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01-03-2018, 06:51 PM
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#1
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Kindly Asked To Leave
Join Date: Jan 2011
Posts: 2,443
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Bitcoin-ALtcoins (cryptocurrency)
so has anyone got on this bandwagon,, been wanting to ask sooner but was waiting to see where the CraZiness is heading. new fav seems to be Ripple
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01-03-2018, 07:25 PM
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#2
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Scarlet Witch
Join Date: Jan 2006
Location: Frozen Wasteland
Posts: 7,866
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I have no bitcoin, a little bit of Litecoin, nothing else.
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01-03-2018, 09:15 PM
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#3
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Blue Falcon
Join Date: Jul 2012
Posts: 563
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Much illegal money goes into these crypto currencies (e.g. money laundering) !
And mostly chinese go and mine these (hard to track back - !if done right!).
Altcoin has many advantages over bitcoin. But all have same "problem": There is no real "value" behind a crypto; e.g. no tax and gross domestic product, enterprises of a country and so on, which gives the currency of a country its value.
There is absolutely nothing as the believe in it. You can`t even get a "jewel" or something to touch. The only "value" is the destroyed environment (mining needs a huge amount of energy).
and the risk of getting chopped.
If interest into a crypto goes up you make money, if it goes down you will lose everything (propably very fast).
Not the "normal" people as you and me give a crypto its value. That`s far above you and me. Anyway you can be sure some people get much money out of "their" crypto, propably your money.
Be careful.
Something to think about:
"the last bite the dog"
"snowball system"
"Litecoins, Peercoins, Primecoins, Namecoins", ..... where is the end?
"go out in time; before crashing starts"
"professional speculators drive prices, then go out before everyone else goes out"
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01-03-2018, 10:26 PM
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#4
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Kindly Asked To Leave
Join Date: Jan 2011
Posts: 2,443
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its almost like religion,, except this is driven by greed, and so more people will hop making it even bigger,, hard to stop it,, just like religion and blind faith
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01-09-2018, 04:35 AM
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#5
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The quickest way to double your money is to fold it in half and put it back in your pocket.
Join Date: Oct 2014
Location: Meow-verse
Posts: 1,423
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does any souls here invest in beekcoin?
have you made any monies?
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01-13-2018, 05:15 PM
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#6
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Everywhere is walking distance if you have the time.
Join Date: Sep 2016
Location: Chicago Illinois
Posts: 2,162
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I don't personally, but friend at work picked a Bitcoin up for 4k USD, then waited a few months. When it reached up to 18k USD around Christmas.. He then sold .5 Bitcoin. Right after then it gradually dropped again. Good timing for him!
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03-21-2021, 11:52 PM
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#7
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Fantastic Four
Join Date: Jul 2020
Posts: 76
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Quote:
Originally Posted by House
I don't personally, but friend at work picked a Bitcoin up for 4k USD, then waited a few months. When it reached up to 18k USD around Christmas.. He then sold .5 Bitcoin. Right after then it gradually dropped again. Good timing for him!
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Based on USD.LOL Bitcoin is pure nonsense. An imaginary currency of 1's and zeros which is worth a semi worthless piece of paper you currently use. Buy Gold and silver girls, or at least own something with tangible inherit value. Or be stuck with nothing if and when the power goes out LOL.
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03-23-2021, 11:04 AM
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#8
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Scarlet Witch
Join Date: Jan 2006
Location: Frozen Wasteland
Posts: 7,866
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Quote:
Originally Posted by Gravitron
Based on USD.LOL Bitcoin is pure nonsense. An imaginary currency of 1's and zeros which is worth a semi worthless piece of paper you currently use. Buy Gold and silver girls, or at least own something with tangible inherit value. Or be stuck with nothing if and when the power goes out LOL.
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This is exactly how I used to think and as a guy in my 50's I own a decent amount of physical gold and silverand I had one of those skateboard riding neighbor kids who is constantly shaking his hair out of his eyes tell me I should buy crypto a few years ago and I gave him basically the same speech you just did. But then it caught on and as noted above I did dip my toe in and my one Lite coin as it was cheap and I didn't think I could hurt myself but then I did research and found out that was about the worst one I could have bought and so I adjusted.
I bought 2 Bitcoin, 1.5 ETH, and some OXT and BAT. In total I have about $20,000 into it and as of this entry it is worth about $122,000. Many times I have been tempted to sell at least what I have into it and then just play with house money and I still might but just think of why it is so valuable. Fiat currencies of all kinds are oversupplied and inflated beyond reason including the US Dollar. BTC has a set number that can ever be produced and at least on large purchases can be used as currency and cannot be counterfitted. It is not controlled by any government. What happens when inflation spirals out of control and 7.5 billion people realize this fact? And I get what you are saying about gold but governments can do the same to that that they could do to crypto and probably even more effectively. In 1932 FDR made it illegal to own gold and if you were caught with any you would face 10 years in federal prison and a $10,000 fine. It wasn't until Gerald Ford that it became legal again for a private citizen to own gold.
I saw that skateboard kid a few months ago and I told him "You know kid if you were a better salesman I would be a lot richer". I guess I am just saying we shouldn't shut out new things and new opportunities because we don't understand them.
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03-23-2021, 11:44 AM
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#9
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Metal Men
Join Date: Dec 2017
Location: Kentucky
Posts: 10,350
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I am curious why the USD hasn't witnessed more inflation this past decade.
2021 - 1.6%
2020 - 1.3%
2019 - 1.8%
2018 - 2.6%
2017 - 2.3%
2016 - 1.4%
2015 - 0.1%
2014 - 1.8%
2013 - 1.7%
2012 - 2.3%
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03-23-2021, 12:06 PM
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#10
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Scarlet Witch
Join Date: Jan 2006
Location: Frozen Wasteland
Posts: 7,866
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Quote:
Originally Posted by Augen
I am curious why the USD hasn't witnessed more inflation this past decade.
2021 - 1.6%
2020 - 1.3%
2019 - 1.8%
2018 - 2.6%
2017 - 2.3%
2016 - 1.4%
2015 - 0.1%
2014 - 1.8%
2013 - 1.7%
2012 - 2.3%
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There are several theories and I am not an economist but I did study economics a little as a younger man and I remember we were always taught the Philips Curve relationship between unemployment and inflation and for years I think it held true but like a lot of things I think it changed.
Some of the things that make the most sense to me as explanations are globalization and consumer price inflation/vs asset inflation.
First, up until 1932 US could only print as much currency such that they had 40% of that amount in gold. That is why FDR made gold ownership illegal. Up until the early 1970's Foreign governments could turn in US dollars and get gold in return, which we typically retained physical custody of, which led to much more equal trade balances but also retarded growth. Since that time the US dollar has become basically the standard (replacing gold). Things like commodities (barrels of oil for example) are sold and measured in US Dollars. Part of the reason we have the European Union and the Euro was because no European country could effectively compete against US in trade and the dollar. With Globalization and every government printing money and having prepostorous debt including the US there is no place to really find safe currency so since all are the same there isn't the hyper inflation in any of them (at least yet) except for isolated places like Greece and socialist countries like Venezuela.
Second, when most people think of inflation it is restricted to consumer price inflation (which is I believe what you are quoting above). But instead what we are seeing is most of the new printed money going instead into financial instruments and stock markets and real estate and other assets which contributed to (along with deritives and forced lending to underqualified buyers) to the housing bubble and contributes now to the heated growth of the stock market.
If/when hyper inflation does hit it is going to be ugly and world wide.
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