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Re: Cryptocurrencies [Re: Mr_Stagger_Lee] #2666322
07/26/17 05:32 PM
07/26/17 05:32 PM
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Originally Posted By: Mr_Stagger_Lee
Originally Posted By: Aruka

If you bought 100 dollars in bitcoin in 2010 it would be worth many millions of dollars now. That is, if you'd had the balls to sit on it for 7 years.


Could you even "buy" a small amount back then? I am not sure that was possible, people were mining for them with serious computers or using them to trade in illicit fringe transactions. Or was that a few years prior?
Anyway The surge in valuations has happened along with the vehicles for acquiring and/or trading them right? And that there is more infrastructure to allow regular people to consider and use them as a currency or an investment vehicle. Is this right too? I am spitballin this.

Q. What would the signs be that governments are going to crack down on these?
A. When they become a threat to the established currencies.

Q. How will we know when they have become a threat to the established currencies?
A. _____________?








I don't even want to pretend to know the answer to that question, but when the IRS classified it as a commodity instead of a currency, they may have ended any chance of it threatening the dollar as a currency.

Death by accounting overhead?

Last edited by crustBro; 07/26/17 05:33 PM.

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Re: Cryptocurrencies [Re: _____] #2666324
07/26/17 05:35 PM
07/26/17 05:35 PM
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Originally Posted By: _____
Originally Posted By: ghostshaper
I see gold as a currency not tied to any gov. There's also a finite amount of it. Probably doesn't have the potential as digital currency, but not the potential to vaporize, either.


Yep. I've been buying physical gold and silver aside from investing in my IRAs. Also, Gold/silver pandas and AUS kangaroo/nugget coins look super cool.


For a good many years, and it has been a while since I checked, the best gold coin play was, in order:

1 Kruggerand
2 Maple Leaf
3 Kangaroo


For coins, there is the gold value and added minting value to a coin and the transaction cost, not to mention whatever bias people have about gold from one country vs another.

You want to find the gold coin with the lowest minting and transaction costs associated with it....keep the overhead costs down in other words.....and if you have the scratch, bullion is usually the best way to go to optimize that, though one suffers with the ability to sale.

Now, where has dear old dad put his wall-hanger gold coin displays?

Re: Cryptocurrencies [Re: santacruzin] #2666326
07/26/17 05:36 PM
07/26/17 05:36 PM
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Originally Posted By: santacruzin
made a lot of money on bitcoin and still own a good amount.

Almost built a mining rig for ethereum but its too late now.(mining difficulty increased too fast)

interested to see what happens with litecoin


Need ASIC chip systems to keep up now.

Re: Cryptocurrencies [Re: crustBro] #2666414
07/26/17 08:12 PM
07/26/17 08:12 PM
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Originally Posted By: crustBro
Originally Posted By: Mr_Stagger_Lee
Originally Posted By: Aruka

If you bought 100 dollars in bitcoin in 2010 it would be worth many millions of dollars now. That is, if you'd had the balls to sit on it for 7 years.


Could you even "buy" a small amount back then? I am not sure that was possible, people were mining for them with serious computers or using them to trade in illicit fringe transactions. Or was that a few years prior?
Anyway The surge in valuations has happened along with the vehicles for acquiring and/or trading them right? And that there is more infrastructure to allow regular people to consider and use them as a currency or an investment vehicle. Is this right too? I am spitballin this.

Q. What would the signs be that governments are going to crack down on these?
A. When they become a threat to the established currencies.

Q. How will we know when they have become a threat to the established currencies?
A. _____________?







I don't even want to pretend to know the answer to that question, but when the IRS classified it as a commodity instead of a currency, they may have ended any chance of it threatening the dollar as a currency.

Death by accounting overhead?


So that is another layer of confusion for me but that is only in the US.
Gold is a commodity too right? But it is traded like a currency because of it's scarcity.

Arukas mention of 200 types of digital currency (DC) seem to throw some twists to what the DC is and make it tougher for me to get a grip on. Still I like to learn so any you guys want to keep the discussion alive please do.

Is it like Pioneer days? You might bag a ton of beaver pelts as you are an early adventurer but then when beaver pelts are made illegal or replaced by cotton fabric you are fooked. Unless you were early! Maybe the complexity of the questions it raises creates a lot of necessary time to sort out all the details so the "early in" period is stretched out? Especially with the unrest in the global political landscape.

What is to stop the World Bank or a conglomerate of super nations from issuing or recognizing a Global Digital Currency that makes all the others useless. It's the stuff of Sci-Fi to me. Is the Euro an experiment?

Re: Cryptocurrencies [Re: the janitor] #2666420
07/26/17 08:25 PM
07/26/17 08:25 PM
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Originally Posted By: the janitor
what's your take on the hot wallet vs cold storage deal shrug


cold storage. use hot wallet with a small amount of btc if you must use your btc for transactions.
If it is online someone can steal it.


I like the gloves. They are needed in the aquatic deeds of perversion that he partakes in.
Re: Cryptocurrencies [Re: santacruzin] #2666426
07/26/17 08:35 PM
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^
Don't store cold wallet on a CD.

