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Old 12-18-2013, 09:01 AM   #41
Jd101506
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Thats the problem with crypto currencies. The lack of real world physicality makes them considerably more volatile. I've considered getting into litecoin, but I can't justify the cost/rate of return. Most people who were smart got in on the ground floor, made a ton when it got to 1k per coin, and then ditched out and sold everything then. The AMD 7950s that people are using as the best bang/buck cant even be found anymore, and on ebay they are selling for 400-500 a card instead of retail 200-250. Insane.

http://i.imgur.com/T5BbvrG.jpg
http://i.imgur.com/dDamPHX.jpg

Times are crazy, gentleman.
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Old 02-10-2014, 08:24 AM   #42
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Looks like Bitcoin is taking a beating recently.
Russia has made it illegal and apparently there is a software bug that allows fraud ....
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Old 02-24-2014, 09:53 AM   #43
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CEO of Mt Gox resigned on Sunday .... more bad news for Bitcoin and prices are still falling.
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Old 02-26-2014, 07:03 AM   #44
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Originally Posted by Jd101506 View Post
Thats the problem with crypto currencies. The lack of real world physicality makes them considerably more volatile. I've considered getting into litecoin, but I can't justify the cost/rate of return. Most people who were smart got in on the ground floor, made a ton when it got to 1k per coin, and then ditched out and sold everything then. The AMD 7950s that people are using as the best bang/buck cant even be found anymore, and on ebay they are selling for 400-500 a card instead of retail 200-250. Insane.

http://i.imgur.com/T5BbvrG.jpg
http://i.imgur.com/dDamPHX.jpg

Times are crazy, gentleman.
Now that Bitcoin is apparently going to be history, it seems that the prices on those sweet AMD cards used to mine it should come down now. I don't see how Bitcoin can survive this debacle. The currency has no value Without faith in what is behind it. Would love to slip just one of those bad ass 7950 cards into my i5 rig. I don't really need one, but it would be nice anyway

Saw this story - a couple found 10M worth of buried gold treasure on their land. How cool is that? The historical value (10M, estimated) of the find outweighs it's melt value ($28,000). Now those are some "coins" with real value

http://www.latimes.com/local/lanow/l...,4185029.story
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Old 03-08-2014, 02:06 PM   #45
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Thats the problem with crypto currencies. The lack of real world physicality makes them considerably more volatile.

Times are crazy, gentleman.
If you think about it, dollars have no real world physicality to them as well.

Long ago it used to be on the gold standard, but for a long time it has just the faith in the currency.

The only physicality remaining are the printed bills and coins, but that makes up a very, very small amount of the money supply. It is all mostly just entrees in ledgers in bank accounts, balance sheets, etc.
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Old 03-08-2014, 02:42 PM   #46
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If you think about it, dollars have no real world physicality to them as well........It is all mostly just entrees in ledgers in bank accounts, balance sheets, etc.
You are correct WDD. The wife and I have direct deposit paychecks and use a credit card for every expense. From the utility bill, insurance premiums, to an 89 cent bottle of water. We pay the credit card bill in entirety each month from accumulated payroll deposit in checking account. Just moving numbers from one place to another through cyberspace. Get some cash back through 'rewards' program, no concern over incorrect change or where the grungy coin has been. A coworker of mine was fond of making something he called "butt pennies".
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Old 04-09-2014, 09:06 AM   #47
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Your co-worker has issues.
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Old 04-30-2015, 04:08 AM   #48
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http://www.nytimes.com/2015/05/03/ma...=tw-share&_r=0

Rumors of demise greatly exaggerated.

“We foresee a real possibility that all currencies go digital, and competition eliminates all currencies from noneffective governments,” it said, channeling Casares’s arguments. “The power of friction-free transactions over the Internet will unleash the typical forces of consolidation and globalization, and we will end up with six digital currencies: US Dollar, euro, Yen, Pound, Renminbi and Bitcoin.”
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Old 04-30-2015, 08:23 AM   #49
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"Pound”
Such an insignificant, yet resiliant currency. I have always been amazed at the value it holds and the fact that it survived the Euro.


on a side note..... DOGECOIN, INVEST NOW.
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Old 05-04-2015, 07:20 AM   #50
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Goldman Sachs investing in bitcoin:

http://www.fool.com/investing/genera...n-bitcoin.aspx
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Old 05-04-2015, 07:41 AM   #51
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Goldman Sachs investing in bitcoin:

http://www.fool.com/investing/genera...n-bitcoin.aspx
Well "investing in bitcoin" that doesn't use bitcoin

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The main thing that makes Circle different is a new feature it plans to integrate over the coming weeks. Circle is allowing consumers to hold U.S. dollars in their accounts but is allowing them all of the transfer capabilities of digital currencies. In other words, Circle is giving people Bitcoin, without the volatility or hassle of actually buying Bitcoins on an exchange. And the dollar-denominated account balances held in Circle accounts are FDIC insured.
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Old 05-06-2015, 04:14 AM   #52
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Maybe? Looks like they're still using bitcoin to transfer money w/o standard fees.

