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Who had a "Gut Feeling" about Bitcoin?

Discussion in 'Topical Discussions (In Depth)' started by Fatboy, May 22, 2017.



  1. solarion

    solarion Gold Member Gold Chaser

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    You do realize that you devalue your own position when you recklessly cast insults at those that have not harmed you in any way, correct? Just because others choose to do with their wealth something other than what you prescribe, doesn't make them "degenerates" or even "speculators". Perhaps they...we just prefer financial freedom? I know, crazy right?
    People mock what they do not understand rather than simply informing themselves. It takes a few seconds to locate this and a few more to have a rudimentary understanding of the Ethereum blockchain:

    https://en.wikipedia.org/wiki/Ethereum
     
    Last edited: Jun 2, 2017
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  2. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    I have to agree for the most part. And some of the cryptocurrencies that are set up for
    payment system type can't possibly survive. I bought some Ethereum for "I'm in it for
    the money" because it's the only blockchain that I could find that's dedicated to something
    other than peer to peer transactions. If I read where large companies are using the Ethereum
    system to host their smart contracts ( I don't know) to run their stuff (?) and need the Ethereum
    currency to do it then I'm sticking my toe in.

    I don't ever see me paying with BitCoin...I'm now one of one's that's the oddball out standing in line with cash.
     
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  3. Joe King

    Joe King Gold Member Gold Chaser

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    Speculation. Why is it a bad thing? All it means is that one is trying to logically determine if the price of something will be rising or falling in the future, then buying or selling that thing when it's the best deal.

    Ie: if you had good reason to believe the price of nuts and bolts was about to go up 10x, would it be wrong to go down to home depot to stock up? You could sell 'em to friends/family/neighbors later for half price and still make a killin'......but somehow it's wrong to use ones smarts to get ahead?


    What's wrong with being one of the guys Nixon was referring to?
     
  4. Joe King

    Joe King Gold Member Gold Chaser

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    As long as it keeps going up as it has been doing, spending it is foolish IMHO. I bought some Tuesday and it's already up nearly $200 since then. If I'd spent it, I'd have lost out on that gain.
     
  5. solarion

    solarion Gold Member Gold Chaser

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    I routinely use bitcoin for purchases and don't think anything about it.

    It becomes painless when you're running numerous PoS/PoST cryptos in full nodes spitting out interest payments every other minute. lol

    Plus, the look on your date's face when you attempt to explain that your dining options are limited to the few hundred restaurants that accept bitcoin for gyft cards is priceless.
     
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  6. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    There is nothing wrong with speculation. For those that have some I do wish you all the best. I wish I had some at a decent price point. Then again I don't even own a cell phone let alone a cryptowalletgizmothingy. Maybe when BTC is down under 500 I'll buy a couple for speculation.
     
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  7. solarion

    solarion Gold Member Gold Chaser

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    So, probably never then? ;p

    Never mind bitcoin anyway, if you want skin in the crypto game, stack some Ethereum(gak) @ 222, some Litecoin @ 28.50, some Ethereum Classic @ 17.20, or Zeitcoin @ $0.000069 a pop.

    Here's a Zeitcoin performance chart over the past month or so while bitcoin has been going nuts:
    [​IMG]

    Mind you, this coin also pays 5% simple APY. Totally breaks my heart that it's also climbing in value relative to fiat and bitcoin.
     
    Last edited: Jun 2, 2017
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  8. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Did no one hear a fucking word I said when I explained there's a Visa card meant specifically for paying with cryptocurrencies?

    Yes, you can use bitcoin at Walmart, ya putz.
     
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  9. solarion

    solarion Gold Member Gold Chaser

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    You can also swap a Sears gyft card for an Amex/MC/Visa gift card and maintain some measure of anonymity, though there's a fee for doing as much.
     
  10. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    Nice I can get 14.5 million zeitcoins for 1000 bucks. Then when it hits 2000 I'll have almost 29 billion dollars!!!
     
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  11. solarion

    solarion Gold Member Gold Chaser

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    lol I dunno about the thousand bucks part, but it's possible...if you're real patient and/or the dollar continues to go to hell, but I anticipate further increases relative to fiat and bitcoin. This particular crypto has a float of over 36b so it tends to be relatively stable.

