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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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 Posted: Tue Dec 12, 2017 9:24 pm Post subject: Re: Bitcoin |
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Sentiment is priceless
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1972 Karmann Ghia |
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 9:50 pm Post subject: Re: Bitcoin |
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Really just trying to double my money, then sell so I can buy a distributor, CB magnaspark looks like the best
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1972 Karmann Ghia |
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EverettB 
Administrator
Joined: April 11, 2000
Posts: 69802
Location: Phoenix Metro
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 10:35 pm Post subject: Re: Bitcoin |
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Good question, not sure I'll have to look into that
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1972 Karmann Ghia |
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kinkerstinker
Samba Member
Joined: July 04, 2006
Posts: 122
Location: York, PA
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| Posted: Wed Dec 13, 2017 9:08 am Post subject: Re: Bitcoin |
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| my best friends brother in law is Charlie Shrem. Look him up if you wish, but he was heavily involved with bitcoin from the beginning. I've hung out with him a bunch of times over the last couple years and talked to him about bitcoin and he is SO confident in it. I guess I would be too if i was a self made millionaire from it, but no matter what he says, I can't bring myself to put any money into it. it seems so sketchy to me. |
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Manfred58sc
Samba Member
Joined: October 05, 2009
Posts: 3382
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| Posted: Wed Dec 13, 2017 9:17 am Post subject: Re: Bitcoin |
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Ah, the FOAF ( friend of a friend ) , the corner stone of good story telling. Mr. Shrem got a very raw deal for his "crime". It shows how scared the authorities can be of new ways to conduct business. I doubt bitcoin will double in 6 months with the high percentage of holders right now.
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kinkerstinker
Samba Member
Joined: July 04, 2006
Posts: 122
Location: York, PA
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| Posted: Wed Dec 13, 2017 9:26 am Post subject: Re: Bitcoin |
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| Manfred58sc wrote: |
| Ah, the FOAF ( friend of a friend ) , the corner stone of good story telling. |
lol you don't have to believe me. Not sure why I wold lie about knowing him but anyway.
His jail time was pretty cush from what i understand. My friend (who does exist, i swear  ) visited him a couple times. He said it was like "Martha Stewart jail" no walls or fences and free range of the place all day long. He did, however lose A LOT of his money in that whole mess. |
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sb001
Samba Member
Joined: May 19, 2011
Posts: 10406
Location: NW Arkansas
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| Posted: Wed Dec 13, 2017 2:11 pm Post subject: Re: Bitcoin |
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Bitcoin is dead what with 5/9. Don't you mean E-coin?
https://e-coin.com/
It's all moot anyway- the Dark Army will render everything worthless in its implementation of Stage 3.
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I'm the humblest guy on this board.
1969 autostick sedan, family owned since new
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Malokin Martin
Samba Member
Joined: August 19, 2007
Posts: 3099
Location: E-burg
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| Posted: Wed Dec 13, 2017 2:35 pm Post subject: Re: Bitcoin |
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| I for one welcome my new Skynet overlord. |
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ROCKOROD71
Samba Member
Joined: January 18, 2012
Posts: 2770
Location: Boston, MA
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| Posted: Wed Dec 13, 2017 4:33 pm Post subject: Re: Bitcoin |
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| kinkerstinker wrote: |
| it seems so sketchy to me. |
Well, Bitcoin was built on illicit trades, untaxed monetary transactions, and human misery....JUST LIKE EVERY OTHER CURRENCY!
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1971 STD BEETLE- DD-1st car, 1st love. keepin' it stock! 1600DP, Solex 34-3 Mexi Bosch SVDA Dist NOW w/POINTS
1977 WESTY "KrustyKamper" 2L FI
| 79SuperVert wrote: |
30 years from now, the next guy may not want your girlfriend, but he may want your classic car, depending on how nice you were to it. |
| asiab3 wrote: |
Careful guys, a petulant child can grow up to be president these days. |
**winter drivers: no survivors!**rust warrior**#keepbodyshopsbusy** |
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Gary
Person of Interest
Joined: November 01, 2002
Posts: 17069
Location: 127.0.0.1
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| Posted: Fri Dec 15, 2017 6:35 am Post subject: Re: Bitcoin |
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| ROCKOROD71 wrote: |
| iowegian wrote: |
I am investing heavily in Cabbage-Patch Kids and Beanie Babies.
