

There's no reason for it to have any actual value, so you have to trade it if you want to make any money off it. 

 

Btc will rise until quantum computing becomes an issue, that’s why. That’s not the near future, it’s simply a potential vulnerability. I listed a very narrow list of projects, in reality. You don’t appear to be particularly well versed in crypto.

 

I invest in companies/currencies/projects that I believe in, as I said. 

 

You don’t have to trade it, btc just went to 10,500. Long btc if you want to make money, there is a much better chance it hits 20k than zero, a much better chance it hits 100k than zero.

 

Moneygram is using xrp, I don’t think you have any idea what it does, or you’d own it.

 

*Btc to 10,800.

 

You guys can convince yourself you’re right, or trust the one person who has actually been right. Your ego’s will cost you incredible opportunities, the human hamartia.

 

 

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1 minute ago, volsmet said:

You don’t appear to be particularly well versed in crypto.

 

Aw, you went all patronizing and rude on me, but I didn't even warrant a sarcastic gif? I'm offended.

 

How will I ever see the light if I'm not having my intelligence mocked visually? I'm obviously too stupid to read.

 

As it happens, though, I DO own some MGI, if that's relevant in any way.

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1 minute ago, techboy said:

 

Aw, you went all patronizing and rude on me

 

No I didn’t. You may be too sensitive. I took the time to explain a few things you asked me to, which is respectful, and commented on what I perceived to be areas you weren’t particularly well versed in. That’s a problem for you? Interesting. 

 

You don’t know anything about ripple, that’s obvious. You should research it, study, and thank me later. The limited number of projects I referenced are others you should be interested in, if your handle represents any bit of truth.

 

Mgi went up about 150% thanks, entirely, to ripple. Relevant, indeed.

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