patrick.net

Onvacation says

G36 says

. I gotta save this pic

You'll just have bits on your hard drive.

Or you could buy a real gold colored hard drive.

exactly! Extremely valuable bits!
Bitcoin is currently trading above 17k! It's programmable money: Its scarce (only a certain amount of Bitcoin can be mined) and its decentralized!

"or you could buy a real gold colored hard drive"
Thats funny. I dont want "real" gold. I want digital gold. I dont care about shininess but I care about increasing my net worth.

NoCoupForYou says

G36 says

Bitcoin is seen as a store of value/digital gold

Hopefully their servers aren't managed by Dominion.

luckily, one of the key traits of Bitcoin is that its decentralized. You cant call someone and order them to shut down the network. In fact you are not able to shut down the network at all. You can - as a government - shut down exchanges and issue a tax frame for Bitcoin but you cant shut down the network.

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course. I am seriously concerned about your alleged Bitcoin research. You are missing the basics.
You thought the last Bitcoin will be mined in 2040. Its actually 2140.
On your comparison to Gold and FIAT you missed key traits like scarcity and decentralization.
And now you dont know how to recover a lost password? May I ask what kind of software engineer you are?

G36 says

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course

How do you recover your recovery key when you lose it?

G36 says

On your comparison to Gold and FIAT you missed key traits like scarcity and decentralization.

What is bitcoin valued in?

Onvacation says

What is bitcoin valued in?

Cowrie seashells, Venezuelan Petromoneda, Rai stones, wampum?

Onvacation says

G36 says

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course

How do you recover your recovery key when you lose it?

When you lose your password and recovery key and your gold watch, and your car key, and the second and third car key and the 3 house keys, then maybe its time to ask yourself if someone else should run your life. Senior living, maybe?

OV,
how come you never knew about a recovery key when researching Bitcoin? Because you never really researched it? I am actually not surprised that you dont like BITcoin as a silver coin collector that also makes a living by being a software engineer. :)

Dbr6 says

Onvacation says

What is bitcoin valued in?

Cowrie seashells, Venezuelan Petromoneda, Rai stones, wampum?

Bitcoin is highly divisible.
1 Bitcoin is 100 00 000 Satoshis. Satoshis can be exchanged for many FIAT currencies or other crypto currencies.

I like that you ask questions OV. You told us you researched Bitcoin. No offense, but your research skills really suck. :D

G36 says

OV,
how come you never knew about a recovery key when researching Bitcoin?

How many of those 18 and a half odd million bitcoins "mined" so far are lost forever?

Onvacation says

G36 says

OV,
how come you never knew about a recovery key when researching Bitcoin?

How many of those 18 and a half odd million bitcoins "mined" so far are lost forever?

Bud, you cant just answer a question with a question. Answer one, I may answer one and so it goes :)

Gold, silver, copper and pretty shells have been money forever. They are intrinsically valuable.

Dollars, and other world currencies, used to be valued in silver and gold but are now valuable only because governments say so (by fiat).

Bitcoin and other crypto "currencies" are valued in fiat.

Nobody knows how many bitcoins have been lost forever.

OV, how come you never knew about a recovery key when researching Bitcoin?

Money is a believe system. Gold and Fiat dont have intrinsic value. "Shiny" doesnt really count for Gold, many people would say that isnt intrinsic value at all.
A 100 dollar bill has a cost to produce of 14 cents. I dont call this intrinsic value either.
Amazon stock has intrinsic value of maybe 500 dollars but trades for over 3k.
If you only look at intrinsic value in order to make investment decisions you might as well collect silver coins and invest in food and entertainment. Wait, you do! :)

Bitcoin actually has a lot of value. Sure, it trades for roughly 19k at the moment but I mean the traits (in comparison to gold and fiat). Take a look at this chart. Bet you missed this in your Bitcoin research, didnt you :)

G36 says

invest in food and entertainment.

And tools! I was a mechanic in a former life and love to have tools No matter how many tools you collect their is always the one you need that you don't have. When all that you have is a hammer, everything looks like a nail. Last time I counted I had 22 hammers. Sometimes you need a ballpeen other times a claw.

I love tinkering. I do all my own maintenance on my sailboat, motorcycle, and sports car. I want to buy a little hydraulic lift for my shop; I tell the wife it will pay for itself in 2000 oil changes, but she won't go for it.

Alas, there is no scarcity of tools. If we run short some new company will make more, probably in China.

physical gold is heavily overvalued. 9 trillion market cap. Bitcoin is a baby in comparison. Lots, lots and lots of upside ahead of us!

www.youtube.com/embed/nJeddv1QbeQ

G36 says

Money is a believe system.

Jesus is a believe system! Bitcoin is a scam.

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

Onvacation says

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

lots of things, stocks, my real estate, food, entertainment, medicine, tools, love, marriage, a great relationship with your neighbor.

G36 says

Onvacation says

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

lots of things, stocks, my real estate, food, entertainment, medicine, tools, love, marriage, a great relationship with your neighbor.

But not bitcoin?

Bitcoin has great value.



right now, its trading above 18k. Citibank believes it will go to 318k a coin next year.

