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bitcoins

byke said:
What's the difference between 100% digital currency and our current 75%digital/25% analog currency? They already print money out of thin air, what's the difference between that and a few more keystrokes?
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Do I really need to expound the detriments of a cashless society to you?

I'm no fan of paper fiat currency, of course... but we would be infinitely better off with it than an all-digital currency and econo-sphere.
 
redruM said:
Do I really need to expound the detriments of a cashless society to you?

I'm no fan of paper fiat currency, of course... but we would be infinitely better off with it than an all-digital currency and econo-sphere.
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We already have which basically amounts to digital currency.
 
redruM said:
No we don't. As long as paper cash exists, we the people still have the ability to engage in private off-radar transactions.
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Ah in that case sure. Although even with bitcoin online you can do it on downlow.
Also isn't it possible to transfer from HW wallet to another?
 
Blankpage said:
Many years ago during the dotcom burst I worked with a guy who inherited a nice chunk of change, between $30-50K. He dumped all or most on Lucent just before the bubble burst.
First of all dude was facing inheritance taxes, then he sat on his investment all the way from its highs to under $10. So he loses his investment plus has to come up with money he doesn't have to pay his taxes. A tough introduction to money management.
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Ah, Lucent. I can thank that stock for teaching me the term "never try to catch a falling knife".

Blankpage said:
I have no idea other than when everyone including the bag packers at the local supermarket are wanting to get in it might be time to get out.
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That is pretty much a surefire sign, and I've actually used that example with people.

rodr said:
Thing is, bag holders are only defined in retrospect. The price of a security at any time reflects what the collective market thinks of its future value.

Yep I've been a bag holder. :laughing
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As have I, more than once, unfortunately. Fortunately (I hope), I've learned that lesson with relatively smaller stakes and try to invest rather than speculate now.
 
Blankpage said:
I have no idea other than when everyone including the bag packers at the local supermarket are wanting to get in it might be time to get out.
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Reminds me of the time a real estate person told me in 2007 the EVERY home in Santa Cruz would be a million dollar property.
 
UDRider said:
Ah in that case sure. Although even with bitcoin online you can do it on downlow.
Also isn't it possible to transfer from HW wallet to another?
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IMHO, nothing online can be done on the downlow.

People would be wise not to underestimate the role that physical cash (or any other physical, tradeable asset) plays in personal financial freedom.

An all-digital world will be more of an Orwellian nightmare than a progressive utopian dream for 98% of the planet.
 
redruM said:
Do I really need to expound the detriments of a cashless society to you?

I'm no fan of paper fiat currency, of course... but we would be infinitely better off with it than an all-digital currency and econo-sphere.
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redruM said:
No we don't. As long as paper cash exists, we the people still have the ability to engage in private off-radar transactions.
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Ahhhh, ok, you were thinking that 100% digital would mean that cash were outlawed or something. I was thinking of it more as, since there have been plenty of months where I was 100% digital and of course cash wasn't illegal during those periods, I didn't see the problem with those periods being indefinite.
 
SM610 said:
Explain please.
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Sure thing. Redrum is stating that if we don't have cash then there isn't a way to engage in private off radar transactions. Crypto currency is a private transaction that does not disclose the individuals making that transaction. I feel he also comes in here just to blast us and claim we are fools for what we are investing in. Could be wrong but that is the vibe I get.

Yakoo752 said:
Chicago merch (CME) opens bitcoin futures contracts Dec 18th

And I’m out

Good luck all
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Why are you fearful? I believe it's a great time to play the market because the volatility will be high.
 
I didn’t say I was fearful

It just became too mainstream for me - it deligitimizes the concept for me (in regards to bitcoin)
 
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Yakoo752 said:
I didn’t say I was fearful

It just became too mainstream for me - it deligitimizes the concept for me (in regards to bitcoin)
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What?

To main stream? As in major multi billion dollar companies that are getting ready to accept bitcoin is a bad thing? What was it... less than 3 weeks ago when I told you to put a buy in when it was going to dip to 5500?

Please film your reaction on your go pro.
 
Its clear some of you have no idea how crypto works. You do not need internet access to exchange bitcoins for goods and services. It can all be done between individuals offline.
 
panthera said:
Its clear some of you have no idea how crypto works.
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I'd say that is true for a lot of people jumping on the bandwagon overall -- they have no clue what it is and are throwing money into it solely because they're getting caught up in the greed frenzy. One of the hallmarks of a speculative bubble.
 
Entoptic said:
Sure thing. Redrum is stating that if we don't have cash then there isn't a way to engage in private off radar transactions. Crypto currency is a private transaction that does not disclose the individuals making that transaction. I feel he also comes in here just to blast us and claim we are fools for what we are investing in. Could be wrong but that is the vibe I get.



Why are you fearful? I believe it's a great time to play the market because the volatility will be high.
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Are you sure? It may not disclose people by name, but by some other form of identity which can then be tied back to a name.

Maybe you can use a service to launder^w mix the bitcoins to make it hard to trace origin/destination. But is that what most people really do? And how do you know that service isn't really a tracking service?

Crypto = cryptography, which can be used for many things. It can be used to verify a transaction. It can also be used to encrypt a bit of communication. But the two items are actually distinct. And hiding source/destination of communication is really really hard.


(Of course cash will be easily tracked soon enough, RFID in money can't be that hard, and RFID sensors not so hard either. Still pretty coarse compared with explicit records.)


https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283/
 
jt2 said:
I'd say that is true for a lot of people jumping on the bandwagon overall -- they have no clue what it is and are throwing money into it solely because they're getting caught up in the greed frenzy. One of the hallmarks of a speculative bubble.
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Sounds like the stock market. How many investors really know about the companies they invest in with their money? How many people truly understand where their money goes in a 401K. They just know it is "supposed" to make money over time.
 
jiffy said:
Sounds like the stock market. How many investors really know about the companies they invest in with their money? How many people truly understand where their money goes in a 401K. They just know it is "supposed" to make money over time.
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There's some truth to that. However, you have the fact that taking a broad spectrum of the stock market has demonstrated earnings and earnings growth to base its value on.

Thus, there are sound reasons to invest in the stock market. Yes, it is a bit overvalued right now IME, but there is fundamental value there. The same absolutely cannot be said about cryptocurrencies. Right now they are purely speculative.
 
When this thread was started the price per bitcoin was approximately $1000. Its up 1000%. I have no doubt that in 2018 it will go up at least another 100 to 200 percent. This post will serve as posterity. Goldman Sachs is buying bitcoin for christ sake. JPMORGAN CHASE is buying bitcoin. Some of you will go to your grave hating on bitcoin because you WILL miss this opportunity. CME and CBOE will list bitcoin future very soon. What more do you need to see to prove to you that this tech is here to stay?
 
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