"Circle users can choose to hold U.S. dollars but can pay any merchant anywhere in the world who accepts Bitcoin. Circle will instantly convert the dollars into Bitcoin at the time of payment, and Circle users can also accept Bitcoin payments, which will be instantly converted into dollars."

So you have dollars, until you want to transfer money, then it goes to bitcoin to someone else, who can then covert into whatever they choose.

"And most importantly, the long-term value of Bitcoin may not be in the currency itself, but the technology that makes easy, low-cost transfers of money possible."

Which is kind of a confusing statement. The currency has value in the fact that it's easy to transfer... yeah, so that's not a currency how?
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Old 12-08-2017, 04:18 PM   #53
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It's been a wild recent ride!
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Old 12-08-2017, 04:53 PM   #54
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Yeah, I bet!

I like bitcoin because of the really small denominations let you get in at pretty much any amount.

Ethereum seems to be the up and coming and I might dabble some. Who knows. Interesting how this "fake" current is really the driving force behind a lot of real companies like AMD and NVIDIA etc etc. NVIDIA stock has been riding the bitcoin wave
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Old 12-08-2017, 05:51 PM   #55
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An acquaintance of my wife's was at my house maybe 7 years ago, and said he bought some Bitcoin for fairly small amount when it first came out, and it had increased to be worth 30K. He asked my advice about what to do as it had gone up so much. I advised him to sell half and keep half, stating "it is Chuck-E-Cheese money dreamed up by shadowy super nerds, and it has no value basis". Hopefully he did not follow my advice.

I still think Bitcoin is Chuck-E-Cheese money dreamed up by shadowy super nerds with no real value basis, and that it will turn out to be the biggest Ponzi Scheme in human history, and possibly the catalyst for our next economic downturn. Be that as it may I still wish I had bought some years ago, because if you bail before the music stops, well, one can convert Bitcoin gains into a ton of money and other hard assets such as real estate and even hookers and blow, which are all backed by governments with militaries, submarines and nuclear bombs...

What to do now If I was him and probably worth over 10M? Self half, at least
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Old 12-08-2017, 05:58 PM   #56
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It may be fake but it sells for real money in your bank account.
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Old 12-08-2017, 06:12 PM   #57
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...he bought some Bitcoin for fairly small amount when it first came out, and it had increased... He asked my advice about what to do as it had gone up so much. I advised him to sell half and keep half ... Hopefully he did not follow my advice... :
You too huh? When Bitcoin had gone up to ~$1000 my kid asked me if I thought he should sell. I told him nobody ever went broke taking a profit and suggested same as yourself - to lighten his position. Hindsight is 20-20.. I stand by my council, but I hope to hell he didn't listen to me )

There being more implied "legitimacy" by way of cboe making XBT options available AND there being only 21million Bitcoin ultimately available for trade, it's a lot more attractive instrument for speculation than it used to be, even at these price levels I think.
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Old 12-08-2017, 06:22 PM   #58
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It may be fake but it sells for real money in your bank account.
Agree. If I really wanted to cash in huge Bitcoin winnings, I think I would buy real estate, as it is a fair point to argue that the dollar (or any other paper currency for that matter) is also "funny money".

The infrastructure for trading Bitcoin is groaning under the strain of sharply increased volume. There is an ETF (GTBC) that can be used also, but of course that is not nearly as good of a "deal" as trading the actual coins, but it is liquid and on the "normal" markets. GBTC has it's own issues though.

http://fortune.com/2017/12/07/bitcoi...own-valuation/

Interesting thing about Bitcoin that seems to be driving the frenzy - the amount of Bitcoins if capped at 21 million if I recall right, and assuming BTC can obtain even 1% of the world's money exhange, each coin would be worth a helluva lot more than the 16K that it is currently.

I am amazed that the world's governments are standing by and allowing this threat to their sovereign currencies to occur. I am sure they will find new and inventive ways to tax Bitcoin, or punish people for using it, as that is what governments are truly good at - taxing and punishing...
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Get your FI maps right here:

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Old 12-08-2017, 07:18 PM   #59
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OMG, it was 11K last week. Damnitttttt.

What I don't understand, and this applies to stocks as well, is that the value of these items is hypothetical, its purely driven by its trading. Like, its so absolutely idiotic.
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Old 12-08-2017, 07:29 PM   #60
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Anything is worth what anyone is willing to buy it for.
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