Bitcoin the currency

Your Virginia Tech Politics and Religion source
Forum rules
Be Civil. Go Hokies.
TheH2
Posts: 3168
Joined: Thu Aug 22, 2013 1:06 pm

Bitcoin the currency

Post by TheH2 »

Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
People who know, know.
CFB Apologist
Posts: 3192
Joined: Fri Aug 23, 2013 5:27 pm

Re: Bitcoin the currency

Post by CFB Apologist »

It's basically worthless. It is "traded" more than used to actually purchase something. You can't buy a car with bitcoin
HokieFanDC
Posts: 18547
Joined: Mon Aug 19, 2013 8:57 pm

Re: Bitcoin the currency

Post by HokieFanDC »

TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
TheH2
Posts: 3168
Joined: Thu Aug 22, 2013 1:06 pm

Re: Bitcoin the currency

Post by TheH2 »

HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
People who know, know.
HokieFanDC
Posts: 18547
Joined: Mon Aug 19, 2013 8:57 pm

Re: Bitcoin the currency

Post by HokieFanDC »

TheH2 wrote:
HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
Agree, it's an asset, not necessarily currency.
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Bitcoin the currency

Post by 133743Hokie »

HokieFanDC wrote:
TheH2 wrote:
HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
Agree, it's an asset, not necessarily currency.
But what is the value methodology for it as an asset?
HokieFanDC
Posts: 18547
Joined: Mon Aug 19, 2013 8:57 pm

Re: Bitcoin the currency

Post by HokieFanDC »

133743Hokie wrote:
HokieFanDC wrote:
TheH2 wrote:
HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
Agree, it's an asset, not necessarily currency.
But what is the value methodology for it as an asset?
I don't have a good answer for that, other than that it there are people that like the idea of a secure, digital, borderless, usable form of currency (or usable asset if that's better). The value comes from the same thing that makes gold valuable, vs. a rock. Rarity being the main one. Obviously, it's a sketchy value proposition, but one that seems to have potential for longevity.
User avatar
Major Kong
Posts: 15727
Joined: Wed Aug 21, 2013 9:35 pm
Alma Mater: Ferrum VT ASU
Party: Independent
Location: Somewhere between Marion and Seven Mile Ford

Re: Bitcoin the currency

Post by Major Kong »

I'm still Bitcoin mining. :)
I only post using 100% recycled electrons.

Image
cwtcr hokie
Posts: 13399
Joined: Thu Aug 22, 2013 1:25 pm

Re: Bitcoin the currency

Post by cwtcr hokie »

133743Hokie wrote:
HokieFanDC wrote:
TheH2 wrote:
HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
Agree, it's an asset, not necessarily currency.
But what is the value methodology for it as an asset?
just read an article about bitcoin during the workout at lunch, alot of it is held by a small group of people. Which means if those people move at all to buy or sell it moves the price widely so it is ripe for manipulation. The small time person pays the price for that
HokieFanDC
Posts: 18547
Joined: Mon Aug 19, 2013 8:57 pm

Re: Bitcoin the currency

Post by HokieFanDC »

Major Kong wrote:I'm still Bitcoin mining. :)
How's it going?

You can set up a litecoin mining rig for cheap these days.
cwtcr hokie
Posts: 13399
Joined: Thu Aug 22, 2013 1:25 pm

Re: Bitcoin the currency

Post by cwtcr hokie »

HokieFanDC wrote:
Major Kong wrote:I'm still Bitcoin mining. :)
How's it going?

You can set up a litecoin mining rig for cheap these days.
He owes the power company about $200k
User avatar
Major Kong
Posts: 15727
Joined: Wed Aug 21, 2013 9:35 pm
Alma Mater: Ferrum VT ASU
Party: Independent
Location: Somewhere between Marion and Seven Mile Ford

Re: Bitcoin the currency

Post by Major Kong »

HokieFanDC wrote:
Major Kong wrote:I'm still Bitcoin mining. :)
How's it going?

You can set up a litecoin mining rig for cheap these days.
I'm just running a LiteCoin Core Program on my PC...it chugs along at it's own merry pace.
I only post using 100% recycled electrons.

