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 Replies: 128 / Views: 18,822 |
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Pillar of the Community
Australia
7096 Posts |
I find it hard to believe that anyone could be so naïve and stupid to fall for this garbage  UNBELIEVABLE  |
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Pillar of the Community
Canada
2805 Posts |
Well, by the definition of currency Quote:
a system of money in general use in a particular country. Bitcoin is not a currency - and will never be a currency. Its biggest strength is that there is no legitimate authority in control of it, which rules out the national definition - so it SHOULD be described as an "accounting tool", but who would get hyped over a computerized accounting tool breaking $1000? I think this grumbling about the collapsing USD and the inherent value of gold (i.e. an outdated fetishism) is ridiculous, but bitcoin? That's way more ridiculous. Also, the "฿" sign is stolen wholesale from the Thai ฿aht. Quote:
The last bitcoin wont be mined for another 125 years. Its here to stay and it will be around for awhile. I truly believe this. So far it has gone up and down, with enormous oscillations at every step... it's probably going to last until it crashes to below some important round number, and it will never recover. |
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Pillar of the Community
United States
1200 Posts |
trout---Along the lines of being so stupid as to fall for the Garbage du Jour... Hard to believe though it may be, there's actually a website with the mission of educating would-be hipsters about what's currently hip (according to them, anyhow). Check out -- http://ifitshipitshere.blogspot.com I guess this one is for camp followers who're so lame they can't even figure out what camp(s) to follow... And now, back to our regularly scheduled program -- I also think bit coin is another "fifteen minutes of fame" flash in the pan. I'm amazed it's lasted as long as it has. |
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Pillar of the Community
Australia
7096 Posts |
Edited by trout1105
11/25/2013 8:23 pm
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Bedrock of the Community
United States
10038 Posts |
It is possible to take advantage of something while keeping in mind that the end could happen at any time. I put a small amount into Litecoin expecting it to crash. But they were on a fast upward spike. When the amount I put into them was gained back+, I cashed in by transferring to Bitcoin. From when I did this, I am not sorry at all. I have lost nothing and have a gain. Had I put the original into silver I would have lost a lot. And of course having the initial small sum in the bank would have produced no gain. The key is to get into a system when you know you can make your investment back and then not be too greedy. Get your investment back and let the rest play until you want to quit. This way I take no losses and might gain. I might keep an eye on that eMunie and get a few of them when they start - if its like Litecoin, they will start out at only a couple bucks each. So why not? Let the small amount I invest sit as the system builds up to something large enough to crash  and cash in. Set a goal to cash in at - say when they hit 50.00. When its easy to get my initial low investment back - cash a few in. Then sit back and wait for them to hit 50.00 each and can all of them in. If they crash before 50.00 - who cares, I have my money I put into it and ergo... lose nothing. |
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Pillar of the Community
United States
2764 Posts |
Great post, Earl.
I like your ideas..... may be you can share on some of these opportunities.... hehehe.
Each to his own.
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Valued Member
 United States
239 Posts |
A lot of hate on the cryptocurrencies.. Weather you like it or not its a 10 BILLION + market right now (bitcoins alone) Here is a good current video of the winklevoss twins explaining bitcoins and their thoughts on it http://www.youtube.com/watch?v=1oGuKEazS5o |
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Pillar of the Community
United States
3789 Posts |
I say, if you want to SPECULATE, not invest, get involved with Bitcoin.
You could keep a simple strategy. One would be to buy some bitcoins when they make a fresh yearly high and flip them when they roll over.
Just remember this is not a market where you want to hold things over night.
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Bedrock of the Community
United States
10038 Posts |
Quote:
Great post, Earl.