    Looks like 14.5m could be stacked at this time for under 775FRNs with the Zeit/LTC pairing.

    Don't look now, but I think bitcoin is making another run at 2500FRNs each.
     
    Last edited: Jun 2, 2017
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  12. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    I wouldn't mind, hell if it even hit 10 cents each...
     
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  13. solarion

    solarion Gold Member Gold Chaser

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    I reckon not. What is that, something like a 135,000% return? ...not counting the minted coins that you'd get for free while you wait. ;)

    I guess if you calculate it the easy way it comes out to a 186,997% return. Yeah, that's not bad. lol
     
  14. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    Nope, I missed it. But I went back and caught it. I was completely unaware of the Visa debit card
    for BitCoin and Ethereum spending. Here's my thought. Instead of me caring what the price of
    BitCoin is I just buy $200 worth and stick it on the card. All I'll have to do is remember the price
    of BitCoin when I bought my bit of BitCoin. Then when I'm getting ready to checkout I look at my
    happy doodle phone. If I see BitCoin up I swipe, if the same or lower I cash it. I might have to change
    my mind on this BitCoin spending stuff after all.

    Here's a way we might be able to tell if it's catching on. Any store like WalMart, grocery, big box etc that
    you go in keep a check on the price of BitCoin. If you see a noticeable spike look around and see how
    many, if any, people are quickly moving to the checkouts. As odd, crazy, and funny as it might sound now
    we could actually see a 'BitCoin Spike Riot At WalMart' Fifty people wandering around pushing carts
    with flat screen TVs, watching their phones and BING, $300 price spike in BitCoin and it's off to the races
    to the checkouts! People pushing, shoving, punching trying to get checked out before the price goes back
    down. Then you'd also have people camped out at the checkouts letting people go in front just waiting for
    the 'check out spike' WTF? You Know? Blue Light specials out, Spike Sales in.

    Okay solarion, time to let us know. Are you a BitCoin Spike Shopper?

    Edit: Doesn't look like spike shopping is possible. The conversion from Bitcoin to cash is done when you load the card
     
    Last edited: Jun 4, 2017
  15. solarion

    solarion Gold Member Gold Chaser

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    Yes, as I've stated any number of times, though you'd not know it the way you're describing. I don't suddenly show up at Kmart and buy a bunch of cheap Chinese junk. lol

    When bitcoin gets frothy vs the scheisse dollar, I simply stock up on gyft cards, maybe place a PM order, and then load up on alt coins. This way I don't have to feel pressured to buy a bunch of junk I don't want or need but I lower my exposure to a drop in bitcoin relative to fiat rubbish. To my knowledge gyft cards have no expiry date, though bank enabled(MC/Visa/Amex) gift cards have an expiry of a few years.
     
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  16. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    I'll be right up front. Just over a week ago I was in the nay sayers camp. I didn't want
    anything to do with 'this stupid cypto stuff' I had no intentions of ever opening this thread.
    The mining part kept bugging me, how/why are they even created, so I went to YouTube and
    started watching. One video lead to another. Just a little over four hours ago I was still thinking
    that me using BitCoin wasn't going to happen. Well, I'm getting one of these Visa Bitcoin cards.
    I see what you are saying about using them to just spend. Just a little attention can save you
    some money on just about every transaction.

    Edit: Scratch the Bitcoin Visa card idea. The conversion is pre-purchase instead of at the time of purchase.
     
    Last edited: Jun 4, 2017
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  17. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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  18. Joe King

    Joe King Gold Member Gold Chaser

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    Kinda funny, going back and reading some of the comments in that thread. Talkin' about its "meteoric rise" to a whole $15.60 and how it's gonna crash back just as fast as it went up. lol lol lol lol ....still waiting. lol


    I also wonder if @Dude still has his two bitcoins or if he traded them for an ounce of Ag like said he would. If so, I bet bet he wishes he still had the bitcoins. Be like 5 grand right now. Or approx a half monster box of SAE's.
    ...and I also notice in that thread that it tripled only a month and and half later.....kinda like what we've seen over the past couple months. Wash rinse repeat once again? Stay tuned!
     
