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Thread: Crypto currencies (Bitcoin, Ethereum etc) - Do you use them?

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    Hensmon's Avatar
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    Crypto currencies (Bitcoin, Ethereum etc) - Do you use them?

    Anyone else in on the Cryptocurrency game? Bitcoin is exploding at the moment as the crypto industry hits 300 billion for first time in history. Ethereum also seeing good trends. I'm not really a practiced trader but my friend did persuade me to buy some bitcoin 2 years ago and now that money is worth more than 40x that.

    I wonder if this bubble will burst or if the worlds financial and investment sectors are about to finally embrace it and send the prices skyrocketing even further. At $9500+ currently it is a lot to buy, but could be in the $10,000's this time next year! Anyone else been watching/buying crypto?
    Last edited by Hensmon; 12-01-2017 at 12:23 PM.

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    Embarrassed to say I don't really know anything about crypto currencies. But I heard some stories, like, a guy purchased a change-worth of Bitcoin (not more than a few $) years ago, and now he's got millions or something like that. How lucky can you get?
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    Quote Originally Posted by Gagi View Post
    Embarrassed to say I don't really know anything about crypto currencies. But I heard some stories, like, a guy purchased a change-worth of Bitcoin (not more than a few $) years ago, and now he's got millions or something like that. How lucky can you get?
    Nothing embarrassing about not knowing bitcoin or other cryptocurrency. All though its been around for relatively long time, it has always been on the fringe and it still confuses me about how exactly you 'mine' the coin. You saw examples of the story you mentioned more around 2012 period as in 2009 you could by thousands of bitcoins for under 100 dollars and then it spiked like crazy.

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    I hate this subject.

    How can a digital code of nothing be purchased for 100 dollars.

    But then that same piece of 'code' be worth 10.000 dollars? It's stupid and doesn't make sense at all.

    I hope it bursts and suddenly Bitcoin just doesn't exist anymore. Then all those people lost their money to 'nothing'. :"D

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    Quote Originally Posted by Voci View Post
    I hope it bursts and suddenly Bitcoin just doesn't exist anymore. Then all those people lost their money to 'nothing'. :"D
    It could be on of the best thing to happen to our current monetary systems, and its not just the dark web traders and currency brokers who are agreeing...IBM, Accenture and other tech giants are all developing block-chain technologies (which underpin cryptocurrencies) because they recognise it's future. Wikipedia description -

    'A blockchain is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.'

    All transactions have ultimate transparency, security and best of all cannot be altered. Think of the implications of that. Not only is it great for the average consumer, but is a huge blow for money laundering, fraud, 'lost' money and embezzlement. Accountability cannot be avoided and more 'money' cannot be printed, like we do now, pulling numbers from thin air.

    The rest of your points also a bit strange... 'How can something be purchased for 100 and then become 10.000? well this is exactly how money works now. Money used to represent gold, now it represents intangible numbers. It even says this on my banknote.

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    id like to get into maybe acquiring some. but i dont have the time to mine bitcoins really.....and they are expensive as well. bitcoin is what, like a couple grand a coin?


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    Would never use them. Its a giant bubble which is going to explode sooner or later and will vaporize all of the money which is invested in it
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    Quote Originally Posted by AustralianGQ View Post
    bitcoin is what, like a couple grand a coin?
    $11,000 dollars and rising for 1 coin. Also you dont have to mine yourself, just buy it on any trading site (etoro for example) and you can buy 0.01 if you wanted.

    Quote Originally Posted by Thijs View Post
    Would never use them. Its a giant bubble which is going to explode sooner or later and will vaporize all of the money which is invested in it
    Maybe...as I said, huge tech companies are investing in block-chain, so they seem to think theres something there. The .com bubble reached about 3 trillion before it burst and the current crypto market is at 300bn, so if it's anything like that then there is a lot more growing to be done. Also worth mentioning that the currency collapsed already once and then came back even stronger. Why do you think it will burst?
    Last edited by Hensmon; 12-02-2017 at 15:02 PM.

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    Quote Originally Posted by Voci View Post
    I hate this subject.

    How can a digital code of nothing be purchased for 100 dollars.

    But then that same piece of 'code' be worth 10.000 dollars? It's stupid and doesn't make sense at all.

