Bitcoin

#76
#76
[twitter]https://twitter.com/awealthofcs/status/940198968730046465[/twitter]
 
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#79
#79
LouderVol said:
so NK has a whole industry of counterfeiting other people's money as well?

Not saying it won't lose value. Not arguing that petrol might be selling on more than the dollar. But what out there is going to replace it? Does BRICs have a set currency that everyone is going to accept?
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Who said anything about NK?

The US has enforced our dollar on the world through petrodollar, military might and the threat of sanctions (enforced because of the existence of the petrodollar). Once the world can buy in another currency, what leverage do we have?

And why does the world need to choose a single currency?

And what will happen to our economy if all those globally circulating dollars flood back into our economy?

"Lose value" huh? Get ready for massive stagflation.
 
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#80
#80
Let's assume that the theory of cryptocurrency is valid for ease of transactions. I think that's illusory because you can already use dollars, euros, etc to conduct transfers of value.

Plus those currencies have regulation and oversight. What happens when the first major fraud scandal hits bitcoin? I don't mean hacking to steal it -- I mean some sort of fraudulent representation of the currency.

The wheels come off when people realize there is ZERO recourse.
 
#81
#81
lawgator1 said:
Let's assume that the theory of cryptocurrency is valid for ease of transactions. I think that's illusory because you can already use dollars, euros, etc to conduct transfers of value.

Plus those currencies have regulation and oversight. What happens when the first major fraud scandal hits bitcoin? I don't mean hacking to steal it -- I mean some sort of fraudulent representation of the currency.

The wheels come off when people realize there is ZERO recourse.
Click to expand...

What sort of fraud? Isn’t the advantage of blockchain that the ledger reconciles and every transaction is recorded?
 
#83
#83
Orange_Crush said:
Who said anything about NK?

The US has enforced our dollar on the world through petrodollar, military might and the threat of sanctions (enforced because of the existence of the petrodollar). Once the world can buy in another currency, what leverage do we have?

And why does the world need to choose a single currency?

And what will happen to our economy if all those globally circulating dollars flood back into our economy?

"Lose value" huh? Get ready for massive stagflation.
Click to expand...
you are arguing a point I have not made.

I doubt drug cartels the world over are going to stop operating in dollars just because they can't fill up their Yugo anymore with it. Although with the crash it will be interesting to see if the CIA loses control over them.
 
#84
#84
So I was looking on Cap One Sharebuilder today and there is a listing for a penny stock which represents that it is Bitcoin mining company, and of course we've heard of that. How can you "mine" bitcoin? What does that even mean? And if the amount of bitcoin is predetermined and will never change, what is "mined"?

Its up 25 % today, by the way. Freaky.
 
#85
#85
Imagine it like this. There's a finite number of safes (bitcoins). To open these safes you need the combo. There's math formulas for trying to find the combination to the safe. You need a lot of computing power to keep calculating possibilities and trying them on the safe. This is mining. Each safe is harder and harder to open.

Once opened, the loot inside can be divided up and passed around.

Current estimates have the last bitcoin being found mid 2100s. There are 21 million of them.
 
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#86
#86
n_huffhines said:
How is it anymore of a con than fiat money? Block chain actually has utility outside of being a medium of exchange and a store of value.
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My thought as well. Was BC and other emerging crypto currencies not in large part a response to fiat money? While I still haven't wrapped my mind totally around the concept, I have bought in through some mobile payment platforms that support BitCoin and other cryptos. Interesting to see where this goes.
 
#87
#87
golfballs said:
Best decision they'll have ever made
DQy9s9zVQAIWeua.jpg
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What could possibly go wrong with that?
 
#89
#89
Vol737 said:
My thought as well. Was BC and other emerging crypto currencies not in large part a response to fiat money? While I still haven't wrapped my mind totally around the concept, I have bought in through some mobile payment platforms that support BitCoin and other cryptos. Interesting to see where this goes.
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My concern with cyrpto currencies is scarcity. I know that bitcoin is scarce but not block chain technology. It seems as if you could have an infinite amount of different currencies and that bitcoin could be the current Myspace of cyrpto currencies. I'm just trying to get assets out of US dollars.
 
#90
#90
lawgator1 said:
Let's assume that the theory of cryptocurrency is valid for ease of transactions. I think that's illusory because you can already use dollars, euros, etc to conduct transfers of value.

Plus those currencies have regulation and oversight. What happens when the first major fraud scandal hits bitcoin? I don't mean hacking to steal it -- I mean some sort of fraudulent representation of the currency.

The wheels come off when people realize there is ZERO recourse.
Click to expand...

DancingOutlaw said:
What sort of fraud? Isn’t the advantage of blockchain that the ledger reconciles and every transaction is recorded?
Click to expand...

What is Blockchain Technology?

One point made in the use of this technology is a decentralized ledger which promotes transparency. Everybody sees what transactions have taken place and by whom. The above is an interesting read.
 
#91
#91
So the value comes solely from the fact that it can be tracked and the record of transactions cannot be altered because it is decentralized?

What happens if one day someone points to a blockchain record stored in a few places on the net that is different from a blockchain records stored in several other places?
 
#92
#92
lawgator1 said:
So the value comes solely from the fact that it can be tracked and the record of transactions cannot be altered because it is decentralized?

What happens if one day someone points to a blockchain record stored in a few places on the net that is different from a blockchain records stored in several other places?
Click to expand...

Everything. Everything on computers can be manipulated.
 
#94
#94
I would not invest more into to this than you would be comfortable with losing in an instant. I think you can make money here but this isn’t something I’d put a big percentage of my capital into. NK and other actors are doing doing their best to hack into and steal these coins. You have no recourse in that event. If something was to cripple the exchanges you would have no way to extract your gains.
 
#95
#95
Sell all of your bitcoins! Litecoin is by far the best currency. Check out the fundamentals.
 
#96
#96
lawgator1 said:
I was talking to a trader the other day who said a lot of this run up is because shady Chinese businessmen are using it to launder money out of their country. If so, that could continue it's run -- unless the Chinese government intervenes.
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I know someone who just sold 3 for a large gain. I never thought they would amount to anything. Hate I missed out on this one.
 
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