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  19. solarion

    solarion Gold Member Gold Chaser

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    That's a whole lot of people. It'd help if there was more actual discussion and less emotion based fear mongering flung into crypto discussions here and elsewhere. We talk about diversifying into assets with low or zero counterparty risk and then when cryptos come up people often lose their minds.
     
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  20. Joe King

    Joe King Gold Member Gold Chaser

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    I looked, it's $2542. Up about $300 since Tuesday.
    ...and ByteBall is up nearly that much just since Thursday. Turning into bitcoin 2.0 Which one will be next to go from pennies to $100's in 6 months time?
     
  21. Area51

    Area51 Silver Miner Seeker

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    Speculation is what led to the 2008 financial crisis and cost taxpayers over $700 BILLION dollars in bailout money.

    Degenerate speculators trying to get rich off wheeling and dealing in worthless junk - - NINJA mortgages...debt swaps...dot on stocks...beanie babies...bitcoins. And then when they go bust the degenerate speculators run crying to the government for help in the form of a bailout or social assistance because they pissed away their money.

    It wouldn't be so bad if it were an actual free market because the degenerate speculators would be left for dead and that'd be the end of them.

    But as long as there's a hind tit available for suckling when things go bust, the degenerate speculators will continue jumping from one bubble to the next.
     
  22. Joe King

    Joe King Gold Member Gold Chaser

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    That's just it, cryptocurrency's are a free market. Probably free-er than just about any other market goin'.
    ...and even if they do all go to zero, and they won't*, there certainly won't be a bailout.

    * They won't, because if there is a big drop again, there are tons of bystanders currently wishing they were in the game too, but feel it's too expensive now. If it drops back to $400-$600, people will pile in pushing it right back up all over again. You see it right here on this forum, people saying they wish they'd gotten in or would if the price pulls back.
    ...and even the naysayers, if they were to somehow find a couple bitcoins in their possession, wouldn't delete them. They'd keep 'em or look for a buyer. Ie: the same as they'd do upon finding a silver dime in their change.
     
  23. solarion

    solarion Gold Member Gold Chaser

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    Some people only respect others' freedoms when others make the same choices they themselves make.

    When people use their freedom in undesirable or confounding ways then those people are "degenerate speculators". lol
     
  24. Joe King

    Joe King Gold Member Gold Chaser

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    IMHO, speculators are the ones who keep the ones runnin' the show honest.
    Edited to add:...or at least as honest as possible. lol
     
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  25. Area51

    Area51 Silver Miner Seeker

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    Why didn't that happen with beanie babies, baseball cards and dotcom stocks?
     
  26. Area51

    Area51 Silver Miner Seeker

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    You can't be serious with that comment.

    Do you believe high frequency trading is keeping the stock market "honest"? Do you believe the massive short positions in silver and gold are keeping the precious metals market "honest"?

    Surely you're not that naive and gullible.
     
  27. Joe King

    Joe King Gold Member Gold Chaser

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    With those things, at some point people quit wanting them.
    ...and I agree that at some point cryptos may suffer the same fate. All it takes for anything to fall in value is for more people to want to get out than get in.


    Also, I'd say the dot.com thing is alive and well. How much is Apple stock these days? What about Amazon? Or any of the others? Of course some aren't around anymore, but that's just part of the shake out of any new market. Crypocurrencies will follow the same path. Some will make it, some won't. Ie: the free market you rail against will ultimately decide which ones will do which. Until then, there's money to be made. Why are you so against making money?

    Free markets are nothing more than each person choosing what they think is in their best interests combined with everyones else's choice. After that, the dice fall where they may.
     
  28. Joe King

    Joe King Gold Member Gold Chaser

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    Very serious.

    The entities that do those things are doing so due to the gov letting them do so via legislation that's been passed and is not what I was referring to. What I was referring to is the gov and fed that run the show when it comes to money. Knowing that speculators are out there just waiting for them to screw up is what keeps them even halfway in check.
     
  29. Area51

    Area51 Silver Miner Seeker

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    Oh, you mean degenerate speculators like that old bag George Soros betting against the Bank of England or the Bank of Thailand or the Bank of Malaysia?

    Yes, thank goodness for all the degenerate speculators like Soros "keeping things in check".
     
