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 Post subject: Bitcoin
PostPosted: Wed Nov 29, 2017 11:57 pm 
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A non geographic currency, owned, controlled or regulated by noone is doing rather well at the moment.

A good or bad thing?

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 1:08 am 
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Wish I'd bought a shit ton of it 10 years ago... III/O

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 1:33 am 
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I view them as worthless zeroes and ones. Without the backing of a government or commodity such as gold, there's no stability, accountability or real worth.

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 2:11 am 
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Too risky to pour a substantial amount of hard-earned money into. Maybe worth tossing in $500 for shits & giggles though.


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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 12:14 pm 
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SomeGuy wrote:
I view them as worthless zeroes and ones. Without the backing of a government or commodity such as gold, there's no stability, accountability or real worth.


Well, no-one uses currency backed by any tangible commodity these days...

But are you saying that you only trust money if a group of Government bureaucrats have promised you that it definitely is worth something..?

*YOU*, of all people SG, only trust Government money..?

:-?

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 2:38 pm 
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hahahha funny fucker.

But I also agree with Someguy, I just don't get it but then I don;t get a lot of things these days (must be old age.)

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 2:52 pm 
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Holyman wrote:
Well, no-one uses currency backed by any tangible commodity these days...


Not directly anyways. The value of the US Dollar is (indirectly) tied to the price of gold despite being a fiat currency. (In some ways it's also the other way around, the price of gold is tied to the fiat value of the US Dollar.)

But the point is, bitcoin has no authoritative backing be it gold or government. What do you do when someone pays your bitcoin price in counterfeits? With no government backing (and not all governments recognize bitcoin as valid currency), it's basically the same as being swindled in a barter market, you just have to suck it up and take your losses.

Speaking of counterfeits, because it has no government backing or basing upon gold or silver or what have you, a counterfeit bitcoin is identical to a "real" one. It's why it's the currency of choice on the dark web. You can counterfeit or rob countless bitcoins (they are just zeroes and ones generated by an algorithm after all) and sell them off for real cash. It's practically a true victimless crime, one which the victim had to be buttfuckingly stupid to go along with by dealing in bitcoins in the first place. And it's one with which he has no real recourse again on account of no government backing.

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 3:55 pm 
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SomeGuy wrote:
Not directly anyways. The value of the US Dollar is (indirectly) tied to the price of gold despite being a fiat currency. (In some ways it's also the other way around, the price of gold is tied to the fiat value of the US Dollar.)


Actually, no it isn’t.

Not since ”The Nixon Shock” in 1971, when Tricky Dicky arbitrarily junked the Bretton Woods System and took the U.S. Dollar off the Gold Standard and made a freely floating fiat currency (like what everyone else uses).

The value of the U.S. Dollar today is not in any way tied to the price of Gold.

The U.S. Dollar in November 2017, is purely a Medium of Exchange that possesses only the value that President Donald J. Trump asserts that it has.

I can assure you SG that if the Trump Presidency continues on its current trajectory, the Foreign Exchange value of the U.S. Dollar will plummet, and the Commodity Index price of Gold (& Block-Chain Currencies, come to that) will sky-rocket.

If the value of the U.S. Dollar is in any way linked to the (International Commodity Exchange) value of Gold, how could that be?

What makes the BitCoin and other Block-Chain currencies so attractive, is that their Exchange Values are not subject to Political Influence through the Central Banks that issue existing fiat currencies.

A specific single human being sitting in a specific single oval-shaped office in North America can directly and immediately impact the Exchange Value of the U.S. Dollar, with a single tweet.

Same thing goes for the G.B. Pound, based on whatever inanity the temporary occupant of 10 Downing Street foolishly utters in Parliament; and same for the Euro, Renminbi, Ruble and Yen, with respect to the personalities currently heading the Governments in whose name those currencies are issued.

But not with Block-Chain currencies.

No single individual or nation is able to significantly influence the value of BitCoin in so short a space of time.

The value of BitCoin will always be volatile, but the volatility in BitCoin’s value will always reflect the prevailing dynamic in Global Society, rather than the political misfortunes of Governments in those Nations still running their own Central Banks.

Of course BitCoin is currently subject to a speculative Bubble, and “investors” who put their chips down for bets on such Bubbles can get lucky, or unlucky. “Investment” in BitCoin is just a question of gambling.

But the “variables” that influence the value of Block-Chain currencies are far more numerous and granular than those that influence the value of fiat currencies.

BitCoin “Investment” is currently a Risky Bet.

But not that much more risky than betting on Trump’s Dollar currently is; and probably safer than betting on May’s Pound right now…

:-"

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 4:18 pm 
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On another note, more closely related to the Topic:

I’m assuming everyone knows that “BitCoins” are “mined”..?

That is: the Block-Chain Hashing required for a specific Block Reward (was 50, now 12.5 Bitcoins) takes a tremendous amount of usually GPU-powered processing.

Now when a Bitcoin was only fetching $1,000, one had to think carefully about how much money one would be willing to spend on purchasing the hardware required for BitCoin mining, and the electricity bill required to carry out that mining.

But with the BitCoin Exchange Value currently heading north of $10,000, the situation changes.

You *COULD* spend $10,000 on a single BitCoin, in the hope that in a year’s time, it will be worth $20,000…

But now, you could also spend that $10,000 on specially designed hardware, and the electricity required to run it…

…And potentially produce 12.5 Bitcoins in a year.

And even if BitCoins are still “only” worth $10k in a year’s time, well, you’ll be sitting on $125, 000, won’t you.

You may not choose to do that, of course (or more likely, your missus won’t let you…), but plenty of other people will.

And before too long, the supply of BitCoins will exceed demand, and the Exchange Value of BitCoins will drop…

…To the point where it won’t be economically viable to invest in and run BitCoin Mining Hardware.

