Bitcoin anyone?

[Scott7022]

We don't even know the founder's nationality, much less her identity.

Nationality isn't just irrelevant here, in fact these trends make borders seem just silly.

And such trends move so quickly they expose the fact there's no way slow-moving bureaucracies can figure things out quickly enough to respond, and then only do so to protect their own interests and that of the financial industry elite, so-called "public" interest is revealed to be not even on the radar.

Lots of the LEOs supposed to be tracking down BCs use for dark web drug transactions put more effort into trying to steal them, and in most cases got away with it scot free.

Stuff straight out of 80's sci fi, William Gibson and Neal Stephenson were always among my favorite authors, very prescient.

And lots more to come, rate of change continues to accelerate. . .

Good points. The fact we don't know his or her nationality and the fact it isn't tied to one nation makes it what it was designed to be. A way to undermine the ruling class elite's control of the financial choke hold. I spoke at a conference of LEO's as I was, not an expert, but the best we had. I don't like doing conferences past the drinks and dinners out. Hey, I am honest and I never claimed to be a nice boy. It was 2001 or 02. I grabbed 200 images off the dark web of children being abused and tortured. Made a slide show with the last slide asking one question. 

WITH MONSTERS LIKE THIS OUT THERE WHY THE **** ARE WE FOCUSING OUR RESOURCES ON SILK ROAD AND DRUGS?

  It was in NYC they didn't ask me to speak at another one. Apparently our Minister got an earful. The Minister gave my Director and earful and he just kicked himself in the butt for asking me to speak. But seriously, was I wrong? Politically incorrect, perhaps. But really...What a shit show.

 

[Scott7022]

Originally phone phreaking, kids selling black boxes to get free long distance.

Mine was actually blue. . .

Didn't really need a box. Any Pay Phone. Ground the mouthpiece to the coin box key hole and dial any number you like. 

Trunk line numbers were great too. 

So long as you stayed under ten minutes no issue.

 

[John61CT]

My current crop of kids: "Daddy, what's a pay phone?"

 

[Optimistic Paranoid]

IRS cracking down on bitcoin:

https://www.thestreet.com/story/142...irs-cracking-down-on-bitcoin-tax-evaders.html

 

[Optimistic Paranoid]

SEC suspends trading of bitcoin firms:

https://www.coindesk.com/sec-suspends-trading-publicly-listed-bitcoin-firm/

 

[GotSmart]

My current crop of kids: "Daddy, what's a pay phone?"

That ia something that predates the 8~Track.  

 

[highdesertranger]

bubble. highdesertranger

 

[DangerBird]

I don't think Tulips moved this fast! I have done ok on BTC related stocks but own no coins. I expect things like this to continue.

http://www.zerohedge.com/news/2017-...-it-was-hacked-over-50-million-bitcoin-stolen

 

[theinfamousj]

Once upon a time back in 2013, I went on a date with a guy who never progressed past the second date. On the first date, all he could talk about was Bitcoin. I had a $5 and a $1 in my pocket and wasn't counting every penny so I gave him those and he gave me some of his stash of Bitcoin. Later on that year, someone successfully bought a pizza with Bitcoin and set the first official trade price.

Fast forward to today and I have been "Bitcoin rich" three times as the news would tell it. Each time was followed by a sharp decline in value and twice it was also followed by an exchange declaring insolvency, I predict the same for this third bubble.

But I don't sell because I know how supply and demand works. The price is only high because there are a limited number of bitcoins (as there are a limited number of Picasso paintings) and only a few are on the market relative to how many people want some. If more people start selling, the price will go down. So as cute as the demand price is, I know that my very act of becoming a seller will cause the price to fall; definitely not significantly but fall nonetheless.

Which is why I am not rich. I won't count the current market price of bitcoin as part of my net worth because I don't have those dollars. What I have is a public and a private encryption string (called a key) that has a value of thus-and-so-many Bitcoin, which is only actually worth what I can sucker some poor sap into paying me for it. And just because that other poor sap over there paid that amount of money for that other guy's keys doesn't mean he'll do the same for me.