Image
User avatar
RiverguyVT
Posts: 30268
Joined: Wed Aug 21, 2013 9:30 pm

Re: Bitcoin the currency

Post by RiverguyVT »

Major Kong wrote:
HokieFanDC wrote:
Major Kong wrote:I'm still Bitcoin mining. :)
How's it going?

You can set up a litecoin mining rig for cheap these days.
I'm just running a LiteCoin Core Program on my PC...it chugs along at it's own merry pace.
Let's hope you never have to register w the state...
https://reason.com/blog/2017/12/13/vene ... tocurrency
So I put (the dead dog) on her doorstep!
Salute the Marines
Soon we'll have planes that fly 22000 mph
"#PedoPete" = Hunter's name for his dad.
TheH2
Posts: 3168
Joined: Thu Aug 22, 2013 1:06 pm

Re: Bitcoin the currency

Post by TheH2 »

HokieFanDC wrote:
133743Hokie wrote:
HokieFanDC wrote:
TheH2 wrote:
HokieFanDC wrote:
TheH2 wrote:Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.

https://twitter.com/TedOnPrivacy/status ... 1709896704
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.
It is slow, in that it takes several days to complete a transaction if you haven’t funded your Coinbase account first, but there is no work involved. Yes, it’s risky, but you can now buy bitcoin futures, so it’s gaining more tractoin. And all the investment firms are looking at cryptocurrency strategies.
So, there’s reason to believe it could continue growth. Or, you could lose it all, who knows. But, it’s entertaining either way. As for using your bitcoin to buy stuff, not so great, but growing. In that scenario, yes, not liquid. Overstock.com accepts bitcoins, but not sure who else does.
The place I buy coffee has accepted bitcoin for at least five years. This guy bought bitcoin several years ago so he has a lot to sell. He mentions coinbase, not sure why it wasn't working for him.

It's not a currency, it's something people want because other people want it. If it's hard to sell, and supply is limited, it's easy to see why the price would rise.

My only example of something similar that "holds" value is trading cards, i.e. baseball, or stamps. The only value is that someone will want them, maybe some nostalgia/history too - at least for stamps.
Agree, it's an asset, not necessarily currency.
But what is the value methodology for it as an asset?
I don't have a good answer for that, other than that it there are people that like the idea of a secure, digital, borderless, usable form of currency (or usable asset if that's better). The value comes from the same thing that makes gold valuable, vs. a rock. Rarity being the main one. Obviously, it's a sketchy value proposition, but one that seems to have potential for longevity.
I think we will have electronic currencies in the future. I don't think it will be bitcoin due to its transaction limits. Also, block-chain will certainly be around and may change banking and contracts, or maybe it won't.

Right now its value is based on the limited supply and the fact that other people want it. It really does meet the definition of a bubble because it has no real value by itself. At best, you could make the case that the specific currency will be the, or one of the e-currencies and the value is based on the fact that it will have value in the future.

Gold at least has demand as a physical asset. Crazy people hold it as an investment :lol:
People who know, know.
User avatar
Major Kong
Posts: 15727
Joined: Wed Aug 21, 2013 9:35 pm
Alma Mater: Ferrum VT ASU
Party: Independent
Location: Somewhere between Marion and Seven Mile Ford

Re: Bitcoin the currency

Post by Major Kong »

cwtcr hokie wrote:He owes the power company about $200k
I'm not running racks and racks of hardware machines daisychained into a power plant. I'm running a software program utilizing my PC...doesn't use much power at all.

There are many, many low powered options. hell you can buy a Raspberry Pi and set up a LiteCoin "box" on the mega cheap.
I only post using 100% recycled electrons.

Image
User avatar
Hokie5150
Posts: 3343
Joined: Wed Aug 21, 2013 9:11 pm

Re: Bitcoin the currency

Post by Hokie5150 »

CFB Apologist wrote:It's basically worthless. It is "traded" more than used to actually purchase something. You can't buy a car with bitcoin
http://spendbitcoins.com/places/c/car-dealers/
HokieFanDC
Posts: 18547
Joined: Mon Aug 19, 2013 8:57 pm

Re: Bitcoin the currency

Post by HokieFanDC »

Hokie5150 wrote:
CFB Apologist wrote:It's basically worthless. It is "traded" more than used to actually purchase something. You can't buy a car with bitcoin
http://spendbitcoins.com/places/c/car-dealers/
Cool, a new poster on UWS!!!

