Bitcoin the currency
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Bitcoin the currency
Interesting series of tweets about a person trying to sell his bitcoin. It doesn't seem very liquid.
https://twitter.com/TedOnPrivacy/status ... 1709896704
https://twitter.com/TedOnPrivacy/status ... 1709896704
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Re: Bitcoin the currency
It's basically worthless. It is "traded" more than used to actually purchase something. You can't buy a car with bitcoin
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Re: Bitcoin the currency
Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
Re: Bitcoin the currency
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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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Re: Bitcoin the currency
Agree, it's an asset, not necessarily currency.TheH2 wrote: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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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Re: Bitcoin the currency
But what is the value methodology for it as an asset?HokieFanDC wrote:Agree, it's an asset, not necessarily currency.TheH2 wrote: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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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Re: Bitcoin the currency
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.133743Hokie wrote:But what is the value methodology for it as an asset?HokieFanDC wrote:Agree, it's an asset, not necessarily currency.TheH2 wrote: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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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Re: Bitcoin the currency
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 that133743Hokie wrote:But what is the value methodology for it as an asset?HokieFanDC wrote:Agree, it's an asset, not necessarily currency.TheH2 wrote: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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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Re: Bitcoin the currency
How's it going?Major Kong wrote:I'm still Bitcoin mining.
You can set up a litecoin mining rig for cheap these days.
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Re: Bitcoin the currency
He owes the power company about $200kHokieFanDC wrote:How's it going?Major Kong wrote:I'm still Bitcoin mining.
You can set up a litecoin mining rig for cheap these days.
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Re: Bitcoin the currency
I'm just running a LiteCoin Core Program on my PC...it chugs along at it's own merry pace.HokieFanDC wrote:How's it going?Major Kong wrote:I'm still Bitcoin mining.
You can set up a litecoin mining rig for cheap these days.
I only post using 100% recycled electrons.
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Re: Bitcoin the currency
Let's hope you never have to register w the state...Major Kong wrote:I'm just running a LiteCoin Core Program on my PC...it chugs along at it's own merry pace.HokieFanDC wrote:How's it going?Major Kong wrote:I'm still Bitcoin mining.
You can set up a litecoin mining rig for cheap these days.
https://reason.com/blog/2017/12/13/vene ... tocurrency
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Salute the Marines
Soon we'll have planes that fly 22000 mph
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Re: Bitcoin the currency
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.HokieFanDC wrote: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.133743Hokie wrote:But what is the value methodology for it as an asset?HokieFanDC wrote:Agree, it's an asset, not necessarily currency.TheH2 wrote: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.HokieFanDC wrote:Dude needs to get on board with Coinbase. I’ve been trading cryptocurrency there, and it’s simple.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
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.
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.
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
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Re: Bitcoin the currency
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.cwtcr hokie wrote:He owes the power company about $200k
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.
Re: Bitcoin the currency
http://spendbitcoins.com/places/c/car-dealers/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
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Re: Bitcoin the currency
Cool, a new poster on UWS!!!Hokie5150 wrote:http://spendbitcoins.com/places/c/car-dealers/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
You don't post a lot anymore.
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Re: Bitcoin the currency
Kong, what would you recommend as a good primer to get started on mining? I have solar
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- Major Kong
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Re: Bitcoin the currency
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.Bay_area_Hokie wrote:Kong, what would you recommend as a good primer to get started on mining? I have solar
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Re: Bitcoin the currency
How much money can you realistically make from Litecoin mining?
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Re: Bitcoin the currency
Major Kong wrote:I'm still Bitcoin mining.
AGW thanks you dude.
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Re: Bitcoin the currency
Hokie5150 wrote:http://spendbitcoins.com/places/c/car-dealers/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
So 20 car dealers in the US may or may not accept your bitcoins.. my point stands.
Re: Bitcoin the currency
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.
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Re: Bitcoin the currency
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.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.
I only post using 100% recycled electrons.
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Re: Bitcoin the currency
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