Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Joke's on you - the whole point of Bitcoin is that there is no central controlling entity

    But I do now have a vested interest in seeing Bitcoin continue to rise in popularity since I'm holding a few
     
  2. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    I was just busting your balls bc it's obvious reading this thread that you're invested in it.

    As for someone that knows little about it, I have no desire to touch it. Someone earlier mentioned security and you blew it off and blamed the person that got their shit stolen. That's a joke. If I have to be a tech wizard to set up my own security, I'll pass. I'll use my bank or paypal that does that for me.
     
    Moxin24 and Cornelius Suttree like this.
  3. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    I didn't intend to blow anyone off re: security. It's really just so simple that people citing security risks being a nonstarter for getting involved in Bitcoin are just ignorant on the subject.

    A google search of "Bitcoin hardware wallet" will return several options that an average person can use to secure their BTC within about 15 minutes.
     
  4. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    The part you don't grasp is that 99% of people are ignorant on the subject. Looking down on them isn't the way to go. Why would someone that's not overly tech savvy go through he effort to find out about a "Bitcoin hardware wallet" when they already have a bank and paypal that do the same thing? I get some people want to be the cool kid with it and be the rebel with it but most people simply don't care enough. The pros of bitcoin will have to be really high to get people to leave the ease of a traditional bank. I just don't see the advantage right now unless you're buying meth on the deep web.
     
    tmbrules likes this.
  5. TLAU

    TLAU Dog Crew
    Donor
    Auburn TigersAtlanta BravesAustin FC

    what about just buying weed on the deep web? asking for a friend

    And I don't think anyone is "leaving a traditional bank"... just buying some bitcoins because for the most part you'd be getting decent ROI, at least while I've been keeping up with it. As previously mentioned, the value of BTCs more than doubled during football season. You could have just put a couple thousand in a coinbase wallet kickoff weekend and been swimming in darkweb meth by the NCG
     
  6. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    Last time it got near $1k if fell off a cliff over the next year. It's way to volatile for me to put any substantial cash in it. Right now the value is all in speculation and will remain that way until people actually start using it. I just don't see a legit reason to use it for legal transactions.

    [​IMG]
     
  7. OHW

    OHW Well-Known Member
    Donor TMB OG
    Nebraska CornhuskersSan Francisco GiantsDemocrat

    That's what (((they))) want you to think.
     
  8. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
    Donor
    Wolfsburg

    :pffft:
     
  9. tmbrules

    tmbrules Make America Great Again!
    Donor
    Clemson TigersChicago CubsCincinnati RedsChicago Bears


    Maybe Satoshi Nakamoto was really the US government and they are spying on all your transactions. Paging Shu
     
  10. TLAU

    TLAU Dog Crew
    Donor
    Auburn TigersAtlanta BravesAustin FC

    last time it got "near $1K" was this January it peaked at $1,130. But yea it fell off again. and has settled back in the mid-900s.

    please stop with the bolded part. i read that as you continuing to act like someone ITT is trying to convince people to abandon normal banks and use a BTC wallet as their primary "bank account" and literally nobody is doing that. Nantucket has only addressed it as an investment opportunity... and not some Topssuite "put all your money in _____" just that it And he has a point, at least in the short term if you go from the last 12 months the ROI is 157% (2/1/16 $371/btc - today $955/btc) so it's safe to say you could do a lot worse...

    edit: if you try to say he was indeed trying to convince people to use it as a primary "bank account" for regular transactions by using his comment about countries with worthless currencies like Venezuela, I hope your keyboard explodes and blows your fingers off.
     
    Nantucket and tmbrules like this.
  11. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    And it's safe to say you could lose half your investment in a short period of time. As for the bolded part, it's a legit concern. If it never crosses over to everyday use the overall value will eventually tank.

    Here's an old story from a few years ago that explained pretty well why it's so volatile - http://www.investopedia.com/articles/investing/052014/why-bitcoins-value-so-volatile.asp
     
  12. TLAU

    TLAU Dog Crew
    Donor
    Auburn TigersAtlanta BravesAustin FC

    I sure as hell wouldn't tell anyone to put Topssuite OPEC-tier money in there. But going back to the beginning of 2015 the 2 year ROI is 240%. It very well may be "too late in the game" to make good money off of it. But as previously stated, you could do a lot worse with investing. 2 year 240% and 1 year 157% ROIs are nice even if you just felt like putting in $1000 for shits.
     
