Bitcoin

Shadowfax

Shadowfax

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Anyone dabbling with Bitcoin or similar E-Money yet?

I just started reading a book called The Bitcoin Standard at the prompting of a friend who bought in because his son convinced him it is the future. He raved on and on but really could not answer any of my questions and concerns, so I am hoping the book answers them. When I talked to his son about it, he also drove a good argument but the bottom line is that he bought into Bitcoin because it was what was needed to buy Pot via the Dark Web.

I personally do not trust anything done electronically and over the internet. This seems to be different than anything else tho and may or may not be a lasting banking option. It is a bit volatile and hard to predict and they warn you not to use it for investment right now. It started out at 1006 Bitcoins cost $1, then it somehow got to $10,000.00 per 1 Bitcoin. On July 4th the NAV was 6,550.87. Today it is worth 7,415.40 so you can see how crazy a ride it is right now. As far as using it for purchases, you could buy a Bitcoin today and think you can purchase X with it, but in 2 weeks you may not have enough money there, or you may have more so it is far from a stable way to use money right now.

Any comments are appreciated as we navigate this new possibility in Non Government regulated and controlled banking.

Oh by the way, if you do buy in, make sure your family knows your account and password or all the money is lost if you pass. Someone recently forfeited millions upon death.
 
I had bought 10 way back when it cost me about $90 for them. Figured I'd see what it was all about. Sure wish I'd bought a bunch more - who knew.

I still don't trust them but they did help pay for some toys!!!!
 
the professor said:
I had bought 10 way back when it cost me about $90 for them. Figured I'd see what it was all about. Sure wish I'd bought a bunch more - who knew.

I still don't trust them but they did help pay for some toys!!!!
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There is no "them" or "they". That is the whole point of blockchain technology. You may be implying you don't trust yourself with the coins? It is very easy to make a mistake and lose them forever. There is no recourse to recover an incorrect transaction or lost wallet credentials. Until someone controls 51% of the total computing power of the Bitcoin network it is not possible to alter the ledger.
 
NorthStar said:
Banks and stocks are much safer. They've been around much longer, they have a solid foundation/reputation.
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Depends on your definition of "safe". There is nothing safer than blockchain, from a technical perspective. It's impossible for the ledger to be altered, hence no fraudulent transactions or stolen coins. If you store your coins in an offline wallet there is zero chance of losing them due to theft or fraud.

If you mean "safe investment", then sure. Crypto currencies are not for the faint of heart.
 
Them is in reference to the Bitcoin not a person.

vortrex said:
There is no "them" or "they". That is the whole point of blockchain technology. You may be implying you don't trust yourself with the coins? It is very easy to make a mistake and lose them forever. There is no recourse to recover an incorrect transaction or lost wallet credentials. Until someone controls 51% of the total computing power of the Bitcoin network it is not possible to alter the ledger.
Click to expand...
 
a guy in another audio site said he bought a US $600 iPhone with 20,000 bitcoins a while back.. that is one very expensive iPhone even at today’s market

I was curious at one point, but decided I was not brave enough
 
dimfer said:
a guy in another audio site said he bought a US $600 iPhone with 20,000 bitcoins a while back.. that is one very expensive iPhone even at today’s market

I was curious at one point, but decided I was not brave enough
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Even at the lowest price of Bitcoin ever (5 cents in 2010) that means he would have spent $1000 for a phone that was $199/$299 at that time. I doubt his story.
 
vortrex said:
That's the beauty of crypto currencies. You can do exactly that, no different than if you hid a pile of cash or gold.
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But the Cash should remain pretty stable, the gold and crypto fluctuate so you can't count on their future value.

Bitcoin has jumped hundreds in two weeks, but can drop as fast or faster on any day, cash is still king.
 
I would consider Bitcoin more like a stock and not a currency.


Shadowfax said:
But the Cash should remain pretty stable, the gold and crypto fluctuate so you can't count on their future value.

Bitcoin has jumped hundreds in two weeks, but can drop as fast or faster on any day, cash is still king.
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vortrex said:
I would consider Bitcoin more like a stock and not a currency.
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Yes for now I agree.

From the Bitcoin site

[h=2]Bitcoin price is volatile[/h] The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin.
 
Since I don’t understand it, I will not invest in it. (A lesson learned from the DOT com crash a while ago).
Now... I have gone to Vegas and thrown money away in the casino... I will call that gamble money. That is where bitcoin would fit in my financial map.
 
LOL

I consider the stock market gambling also. I'm certainly in the minority and I've made good money in stocks, I've also made good money in Blackjack and Roulette and it's a LOT more fun. I know that with proper research etc one can make stocks a dang safe bet, BUT . . . . still a bet.

nicoff said:
Since I don’t understand it, I will not invest in it. (A lesson learned from the DOT com crash a while ago).
Now... I have gone to Vegas and thrown money away in the casino... I will call that gamble money. That is where bitcoin would fit in my financial map.
Click to expand...
 
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