The crypto currency thread

[anon_vlad]

Not everybody who buys Bitcoin is a speculator. It is invaluable as a medium of exchange for drug salesmen, arms merchants and tax avoiders among others. It is not that difficult to exchange it for so called hard currency.

By the way, the USD has not been a "hard currency" since 1971, when Nixon ended the policy of foreign governments being able to exchange dollars for gold. One could say that the US went off the Gold Standard for American citizens in a sense with Roosevelt's 1933 Executive Order. One could theoretically go to a bank and ask for gold for one's USD, but Roosevelt made it illegal with severe penalties for an individual to possess much gold.

Unlike the USA which prints money without limit, the total number of bitcoins is limited, so which currency is the less legitimate?

 

[jalimon]

So what will be the utility of mining bitcoin once the total number will be reached?

(By the way bitcoin are probably the worst environment disaster ever invented! The electricity needed to mine this virtual money is insane. As if the human was not doing enough to destroy it...)

Cheers,

 

[anon_vlad]

So what will be the utility of mining bitcoin once the total number will be reached? ......

The total number of bitcoin will asymptotically approach 21 million, but never quite reach it. Unless the price of bitcoin increases enormously, there will be no incentive to mine bitcoin as the limit is approached. When the price of bitcoin decreased from almost 20K USD below 6K USD, already many miners had turned off their machines as the cost of electricity exceeded the value of the bitcoin generated.

 

[No_Church_InThe_Wild]

It’s been what almost ten years for crypto currencies? Myself never was interested in speculating in Bitcoin and I don’t plan to change that any time soon .If there ever was such an opportune time I could have perhaps gotten in ,,it would have probably been in its infant stage in the beginning for a classic pump and dump.But yea I don’t have any skin in the game. But I have seen the dot-com stocks , the China stocks , the uranium trading and all sorts of penny stocks hysteria and all those bubbles bursting. I’ve seen my share of market crashes,, many like the ones during the gulf wars that quickly rebounded. Those where great times to be an opportunistic investor. Operating under a safety net . So I have seen enough to not be the least impressed by these crypto currencies.
I’m not an expert but I see a lot of hype, pure speculation and a lot of market manipulation.
Some folks believe that Bitcoin has the potential to revolutionize finance and the sky is the limit. But after all these years since it’s inception us regular people still don’t have no practical use for it . Other than for arms , illicit drugs and all those darknet markets how is this gonna go mainstream and be used to buy other goods ?
People have always speculated and many have grown old thinking that someday there investment would prove valuable.Many times it never materialized. Will there be a happy ending for all these crypto currency investors? . Myself I’d be very weary. But then again maybe I’m wrong. Just my opinion.

 

[No_Church_InThe_Wild]

To say that mining these crypto currencies is bad for the environment is an understatement. The energy cost for mining bitcoin is double that of copper or gold . Very expensive indeed. China which leads bitcoin mining uses dirty coal for energy 60% of the time .

 

[Valcazar]

^^^ Crypto was designed by people who thought money should be gold, but with computers making it "fair". It became an asset because people go into it, but it hasn't ever shown much use.

 

[RomSh85]

If you are new to cryptocurrency, you can start with investing a small amount if you wish, as you can buy fractions of a bitcoin. I do own altcoins ie coins other than bitcoin but I consider myself somewhat of a bitcoin maximalist ie it's the premier crypto & most likely to succeed.

 

[Chigen]

It would be interesting to see how a ressession would effect crypto currencies.

 

[Valcazar]

it's the premier crypto & most likely to succeed.

What do you mean by "succeed"?

 

[gladrx]

What do you mean by "succeed"?

To make you land on the moon in a lambo

 

[jalimon]

What do you mean by "succeed"?

to cash out with a profit with your money back in the real world and safe banking system.

 

[No_Church_InThe_Wild]

To make you land on the moon in a lambo

Well it’s good to dream ...

 

[anon_vlad]

I know a couple of young people who have retired early because they bought bitcoin during the first few months of its availability, before it even reached $0.10. It's currently over $8K US.

 

[Valcazar]

I will wait RomSh85 answer before commenting more, but it seems everyone else defines "success" as "went up in investment value".

 

[believe]

HI i AM intersted to know if anyone here has used bitcoin atm machines in Montreal
And is it ok, As in easy to use , I want to open an account if so which one is a good reliable app on android,,and easy to use in Montreal,, Thanks

 

[Numerati]

anyone here playing sex crypto coins? ex porn rocket crypto coins ? do you think agencies or indy will accept them in the future?

The GFE Coin.

 

[bouzekrivilla]

Cryptocurrency is a profitable investment. Of course, to succeed in this business, you need to be an experienced and understanding person. But this can be said about any profession, about any occupation. Trading became a fresh breath after I went bankrupt in the sports business. So I'm serious about it. By the way, I don't agree with what you said about losing your phone being the downfall of a trader's savings because that can be recovered, found, or transferred from your computer. You shouldn't think we are all suckers. My metatrader multiterminal account involves constant updates, and I can log in to my Workspace from any device. I have two-factor authentication enabled. Also, I can remotely log out of all devices. So, no thief on my phone gets my money anyway.

 

[Doggyluver]

Cryptocurrency is a profitable investment. Of course, to succeed in this business, you need to be an experienced and understanding person. But this can be said about any profession, about any occupation.

Yeah, you need to know what you're doing : Bitcoin alone is down (48.2%) this year alone and (46.93%) over the past year. Patience being the key to success in any investment not many would swallow a loss like that and remain invested.