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Old January 1st, 2019 #41
Alex Linder
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Quote:
Originally Posted by O. Pierce View Post
Okay, Bitcoin has gone from nonexistence, to $20,000, to $3000 in a matter of a decade. This is not an "investment grade asset" or a "store of value," it's a lottery ticket.

I honestly don't see the technology as a big factor in the long run. The desire for a decentralized money that isn't printable by a small circle of Jews will undoubtedly provide incentive to create blockchain technology that can handle all the transactions that the world needs. We went from the Wright Brothers' 10-second flight to Chuck Yeager breaking the sound barrier in half a century. Bitcoin seems a lot simpler than airplanes. But, it's not right to say that Bitcoin is "backed" by technology. Technology will surely limit its value, because no one will use Bitcoin if it takes hours to confirm a transaction. But even if the technology could handle all the transactions in the world, 10 times, over, so what? Who's forcing me to use a Bitcoin, or why do I want to? No one's forcing me, but I'm going to want to get one if I think it will hold its value, which requires me to estimate what I think others think, and what I think others think others think, and so on. The whole thing is a Keynesian Beauty Contest, because a bitcoin has no consumption value.
Yet. Yet. That's where the speculative value lies. Seeing what's going to happen, likely to happen, before it does. And if you're right more than others, you win

You're doing exactly what the socialists do: capitalism = this bad snapshot in time. they show little kids working in mines or sweatshops. well everything has to develop. they never show you obese, borderline-retarded proles with better material goods than yesterday's king and blame that on capitalism, do they?

Yeah, all that shit isnt there YET. but all the smartest people in the world are working on it. it will be solved. maybe not by bitcoin, but by one of them.

Your case also ignores what you have now: your purchasing power continually being eroded by corrupt counterfeiters who are LEGALLY stealing from you by imprimatur of congress. BitCoin is the response to that.

Quote:
But... maybe I'll buy one. I could see it going to $100 or $100,000. Who knows
Some coins will do this. The questions is whether BC is one of them. I think it will be. It has most fame, reputation. I assume it has the most or close to the most smart people building its infrastructure.


Other points:
Cryptos are great for moving large sums of money. Paypal takes 3%. Transferwise charges ~1%, which is the best deal I could find. Bitcoin is a few cents. If you're moving 100,000, this is a huge deal.

Bitcoin is public, but there are privacy coins (most famous being monero) which hide transactions from the public record.[quote]

Yes, and that is a good thing. That openness is a legit criticism of BC, from my POV. What is needed is integrity not necessarily transparency.


Quote:
0
I forgot to mention this earlier, but if you actually want a crypto that is usable for transactions now, will not change by 20% by the time you buy something, and has significant market cap and volume. there are cryptos backed by existing fiat currencies: USD (USDT, TrueUSD), CNY (BitCNY). I don't know if these are actually private like monero, but even if they aren't, they are an option for political dissidents who are deplatformed by payment processors and don't like the volatility of Bitcoin.
BC will get there. At some point you will be able to buy cheap stuff with it. That's my opinion.
 
Old January 1st, 2019 #42
Alex Linder
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so proof of keys, apparently a keiser concept. as these coins develop, immediately exchanges arise that turn the new thing into the old thing: preventing you from controlling your money (debasing it thru printing called "quantitative easing" amounts to same thing). so proof of keys, you're essentially demanding your gold from the exchange, figuratively. to prove who's in charge. keiser's point is that if YOU dont control your money, and you dont on the exchanges, well you should
 
Old January 2nd, 2019 #43
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sirlet crispin plonker-wanker predicts 4k end of year, 4-6k range
 
Old January 3rd, 2019 #45
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BitCoin as global reserve currency. Makes sense. Like gold, but much easier to deal with.
 
Old January 4th, 2019 #46
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https://www.sprottmedia.com/gold-backed-cryptos/

Speculators Doug Casey and Rick Rule discuss the future of asset-backed cryptos. The article mentions Vaultchain, a gold-backed blockchain that was developed by Sprott Inc., an asset management company. Rule believes that the blockchain could get rid of the inefficiencies involved in precious metals trading.
 
Old January 4th, 2019 #47
Alex Linder
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never, ever, for any reason pay anything directly from an exchange wallet. You use exchanges to convert USD<->crypto. When going to crypto, you transfer to your own private wallet as soon as the coin is available in the exchange wallet. Then you can pay who you like.

For an extra level of indirection, rotate through a privacy currency like Monero.

