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#2157936 - 12/20/17 07:07 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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I saw a youtube video where some guy bought bitcoin when it was around $200, he just cashed in enough to purchase a Lamborghini using cash...
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#2157941 - 12/20/17 07:11 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: Jul 2001
Posts: 84,371
Galveston, TX
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Well, if Bitcoin is such a great thing, why didn't he just pay with the Bitcoin??? Oh - that's right, unless you want to buy something on the dark web, you really can't use them anywhere.
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#2157942 - 12/20/17 07:12 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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Yes, TB, I'm still in, and will be in for the long haul unless something drastic happens or Mrs. MB spends all my money at Christmas, which is entirely possible. I'm still at almost double my initial investment and the more I research the more I am convinced to hold tight and go for the long haul. I've also invested some lesser amounts in some related technologies as well and those are doing really well now and probably better than BC. I'm researching another that is in the infant stages but from what I've read, it has the potential to grow even more than BC based on the technology. Still learning as there is much to know.
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#2157943 - 12/20/17 07:13 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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Some of the companies that now accept BC:
https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-big-companies-that-accept-bitcoin-and-cryptocurrencies
Still a long way to go, but I'm cool with that.
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#2157949 - 12/20/17 07:35 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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That's really interesting reading ed. Not sure, based on what I've read, how those hacks are possible since all of the information is stored on so many different computers. I need to read more into those accounts of hacking.
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#2157966 - 12/20/17 09:01 PM
Re: Bitcoin
rlcarey
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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Well, if Bitcoin is such a great thing, why didn't he just pay with the Bitcoin??? Oh - that's right, unless you want to buy something on the dark web, you really can't use them anywhere. much like Billy Ray and Louis invested in FCOJ, they cashed those investments in to make real purchases. Is bitcoin any different than these investments? or speculative purchases of foreign currency any different, hoping the conversion rate swings in your favor so you cash in for a profit?
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#2157970 - 12/20/17 09:08 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: Jul 2001
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Galveston, TX
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The difference is that the orange juice actually exists
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#2157980 - 12/20/17 09:43 PM
Re: Bitcoin
MB Guy
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Power Poster
Joined: Jul 2008
Posts: 4,797
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In the movie it was about the purchase of OJ Futures so it technically did not exist either
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#2157993 - 12/20/17 10:08 PM
Re: Bitcoin
MB Guy
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Joined: Jul 2001
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Galveston, TX
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If I buy a FCOJ futures contract and choose not to sell it to someone else, then at expiration I take delivery of 15,000 pounds of orange juice solids. If I buy a Bitcoin, what do I have?
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#2158018 - 12/21/17 01:53 PM
Re: Bitcoin
rlcarey
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Power Poster
Joined: Jul 2008
Posts: 4,797
You are here
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If I buy a FCOJ futures contract and choose not to sell it to someone else, then at expiration I take delivery of 15,000 pounds of orange juice solids. If I buy a Bitcoin, what do I have? Possibly a hotel room through Expedia, Merchandise through Overstock, Illegal drugs from the cartel... or nothing if it goes bankrupt or stolen by hacking.
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#2158032 - 12/21/17 02:20 PM
Re: Bitcoin
edAudit
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Joined: May 2004
Posts: 10,124
Way, way south.
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OK, I looked into the hacking/theft possibility more. What I found is that, generally speaking, the only way to be "robbed" of your BC is when someone cracks either your own electronic "wallet" where the records of your BC purchase are stored, and/or in the same vein, they hack into the electronic entity who holds the record of your BC purchase, which is more or less the same thing except that if they hack your account, only yours is lost, but if they hack the entity who holds your purchase as well as others' purchases, then everyone loses theirs who had it stored there. So far, I've purchased through Coinbase, who is insured against hacking much like a bank is insured. I'm sure that could be PR, but most of the experts in BC I've read stated that this is true and accurate regarding the insurance. There are, however, some other crypto currencies that I want to invest in that are not as widely traded that are not on Coinbase, so I'm exploring the best place to buy those ones now. Interesting stuff, at least to me.
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#2158047 - 12/21/17 03:13 PM
Re: Bitcoin
MB Guy
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That is very interesting. Thanks for sharing this.
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#2158053 - 12/21/17 03:30 PM
Re: Bitcoin
MB Guy
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Galveston, TX
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#2158065 - 12/21/17 04:12 PM
Re: Bitcoin
MB Guy
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Joined: May 2004
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Way, way south.
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That is painful to read.
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#2158092 - 12/21/17 06:39 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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I'm sure on the bitcoin site there is the warning "past performance is no indication of future performance."
as with any speculative investment, one should only invest what they don't mind losing. much like any crowd-source funding page, where people put up money ahead of time hoping to get in on the ground floor and reap profits...
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#2158105 - 12/21/17 07:24 PM
Re: Bitcoin
MB Guy
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Junior Member
Joined: Jul 2016
Posts: 32
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Crypto-Currency is not going anywhere. Bitcoin itself my tank, but something better will takes its place. This is the next step in a currency that can be spent in any country. Because these currencies go down to so minute amounts I could see it where literally everything costs something. You want to send an e-mail that will be 0.00000001 BTC.
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#2158106 - 12/21/17 07:26 PM
Re: Bitcoin
MB Guy
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Junior Member
Joined: Jul 2016
Posts: 32
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With Paypal accepting/processing bitcoin Crypto-Currencies can be accepted in many places.
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#2158114 - 12/21/17 07:45 PM
Re: Bitcoin
MB Guy
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Diamond Poster
Joined: Dec 2007
Posts: 1,721
Texas
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This is a fascinating look at the ceremony to create a cryptocurrency: http://www.radiolab.org/story/ceremony/
Last edited by -Z-; 12/21/17 07:46 PM.
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#2158207 - 12/22/17 02:42 PM
Re: Bitcoin
MB Guy
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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Well, BC is falling pretty hard now; currently $11,563.22.
Curious to see where it goes.
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#2161737 - 01/24/18 08:23 PM
Re: Bitcoin
MB Guy
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Joined: May 2004
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Way, way south.
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Definitely ugly right now.
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#2161864 - 01/25/18 05:38 PM
Re: Bitcoin
MB Guy
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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Timing is everything. When did you bail MB?
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#2161875 - 01/25/18 06:02 PM
Re: Bitcoin
TB 12
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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Timing is everything. When did you bail MB? I think it was right around the point that it was found that the Patriots transferred some bitcoinage to certain members of the officiating crews in this years playoffs, simply as a goodwill gesture, of course.
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