Bitcoin and Crypto Talk (Merged) (1 Viewer)

CanadianSaint

███▒▒▒▒▒▒▒
VIP Contributor
Joined
Mar 11, 2002
Messages
2,691
Reaction score
1,764
Age
48
Location
Kitchener
Offline
Sticky Post
Anyone invested or trading bitcoin or any other cryptocurrency?

Im holding .5 bit coin for kicks.
 

p0pe

d0pe
VIP Contributor
Joined
Sep 8, 2003
Messages
5,279
Reaction score
2,172
Location
Lafayette, LA
Offline
Consensus 2018 (pretty much the biggest blockchain conference) is taking place in NYC next week, should see some big announcements.

Two coins I own (VeChain + Fusion) are major sponsors next to huge tech companies like IBM and Microsoft. Pretty excited.
 

superchuck500

tiny changes
VIP Subscribing Member
VIP Contributor
Diamond VIP Contributor
Joined
Aug 9, 2004
Messages
59,097
Reaction score
91,291
Location
Mt. Pleasant, SC
Offline
This is sort of funny. Analysts predicts bitcoin won't survive 100 years. I'm not even sure the human race is going to survive 100 years.

Nobel Prize-winning economist Robert Shiller is drawing parallels between the world's leading cryptocurrency and the dinosaurs.

According to the Yale professor, bitcoin could go extinct within the next 100 years.

"Bitcoin won't look anything like it is today. It will have a different name, if it exists," Shiller said Tuesday on CNBC's "Trading Nation." "There will have been many hard forks changing it and changing it. And, it'll be a matter of dispute whether it exists or not."

Even though bitcoin's potential doomsday may feel ages away, it doesn't mean the emerging asset won't continue to struggle.

Bitcoin could be extinct by 2118: Yale's Robert Shiller
 

Kegger

Up North
Joined
Apr 13, 2004
Messages
3,407
Reaction score
1,734
Offline
Anyone riding the BTC train (or other crypto)? I've been thinking about getting into it, but think I should get a cold storage wallet first... any recommendations?
 
Joined
Oct 28, 2007
Messages
13,497
Reaction score
7,367
Location
LA
Offline
Can anyone explain to me how Bitcoin is able to gain $6000 in just 24 hours? How is this a viable currency? It was $40,000 for a bit... I don't understand how it is gaining so fast with relatively little purpose at the moment.
 

Brennan77

Bass Manager
VIP Subscribing Member
Joined
Oct 16, 2001
Messages
47,547
Reaction score
21,472
Location
The Channel
Offline
Can anyone explain to me how Bitcoin is able to gain $6000 in just 24 hours? How is this a viable currency? It was $40,000 for a bit... I don't understand how it is gaining so fast with relatively little purpose at the moment.

It's a theoretical hold of value with a clearly defined and limited supply. The recent jumps in value are due to institutional investments.
 

rob22278

ALL-MADDEN TEAM
Gold VIP Contributor
Joined
Jan 27, 2010
Messages
3,131
Reaction score
9,736
Location
70124
Offline
Supply and demand. There’s not a lot of it and bigger institutions are starting to accept it (cryptocurrency) as more mainstream.
 

UncleTrvlingJim

Administrator
Administrator
VIP Contributor
Joined
Jan 22, 2000
Messages
24,900
Reaction score
11,166
Offline
Obvious answer is it's speculation. Drivers for it's value going up is uncertainty in the US, potential inflation, things like that.

It's a market I don't understand very well, so I stay away from it. I think we'll see a fair number of swings as people figure out how to appropriately price it.
 