This thread is to counter all of the misinformation about bitcoin. If you have FOMO about crypto, go to one of the other threads.

Bitcoin is a scam.

Onvacation says

This thread is to counter all of the misinformation about bitcoin. .

exactly. remember when you spread misinformation about Bitcoin and I corrected you?

"last bitcoin will be mined in 2040". No, its actually 100 years later. 2140.

Gold is valued in fiat. Fiat used to be valued in gold and they called it money. US paper used to be valued in silver and gold but no more.

Not only does bitcoin have no intrinsic value it costs money to maintain. It requires new money just to pay the power bill.

I will be really surprised if bitcoin, in it's current programming, lasts until 2030.

agree, gold and a paper dollar bill have no intrinsic value. Maybe buy real estate or food if you are looking to put your money in intrinsic value. I would recommend Bitcoin. Excellent inflation hedge and best performing asset.

G36 says

remember when you spread misinformation about Bitcoin and I corrected you?

"last bitcoin will be mined in 2040". No, its actually 100 years later. 2140.

2030

Maybe 2025

G36 says

gold and a paper dollar bill have no intrinsic value.

gold actually has a lot of industrial uses so it has inherent value at least to tune of 8%. Electronics, catalysts, some medical use, etc. If one wants a precious metal with a lot of industrial use, take a look at palladium, rhodium, or platinum.
I am kinda skeptical about crypto's because they seem to be 0's and 1's stored in Russian hackers computer, similar to fiat which is now mostly 0's and 1's stored in New York Fed's bank computer, and I do not know which of them is more crooked, probably the Fed. On the other hand, at this point State is not involved with crypto's, which is a huge plus.

Dbr6 says

On the other hand, at this point State is not involved with crypto's, which is a huge plus.

They are. I promise you. Hence one of the many reasons I won't touch the stuff. The people that think some random Asian guy made this up and government is not involved is hysterical. Don't have a claim to which government, but most the worlds governments are now involved. It's cute to think it's decentralized, but it's not. That's the downfall of it as a "currency" so to speak. This trust in it, when there's literally nothing to trust about it. Everyone is welcome to do what they like, but I think anyone would be crazy to touch the stuff outside of principled trading techniques. It's not an investment. Never will be.

Crypto is going to take off. Probably mind-blowing to some.

"In their “Flows & Liquidity” report, JPMorgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3, and may have a bigger role in price movement than commodity trading advisors, or CTA."

https://www.coindesk.com/jpmorgan-analysts-bitcoin-institutional-buyers

There hasnt been a single day of us not receiving bullish news of institutional FOMO. Bitcoin transitioned from speculation to a pretty sure longer term investment asset. Exciting times ahead.

G36 says

institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3,

Why? What are the fundamentals that make bitcoin such a good investment? Beside FOMO.

OV, does that mean you havent bought Bitcoin yet???

G36 says

There hasnt been a single day of us not receiving bullish news of institutional FOMO. Bitcoin transitioned from speculation to a pretty sure longer term investment asset. Exciting times ahead.

Already happened once. Be cautious. It's going to plummet again. This time will likely be worse and take longer to get back into the current phase. At some point there will be a cross roads where no one trusts it anymore and your money is worthless and it won't get back up to current valuation. This is a when, not an if. I'm not going to predict a timeline with pumpers, but it's coming, hence your activity here and probably other sites to keep it afloat. The bilge pump can only keep up with so many holes in the boat. At some point it's overwhelmed and sinks.

wookie, you disagree with the Citibank price target of 318K by 2021 for Bitcoin?
Whats your target range? 250k?

G36 says

OV, does that mean you havent bought Bitcoin yet???

Nope! but as soon as I get some investors I'm gonna mine me some
https://patrick.net/post/1314087/2018-02-28-getrichquickcoins

I'm starting a new cryptocurrency. I am selling them at a discount while I set up the blockchain (a free open source technology where a continuously growing list of records, called blocks, are linked and secured using cryptography).

If you send me a dollar now I will send you a unique (kinda) sequence of bits (0s and 1s) when I start mining the blockchain.
GetRichQuickCoins, the currency of the future!

Wanna buy some?

G36 says

the Citibank price target of 318K by 2021 for Bitcoin?

THIS! is why we never should have bailed out those bankers.

They get FREE MONEY to loan at interest and still can't keep their books balanced.

OV, calm down.
And maybe take an economics class. With failing banks you have a depression like never seen before. never heard: too big to fail?
You start to sound like these occupy wall street nutjobs.

lol

Hey G,
I see you got yourself an ignore. Work harder, you'll catch up to my 6.

The way I see it crypto is kind of a musical chair kind of investment. As long as more people keep on giving the miners money to produce (currently about 900 coins a day) they will keep on mining. They spend ALL of this money on electricity, new hardware, construction, housing, food, blow, hookers, etc. and this money is GONE!

The only thing that keeps the party going is if someone is willing to pay for the bitcoin.

Someday the whole world is going to realize there is no there there.

Good luck on your investment. Just make sure you get out before the miners can't make enough money to support the ever-increasing cost of the "decentralized" system.