Last edited by Mr Doof; 07/26/17 08:37 PM. Reason: whoops
Re: Cryptocurrencies [Re: santacruzin] #2666432
07/26/17 08:48 PM
07/26/17 08:48 PM
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Originally Posted By: santacruzin
Originally Posted By: the janitor
what's your take on the hot wallet vs cold storage deal shrug


cold storage. use hot wallet with a small amount of btc if you must use your btc for transactions.
If it is online someone can steal it.



This is where I don't buy the whole blockchain idea with Bitcoin.

Stealing Bitcoins. It's the whole premise that every transaction is logged and ledger'd in multiple areas...thus...how do people steal so many of these things?

It would be cool to find out how much each nation-state has amassed, or even created with their supercomputers.


"God, please protect me from your followers"
Re: Cryptocurrencies [Re: Mr Doof] #2666475
07/26/17 10:28 PM
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Originally Posted By: Mr Doof
^
Don't store cold wallet on a CD.


good advice!!

Have a buddy who has 100 BTC on a corrupted drive he cant access

shocked


I like the gloves. They are needed in the aquatic deeds of perversion that he partakes in.
Re: Cryptocurrencies [Re: Aruka] #2666486
07/26/17 11:24 PM
07/26/17 11:24 PM
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I still don't get understand how it has value, but for those of you who do, shouldn't you be super rich now?


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Re: Cryptocurrencies [Re: SlicedFeet] #2666493
07/26/17 11:41 PM
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Originally Posted By: SlicedFeet

Stealing Bitcoins. It's the whole premise that every transaction is logged and ledger'd in multiple areas...thus...how do people steal so many of these things?


You are misunderstanding something.

The transaction proves it is a legit, unique blockchain, not who owns it.

This 'proof' of who owes it a file in your 'wallet'.

Possession being 9/10s of the law and all...otherwise people would be saying, hey that person, there is a $20 bill in his pocket, it is mine, arrest him!

Remote access to hard-drive via malware, and your Bitcoin 4f*jev&*23233$){423l4js7da2{{%33a434.dat file is mine.

Re: Cryptocurrencies [Re: donger] #2666494
07/26/17 11:45 PM
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Originally Posted By: donger
I still don't get understand how it has value, but for those of you who do, shouldn't you be super rich now?


How much value does your wetsuit have for a person dying of thirst in Mali?

Value is relative. And these things are more of a means of exchange than a currency, though I think this is splitting hairs.

I'm not super rich because my Bitcoins were lost when Mt Gox went down, but even then I didn't have that much. Back in the say, took me 5 days to make one on my video card and Sweetie-pie hated me using all the DSL bandwidth....figured it cost me about $13.89 in electricity to make one.

Re: Cryptocurrencies [Re: Mr Doof] #2666542
07/27/17 01:22 AM
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Originally Posted By: Mr Doof
^
Don't store cold wallet on a CD.


Good advice.

But here's a question... Why do they call it a wallet? The way I see it, the "money" aint in the wallet. Its on the blockchain. And what they call a wallet, is really just a key that gives you the privilege to move the "money" to another address on the blockchain.

Am I way off in left field on this?


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Re: Cryptocurrencies [Re: Mr Doof] #2666544
07/27/17 01:28 AM
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Originally Posted By: Mr Doof
Originally Posted By: SlicedFeet

Stealing Bitcoins. It's the whole premise that every transaction is logged and ledger'd in multiple areas...thus...how do people steal so many of these things?


You are misunderstanding something.

The transaction proves it is a legit, unique blockchain, not who owns it.

This 'proof' of who owes it a file in your 'wallet'.

Possession being 9/10s of the law and all...otherwise people would be saying, hey that person, there is a $20 bill in his pocket, it is mine, arrest him!

Remote access to hard-drive via malware, and your Bitcoin 4f*jev&*23233$){423l4js7da2{{%33a434.dat file is mine.


Nice, get it now. Thanks for the explanation.

I get confused when blockchain conversation comes up outside of Bitcoin and using it as an OS or for other applications. Or maybe I'm even confused on that. I assumed Bitcoin has a unique identifier like a serial number on a bill but that's the allure and of course the fractional division of it.


"God, please protect me from your followers"
Re: Cryptocurrencies [Re: Aruka] #2666584
07/27/17 03:18 AM
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Then again, this makes me even more confused.

Link

Last edited by SlicedFeet; 07/27/17 03:19 AM.

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Re: Cryptocurrencies [Re: Mr Doof] #2666610
07/27/17 06:02 AM
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Originally Posted By: Mr Doof
Originally Posted By: donger
I still don't get understand how it has value, but for those of you who do, shouldn't you be super rich now?


How much value does your wetsuit have for a person dying of thirst in Mali?

Value is relative. And these things are more of a means of exchange than a currency, though I think this is splitting hairs.

I'm not super rich because my Bitcoins were lost when Mt Gox went down, but even then I didn't have that much. Back in the say, took me 5 days to make one on my video card and Sweetie-pie hated me using all the DSL bandwidth....figured it cost me about $13.89 in electricity to make one.


So, if you know how to "mine" them and if they are worth a certain value beyond the costs to mine them, why aren't those in the know making money hand over fist? Because you would be essentially just printing money right?


"I like to fvck and clown around." - autoprax

"Ive had womens things smell so bad they have ruined chairs in my house and in my car..." - clownface
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