Bitcoin currency of the future?

Discussion in 'Mayberry Lounge' started by CauseImbetta, Jan 1, 2016.

  1. Der Eisbär

    Der Eisbär Banned Banned

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    Define "backing" please. The USD has no backing other than the trust and faith of the US government and its people, both of which are a terrible backing for a currency. BTC however has the backing of a massive blockchain network that makes the currency unfuckwithable.

    There have been numerous dips in BTC yet it always recovers and climbs back up. Just a minute ago it crashed from 19.5k to 16k and now its climbing again. It will stabilize somewhere in this neighborhood and resume its bullrun. A single dip isn't going to crash the value; numerous dips have already happened.
     
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  2. xcvbn

    xcvbn Silver Belt Platinum Member

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    I've been a long advocate for crypto. I'm just saying that it was never a sure thing to take off. While it indeed has, it just as easily could have failed so people shouldn't beat themselves up either way.
     
  3. Der Eisbär

    Der Eisbär Banned Banned

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    Definitely. People shouldnt beat themselves up for not getting into it in the early early days. Back when you had to have real technical knowledge to even get in. But since the currency has become much more user friendly in the last 1-2 years, if you knew about it and didnt get in, beat yourself up. I'm beating myself up for not getting in january 2016 when I knew about it and had every ability to get in, but simply forgot about it.
     
  4. WorldofWarcraft

    WorldofWarcraft Holy Paladin Banned

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    BAHAHAHAHAHAHAHAHAHAHAHAH
     
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  5. Tamriel Terror

    Tamriel Terror Silver Belt

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    Welp. Guess I wont be putting my money in Bitcoin, Ethereum, or Litecoin since coinbase has died'd for me lol. I've taken like 10 pics of my license and it just keeps timing out.
     
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  6. Der Eisbär

    Der Eisbär Banned Banned

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    don't try multiple attempts to verify your ID. One request at a time. Wait for it to be denied before trying again. The volume going on right now is insane. I just buy some more btc since it corrected back to 16k+ and the transaction went through without a problem. Maybe wait a few hours and try again.
     
  7. Zazen

    Zazen Brown Belt

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    Bad Idea. I got blocked out for 24 hours trying to do it multiple times.
     
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  8. rj144

    rj144 Black Belt

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    Which is exactly why it won't go down for a while. It's dipped a lot the last few months and everyone has jumped back on immediately which shows great confidence.
     
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  9. ToxicShocker

    ToxicShocker Hamsterdam

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    The fact that you guys try and explain why its doing well means you have drank the koolaid. This is worse than tulipmania. At the end of the day, even if it has no marketable value, you can put a tulip in a vase and look at it.

    The usd is pegged to thousands of things, and im not going to list them here, but our economy is a machine with thousands of variables. The value of a usd is based on confidence that the machine will run more or less efficient.

    Crypto currency has essentially 3 variables, supply, demand, and gamblers greed.

    It is pegged to the whims of gamblers, and the moment people who get in at 14000 feel scared the whole house will collapse
     
  10. ToxicShocker

    ToxicShocker Hamsterdam

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    Im glad you guys made money, but step away from the table. Youve landed on black too many times.
     
  11. Zer

    Zer Gold Belt

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    I decided to try out Coinbase since my usual exchange has gone to shit but the whole site is dead at the moment. Lotta people trying to get in on Bitcoin I guess

    I'm still waiting for a crash on Bitcoin but might buy a little Eth
     
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  12. CoolB

    CoolB Black Belt

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    So what do you guys have to show for these investments? A bunch of encryption keys on paper locked up in a safety deposit box?
     
  13. Der Eisbär

    Der Eisbär Banned Banned

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    thats like saying what do you have to show for your investments in gold? a bar sitting in a safety deposit box? what you have to show is an exponential growth in your wealth
     
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  14. Der Eisbär

    Der Eisbär Banned Banned

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    Everything you've said here means you have no idea what you're talking about. You can't send a tulip across the globe in an instant as an exchange of value.

    Also lol @ citing the trust in the usd. Distrust in central banking and the usd is incredibly high.
     
  15. Tamriel Terror

    Tamriel Terror Silver Belt

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    I'm about to starting investing it crytocurrency, but I want it to be safe and I don't trust keeping it on apps like Coinbase, so I'm about to buy a Hardware wallet so I can transfer the coins to it, should I go with Trezor or Ledger Nano S? I'll figure out how to use them after purchasing them (hopefully they're fairly simple).
     
  16. CoolB

    CoolB Black Belt

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    Yeah but a bar of gold will always have some worth, even in a crash. It's a physical commodity in your hand. I worry that after a crash as a bitcoin investor you're left with worthless encryption codes. Either way It was more a data mining kind of question to help me with some decisions and possibly convincing my wife to invest.
     
  17. ToxicShocker

    ToxicShocker Hamsterdam

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    Its obvious you cant be persuaded by something like economics so

    [​IMG]
     
  18. Der Eisbär

    Der Eisbär Banned Banned

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    Well, if you have money in a savings account, what do you really have to show for it other than numbers on a screen? Its the same with crypto. It's numbers on a screen. The difference is that trust in bitcoin is light years above trust in USD.
    Originally an econ major before switching to poli sci.
    How's this for economics -
    $0000 - $1000: 1789 days ***
    $6000- $7000: 13 days
    $7000- $8000: 14 days
    $8000- $9000: 9 days
    $9000-$10000: 2 days
    $10000-$11000: 1 day
    $11000-$12000: 6 days
    $12,000-$13,000: 17 hours
    $13,000-$14,000: 4 hours
    $14,000-$15,000: 10 hours
    $15,000-$16,000: 5 hours
     
  19. Scott Parker 27

    Scott Parker 27 Your Mom's Box

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    You guys think this will put downward pressure on the silver and gold market? Me think people will take some of their cash normally in precious metals and try their luck at the bitcoin table. Might be a good time to buy gold.
     
  20. Luminaire

    Luminaire Silver Belt

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    What can I buy with my bitcoin? I purchased one last month, it's worth a lot more now. What can I buy with it?
     

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