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Bitcoin and other cryptocurrencies

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I think there needs to be a crypto currency based on how globalized everything is. It seems silly for just the United States since we have a stable economy, free market, and methods in place to transfer currency instantly, but others do not have that luxury. 

 

Multiple crypto currencies seems redundant, but should help keep bitcoin in check. 

Edited by Tidal Wave

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if you have disposable income, i see no good reason to not get in on the action. bitcoin ties money to a digital gold standard and old people are just now learning about it and dumping large sums of money into the currency. we are still in the early stages and i'm not sure anyone knows exactly what's going on or what's ultimately going to happen. it's insane to think that a $500 investment now could have 1000% returns in the next 10 years. LTC is up 100% since the beginning of december.

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Legit mad that I've known about Bitcoin since it started and was always like "Lol fuck that stupid shit"

 

 

I mean, still lol fuck that stupid shit. But an investment of practically nothing back then would have me set right now.

 

Also a few years ago my buddy lived unemployed for a year just off the money he made off Doge Coins.  Do Doge Coins still exist? 

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Farm bitcoin.  Another thing I should have done instead of going to college.

 

I once calculated how much money I would have if I simply took the (modest) amount of money I spent on college tuition and bought Apple stock instead, and the results were disheartening.

 

I’m pretty old though.  Apple stock bottomed out (~$5 per share?) and Bitcoin came out while I was in college.

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9 hours ago, Tardcore said:

I’m pretty old though.  Apple stock bottomed out (~$5 per share?) and Bitcoin came out while I was in college.

If you're suggesting that these two things happened at the same time (2009), then no. The lowest price AAPL was at in 2009 was about $80. It was down around $6.50 in 1997 right around when Steve Jobs returned.

 

Also if you were in college in 2009 then you're decidedly not old. :lol:

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working at a bank for 10 years, I cannot help but think this is absolutely crazy. bitcoin is nothing. its not tangible. like there isn't a proper place and/or person to negotiate the worth. its suspect in the since that its imaginary to whatever people want to pay for it. 3 things are going to happen, some people will get rich, some people will lose everything and some people will have their "digital" currency stole. its essentially like playing the stock market. crazy

Edited by KingTacoMunster

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The real issue to me, from seeing a couple of friends who are heavily invested, is that there is so much focus on the insane growth that people are totally afraid to pull any money out, in fear of possibly losing out on more gains. Those who invest some in bitcoin and then in other more tangible assets or spread out into real things (like real estate), might be okay if things go amiss, but many folks in the cryptocurrency world seem to just invest in other crytocurrencies...

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I just did a project on crypotocurrencies and what quantum computing means for them. 

Cryptocurrencies are a fantastic idea and i hope one day its a base currency, but as of right now, quantum computing will destroy the market unless the way coins are mined changes. 

 

As for market related stuff, i have no input lol. 

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4 hours ago, KingTacoMunster said:

working at a bank for 10 years, I cannot help but think this is absolutely crazy. bitcoin is nothing. its not tangible. like there isn't a proper place and/or person to negotiate the worth. its suspect in the since that its imaginary to whatever people want to pay for it. 3 things are going to happen, some people will get rich, some people will lose everything and some people will have their "digital" currency stole. its essentially like playing the stock market. crazy

This was something I was talking to my wife about recently. Neither one of us is THAT knowledgeable regarding cryptocurrencies but who actually determines the value of Bitcoin?, of LiteCoin? of Etherum? etc. Is it truly just what someone is willing to pay for 1 BTC? 

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The market determines its value. Thats all.

If we all got together and created a currency with a finite number of units, its value would increase based on the number of people that want it.

its a proof-of-concept style.  

 

As for having it stolen, that is a risk, the currency is essentially stored in an address, and if someone were to access them they could have access to the funds.

But this is unlikely,  the only real downside to that is there is no bank so a loss of funds is a loss of funds.

 

But it is not like stocks. it is tangible. Just because there is no physical medium doesnt mean it doesnt exist. Its a fantastic idea, as modern day banking is a load of shit. Its literally comparable to paypal without tying paypal to your bank. you have an online currency that has a value in its market, if i have 10USD in my palpal, I have 7CAD or .00003Bitcoin. If someone steals my paypal money, im pretty much shit out of luck, no matter what the currency. 