  30. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    Wow, we could go around in circles on all this. To me what you're describing isn't speculation but manipulation. I
    have my PMs divided in two piles. One to sell as the prices increase. Maybe they won't increase. To me that's
    speculation.
     
  31. Area51

    Area51 Silver Miner Seeker

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    Unfortunately, speculation and manipulation go hand in hand more often than not.

    The degenerate speculators are always looking for "an edge" - - whether it's loaded dice at the casino, insider information at the stock market, or a pump and dump of some half-assed bubble.
     
  32. Joe King

    Joe King Gold Member Gold Chaser

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    Anyone who stands ready to profit off the bad decisions of those running the show, helps. If it wasn't for them, govs and central banks would've gone completely off on a tangent by now if there were no negative repercussions of their actions.
    ...and those that stand ready to profit by speculating on the outcome of their actions can be anyone.


    As far as being a speculator, IMHO even you speculate on the price of gold going up if you own any. If you thought it were to go down, why would you buy it? If you do buy it, it's because you either think it will hold value or go up in value. Ie: speculation.
     
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  33. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    Degenerate speculators is another name for manipulators. The unfortunate part is that the Degenerate Speculators win
    out over the Speculators more often it seems.
     
  34. Area51

    Area51 Silver Miner Seeker

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    There's a couple different groups of degenerate speculators.

    Yes, the degenerates who manipulate and rig the system as you mentioned - - but also the degenerates who are always chasing easy money and get rich quick schemes to try and make a quick lazy profit. You know, the ones who insist the Martingale system is foolproof...or that virtual currency could never be corrupted.
     
  35. solarion

    solarion Gold Member Gold Chaser

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    lol Yep, sounds like a real evil-doer. Good grief A51, you're a real mess bruh. Maybe get out once in awhile?
     
  36. Joe King

    Joe King Gold Member Gold Chaser

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    Going by that definition, everyone on this forum is an evil speculator per Area 51's standards. Even himself. lol
     
  37. Area51

    Area51 Silver Miner Seeker

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    I'm pleased to see you making an effort to expand your limited vocabulary. Good for you! It's never too late to try and educate yourself.

    Now this might be a challenge, but here's a second word for you to learn today:

    de·gen·er·ate
    /dəˈjen(ə)rət/
    adjective

    1. having lost the physical, mental, or moral qualities considered normal and desirable
    "a degenerate form of classicism"

    noun
    dəˈjen(ə)rət/

    1. an immoral or corrupt person.
    "a group of degenerates"
     
  38. solarion

    solarion Gold Member Gold Chaser

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    Thanks bud, however that's the part that's subjective. It's just your opinion that those utilizing their own resources in a way in which you personally find distasteful makes them degenerates.

    To me that makes you a freedom hating judgmental prick, but that's just my own opinion. See how this works...friend?
     
  39. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    I'm trying to find out more on the Bitcoin Visa debit cards. It sounds like instead of loading Bitcoin
    you're loading cash. Meaning the conversion with Bitcoin to cash happens when you load the card.
    If that's the case then it doesn't seem worth it and maybe kinda redundant.

    "We sell your BTC to load cash to your card." So, no price spike shopping. Buying Bitcoin low then
    cashing out onto a Bitcoin card when the price has significantly jumped would make some sense if you
    wanted to go to the trouble.

    Also check this: "I lost my card, now what? The money on the card is gone forever." You can call the issuing
    bank and get the number and use it on line and that's it. The issuing bank in this case is located in Poland.
    I think I'll pass on the debit card thing unless...well unless something, I dunno?

    https://www.bitplastic.com/bitcoin-debit-card
     
  40. solarion

    solarion Gold Member Gold Chaser

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    Sounds like a PITA. Suggest you instead use bitcoin to purchase a Sears gyft card and then swap that for a bank enabled gift card. That will enable you to quickly head for the exit when bitcoin gets heady vs fiat and you get a gift card that can be used anywhere bankster rubbish is accepted...which is everywhere.

    To my knowledge Sears is the only company that allows you to swap their store cards for MC/Visa/Amex enabled gift cards. Even Kmart declined when I checked with them...which is weird because Sears owns Kmart.
     
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