    Nelson and Nantucket like this.
  13. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Considering the fact that I started a thread to discuss Bitcoin, it's hard to say I'm "looking down" on those unfamiliar with it.

    If you're uncomfortable with the word "ignorant," I'm sorry. It's a word with an applicable definition. The only way to overcome ignorance is with education. That's the point of this thread.

    To speak more of the benefits of Bitcoin, they are different for each individual. For me, I like having an asset that is completely detached from traditional currencies as part of my portfolio. As stated in the OP, it can be considered as a wealth preservation tool like gold. If Trump decides to print money like crazy tomorrow, the value of the Greenback goes to shit. While I certainty can't claim to be on the front end of Bitcoin's life cycle (those that were have made millions), I'm certainly in the early stages of adoption. With that comes increased risk and increased potential for gains. At my age, I like that too.
     
    BigRedEazy likes this.
  14. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
    Donor
    Wolfsburg

    I mined for a really short time when there were only a couple hundred people active on the network at any given time and I remember when the first bitcoin purchase happened. Educate me.
     
  15. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    If you go back and read your posts, you most certainly came off as looking down on someone that's not overly educated on it.

    User - Theft scares me
    You - It's your own fault if your shit gets stolen. blah lblah blah technical talk that makes no sense to 99% of the people on the planet blah blah blah

    You've made it quite clear in this thread that you are very bullish on Bitcoin. I'm simply not. I don't think enough people will put in the time to educate themselves on it to the point they use it regularly. Only a very small % of people would even know where to get one or how to spend it. I think that'll lead to evaluations of it eventually tanking once investors realize very few wants their bitcoins. It's supply and demand and right now there isn't much demand for it. For your sake I hope I'm wrong but I'll be interested to watch it either way.
     
  16. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
    Donor
    Wolfsburg

    It's not that I think bitcoin is bad necessarily. It's just that the complexity of attacks is going to increase as they grow in value. A guy who was mining early enough that he stopped when he was "only" getting 50 coins per day lost it all because his phone number was compromised and he happened to connect the encrypted drive holding his coins to his computer. In other words, people much more technical than nantucket have been robbed. Maybe you bake that into the overall risk. That's up to you. The only way to 100% secure them is to have them on a drive not connected to anything. Then when you want to make a transaction, you'd better hope your computer and your network haven't been compromised.

    http://www.forbes.com/sites/laurash...itcoin-using-only-phone-numbers/#4b8b727e22db

    Also there are probably drawbacks to a currency that has been exhaustively hoarded before it becomes "mainstream," but I'm not an economist.
     
  17. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Sounds like it should be the other way around. You are more than welcome to contribute to the thread. Please do.
     
  18. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    OK, I can explain it in a way that should be easier to understand. Say you've got some cash savings on your hands. You want to keep this as cash rather than depositing it into a bank. You've got lots of options for storing this cash that offer different levels of security and accessibility. You can:
    • Put it in a piggy bank sitting out on your dresser
    • Hide it under your mattress
    • Put it in a safe
    • Put it into a safety deposit box at a bank
    Basically there are equivalents of each of these options in the Bitcoin world. They are fairly easy to comprehend and employ with little to no prior experience.

    Agreed, and I am hoping that % will continue to increase over time

    Disagree with regard to demand right now. As an investor, I'm mostly worried about liquidity. And right now, there's an abundance of options to sell Bitcoin for their equivalent value in USD instantly in any magnitude you want. I'm banking on that liquidity (and value) only increasing as practical applications for Bitcoin become more and more apparent.
     
  19. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

  20. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Good article on the adoption of Bitcoin to date and a look towards the future

     
  21. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Oh hey, we're over $1000 per Bitcoin again. Neato.
     
    Houndster likes this.
  22. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

  23. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    Nantucket I hope this doesn't end up like Shu's stock for you.
     
  24. Houndster

    Houndster Well-Known Member
    Donor TMB OG

    I have a little more than one Bitcoin that I bought in June when I was bored. I feel like it is fairly sustainable, but I don't plan on buying anymore at this time.
     
  25. Shu

    Shu there is no custom title

    What was my stock?
     