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19 hours ago, Sidney Crosley said:

The real issue to me, from seeing a couple of friends who are heavily invested, is that there is so much focus on the insane growth that people are totally afraid to pull any money out, in fear of possibly losing out on more gains. Those who invest some in bitcoin and then in other more tangible assets or spread out into real things (like real estate), might be okay if things go amiss, but many folks in the cryptocurrency world seem to just invest in other crytocurrencies...

That's what I am seeing. There is a guy in my office who has been investing in Initial Coin Offerings. He is making between 2x and 5x his investments so far. 

When he sells his stake, it goes back in to Etherum. I keep telling him to at least bank his initial stake but not sure he's listening. The fear of selling too low is very real.

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Grabbed some xrp (ripple) today, wish I'd have done it two days ago though. It's a little different from some of the other cryptos out there in that it is actually centralized and they're trying to sell banks on it as a currency to convert fiat currencies.

Their thing is that it'll make currency conversion less expensive. It also isn't mineable.

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I finally bought some Ripple (fairly small amount) back about 2 weeks ago. The rise of it is just silly - colleagues have been buying and continue to buy it in quite big tracts. 

I've no idea what's driving this up. As others have said, how can something that has no value and isn't being used as it should be (actual use as a currency is dropping) hold value?

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3 hours ago, lastvaultboy said:

I've no idea what's driving this up. As others have said, how can something that has no value and isn't being used as it should be (actual use as a currency is dropping) hold value?

I'm no expert in cryptocurrency or even economics in general but... It can't hold it's value.  What we're seeing is inflation in it's purist form.  It has no inherent value or association with any sort of resource and so it's value is purely what people are willing to pay.  And people are paying more because people are paying more.

 

I don't think we'll ever see a more base example of inflation.

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8 hours ago, lastvaultboy said:

I finally bought some Ripple (fairly small amount) back about 2 weeks ago. The rise of it is just silly - colleagues have been buying and continue to buy it in quite big tracts. 

I've no idea what's driving this up. As others have said, how can something that has no value and isn't being used as it should be (actual use as a currency is dropping) hold value?

Ripple has been signing stuff with a bunch of credit card companies/banks in Asia, which makes it look like it's being adopted as an actual currency. Like I said above, it's also different from a lot of the traditional cryptos out there.

I see it getting to around $5-10 at the very most and not going any higher though, there is too much of it out there to explode like Bitcoin. Plus, the whole goal of ripple is to stabilize it's value so it can be used as actual currency by banks and institutions.

 

If anyone wants to get in on something inexpensive that has room to see a decent rise, check out bytecoin. It's under 1 cent each right now, so even going in for $50 will net you a solid amount. I expect it'll hit $.01 early next year, and when it hits some more exchanges could see $1 by the end of 2018.

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1 hour ago, The Ghost of Randy Savage said:

Ripple has been signing stuff with a bunch of credit card companies/banks in Asia, which makes it look like it's being adopted as an actual currency. Like I said above, it's also different from a lot of the traditional cryptos out there.

I see it getting to around $5-10 at the very most and not going any higher though, there is too much of it out there to explode like Bitcoin. Plus, the whole goal of ripple is to stabilize it's value so it can be used as actual currency by banks and institutions.

 

If anyone wants to get in on something inexpensive that has room to see a decent rise, check out bytecoin. It's under 1 cent each right now, so even going in for $50 will net you a solid amount. I expect it'll hit $.01 early next year, and when it hits some more exchanges could see $1 by the end of 2018.

good stuff. ripple is killing it. did you triple up?

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19 hours ago, WAXXX said:

good stuff. ripple is killing it. did you triple up?

Did indeed :). I wish it had wiated one extra day to go wild like this, I was planning to grab more last night, but I'll probably just let it ride for a while now instead and get something else inexpensive

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17 minutes ago, The Ghost of Randy Savage said:

bytecoin hit $.01 today my little dawgies! Get on board while it's still cheap :)

I might throw 100$ towards it, what do you use to purchase currencies, any recommendations? I haven't purchased something since 2012 when I bought bitcoins back then (sold them years ago) but haven't purchased anything since. 

Edited by MayCauseDeath

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