Rigjockey
In Gord we trust!
Government money they just print more when ever they want and devalue the dollar. This crypto currency is limited.
Yes it is the prefered currency of the dark net. So, it could be drugs.
Bitcoin
- Thread starter Blood
- Start date
dave350
Well-Known Member
Limited yes but what is it based on that will prevent them from making more bitcoins? That’s what I couldn’t figure out. Every graphic I’ve seen shows the coin in gold or silver but then I learned it’s not that but I couldnt find what it’s based on.
What is crypto? What does it mean? Apparently there’s other crypto’s as well?
Last week the CEO of Overstock was on Fox Business in the morning. He was talking about Bitcoin. Then he made the fatal mistake (on a mainstream network) of calling the Dollar worthless. The four people in the studio pushed back hard and took turns taking whacks at him. (And showing their economic ignorance at the same time) The CEO stumbled at first but then was able to pull it out and make them look a little foolish. Maria Bartiromo mentioned that Jamie Dimon (head of Morgan Stanley) was strong on the Dollar (I’m paraphrasing) and the CEO came back with “is this the same Jamie Dimon that was pushing those worthless mortgage backed securities years ago?”
Ole Maria was speechless! I was smilin ear to ear.
dave350
Well-Known Member
Yes, basically bitcoin is an artificially overvalued form of currency backed by nothing more than hope, faith and speculation.
You know,
like greenbacks!
With the USD it’s hope, faith, speculation, and force.
Btw, see how I used a comma between speculation and and? There are some people knowledgeable with the English language that would argue you don’t need a comma there. Can you ask K which is correct? I no longer trust your judgement in English language.
Rigjockey
In Gord we trust!
It is based on nothing more than people desire to own it and use it. Like on the dark net because it is untraceable.Limited yes but what is it based on that will prevent them from making more bitcoins? That’s what I couldn’t figure out. Every graphic I’ve seen shows the coin in gold or silver but then I learned it’s not that but I couldnt find what it’s based on.
What is crypto? What does it mean? Apparently there’s other crypto’s as well?
Last week the CEO of Overstock was on Fox Business in the morning. He was talking about Bitcoin. Then he made the fatal mistake (on a mainstream network) of calling the Dollar worthless. The four people in the studio pushed back hard and took turns taking whacks at him. (And showing their economic ignorance at the same time) The CEO stumbled at first but then was able to pull it out and make them look a little foolish. Maria Bartiromo mentioned that Jamie Dimon (head of Morgan Stanley) was strong on the Dollar (I’m paraphrasing) and the CEO came back with “is this the same Jamie Dimon that was pushing those worthless mortgage backed securities years ago?”
It is a program written that only has x-amount of coins .
I think there is a doc on netflix that is what I think caused the recent spike. You can watch that or look into on Google.
I am not saying this currency can't just implode or it is not just bubble or scheme like Enron. It very well could be.
All I am here to say is I took an interest in it and took a very small gamble.
Ten years ago if one invested $100 they would have ten million if they cashed out now.
Maybe I catch a wave or maybe like most things, I just pissed away a hunnit bucks
Just having some fun here like a really slow slot machine. it may take some time to find out if it is 777's or bust
dave350
Well-Known Member
I googled it the other day but I didn’t have much time so I didn’t learn much. I’ve been busy lately, stupid work always gettin in the way.
I’m not begrudging you at all buddy.
That’s not a generic buddy either.
Blood
Driveler Emeritus
Limited yes but what is it based on that will prevent them from making more bitcoins? That’s what I couldn’t figure out. Every graphic I’ve seen shows the coin in gold or silver but then I learned it’s not that but I couldnt find what it’s based on.
What is crypto? What does it mean? Apparently there’s other crypto’s as well?
Last week the CEO of Overstock was on Fox Business in the morning. He was talking about Bitcoin. Then he made the fatal mistake (on a mainstream network) of calling the Dollar worthless. The four people in the studio pushed back hard and took turns taking whacks at him. (And showing their economic ignorance at the same time) The CEO stumbled at first but then was able to pull it out and make them look a little foolish. Maria Bartiromo mentioned that Jamie Dimon (head of Morgan Stanley) was strong on the Dollar (I’m paraphrasing) and the CEO came back with “is this the same Jamie Dimon that was pushing those worthless mortgage backed securities years ago?”
Supposedly bitcoin is limited to a maximum number of 21 million with each bitcoin divisible up to 8 decimal places.
The lowest fraction is called a satochi which is preferable to me because I like saying 100,000 satochi a lot more than I like saying 1/10 of a bitcoin.
BTW; I've got that 50 you asked for.
dave350
Well-Known Member
I’m liking this Bitcoin already!
Now, how can we maximize profits off of this? You know, in a more fraudulent errr creative way?
Can we counterfeit it?
Rigjockey
In Gord we trust!
I think there is only 16 million left, Git some!Supposedly bitcoin is limited to a maximum number of 21 million with each bitcoin divisible up to 8 decimal places.
Rigjockey
In Gord we trust!
Here is an article Bitcoin price seesaws up to $11,000 US and down to under $9,000 then back up again
Most evidence suggests that few people piling into bitcoins are using it as a currency, and most are simply using it as a hot investment.
"What's happening right now has nothing to do with bitcoin's functionality as a currency — this is pure mania that's taken hold," said Garrick Hileman, a research fellow at the University of Cambridge's Judge Business School.
Most evidence suggests that few people piling into bitcoins are using it as a currency, and most are simply using it as a hot investment.
"What's happening right now has nothing to do with bitcoin's functionality as a currency — this is pure mania that's taken hold," said Garrick Hileman, a research fellow at the University of Cambridge's Judge Business School.
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Blood
Driveler Emeritus
Electric Chicken
Well-Known Member
Yeah like how people still buy Dodges.
Electric Chicken
Well-Known Member
Like
Not unlike Pokemon Go.
dave350
Well-Known Member
The Oxford comma. The debate continues..With the USD it’s hope, faith, speculation, and force....
....see how I used a comma between speculation and and? There are some people knowledgeable with the English language that would argue you don’t need a comma there. Can you ask K which is correct? I no longer trust your judgement in English language.
Duck
Sarcastic remark goes here
I ain't no stock market trading guy with a "portfolio",.. But here's how I see it.
And y'all feel free to correct me if I'm wrong.
The commodities traded on the dark web are child pr0nography, stolen identities, drugs, insider trading information, hit men services, sex slaves, black market organs, etc.
So if this bitcoin currency is limited to a certain amount worldwide, when you buy it as an investment, just to park it in some electronic bank, you remove it from circulation.
If bitcoin is the only currency the dark web thieves and pedophiles can use, due to it supposedly being untraceable, by removing some of it from circulation you're increasing it's value.
Wouldn't this therefore also increase the value of the illegal commodities being traded? And by increasing the value, you increase the motivation for people to produce more of it?
And y'all feel free to correct me if I'm wrong.
The commodities traded on the dark web are child pr0nography, stolen identities, drugs, insider trading information, hit men services, sex slaves, black market organs, etc.
So if this bitcoin currency is limited to a certain amount worldwide, when you buy it as an investment, just to park it in some electronic bank, you remove it from circulation.
If bitcoin is the only currency the dark web thieves and pedophiles can use, due to it supposedly being untraceable, by removing some of it from circulation you're increasing it's value.
Wouldn't this therefore also increase the value of the illegal commodities being traded? And by increasing the value, you increase the motivation for people to produce more of it?
Rigjockey
In Gord we trust!
Yup. that sounds accurate
However there are plenty of legitimate things and places you can spend your Bitcoin
I think one of the first things ever bought using bitcoin was a pizza
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