(I'm gonna get RICH, I tell ya.) |
thats the thing, more beanie babies and cabbage patch kids can be made, flooding the market.
The entire concept behind bitcoin was and still is that there is a finite number according to the algorithm used to generate (mine) them. The value has been going up over the last decade as more and more people use them. As the demand for use increases the value of a single bitcoin goes up as it is divvied up more and more for use.
There was already a major crash in them when Mt. Gox, the largest trader, essentially embezzled a shitload of it (they controlled abut 70% of all bitcoin at the time) and boarded up shop basically overnight. Obviously a huge crash in 70% supply didn't kill it, and that was like 5 years ago.
It has merit.
Like any other currency its only good so long as people believe in it and keep using it.
All currency is imaginary and backed by literally nothing. |
That's not how economics works. You would benefit by finding some resources that explain how currencies and economics work (legitimate websites, a college course, library references).
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West Virginia State Board of Education v. Barnette, 319 U.S. 624 (1943) |
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ROCKOROD71
Samba Member
Joined: January 18, 2012
Posts: 2770
Location: Boston, MA
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| Posted: Fri Dec 15, 2017 7:27 am Post subject: Re: Bitcoin |
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| Gary wrote: |
| ROCKOROD71 wrote: |
| iowegian wrote: |
I am investing heavily in Cabbage-Patch Kids and Beanie Babies.
(I'm gonna get RICH, I tell ya.) |
thats the thing, more beanie babies and cabbage patch kids can be made, flooding the market.
The entire concept behind bitcoin was and still is that there is a finite number according to the algorithm used to generate (mine) them. The value has been going up over the last decade as more and more people use them. As the demand for use increases the value of a single bitcoin goes up as it is divvied up more and more for use.
There was already a major crash in them when Mt. Gox, the largest trader, essentially embezzled a shitload of it (they controlled abut 70% of all bitcoin at the time) and boarded up shop basically overnight. Obviously a huge crash in 70% supply didn't kill it, and that was like 5 years ago.
It has merit.
Like any other currency its only good so long as people believe in it and keep using it.
All currency is imaginary and backed by literally nothing. |
That's not how economics works. You would benefit by finding some resources that explain how currencies and economics work (legitimate websites, a college course, library references). |
oh...sorry, my bad. Currency is backed by faith. I apologize for the confusion.
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1971 STD BEETLE- DD-1st car, 1st love. keepin' it stock! 1600DP, Solex 34-3 Mexi Bosch SVDA Dist NOW w/POINTS
1977 WESTY "KrustyKamper" 2L FI
| 79SuperVert wrote: |
30 years from now, the next guy may not want your girlfriend, but he may want your classic car, depending on how nice you were to it. |
| asiab3 wrote: |
Careful guys, a petulant child can grow up to be president these days. |
**winter drivers: no survivors!**rust warrior**#keepbodyshopsbusy** |
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Zeen
Samba Member
Joined: July 24, 2004
Posts: 1308
Location: The Sunny Part of Michigan
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| Posted: Fri Dec 15, 2017 4:29 pm Post subject: Re: Bitcoin |
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| Onceler wrote: |
| Just bought $100 worth of Bitcoin. They say if I'd of bought $1000 dollars back in ~2010 I'd be a millionaire today. We'll see what happens, I may have bought in at the peak |
I bought some Monday as well. We're up 14% for the week; are you going to take your profits and buy a twelve pack, or let it ride?
CNBC is in full hype mode, people saying it will go to $100K in a year, and $1Million in 20 years. It's clearly a bubble, and is going to eventually end in tears. But who knows how high it will go before then. The trick will be to get out before everyone heads for the exit at the same time.