Plus, there is the achiles heel of Bitcoin: it requires three things for it to even 'exist'

+ a network connection
+ a network existing
+ electricity

So in a disaster, it is totally useless, except if you happened to print out your keys you can burn the paper it is printed on for heat.

Also, if people decide it is a fad like fidget spinners and move along to some other tech fad, the network will fail to exist and so *poof* no more Bitcoin and we all know that people are whimsical. At least a house is still there even if people have decided that vandwelling is the way to go.

And finally with the imminent death of Net Neutrality, ISPs can simply block all Bitcoin traffic over the internet and then no more ability to trade your bitcoin.

In my opinion, the 'currency' of the future is something disaster-proof and difficult to counterfeit like cowery shells. Lack of electricity? Still have shells.

That said, enjoy playing with Bitcoin. It is amazing for remittances and pretty decent for online purchases. And it gets a better exchange rate, if I can find a face-to-face trader who won't mug me (more difficult than you would think) for when I visit my relatives abroad than just going to an exchange bank.

But please, don't drink the Kool aid. It has some serious flaws (outlined above) that need to be given the weight they deserve. And this is from someone who has been done right by Bitcoin so should be its biggest supporter.

Sent from my SGH-I337 using Tapatalk

 

[DangerBird]

theinfamousj ,

Well said! You could get locked in or out by a variety technical flaws. On another non related forum I frequent, those who have some BTC are screaming that this is the future and the price will go to millions and then there are those screaming mega bubble and will crash (like all bubbles) One guy I know of has been selling and converting it to physical Silver. Smart move IMHO!

-Mike

 

[SoulRaven]

If Bitcoin is not a currency backed by the Government then i'm not touching it. Just a week ago on the Australian news there was a man whom is selling his million dollar plus Australian home for 100 plus bitcoins. Sure it's his prerogative to do so but the question that arises is this once the transaction takes place then how does he cash in his bitcoins for money? or better still what happens if the Bitcoin stocks crash on the stock market?. Yeah I'm not really a fan of the Bitcoin band wagon.

 

[mpruet]

If Bitcoin is not a currency backed by the Government then i'm not touching it. Just a week ago on the Australian news there was a man whom is selling his million dollar plus Australian home for 100 plus bitcoins. Sure it's his prerogative to do so but the question that arises is this once the transaction takes place then how does he cash in his bitcoins for money? or better still what happens if the Bitcoin stocks crash on the stock market?. Yeah I'm not really a fan of the Bitcoin band wagon.

Maybe he needs a tax write off...

 

[Motrukdriver]

I don't have any coins... Bit or otherwise.

 

[RoamerRV428]

I got alot of bitcoin and on paper I am slaying it LOL
not sure on how this thread went but bitcoin is making me a ton of money
those WHO do not get it, cool, those who see the future and prices going thru the roof on what it was and now, oh yea LOL

I am a dinosaur in alot of ways but bitcoin has made me SO much money it is stupid truly

just my personal use on it and if it don't float your boat then cool, but for me HELL yea LOL

 

[Van Man Dave]

Volatile, yes.
Glad I got in when I did, its been a hell of a ride up!!

 

[MG1912]

Interesting that this thread was started in late 2017. You will note that this corresponds with what I believe was a lot of media attention surrounding bitcoin at that time. In other words, people started piling into it when it was already too late, for the most part. And then piled out when it tanked. And then a new round of people piled in when it shot back up again. A few are still "hodling."

Bitcoin is utterly uninteresting for me for the same reason that individual stocks are uninteresting for me: you have to get two extremely difficult decisions right -- when to get in and when to get out. It is indeed fascinating to watch people make incredible sums of money very quickly with some of the wallstreetbets plays... or with bitcoin... but there are lots of people who are (tragically) getting in at the wrong time and then get out at the wrong time, and some who will lose everything. It's still gambling, and if I'm going to gamble, I prefer to go to Las Vegas. They let you smoke inside, they have free shows, and they even give you free drinks!

All that said, I celebrate the success and good luck of anyone here, and if we have some folks "hodling" here, then I hope it continues to go to the moon! Life is good.