And then the cycle will start all over again.

>*^*<

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 30, 2017 5:22 pm 
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It's just dropped 20% glad we didn't invest in that Someguy ;)

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 Post subject: Re: Bitcoin
PostPosted: Fri Dec 01, 2017 2:27 am 
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Junior-IRL wrote:
It's just dropped 20% glad we didn't invest in that Someguy ;)


My point proven exactly. 20% volatility like that is the realm of nigh-failed Third World countries with rampant hyperinflation like Venezuela currently. No stability, economic or otherwise.

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 Post subject: Re: Bitcoin
PostPosted: Fri Dec 01, 2017 5:34 am 
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I view them as worthless zeroes and ones. Without the backing of a government or commodity such as gold, there's no stability, accountability or real worth.

This exactly

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 Post subject: Re: Bitcoin
PostPosted: Fri Dec 01, 2017 5:50 am 
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Shitcoin


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 Post subject: Re: Bitcoin
PostPosted: Fri Dec 01, 2017 6:43 pm 
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I watched a documentary on bitcoin mining operations that are popping up lately. The scale of these operations is incredible (think full warehouses being liquid cooled and secured). Nothing but rack after rack of GPU's on a massive power grid and cooling system. I'd really like to know how governments plan to tax this "income" being that it fluctuates so often.

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 Post subject: Re: Bitcoin
PostPosted: Fri Dec 01, 2017 7:51 pm 
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LeadMagnet wrote:
I watched a documentary on bitcoin mining operations that are popping up lately. The scale of these operations is incredible (think full warehouses being liquid cooled and secured). Nothing but rack after rack of GPU's on a massive power grid and cooling system. I'd really like to know how governments plan to tax this "income" being that it fluctuates so often.


Aaaand you've just hit on another benefit of BitCoin:

It is un-taxable.

*ONLY* when you convert your BitCoin back into your currency of choice will you pay tax on any Capital Gains.

But keep your BitCoins in BitCoins, and never get taxed.

Forget about BitCoin as a Speculative Gamble...

Think about what it would be like if you could get paid in BitCoins, and pay for everything you need to in BitCoins.

B-)

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 1:14 am 
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Holyman wrote:
Think about what it would be like if you could get paid in BitCoins, and pay for everything you need to in BitCoins.

B-)


I'd be the poorest man in Pueblo County. The homeless would have more money than me because what could I buy? Only stuff online that accepts bitcoins and because of the horrific variability in value, I could be paid well below minimum wage with them.

Bitcoins don't pay the utilities or rent, Wal-Mart doesn't accept them for food and frankly I'd rather not be stuck in endless labor court over inconsistent and perhaps illegal pay rates. (If I even had legal recourse at all.)

It's a terrible idea, terribly executed and has no future. There's nothing attractive about bitcoins. You can't eat them, you can't make things with them unlike gold, you can't burn it for heat unlike paper currency, they're just zeroes and ones shat out of a computer.

So no. :-q

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 11:11 am 
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SomeGuy wrote:
Holyman wrote:
Think about what it would be like if you could get paid in BitCoins, and pay for everything you need to in BitCoins.


I'd be the poorest man in Pueblo County. The homeless would have more money than me because what could I buy?


Holyman wrote:
...and pay for everything you need to in BitCoins.


:-"

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 5:10 pm 
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An impossible situation. Thus irrelevant.

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Ill sell ya the rope with which you shall hang yourself.
Capitalism for the Win.

PCNC and PBF live in death!


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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 6:56 pm 
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Lots of Hotels are starting to take them. There's most of your concerns handled right there Someguy.

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What you have taken, Has been from here
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What belongs to you today
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and will be someone else’s tomorrow

Change is the Law of The Universe

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“A good traveler has no fixed plans, and is not intent on arriving.” – Lao Tzu


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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 8:15 pm 
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tgrant wrote:
Lots of Hotels are starting to take them. There's most of your concerns handled right there Someguy.


I think he's more worried about the hentai stores.

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 9:49 pm 
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That's easy!

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What you have taken, Has been from here
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What belongs to you today
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and will be someone else’s tomorrow

Change is the Law of The Universe

-------------------------------------------------

“A good traveler has no fixed plans, and is not intent on arriving.” – Lao Tzu


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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 10:03 pm 
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tgrant wrote:



I Wunder how many vibrators SG has in his bottom drawer?

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 10:26 pm 
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barcelona wrote:
tgrant wrote:



I Wunder how many vibrators SG has in his bottom?


Fixed

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 Post subject: Re: Bitcoin
PostPosted: Sat Dec 02, 2017 10:33 pm 
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Slacks wrote:
barcelona wrote:
tgrant wrote:



I Wunder how many vibrators SG has in his bottom?


Fixed





You horrible man. Now I have to have a bath in bleach.

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 Post subject: Re: Bitcoin
PostPosted: Sun Dec 03, 2017 11:52 am 
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After observing it first hand buying drugs on the dark net, I was trying to convince every mate i thought would listen to get in on it at $30, thinking it'd go to 100-200 bucks max. I myself didnt get in on it, because in my infinite wisdom I was planning to resell drugs on the darknet for a much more reliable and stable profit. Which would've been fine if I hadn't kept nonstop getting high on my own supply and having nothing left to sell leeeeeeeeeel

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Trump is going to lose to Hillary in a landslide, he is literally the only candidate who could have lost to her, we will have 4-8 more years of lefty insanity, possible lose the congress, and have a liberal dominated supreme court for a generation.

And I fucking blame you fuckwits who voted for Trump in the primary, classic low information voter.

We need pull taxes, to cull the opinions of DINDU's and inbred Trump supporters. >>::$


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