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bitcoins

Blankpage said:
Not funny when people lose big on their investments but seems the bitcoiners think they can’t lose.
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For every dollar lost, someone else made a dollar, so zero net happiness change.
 
mrzuzzo said:
So true. It's a solid mechanism to transfer wealth from morons to corporations and whales.
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Yes, though it's not actually true that a dollar is gained elsewhere for every dollar lost. Money/value can be created or destroyed.
 
ScarySpikes said:
Yes, though it's not actually true that a dollar is gained elsewhere for every dollar lost. Money/value can be created or destroyed.
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True. Bitcoin is actually a negative sum game since miners take transaction fees.

Bitcoin does not create any real value.
 
I always was skeptical of Bitcoin because of who
Evangelizes it so much. Always seems to the same white dude bros that fall in a particular culture. And the fact 3/4 of IG comments on large pages are btc scam bots lol

I love the IDEA of it, but man who’s actually doing it makes me skeptical.

I’ll stick with boring old Peter lynch advice snd just try to do my homework on good stocks for now,

I say that even as my brother has significant money in BTC after using it as a money store during a particular bad divorce a decade ago
 
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What do you like about the idea of owning numbers generated by a graphics card on a public distributed spreadsheet that can handle something like 9 transactions a second at an incredibly high cost??
 
mrzuzzo said:
What do you like about the idea of owning numbers generated by a graphics card on a public distributed spreadsheet that can handle something like 9 transactions a second at an incredibly high cost??
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I just meant I like the idea of a purely digital currency “mined” via complex mathematical equations

I like the concept, just from an interesting point of view. Not in application or execution

Edit: no idea what that emoji is about at top
 
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Zooming out on the 5 year chart of bitcoin, it is kinda hard to tell the likely direction that the price is heading towards, but guessing downwards. Near zero interest rates discourage savings, encourage taking on debt, and using leverage to speculate. The Fed raising interest rates to slightly above zero, and dumping some of the liquidity that they soaked up since the pandemic, is not going to help speculative bubble assets like bitcoin, stocks, or housing, IMO.
 
kevin 714 said:
I just meant I like the idea of a purely digital currency “mined” via complex mathematical equations

I like the concept, just from an interesting point of view. Not in application or execution

Edit: no idea what that emoji is about at top
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I hate the variable rate investment product part of it. What I really want to see is a product that is a stable (dollar linked?) independent digital currency with an anonymous nature international value that can be used to purchase goods and services anonymously internationally, and in large volumes.

That was also the real value of crypto to me. Now that it appears to be tanking, I am concerned that the people who are only in daylight are going to exit, so resistance to anonymity/regulation will drop.
 
Eldritch said:
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That was also the real value of crypto to me. Now that it appears to be tanking, I am concerned that the people who are only in daylight are going to exit, so resistance to anonymity/regulation will drop.
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Going forward, the only real anonymity is because no one cares, so better to live in a large city, than assume that any digital transaction is not traceable.
 
it's only 13 years old. It will be volatile for a while.

all bitcoin transactions are traceable. the transaction ID contains which wallet or wallets the btc came from, and which wallet or wallets the btc went to. It is open information for all to see. This trustless and decentralized aspect is one beauty of the blockchain. to make all transactions transparent and every wallet balance known.

what may not necessarily be known is who in rl owns each wallet. This pseudonymous aspect of this technology is another beauty of it.
 
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Bowling4Bikes said:
all bitcoin transactions are traceable. the transaction ID contains which wallet or wallets the btc came from, and which wallet or wallets the btc went to. It is open information for all to see. This trustless and decentralized aspect is one beauty of the blockchain. to make all transactions transparent and every wallet balance known.
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Not even remotely true.

Most BTC transactions happen off chain.

I think Bitcoin can only process something like 9 transactions a second on the chain.
 
cfives said:
Going forward, the only real anonymity is because no one cares, so better to live in a large city, than assume that any digital transaction is not traceable.
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No, the U.S. and similar big dollar nations can access the necessary technology to trace down a crypto recipient, but nations in most emerging markets just aren't able to do that in any reliable fashion.
 
Eldritch said:
No, the U.S. and similar big dollar nations can access the necessary technology to trace down a crypto recipient, but nations in most emerging markets just aren't able to do that in any reliable fashion.
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I can follow the path of coins back through the ledger with my web browser and a notepad, bruh. I just don't have the power to subpoena the exchanges for the banking info for who purchased the coins or sold them and withdrew the money, unlike nations in most emerging markets.

Bitcoin is entirely transparent, it's just anonymous.
 
It's got about as much anonymity as your Barf username. Which is not much. From a privacy standpoint, keeping all monetary transactions in a public and immutable ledger is stupid and terrible. If someone doxxes your wallet address, they're able to see all the transactions and trace who you paid, when, and how much.
 
I don't own any bitcoin but now that it's under $20,000 I'm thinking it may be time to buy some soon. Maybe wait to see it go even lower? I'm still on the fence over value.
 
cheez said:
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I can follow the path of coins back through the ledger with my web browser and a notepad, bruh. I just don't have the power to subpoena the exchanges for the banking info for who purchased the coins or sold them and withdrew the money, unlike nations in most emerging markets.

Bitcoin is entirely transparent, it's just anonymous.
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Sure, but that anonymity is easily transferred between other accounts to help obfuscate origins and create culpability. These transfers also don't have the same regulation as cash transactions, so they do not turn into as many red flag observations as cash transactions do when liquidated, just make sure you report your earnings to the appropriate tax authorities.

There is a lot of value in that, even if it is not a perfect transaction tool yet.
 
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