Official Cryptocurrency Thread: Skepticism to Speculation

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

  1. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Anybody invested in Bitcoin? By its design, I think it's a really interesting vehicle for wealth preservation similar to gold. Finite supply that cannot be diluted. It also seems to be a good alternative for individuals living in countries with worthless currency (i.e. Venezula) or countries threatening to do away with cash altogether (India).

    There's a growing list of retailers that accept BTC as a form of payment, and markets are plenty fluid enough to buy and sell whenever you want.

    Current value stands at ~$915 per BTC.

     
    #1 Nantucket, Jan 29, 2017
    Last edited: Dec 24, 2017
  2. 941Gator

    941Gator TMB's resident beach bum
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    well said, I have nothing to add.
     
  3. Hatfield

    Hatfield Charlie don’t surf
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    I've gone down some deeeep internet rabbit holes looking into Bitcoin. Still not sure I quite grasp all of the intricacies.
     
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  4. bama1

    bama1 I like you
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    I have some family that has invested in it but I'm full on skeptical as shit about it.
     
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  5. Corky Bucek

    Corky Bucek Hey there all you cool cats and kittens
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    I prefer Dogecoin over bitcoin
     
  6. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    The concept is cool, but the risk of theft is too great for me to take it seriously as an investment vehicle. It'd be like waking up some day and your bank being like "Hey, someone robbed us and took all of your gold. Sorry."
     
  7. The King of Burgers

    The King of Burgers I watch you sleep.
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    Isn't that basically what happened to Mt. Gox?
     
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  8. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    That's probably the most famous one I guess, but it seems to happen yearly
     
  9. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    It's your own fault if you let your BTC get stolen. There's no reason to hold any substantial amounts in an online wallet. 10 minutes of research will give you multiple options for locking things up in offline storage
     
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  10. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    cool
     
  11. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Same here. But not sure it's a prerequisite to understand all of the theory before investing. At the end of the day, it's easy to buy and easy to spend
     
  12. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    Absolutely do. Not. 'invest' in Bitcoin. Volatility is based on pure speculation around legislation.

    I've used them before,but for other stuff.
     
  13. Moxin24

    Moxin24 Show me that smile
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    Why does anyone think that large numbers of people will go in on a currency no one understands
     
  14. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Large numbers of people are already in. It's growing more mainstream every day. I booked a flight a couple of weeks ago on Expedia with Bitcoin
     
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  15. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    No way. Who else accepts Bitcoin??
     
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  16. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    various bootleg nba league pass sites
     
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  17. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Microsoft, NewEgg, Expedia, CheapAir, Dell, Overstock to name a few

    Not to mention you can buy electronic gift cards to just about anywhere through sites like Gyft
     
  18. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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  19. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    Intuit, target, Sacramento kings, dominoes pizza, eBay, Amazon, and Dell all accept them. Wow
     
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  20. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    :idk: its use is pretty widespread. i've used it before to pay for one of those aforementioned bootleg league pass sites.
     
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  21. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    People actually pay for those? Who knew.
     
  22. —

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    Pretty sure there was a bitcoin thread on here years ago.

    I have a Coinbase wallet. Use Bitcoin for loading and withdrawing on gambling sites. Good stuff.
     
  23. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    Same.switching to authors since coinbase is eventually going to have to release client info.
     
  24. —

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    Authors? What's Coinbase have to do? Will suck if I have to switch because I like their instant transfers w debit card...
     
  25. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    I only did it because, in a nice fuck you to local fans, 90% of Blazer games are broadcast only by Comcast's sports channel. I have satellite. Even if I paid $250 or whatever League Pass costs, I would not be able to watch Blazer games.
     
  26. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    https://www.reddit.com/r/nbastreams/

    You're welcome.
     
  27. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    I'm well aware that exists. I don't really have time to watch games like before, so I'm not paying for one this year, but the paid streaming sites are better.
     
  28. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    I buy league pass every year. Always Wai until mid January to buy at the prorated price.
     
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  29. CraigAnne Conway

    CraigAnne Conway Putting that ball into the basketball ring
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    Isnt this the currency used in online wizard games?
     
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  30. —

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    I"VE GOT MORE BITCOIN THAN ALL THE REAL COINS YOU WILL EVER SEE LOSER
     
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  31. Joe_Pesci

    Joe_Pesci lying dog-faced pony soldier
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    that would be gold
     
  32. Doc Louis

    Doc Louis Well-Known Member
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    no they swapped that up in 2015 when a new product team took on online wizard games, opting instead for generic tokens, called friardollars, that could be earned and then turned in for items specific to their class. this in turn was modified in 2016 with juggsbucks, which left some people out in the cold with friardollars, as they weren't transferable. meanwhile the new juggsbucks were even less popular and more volatile on trade networks, as they also mixed up stats and made it hard to tell which gear was better or not. all this brings us back to :friarjuggs:
     
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  33. TLAU

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    Use bitcoins for transferring in/out money for gambling sites. One of the Bitcoin ATMs is a few blocks from my place. Pretty neato mosquito
     
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  34. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    U don't use them to sell do u? Coinbase-bitpay-any ATM. It'll save 15%
     
  35. OHW

    OHW Well-Known Member
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    (((Bitcoin))) is a globalist ploy to install a one world government. Rothschilds own all of the servers, I'm surprised you guys didn't know that.
     