I like your ideas..... may be you can share on some of these opportunities.... hehehe. No problem, but there really is no strategy or secret. I simply bought Litecoins when they were low - it took me awhile to understand what was going on, but I started looking when Litecoins were something like 3.20 each. Within a couple weeks they had gone up to 20.00 ea. Another few days they were doubled again and the excitement was still all over about mining them and how great they were. I wanted to mine them but never did get that going. Before I bought any Litecoins I also expected at the same time that Bitcoin would draw back some b/c the all the buzz and excitement on the web was Litecoin. It just made sense. And this is what happened. I just kept an eye every day and I saw Litecoin and started to see some negative talk here ad there. They started to slip more and more. So I decided to trade them in for BTC which were lower in price now than they had been before LTC started up. B/c LTC was tanking, this meant BTC had to increase again - and it did. This is why I want to watch the eMunie. It seems to be a pretty well thought out system. If I get in when they are 2.00 each and just get a few - who cares what they do? If they go up - and I will watch - I will get my initial back, leave the rest in, watch it, and if it hits my target... cash in. BTW - this idea originated awhile ago when LTC was new. Someone (sorry I do not remember who you are!) on CCF said he was mining the LTC and had been selling them to buy silver. His advice was to remember LTC likely would crash and not to put/keep a lot of money into it. As for BTC - this thing has been taken up by organized crime (I am referring to other than D.C.  ). I admit this is one reason I do not see it going anywhere. Another reason I think it will be around is b/c its sort of like ebay. It was the first large system of its kind. And despite the MANY legitimate gripes people have against ebay (and if you don't - you were not using it when it started out - so you don't know what you missed !), and the fact that a better system could now be made does not mean it will be made b/c ebay has already got too large of a customer base. People are too afraid to switch from ebay to another site likely b/c they think they will be out potential profit b/c the customer base of ebay is so huge. I think this mindset might just transfer to BTC. I likely will keep at least just one BTC "forever." When you have nothing into it, it does not hurt. |
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Pillar of the Community
Canada
3692 Posts |
This whole bitcoin thing is a pilot project to get us used to the idea of a digital currency. Of course, it's in a bubble, though.
Imagine this. If bitcoin were a currency that you could store in your bank, and there's a bank holiday, how do you get to your cash now that it doesn't exist? You can't withdraw your money and hold it in your hand. It's not freedom; it's total restriction. This generation doesn't even understand money and they'll gobble it up hook, line, sinker, and angler. Not to mention hackers will exploit this even worse than those huge multiple ATM robberies in New York that totaled in the millions.... Your digital currency is open to manipulation and theft and there's nothing you can do to stop it except to stop using them. It's analogous to food if it were mass-produced into pill-form; that would destroy the experience of tasting and also culture. Bitcoin is destroying the integrity of money and its bubble will hurt many regular people. Hopefully once it crashes and burns people will get the message that electronic-anything is unreliable.
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Pillar of the Community
United States
2764 Posts |
Thanks Earl for sharing.
I always believe: It doesn't hurt to try.
At the same time, I follow Warren Buffet saying: "Only invest in the company that you know well".
To me these cryptocurrencies are just testing ground and I don't consider "investing" in these, more like 'testing the water'.
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Valued Member
United States
239 Posts |
Are there hackers? Yes. I was hacked for 10btc a few months ago, now worth almost $10,000. Why? Because I lacked security and happened to use the same password twice. Email & btc wallet. They hacked my email, 1hr later, 10btc was bye - bye.
All you need to protect is your private key. If you use a good enough password, it becomes near impossible to crack even with the latest software. Ontop of that password, I now use 2FA which I think is a must.
Dont act like fiat and PM are so safe. What if a B&E happens one day? They will look for cash, jewelery, ofcourse silver & gold. Yeah they might take the computer, but guess what, you back up that wallet and bam, funds are safe.
You are able to transfer LARGE sums of money with almost no fee at all.
Not to mention its grown 5000% in a year. here to stay.
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Pillar of the Community
United States
2543 Posts |
Quote:
I find it hard to believe that anyone could be so naïve and stupid to fall for this garbage Garbage to those who jump on the band wagon as it is rounding the bend. My son built a mining machine for under $500, mined enough coins to rebuild his computer into a $3000 gaming machine for $0. Proud Dad  |
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Bedrock of the Community
13014 Posts |
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Dont act like fiat and PM are so safe. What if a B&E happens one day? At least that takes effort. Hacking some random site like bitcoin doesn't take much, your story is one of a LONG list of people losing millions on there that way. Compared to bitcoin having a matress full of cash you sleep on at night is like a ground breaking technological security measure. Credit cards get hacked and stolen all the time, but you get reembursed for that. Bite coin you get nothing. Theres nothing wrong with doing what Earl did, he knew what he was doing and is playing with basically free money at this point. Actually investing it in though you might as well just find a homeless guy and hand over that amount of money to them and call it a day, at least then itd do some good. Its not a matter of if youll get hacked with that, its a question of when. Things with MUCH more than a strong password get hacked all the time. |
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Valued Member
United States
239 Posts |
To say a B&E is harder to accomplish than to hack is absurd. A 256 bit encrypted password is still arguably safe against the NSA. No 14yr old hacker from the UK is going to crack that buddy. But a 14yr old will most certainly walk into your house, take your stash and threaten to harm your family. Its been done time & time again.
Listen I understand people are going to have different views on things. I can try all I want to talk up bitcoin, but there will always be people who dont quite understand it.
I will continue to bump this thread, especially once (if it ever) surpasses the price of gold. Which doesn't seem so far off since there trading at over $1,000/btc right now
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Replies: 128 / Views: 18,822 |
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Posted 11/25/2013 7:07 pm
