Tell me about Bitcoin

[Neuro]

I already invest in bitcoins for about a year. All newcomers are advised to read this article https://bitcoinbestbuy.com/. This is the most detailed article of all that I've read.

Could someone brave click on that link? I am afraid something will get installed on my device if I do. Our new member "Emmet" appears to be a bit botty...

[madfranks]

Could someone brave click on that link? I am afraid something will get installed on my device if I do. Our new member "Emmet" appears to be a bit botty...

It looks like a bitcoin wiki type page. There is a lot of info on that page.

[Hitch]

I wonder how many multi millionaires bitcoin has created. I have a neighbor currently, with a 57 foot beautiful yacht. Boat must be worth $300,000 if not more. Finally met the guy a couple of days ago, nicest guy you could met, couldn't be a day over 35. Owns the yacht, and 3 houses as well, all from bitcoin. I didn't ask any questions, just smiled inside and shook my head. Good for you buddy, lol. He must have cashed out of bitcoin and bought some real tangible assets, boat, houses, etc. Smart fellow, if you ask me.

[Neuro]

I wonder how many multi millionaires bitcoin has created. I have a neighbor currently, with a 57 foot beautiful yacht. Boat must be worth $300,000 if not more. Finally met the guy a couple of days ago, nicest guy you could met, couldn't be a day over 35. Owns the yacht, and 3 houses as well, all from bitcoin. I didn't ask any questions, just smiled inside and shook my head. Good for you buddy, lol. He must have cashed out of bitcoin and bought some real tangible assets, boat, houses, etc. Smart fellow, if you ask me.

We could have all bought in the single digits... If we had been smart and listened to the early adopters here...

Never mind, I would have lost it in Mt Gox or in btc-e (which I did lose a thousand dollars in), and of course losing a few hundred thousand is much worse than never having it in the first place. I gained around $3,000 profit from the $1,000 that I invested 3 years ago. So I am good.

[jetgraphics]

CRYPTOCURRENCY
Trap for the fools?

The sophisticated are easily misled to embrace the allure of “easy money” and forget reality. A prime example of lucre lunacy is shown in the inexplicable popularity of cryptocurrencies like Bitcon - ahem - Bitcoin.

CRYPTOCURRENCY - (Currencies) a decentralized digital medium of exchange which is created, regulated, and exchanged using cryptography and (usually) open source software.

BITCOIN - Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009.
. . .
As is the case with any thing used as a medium of exchange, it is to facilitate trade when barter is insufficient. However, since the creation of the medium (Bitcoins) is wholly separate from the producers of goods and services (victims), it is just another scheme to rob the money maddened muggles of their goods and services.

The instant people cease to accept cryptocurrency, it ceases to function as a medium of exchange.

In reality, prosperity is based on prodigious production of usable goods and services, the equitable trade of the surplus, and enjoyment of the result. Tricking someone into trading their real goods and services for a cryptocurrency is not an equitable trade, especially since the trade value of the digital currency is based upon speculation. The bubble will eventually burst, and those holding worthless units will not be happy about it.

[Ares]

In reality, prosperity is based on prodigious production of usable goods and services, the equitable trade of the surplus, and enjoyment of the result. Tricking someone into trading their real goods and services for a cryptocurrency is not an equitable trade, especially since the trade value of the digital currency is based upon speculation. The bubble will eventually burst, and those holding worthless units will not be happy about it.

Bitcoin has been called a bubble more times than I care to count. What this guy calls a "Trap for the fools." I see as a viable tool for regaining control of our own purchasing power instead of having it inflated away while a few enrich themselves on the back of the many.

Notice he didn't offer any alternatives. I dismiss those complaining about Bitcoin outright when they offer zero alternatives. It's just needless bitching.

[madfranks]

The instant people cease to accept cryptocurrency, it ceases to function as a medium of exchange.

No kidding. The same thing can be said of the US dollar, or even gold and silver.

[Hitch]

Bitcoin has been called a bubble more times than I care to count. What this guy calls a "Trap for the fools." I see as a viable tool for regaining control of our own purchasing power instead of having it inflated away while a few enrich themselves on the back of the many.

Notice he didn't offer any alternatives. I dismiss those complaining about Bitcoin outright when they offer zero alternatives. It's just needless bitching.

I remember years ago I completely thought bitcoin was a waste, a joke, while some folks were able to see the bigger picture. Those folks, imo, are absolutely brilliant. I imagine back then what I thought, and if I just dropped a $1000 and bought say 100 bitcoins, and sat on them, just did nothing with them, they would be worth $360,000 today.

To the folks out there who didn't listen to the naysayers, who were willing to take a chance on the 'bigger picture' of what could be possible in the future (now today), my hat is off to you. Where bitcoin goes from here? At $3600 a coin, that's a lot of silver or a few gold eagles in hand.

[Ares]

I remember years ago I completely thought bitcoin was a waste, a joke, while some folks were able to see the bigger picture. Those folks, imo, are absolutely brilliant. I imagine back then what I thought, and if I just dropped a $1000 and bought say 100 bitcoins, and sat on them, just did nothing with them, they would be worth $360,000 today.

To the folks out there who didn't listen to the naysayers, who were willing to take a chance on the 'bigger picture' of what could be possible in the future (now today), my hat is off to you. Where bitcoin goes from here? At $3600 a coin, that's a lot of silver or a few gold eagles in hand.

To be fair, when I first heard about Bitcoin (it wasn't on gsus) I dismissed them as a scam and did not take the technology seriously at all. Around 2012/2013 I read the white paper, as well as other technical indepth analysis by others smarter than me and realized what a tool this really was.

Blockchain technology is a double edged sword though. Decentralized it is a tool that could free all of mankind. Centralized (state controlled) it can be used to enslave us all.

[Neuro]

Bitcoin has been called a bubble more times than I care to count. What this guy calls a "Trap for the fools." I see as a viable tool for regaining control of our own purchasing power instead of having it inflated away while a few enrich themselves on the back of the many.

Notice he didn't offer any alternatives. I dismiss those complaining about Bitcoin outright when they offer zero alternatives. It's just needless bitching.

The only realistic viable alternative, as far as I can tell, open to this author, is direct bartering of goods and services, without a medium of exchange, which has its advantages in avoiding third parties taking their cut, but in general great disadvantages in that you can not create a market place for goods and services, which means that rarely buyer and seller would optimize their return. Iow John Smith wants to buy bacon for labour but the butcher doesn't need new horse shoes which John Smith is particularly good at making. Instead he is asked to sharpen his knives, which he never did well before. Johns brother Adam Smith is good a sharpening knives though, but he wants a birthday cake for his daughter, but perhaps the baker wants to trade a birthday cake for horse shoes? So that John Smith can eat bacon... Or perhaps John and Adam hasn't spoken to each other for years because of a sour barter deal, and the butcher trades some poorly cut pork scraps for some blunt knives. Adams daughter never got a birthday cake and the baker had to carry his flour himself from the mill, since the foot of his horse had an infection, and his horse was taken to the butcher who tried to barter it away as prime pork...