Bitcoin currency of the future? | Page 20

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

  1. Der Eisbär psychonauticus ursus

    Der Eisbär
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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.
     
    #381
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  2. mr.bigglesworth Red Belt

    mr.bigglesworth
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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.
     
    #382
  3. Der Eisbär psychonauticus ursus

    Der Eisbär
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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.
     
    #383
  4. WorldofWarcraft Holy Paladin

    WorldofWarcraft
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    BAHAHAHAHAHAHAHAHAHAHAHAH
     
    #384
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  5. Tamriel Terror Silver Belt

    Tamriel Terror
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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.
     
    #385
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  6. Der Eisbär psychonauticus ursus

    Der Eisbär
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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.
     
    #386
  7. Zazen Purple Belt

    Zazen
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    Bad Idea. I got blocked out for 24 hours trying to do it multiple times.
     
    #387
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  8. rj144 Brown Belt

    rj144
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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.
     
    #388
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  9. ToxicShocker Hamsterdam

    ToxicShocker
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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
     
    #389
  10. ToxicShocker Hamsterdam

    ToxicShocker
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    Im glad you guys made money, but step away from the table. Youve landed on black too many times.
     
    #390
  11. Zer Gold Belt

    Zer
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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
     
    #391
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  12. CoolB Brown Belt

    CoolB
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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?
     
    #392
  13. Der Eisbär psychonauticus ursus

    Der Eisbär
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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
     
    #393
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  14. Der Eisbär psychonauticus ursus

    Der Eisbär
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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.
     
    #394
  15. Tamriel Terror Silver Belt

    Tamriel Terror
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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).
     
    #395
  16. CoolB Brown Belt

    CoolB
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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.
     
    #396
  17. ToxicShocker Hamsterdam

    ToxicShocker
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    Its obvious you cant be persuaded by something like economics so

    [​IMG]
     
    #397
  18. Der Eisbär psychonauticus ursus

    Der Eisbär
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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
     
    #398
  19. Scott Parker 27 Your Mom's Box

    Scott Parker 27
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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.
     
    #399
  20. Luminaire Red Belt

    Luminaire
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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?
     
    #400

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