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Thread: Bitcoin - cryptocurrency?

  1. #1
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    Bitcoin - cryptocurrency?

    Been reading about the incredible rise in the exchange rate for bitcoins, but as an investment- it seems far too good to be true. Not sure if it's a demand driven phenomenon - by those who are paying ransom ware, or if it's the result of those who just want to avoid their country's tax laws - but the chart below is interesting (from Wikipedia):



    Bitcoins as a concept is blurring the line between currency and commodity!

    Don
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    NostraJackAss Jack@European_Parts's Avatar
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    Total Bullshit /\.........totally speculative and I look forward to the short of it once again!

    PUT this...........

    Trading bit coin now would be like me going to sell cars at the auto-auction & with no bidders in the lanes other than phantom bidders.

    No action, no volume..........no sale!

    That's what happens when you store your data on a cloud or hard-drive you scan the web with.

    Want something safe put it on a DVD and a mirror drive that is isolated.........for fuck sake, get a raid.....
    Last edited by Jack@European_Parts; 05-26-2017 at 07:34 AM.
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  3. #3
    Administrator Andy's Avatar
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    Quote Originally Posted by DV52 View Post
    by those who are paying ransom ware
    I don't think too many people have actually paid ransom:

    https://twitter.com/actual_ransom

    actual ransom‏ @actual_ransom 11h11 hours ago
    More
    Status of WannaCry wallets:
    49.96959529 BTC ($120,055.58)
    314 payments, 0 withdraws
    Last payment:
    2017-05-25 at 08:59 AM ET

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  5. #4
    Benevolent Dictator Uwe's Avatar
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    Quote Originally Posted by DV52 View Post
    Been reading about the incredible rise in the exchange rate for bitcoins, but as an investment- it seems far too good to be true.
    Can you say speculative bubble?

    If you think this is a good investment, I have some tulip bulbs for sale...
    Ceterum censeo, delenda est Daesh.

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  7. #5
    NostraJackAss Jack@European_Parts's Avatar
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    Can you say speculative bubble?

    If you think this is a good investment, I have some tulip bulbs for sale...

    Two lips or tulip's....?

    At least the flowers come up every year and bit coin might not.

    You buy bit coin and you will be needing two lips for sure.........
    European Parts Emporium/Performance / Immobilizer Solutions LLC
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    Administrator Andy's Avatar
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    Fun fact, during the Dutch tulip frenzy, a wealthy merchant had a sailor waiting in his office who found what he thought was an onion. The sailor peeled and was eating it when the horrified merchant walked in to discover his "valuable" tulip bulb had just been consumed.

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    Verified VCDS User vreihen's Avatar
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    Quote Originally Posted by Jack@European_Parts View Post
    Want something safe put it on a DVD and a mirror drive that is isolated.........for fuck sake, get a raid.....
    RAID will not prevent a drive-encrypting malware from doing it's thing. On the contrary, the increased number of available spindles for the re-writes will speed up the infection process!

    As for Bitcoin, it is the preferred cash of the underworld. If you think that the black market, piracy, terrorism, and narcotics trades will continue to grow, you might want to add some to your portfolio's asset allocation.

    If you want another opinion, the frequency of the keyword "Blockchain" (an important part of Bitcoin's function) has been increasing in both investor and non-technical professional newsletters over the past month. This could be a good sign for continued growth in Bitcoin, since they are now targeting investors and the public.

    Help me with my hyphosis. Did you recently see an article about Bitcoin investing on a web site or newsletter mailing?????

  10. #8
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    ^^^ vreihen: I agree with your skepticism about the legitimacy for bitcoins as an investment, but your second point appears to be true - the currency (commodity?) does appear to be maturing and what was a narrowly traded item seems to have now broadened its appeal. I would personally not invest in the thing at this time, but it's still an interesting dynamic to watch. Maybe you are correct - the increased interest is bitcoins comes from those who want to launder money - so maybe the graph in my first post mimics the increasing activities of the black market.

    But if the famous vreihen millions are just shoved in the sock drawer (doing nothing) and you don't want to pay tax on the interest (and if you are prepared to take the risk)- perhaps ?

    Don

    PS: As to whether the tulip analogy is appropriate , or whether a better comparison is the early days of Google share price - only time will tell!
    VW Golf MkVII (103TSI) my13

  11. #9
    Benevolent Dictator Uwe's Avatar
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    Quote Originally Posted by DV52 View Post
    PS: As to whether the tulip analogy is appropriate , or whether a better comparison is the early days of Google share price - only time will tell!
    That comparison might have been valid when bitcoin was worth a few orders of magnitude less than it is today.

    My skepticism with bitcoin as an investment (as opposed to a speculative play) is that that it's overly dependent on technology, while at the same time, advances have the potential to kill it completely and instantly.
    Ceterum censeo, delenda est Daesh.

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  13. #10
    NostraJackAss Jack@European_Parts's Avatar
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    Ancient dog pile theorists say yes..............

    EMP with a twisted solar storm says your bit coin isn't worth a coil snake in the tall lawn land mine field.

    Than two lips will be sucking..........Bit coin gets and F.

    European Parts Emporium/Performance / Immobilizer Solutions LLC
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