    I hope it bursts and suddenly Bitcoin just doesn't exist anymore. Then all those people lost their money to 'nothing'. :"D
    It does make sense. Money Always is nothing but 'trust'. If we would trust Bitcoin in stead of our banks, the world would be a better place already. Our monetary system is just as a bubble as cryptocurrencies. I wonder which one will pop first.

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    Quote Originally Posted by Pierre92 View Post
    It does make sense. Money Always is nothing but 'trust'. If we would trust Bitcoin in stead of our banks, the world would be a better place already. Our monetary system is just as a bubble as cryptocurrencies. I wonder which one will pop first.
    Btw, I do own some bitcoins.

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    Quote Originally Posted by Tievb21 View Post
    IOTA FTW
    You have some of these?

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    Quote Originally Posted by Pierre92 View Post
    Btw, I do own some bitcoins.
    That's fine,

    But isn't it strange that one year ago you could buy 1 pizza for 1 bitcoin.

    But now you can buy 999.999.999 pizza's for 1 bitcoin?

    How can that make sense?

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    Quote Originally Posted by Voci View Post
    That's fine,

    But isn't it strange that one year ago you could buy 1 pizza for 1 bitcoin.

    But now you can buy 999.999.999 pizza's for 1 bitcoin?


    How can that make sense?
    The coin started out at 0.001 dollar per BTC, now it is roughly 10.000.000 times that. One dollar at t-0 would now, after 9 years be worth 10 mln dollar.

    So, in the beginning, people who would trust Bitcoin to rise are rewarded for their investment later on, as more and more people after them have invested money in a novel currency, which rises in value.

    I see two major problems with BTC: mining uses up a lot of electricity, hence Bitcoin is not (at the moment) very sustainable. However, in the future, mining will come to a standstill. Second: Bitcoin needs to be adopted as a real currency: you need to be able to buy stuff with it. A pizza is not enough. If this doesn't happen, the initial promise of Bitcoin will not be fulfilled entirely, and the value might drop. If bitcoin is indeed, a bubble, you can only tell afterwards!

    However, BTC is - as you might know - decentralized, meaning that it is - economically speaking- way more sustainable then euros and dollars. These are heavily regulated, making the ECB and other governments have pour enourmous amounts of them into society, to stimulate the economy. However, if trust into these coins is undermined by the rise of bitcoin, people will invest most of their money into BTC (or gold...), causing the biggest economic 'crash' in history, because these currencies are not back-upped by anything but a bit of gold. The funny thing is: awareness of BTC is much higher in 3rd-world countries, meaning that a global economy running on bitcoin may level-off much of all poverty. Remember that most of the poverty is created by the capitalist system, which paradoxically also creates wealth (but disbalanced).

    If you think conservative, BTC is bullshit - good for you . If you think in terms of progression and out-of-the-box, it might be THE fix we need to keep our corrupt banks, who are run be the greediest persons, (because hey, that's a self-sustaining and reinforcing feedforward loop), at bay, because BTC is run by math, not by egos and risk-taking individuals.

    In essence, BTC or something alike might be one of the greatest humanitarian inventions of all time. If it were all about economics, then it would be a bubble. However, the economy is ultimately based on humans: their belief/trust and their labour/production, so if humanity 'decides' that it wants their 'money back' then they will have it. Economy, essentially is democracy, however, our 'democratic' governments allow the magnificent capitalist system to tend towards wealth... They protect the people with most of the money, because they assume that these will keep the economy/society running. This is true in essence, until you realize that money is nothing but trust. It's not real in itself.
    Last edited by Pierre92; 12-04-2017 at 22:20 PM.

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    Quote Originally Posted by Hensmon View Post
    Maybe...as I said, huge tech companies are investing in block-chain, so they seem to think theres something there
    But Blockchain is so much more than Bitcoin and other crypto currencies.

    Blockchain can be useful for banking companies and others that have loads of online transactions to take care of which are susceptible for fraudulent actions. Still it's not proven. I've been checking a bunch of companies in NL, incl. the biggest bank companies, but still don't use it... at least that's what I see as IT recruiter.

    Bitcoin and other crypto currencies are just a dull example of a blockchain, but without any plan, control or whatever behind it. I don't say that it will collapse entirely, but imho they are way overpriced... are way too sensible for ups and downs in their value so they are too sensible to vaporize our real money.
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