  36. TLAU

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    no idea what "using them to sell" means. i get them from cashing out of my online sportsbook and transfer them to my bank account. i used the ATM one time and it was just like a regular ATM I just wanted cash quicker. Coinbase buys/cashouts take like 4-6 days
     
  37. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    "Using them to sell" = getting cash for bitcoins.
     
  38. tmbrules

    tmbrules Make America Great Again!
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    Did a lot of research on Bitcoin when it was all the rage a couple years ago. Had a buddy that set up a mining operation .... but it wasn't all that profitable.

    My problems with Bitcoin
    1) Its not easy to use for the average computer user.
    2) Security. Mt Gox got robbed blind, among others. One of the sites hit everybody who had an account instead of just those that had bitcoins stolen. Straight X% haircut, forget which site.
    3) Competition. Right now there is no competition. However, all the big banks are spending money to create their own forms of digital currency. I think people will adapt to a currency backed by major banks very quickly once it becomes available.
     
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  39. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Items 1 and 2 can be overcome pretty easily if individuals take about an hour to educate themselves.

    Item 3 is a valid concern, but Bitcoin will still have the benefits of a public registry and miniscule transaction fees. Those will remain attractive compared to anything the big banks can put out there.
     
  40. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    The biggest selling point is near instantaneous transfers.
     
  41. tmbrules

    tmbrules Make America Great Again!
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    Have at it. I just think there are some large obstacles that need to be overcome before wide scale adoption. That doesn't mean the price can't increase though. Good luck
     
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  42. leroi

    leroi Rival Shark Boat Captain
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    i think the word is "speculate."

    normally "invest" refers to some kind of productive economic activity
     
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  43. Patface

    Patface Touch & Go Like A Dantonio Heartbeat
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    "other stuff" huh? :gfa:
     
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  44. Cheshire Bridge

    Cheshire Bridge 2017 & 2019 National Champions - Clemson Tigers
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    Wow. Yes, I do. Don't judge!

    St. John's is 'world's first Catholic church to accept bitcoin'
    Daniel Cawrey (@danielcawrey) |Published on October 17, 2013 at 22:15 GMT

    [​IMG]
    As people move away from slips of paper to digital forms of money, there’s a possibility the concept of the cash donation might decline. But that’s not the real reason Father Adaly Rosado Jr. from the Church of St. John the Evangelist in Goshen, NY decided to put a virtual currencies donation button on the parish’s website.



    “I put it up a year ago. I was just curious to see what would happen,” Father Rosado said.

    Unfortunately, only 0.488 BTC have been donated so far, which is around $60 at recent CoinDesk BPI rates. The church has over 2,900 registered parishioners, though, so if he can spread the word about digital currency, he could soon notice more bitcoin donations come flooding in.

    Father Rosado believes that St. John’s the Evangelist is the first Catholic Church to accept bitcoins and he thinks virtual currency donations can be much more useful than those in fiat currencies.

    “In theory, in the future, you could exchange bitcoins for any currency. It would be faster to move money around,” said Father Rosado.

    He explained that traditional methods have failed him in the past - for example a check he sent to a youth group in the Dominican Republic was lost in the mail so he had to cancel the check and use a service similar to Western Union in order to send the money. All of this took time - time that could have been saved if bitcoin was used.

    [​IMG]
    Outside view of the church in Goshen, NY. Source: The Chronicle
    While St. John’s biggest donation denomination is still in cash, Father Rosado has brought newer digital options to the congregation. PayPal and Parish Pay, a Christian-backed form of PayPal, is also accepted.

    The church is also accepting litecoin donations. Father Rosado likened bitcoin to gold and litecoin to silver. "If people want to give us that, no problem. The way I see it, this is money that we would not have had otherwise."

    The Catholic church isn't the only religious institution that has expressed interest in bitcoin. Jackson Beazer, social media supervisor at The Church of Jesus Christ of Latter-day Saints said his church is "very aware of and excited about technological advances and changes".

    He went on to explain that Mormons have embraced many technological changes in recent years, adding:

    "The Church is very much excited for and hopeful for any new change or technological tool that can help make life easier, more convenient, and will help us accomplish our purpose throughout the world as smoothly as possible."

    Father Rosado is happy that someone decided to donate bitcoins to his church, but, due to the anonymous nature of bitcoin transactions, is unsure who it was. “I have no idea who put the 0.488 bitcoin in the account, but if these anonymous people want to donate, then we will accept it!”

    No matter where it came from, it’s clear that donations could and should become a big aspect of virtual currencies. Father Rosado suggested that the more these units of value are moved around, the more people will believe in their abilities to behave just like the fiat currencies everyone is used to.

    “One thing people do with actual money is donate it. People want to do this, which can make bitcoin an actual currency," he said.

    Check out St. John’s bitcoin donation page or their litecoin donation page if you’re interested in giving some virtual currency to the church.
     
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  45. HOOSINSC

    HOOSINSC You're with me leather
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    can you exchange Bitcoins for Grit coins?
     
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  46. TLAU

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    depends on who you're selling to... most bitcoin users would say the biggest selling point is anonymity
     
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  47. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Nah...

    in·vest
    inˈvest/
    verb
    1. expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.
     
  48. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    Value up over 5% since starting this thread 2 days ago :mulletsmug:
     
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  49. TLAU

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    First deposit I made into 5dimes for opening weekend of college football bitcoins were ~$550. Around the NCG they were more than doubled at like $1200 IIRC
     
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  50. dblplay1212

    dblplay1212 Well-Known Member
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    I feel like Bitcoin paid Nantucket to make this promotional thread.
     
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