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The consequences of your decisions should not be confused with fate. |
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Sat Dec 16, 2017 7:23 pm Post subject: Re: Bitcoin |
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Just checked, it's up to $19,200, bought in around $17,000. So yeah I could buy a case a beer now with my "winnings". thinking about letting it ride though, I need that magnaspark
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Manfred58sc
Samba Member
Joined: October 05, 2009
Posts: 3382
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| Posted: Sun Dec 17, 2017 7:55 am Post subject: Re: Bitcoin |
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Good man, let it ride. It will have ups and downs but it is not a traditional bubble, like say housing or tech stocks because it has unique abilities. Research and study the history of money as well as learning about commodities. Bitcoin both stores value and is a means of direct exchange ( the stated purpose of the white paper ). It offer freedom from banking/government manipulation of fiat currency ( which in turn is the guiding hand of commodity value ). The hype from the media is a begrudging realization that there has been a fundamental shift in monetary control.
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OB Bus
Samba Member
Joined: February 09, 2003
Posts: 2535
Location: Ocean Beach in Beautiful BLUE California
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| Posted: Sun Dec 17, 2017 8:23 am Post subject: Re: Bitcoin |
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Buy and hold (within reason) is a solid theory.
Another story....at the beginning of this year our broker warned us that we were over concentrated in a certain stock. We did have substantial gains on that stock. He demanded us that we sign a statement acknowledging that we were heavily exposed with that holding. We did sign it and held on to the stock.
That stock was around $120 a year ago. Yesterday closed at a little over $172. If we had listened to the broker we would have missed out on a massive total gain just this year.
No I do not have the stomach for Bitcoin. For those who do and are doing well, good for you! Enjoy the ride.
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Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
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notchback
Insensitive Jerk
Joined: December 16, 2003
Posts: 7024
Location: Behind the Zion Curtain
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| Posted: Sun Dec 17, 2017 9:24 pm Post subject: Re: Bitcoin |
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Today we had a high of approx $19.4K followed by a low of about $17.9K.
What a wild ride. It's fun.
Check out Thor and Ripple also.
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| zeen wrote: |
| Arguing with johnnypan is like mud-wrestling a pig. After a while you realize he just enjoys playing in the mud, winning the contest is not the point. |
FU#3 |
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Zeen
Samba Member
Joined: July 24, 2004
Posts: 1308
Location: The Sunny Part of Michigan
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| Posted: Mon Dec 18, 2017 5:27 pm Post subject: Re: Bitcoin |
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| Manfred58sc wrote: |
| Good man, let it ride. It will have ups and downs but it is not a traditional bubble, like say housing or tech stocks because it has unique abilities. Research and study the history of money as well as learning about commodities. Bitcoin both stores value and is a means of direct exchange ( the stated purpose of the white paper ). It offer freedom from banking/government manipulation of fiat currency ( which in turn is the guiding hand of commodity value ). The hype from the media is a begrudging realization that there has been a fundamental shift in monetary control. |
Well of course, every bubble has to have a plausible story at its core. During the dotcom bubble, the Internet really was changing the world, and everyone wanted to get in on it. They simply forgot that a stock is ultimately worth the net present value of its future cash flow, and every IPO couldn't turn out to be the next Microsoft. Even Ponzi had a value proposition.
So I took my 23% one-week profit off the table at $19K, and let the rest ride. I'll reinvest it if we get a drop. I also bought a Litecoin just for grins. It feels stupid to buy something that went from $4 to $356 in a year, but what the heck, I think there are still some greater fools out there.
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The consequences of your decisions should not be confused with fate.
Last edited by Zeen on Mon Dec 18, 2017 11:00 pm; edited 1 time in total |
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EverettB
Administrator
Joined: April 11, 2000
Posts: 69802
Location: Phoenix Metro
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Manfred58sc
Samba Member
Joined: October 05, 2009
Posts: 3382
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| Posted: Tue Dec 19, 2017 9:42 am Post subject: Re: Bitcoin |
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Buyer Beware is the central rule of capitalism and " light bulb technology did not come about by continual improvements to candle making ". This is a fundamental shift that is already striking fear ( new EU regulations on exchanges) in the hearts of the financial system. Crypto is an unstoppable extension of the free flow of information. That cat is out of the bag, because it is how 8 billion people want to interact. Governmental efforts of control will fail as there are too many independent delivery systems tied to actual commerce. I'm sure horses and buggys sold ok for awhile once automobiles hit the scene, until no one made them anymore.
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