Joined
Oct 28, 2007
Messages
13,497
Reaction score
7,367
Location
LA
Offline
A guy I used to work with at a customer was a huge advocate for bitcoin about 8 years ago. I seen him working at a gas station a few weeks ago. I guess he sold it all before it took off :oops:
 

UncleTrvlingJim

Administrator
Administrator
VIP Contributor
Joined
Jan 22, 2000
Messages
24,900
Reaction score
11,166
Offline
A guy I used to work with at a customer was a huge advocate for bitcoin about 8 years ago. I seen him working at a gas station a few weeks ago. I guess he sold it all before it took off :oops:

I remember when the first paper came out and there was information on how to mine it yourself, and I went through the trouble of figuring out how to mine it, but then never actually did any of the mining b/c I didn't really understand why anyone would ever use it. :rolleyes:

I have a friend who claims that he did mine about 50 bitcoins but lost the wallet for it.
 

brandon8283

Probably a drive-by
Joined
Jul 11, 2009
Messages
7,876
Reaction score
9,095
Age
37
Offline
I bought an extremely partial share of a Bitcoin just to mess around.

If it keeps going nuts I might play for real.
 

RKNSaint

Idle Wild
Joined
Oct 1, 2016
Messages
2,294
Reaction score
2,437
Offline
Speculation and FOMO. Not for the feint of heart but if you don't mind the opportunity that comes along with extreme volatility it's a great thing.
 

Arathrael

Pro-Bowler
Joined
Apr 23, 2014
Messages
1,197
Reaction score
3,247
Location
Warrington, UK
Offline
Obvious answer is it's speculation. Drivers for it's value going up is uncertainty in the US, potential inflation, things like that.

It's a market I don't understand very well, so I stay away from it. I think we'll see a fair number of swings as people figure out how to appropriately price it.
Yes, it's speculation. Most of the money being put into bitcoin isn't being put in it to do anything with it, it's just going in on the grounds that people will keep putting money in so it's a good investment. In terms of intrinsic value deriving from its real and potential functionality, the problem bitcoin has there is that every functional purpose it has can be done more efficiently or effectively by alternative cryptocurrencies, or that the added features using a cryptocurrency offers aren't necessarily worth the overhead to alternative or conventional approaches in the first place.

So it's largely a perception of value, and the problem with that is that if the primary reason people are putting money in is in expectation of other people putting money in it later, that can collapse if and when the momentum shifts to taking money out rather than putting it in and the perception of value then starts to swing (as it has previously). But that doesn't necessarily mean it will, or that it can't reach a point of relative stability. As long as enough people hold the notion that bitcoin has value, then it will continue to have value. As the first and overwhelmingly largest, it has a lot of built in momentum boosting that perception of value. That can surge and ebb with coverage and investments. But having said that, in the long term, I think it's going to wind up closer to tulips than, say, gold.

So beyond a small amount of cryptocurrencies I've already got, I also stay away from it. There's certainly opportunity for making money, but I'd say it's closer to gambling than anything else. So maybe 'winning' money would be more accurate.
 

UncleTrvlingJim

Administrator
Administrator
VIP Contributor
Joined
Jan 22, 2000
Messages
24,900
Reaction score
11,166
Offline
Yes, it's speculation. Most of the money being put into bitcoin isn't being put in it to do anything with it, it's just going in on the grounds that people will keep putting money in so it's a good investment. In terms of intrinsic value deriving from its real and potential functionality, the problem bitcoin has there is that every functional purpose it has can be done more efficiently or effectively by alternative cryptocurrencies, or that the added features using a cryptocurrency offers aren't necessarily worth the overhead to alternative or conventional approaches in the first place.

So it's largely a perception of value, and the problem with that is that if the primary reason people are putting money in is in expectation of other people putting money in it later, that can collapse if and when the momentum shifts to taking money out rather than putting it in and the perception of value then starts to swing (as it has previously). But that doesn't necessarily mean it will, or that it can't reach a point of relative stability. As long as enough people hold the notion that bitcoin has value, then it will continue to have value. As the first and overwhelmingly largest, it has a lot of built in momentum boosting that perception of value. That can surge and ebb with coverage and investments. But having said that, in the long term, I think it's going to wind up closer to tulips than, say, gold.

So beyond a small amount of cryptocurrencies I've already got, I also stay away from it. There's certainly opportunity for making money, but I'd say it's closer to gambling than anything else. So maybe 'winning' money would be more accurate.

nice reference to tulips there!
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Users who are viewing this thread

 

New Orleans Saints Twitter Feed

 

Headlines

Top Bottom