Keep your own records of everything in case there are ever any tax questions. But don't give an exchange the opportunity to discriminate against you for DoublePlusBadThink(TM).
 
Old January 4th, 2019 #48
Alex Linder
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22. DonReynolds January 04, 2019 7:10 AM
This is exciting.
Getting a Bank Charter is still a major obstacle in the real world. Much easier to buy a sick bank and make it fat with a gimmick like this. But I wanted to start something new, that would be hard to get at, I would charter a Federal Credit Union....not in a state, but in a US territory, like Puerto Rico. A Credit Union can do ANYTHING that a commercial bank can do...savings, checking, CDs, and they have FDIC insurance. For anyone thinking about becoming a banker, without being wealthy, a Credit Union is the way to go....minimum requirements, no minimum capital, minimum staff and security. The only thing easier to do is a state chartered Credit Union. A Credit Union is a cooperative bank, owned by the members.
 
Old January 4th, 2019 #49
Alex Linder
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It is much more than just FDIC insurance. There is licensing and regulation on the state level, and then there is getting added to the Federal Reserve routing list, etc etc etc. As someone who works in American Banking, the Asian route would me a lot easier to get started in. Entry time alone (even if resources were virtually unlimited) would prevent us from opening a bank in America. The easiest route in America would be an industrial bank in Utah and that would require a solid 8 figures, a team of finance people on board and at least 5 years. Walmart has tried twice and failed due to politics.

Last edited by Alex Linder; January 8th, 2019 at 10:44 AM.
 
Old January 8th, 2019 #50
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If you use an exchange as a wallet (and thereby must have the exchange's permission to use your money--you clearly are missing the permissionless, decentralized, peer-to-peer characteristics of crypto.

Exchanges are for convenience only. They're not a necessary part of the crypto ecosystem. They certainly should not be used as a bank--that is, to hold your money.
 
Old January 8th, 2019 #51
Alex Linder
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have to understand bitcoin within the broadest financial context. bitcoin...as opposed to what? the fiat currencies of the various large powers

 
Old January 8th, 2019 #52
Alex Linder
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Keiser is saying bc has game theory built in - that means people cant game it, if it's done right. Its cunt will always be juicy and tight. It cant be blown out like fiat money - which is tied to nothing. It used to be tied to gold. But govt, being all-irresponsible, refuses to let mere reason and honesty stand in the way of printing the money it needs to pay for the programs that buy the votes that keep it in power. BC sees and avoids those problems a number of ways. I don't understand them all, but one is 51%. Another is there are only 21,000,000 BitCoins that will ever exist. That's one thing that makes it very attractive to me, personally.
 
Old January 10th, 2019 #53
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Quote:
Originally Posted by Alex Linder View Post
Interesting stuff. I remember reading a post maybe on MR , long ago ,before the big run up last year- Bowery stating he did the coding for all the
early active exchanges ( e.g. Mt Gox). Not really something to boast about since the functionality of all these exchanges was, and still is, horrific.
I just recall thinking he must have been paid in BTC and should have made a large fortune if he didn't sell it all off along the way.

FWIW, I am looking to start buying BTC ~ 1500 .Expect prices in the 1000 -1200 range, ideally by this Summer. Looks like the next downleg to sub 3000 just started, I guess the ETH fork next week is the catalyst. Have to disagree about Gold; BTC and Gold are in direct competition for funds.They should not trade up or down together.
 
Old January 10th, 2019 #54
Alex Linder
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Originally Posted by remnant View Post
Interesting stuff. I remember reading a post maybe on MR , long ago ,before the big run up last year- Bowery stating he did the coding for all the early active exchanges ( e.g. Mt Gox). Not really something to boast about since the functionality of all these exchanges was, and still is, horrific. I just recall thinking he must have been paid in BTC and should have made a large fortune if he didn't sell it all off along the way.

FWIW, I am looking to start buying BTC ~ 1500 .Expect prices in the 1000 -1200 range, ideally by this Summer. Looks like the next downleg to sub 3000 just started, I guess the ETH fork next week is the catalyst. Have to disagree about Gold; BTC and Gold are in direct competition for funds.They should not trade up or down together.
appreciate your comments. i hope you're right about the price, i'm getting into it this year, soon as i "process" a vast amount of work i got to get done.

i guess in theory BTC and gold compete. maybe once reserve currency shifts to BC, as keiser seems to think. but this will take a long time, and in the meantime gold is something more real than FRNs.
 