:D
You don't post a lot anymore.
User avatar
Bay_area_Hokie
Posts: 6027
Joined: Fri Aug 23, 2013 3:53 am
Alma Mater: VT
Party: Surprise Party

Re: Bitcoin the currency

Post by Bay_area_Hokie »

Kong, what would you recommend as a good primer to get started on mining? I have solar :)


Sent from my iPhone using Tapatalk
“With God there are only individuals” - Philosopher Nicolas Gomez Davila
User avatar
Major Kong
Posts: 15727
Joined: Wed Aug 21, 2013 9:35 pm
Alma Mater: Ferrum VT ASU
Party: Independent
Location: Somewhere between Marion and Seven Mile Ford

Re: Bitcoin the currency

Post by Major Kong »

Bay_area_Hokie wrote:Kong, what would you recommend as a good primer to get started on mining? I have solar :)


Sent from my iPhone using Tapatalk
It all depends on how much you want to spend. The more $$$ the more computing power the more blockchains. I just use Litecoin Core It's an all in one simple program to use.
I only post using 100% recycled electrons.

Image
User avatar
BigDave
Posts: 8012
Joined: Mon Aug 19, 2013 11:20 pm
Alma Mater: Virginia Tech
Party: Republican

Re: Bitcoin the currency

Post by BigDave »

How much money can you realistically make from Litecoin mining?
Posted from my Commodore 64 using Tapatalk
HokieJoe
Posts: 13123
Joined: Thu Aug 22, 2013 2:12 pm
Alma Mater: Virginia Tech
Party: Eclectic

Re: Bitcoin the currency

Post by HokieJoe »

Major Kong wrote:I'm still Bitcoin mining. :)

AGW thanks you dude. ;) :D
"I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
CFB Apologist
Posts: 3192
Joined: Fri Aug 23, 2013 5:27 pm

Re: Bitcoin the currency

Post by CFB Apologist »

Hokie5150 wrote:
CFB Apologist wrote:It's basically worthless. It is "traded" more than used to actually purchase something. You can't buy a car with bitcoin
http://spendbitcoins.com/places/c/car-dealers/

So 20 car dealers in the US may or may not accept your bitcoins.. my point stands.
User avatar
BigDave
Posts: 8012
Joined: Mon Aug 19, 2013 11:20 pm
Alma Mater: Virginia Tech
Party: Republican

Re: Bitcoin the currency

Post by BigDave »

Okay, so I downloaded one of the mining apps that tries to mine whatever it can do most efficiently. I calculate that it should generate 5 cents per day, and with incredible wear+tear on my graphics card. So that's $18.25/year it would earn, not counting probably needing a new graphics card somewhere in there.
Posted from my Commodore 64 using Tapatalk
User avatar
Major Kong
Posts: 15727
Joined: Wed Aug 21, 2013 9:35 pm
Alma Mater: Ferrum VT ASU
Party: Independent
Location: Somewhere between Marion and Seven Mile Ford

Re: Bitcoin the currency

Post by Major Kong »

BigDave wrote:Okay, so I downloaded one of the mining apps that tries to mine whatever it can do most efficiently. I calculate that it should generate 5 cents per day, and with incredible wear+tear on my graphics card. So that's $18.25/year it would earn, not counting probably needing a new graphics card somewhere in there.
What kind of vga card do you have :?: I'm running Gigabyte RX 560 cards in Crossfire...no big deal as far as power consumption or heat goes.
I only post using 100% recycled electrons.

Image
User avatar
Bay_area_Hokie
Posts: 6027
Joined: Fri Aug 23, 2013 3:53 am
Alma Mater: VT
Party: Surprise Party

Re: Bitcoin the currency

Post by Bay_area_Hokie »

I highly recommend the book Millionaire, about the life of John Law a scotsman who created the first stock market bubble. It is a fun read. https://www.amazon.com/Millionaire-Phil ... e+john+law
“With God there are only individuals” - Philosopher Nicolas Gomez Davila
Post Reply