  26. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    Thanks. I've got an amount invested that I can afford to lose. I'm planning to ride this thing out and see where it goes. Hopefully it takes off and I can retire early :mulletsmug:
     
  27. Nelson

    Nelson Can somebody please get Ja Rhule on the phone
    Donor
    Nebraska CornhuskersDenver NuggetsDenver BroncosColorado AvalanceBorussia DortmundManchester UnitedColorado State Rams

    Mookie Blaylock likes this.
  28. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    haven't watched this yet, but supposedly pretty good:

     
  29. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
    Donor
    Clemson TigersAtlanta BravesTiger WoodsCollege Football Playoff

    Sell now. Give it 2-3 weeks and it'll be back to $800.
     
  30. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    the week in review since creating the thread...

    coindesk-bpi-chart.png
     
  31. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
    Donor
    Wolfsburg

    i read something a few years ago that traced it to a japanese-american guy who had been a cryptographer for some defense contractor i believe. i think they were able to get his daughter to talk some, but she didn't know all that much, and the actual man in question wouldn't talk to the reporter
     
  32. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    just checking in with a sexy 1-year price chart:

    coindesk-bpi-chart.png
     
    Joe_Pesci and Mookie Blaylock like this.
  33. pbfp2008

    pbfp2008 Angry Ol' Man
    Donor
    Kansas JayhawksKansas City RoyalsKansas City ChiefsArmy Black KnightsBig 8 Conference

    I was heavily involved in the Tulip speculation market, and we all know how that turned out. Let me leave you with this quote from Nout Wellink, former president of the Dutch Central Bank, he described Bitcoin as "worse than the tulip mania," adding, "At least then you got a tulip, now you get nothing."
     
  34. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    value up 29% since starting the thread 4 weeks ago :mulletsmug:
     
  35. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    Sell now.
     
  36. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
    Donor
    Clemson TigersAtlanta BravesTiger WoodsCollege Football Playoff

     
  37. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    up 40% in 5 weeks, is that good?
     
    TLAU and tmbrules like this.
  38. Mookie Blaylock

    Mookie Blaylock Well-Known Member
    Donor
    Auburn Tigers

    Crazy morning for btc holders
     
  39. Corky Bucek

    Corky Bucek Placeholder for a Custom Title
    Staff Donor TMB OG
    Auburn TigersLos Angeles LakersLos Angeles RamsAnaheim DucksManchester UnitedLos Angeles Angels of Anaheim

    Go on for those that don't follow it
     
  40. Mookie Blaylock

    Mookie Blaylock Well-Known Member
    Donor
    Auburn Tigers

     
    Corky Bucek likes this.
  41. je ne suis pas ici

    je ne suis pas ici Well-Known Member
    Donor

    Owch. Down 18%. SEC rejects the bitcoin etf from listing
     
    Hatfield and PSU12 like this.
  42. PSU12

    PSU12 The Grand Experiment
    Penn State Nittany LionsBaltimore OriolesPittsburgh Steelers

  43. Hatfield

    Hatfield Charlie don’t surf
    Donor
    South Carolina GamecocksWashington NationalsFulhamTiger WoodsGrateful Dead

  44. TLAU

    TLAU Dog Crew
    Donor
    Auburn TigersAtlanta BravesAustin FC

    Currently at 1108 still pretty high. He needs to just send the profits to a deep web wallet and order himself a party in a bag. Cash out the rest :welpseeyalater:
     
  45. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

     
  46. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    I actually sold all of my holdings over the last 2 weeks. I knew the ETF ruling was coming up and was more than happy to lock in a handsome return without risking the price drop if it was denied.

    I will definitely be looking to buy again if it dips into the 900s.
     
  47. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
    Donor
    Alabama Crimson TideNew England Patriots

    By the way, anyone who bought at the beginning of this thread would still be up over 28% right now
     
    BigRedEazy likes this.
  48. TLAU

    TLAU Dog Crew
    Donor
    Auburn TigersAtlanta BravesAustin FC

    Nantucket is there a BTC shortage of some sort? Couple of the bigger places like Coinbase aren't allowing purchases right now and the "markets" for them have some 25%+ markups from actual value
     
  49. Why?Pokes

    Why?Pokes Take me back to the kine
    Donor
    Wake Forest Demon DeaconsDenver NuggetsWyoming Cowboys

    I bought $70-worth around a year ago after I got curious about it. Haven't touched it since; still sitting at $117 in my wallet.
     
  50. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
    Alabama Crimson TideNew York YankeesJacksonville Jaguars2pacSneakersFormula 1

    You were puffing your chest out 4 days prior to the ruling so consider me skeptical that you sold. Hope you did though. This thread gave me a reason to pay attention to something I would have not cared about at all otherwise.