Old January 10th, 2019 #55
Alex Linder
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Quote:
Originally Posted by remnant View Post
Interesting stuff. I remember reading a post maybe on MR , long ago ,before the big run up last year- Bowery stating he did the coding for all the
early active exchanges ( e.g. Mt Gox). Not really something to boast about since the functionality of all these exchanges was, and still is, horrific.
I just recall thinking he must have been paid in BTC and should have made a large fortune if he didn't sell it all off along the way.
yes. craig cobb claims Bowery is Satoshi. i dont believe that. it's similar to his claiming donnie in ohio is one of those SPLC guys. bowery himself denies it. maybe i posted that on here somewhere. i hope bowery made some money, but his comments didnt make it sound like it.
 
Old January 10th, 2019 #56
Jimmy Marr
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Craig Cobb is self-evidently Elvis.
 
Old January 10th, 2019 #57
remnant
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Quote:
Originally Posted by Alex Linder View Post
appreciate your comments. i hope you're right about the price, i'm getting into it this year, soon as i "process" a vast amount of work i got to get done.

i guess in theory BTC and gold compete. maybe once reserve currency shifts to BC, as keiser seems to think. but this will take a long time, and in the meantime gold is something more real than FRNs.
Two old-timers worth listening to:
Two different methodologies ; both have similar targets around 1000 for btc



Clif is a little out there, but a certified genius type . Not in Bowery's league, but up there. I have been following his data mining work since 9/11

Last edited by remnant; January 10th, 2019 at 11:51 PM.
 
Old January 11th, 2019 #58
Emily Henderson
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Quote:
Originally Posted by Jimmy Marr View Post
Craig Cobb is self-evidently Elvis.
I told Elvis that you asked me to ask him to give you a ring a while back.

I asked him a couple of days ago if he'd done so and he said no, he didn't want to bother you in case you were inundated with calls after being sick.

I've lived the Bowery discovery situation since day before Thanksgiving and I understand why Craig came to that conclusion, though I of course don't know enough to say for certain. He's talked to me about Bowery since before we met in real life, he greatly admires him.

I don't care who invented it personally but Bowery sent Craig bitcoin in the very early days, he's one of the first to get it and this is one of the reasons for him coming to that conclusion. The mining thingamajig was not working correctly and it is still sitting there to this day, on a PC Craig sold.

It would've been worth a fortune if taken out at a peak time for Bitcoin, so I get why that's a disturbance.

For me, life right now matters more. One can make or lose money. But you can't get days back once they're gone.

As for Crypto--it's not going away.

Much of it is a pump and dump. Even with the pump and dumps, there will be some who benefit. Some who lose.

Some things will be integrated into business, like the company 'Smart Containers' is doing, which I saw at the Beekeeping Convention and Craig had already mentioned a week or so ago.

And many things will go away completely.

Here's some prediction related to BC.

My opinion is that it doesn't hurt to get some and hold on to it, as long as you don't blow your whole wad, or get into the pump and dumps with any foofy ideas that don't stack up with the reality that it could go 'poof' and you're not on the pump end but the dump end.

Also the middle man aspect is really disturbing to me.

To buy and trade you rely on others who are sometimes really questionable--this is one reason I haven't personally done any crypto stuff yet.

If you do, look into who you are dealing with, with a cautious eye.

https://smartereum.com/3330/bitcoin-...19-fri-jan-11/

Also noticed some thread on here re phone numbers in relation to crypto.

They can be used to steal, so watch it. They do it with "SIM swapping” to steal phone numbers and use them to take crypto.

AT&T was sued for $224 million after some hackers used the SIM swapping method from a cryptocurrency exchange.

Once hackers get access to your private keys, they own your money and you’re screwed,” says Kyle Samani, managing partner at Multicoin Capital.

https://www.cnbc.com/2018/08/18/cryp...e-numbers.html

The key to it is learn, learn, learn, be skeptical, and do what makes sense in relation to what you can afford to do, and with a truthful outlook on what can and can't happen in the future, which is quite a wide swath of possibilities.
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Last edited by Emily Henderson; January 11th, 2019 at 08:28 PM. Reason: you're vs. your. omg.
 
Old January 13th, 2019 #59
Alex Linder
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The question remains: is there a 100% secure way to acquire but more importantly store BitCoin.
 
Old January 13th, 2019 #60
Emily Henderson
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Hopefully someone will look it up.

Investopedia is a good-ish site if one is into crypto and needz help.

Cold Storage an' sheit.

Seek and ye shall find-- a fitting phrase for Sundayz.
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