@Amos_Umwhat said:
Sounds very much like a pyramid scheme, doesn't it? I mean, a legitimate currency should represent something, if only that a nation has some kind of gross national product. It's bad enough that there's no longer any kind of gold, silver, nickel, copper, lumber, whatever standard, but to simply "agree" that a "coin" is worth whatever it's trading for at the moment? That other shoe keeps getting higher, sooner or later it's got to drop. I can't buy into it.
Sounds like every free market ever created for a finite supply of something.
Pretty much described the stock market.
Except that in free trade one may have a situation where I have Corn and you have Tobacco and we trade it. If we don't, we still have our corn and tobacco. And the Stock Market is investment in an entity that produces goods or provides services, versus the Bitcoin which is imaginary currency.
It is true that our national currency is largely imaginary, which is why I mentioned the Gold Reserve notes etc. above, but at least we had the power of a government guaranteeing that it's worth something. Bitcoins worth is also a case of "because I said so", but, who said so?
Meanwhile, y'all do you. Some people do make money in a pyramid scheme, might be you. Or, maybe you'll just be the one holding the bag when it all turns to dust.
That’s what I thought when I first heard of Bitcoin. That’s why I didn’t buy into it when it was less than 100$ apiece. It made no sense to me and I didn’t think it would last. Now it’s over $50,000 apiece. There’s a lot of ordinary Joes who are millionaires now because of it. It’s not going anywhere. If it falls apart everything is going to fall apart. It is the future whether you believe in it or not. It’s too big now.
@Amos_Umwhat said:
Sounds very much like a pyramid scheme, doesn't it? I mean, a legitimate currency should represent something, if only that a nation has some kind of gross national product. It's bad enough that there's no longer any kind of gold, silver, nickel, copper, lumber, whatever standard, but to simply "agree" that a "coin" is worth whatever it's trading for at the moment? That other shoe keeps getting higher, sooner or later it's got to drop. I can't buy into it.
Sounds like every free market ever created for a finite supply of something.
Pretty much described the stock market.
Except that in free trade one may have a situation where I have Corn and you have Tobacco and we trade it. If we don't, we still have our corn and tobacco. And the Stock Market is investment in an entity that produces goods or provides services, versus the Bitcoin which is imaginary currency.
It is true that our national currency is largely imaginary, which is why I mentioned the Gold Reserve notes etc. above, but at least we had the power of a government guaranteeing that it's worth something. Bitcoins worth is also a case of "because I said so", but, who said so?
Meanwhile, y'all do you. Some people do make money in a pyramid scheme, might be you. Or, maybe you'll just be the one holding the bag when it all turns to dust.
I wasn't criticizing you, brother. I said this was like a free market, not free trade. In a free market, people buy and sell items in a marketplace without the restrictions of government oversight.
You may not get cryptocurrency. F***, I don't get it either. But it's not imaginary. You're paying for a finite digital resource. It's the same as buying a digital subscription to a newspaper or buying hard drive space online in the cloud to store your photos. No you can't touch it. No you can't see see the physical properties of it. But it exists!
With traditional currency, you used to get a note that represented a gold bar or a silver bar in a federal bank somewhere. When that went away, you were buying a country's promise to back the currency, which in reality is as good as a gold bar sitting somewhere. People may have varying degrees of faith in that system, but I have a varied degree of the price or worth of a gold bar too. Either way, that's a wash--for me.
Cryprocurrency is the same thing. But instead of buy ing a country's promise to back a currency, you're buying based on the demand of that currency of the open market and the promise of the creator to not make anymore out of thin air.
Same thing, it's a promissory note. It's definitely a paradigm shift because you're now entrusting a private entity with something you used to trust a government for. But that's not a new concept either.
Some countries are looking into their own crypto including the US.
I'm not trying to pizz on anyone's parade. I just can't help but think of an end-times prophecy, I wish I could remember if it's in Isaiah, Daniel, Ezra, 2nd Peter, somewhere, that says "...the granaries will be full, then suddenly empty...".
Electronic data can be erased in a nanosecond. Of course, that will include all forms of currency I'd suppose. If / When that day comes we'll all be scratching with the chickens.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
^^^ I believe that's what Osama was hoping for with the Twin Towers attack. They're still out there, trying.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Another crypto craze is taking the market by the storm as a parabolic rally for altcoins (cryptos other than bitcoin) took the value of all digital tokens past $2.3T. Dogecoin (DOGE-USD), a crypto that started as a joke, is now changing hands at 68 cents, up about 63% in the past 24 hours, 131% over the past week, and over 11,000% so far in 2021. Dash (DASH-USD) also spiked 35% over the last 24 hours and Ethereum Classic (ETC-USD) rose almost 50%, helping crash crypto trading on Robinhood's popular trading app, while Force DAO and Tierion (TNT-USD) surged more than 1,000%.
What's happening? Some are pointing to Elon Musk’s upcoming SNL appearance as the "Dogefather," as well as the future of DeFi and other crypto trends, but one of the more immediate catalysts appears to be a change in trading sentiment. Once upon a time, investors had talked about the time value of money and the advantages of compounding, but who's looking for 10% a year, when one could make 50% or more per day? That kind of attitude, while risky, has been increasingly adopted by a new generation of traders, while institutions can take advantage of the price moves by easily entering and exiting positions.
The fact that "HOLDing" is even a term in the cryptosphere, where investors buy and hold their positions regardless of price, has put a certain support under the industry that possibly cannot be rivaled in any other asset class. Throngs of new traders are also piling into the crypto arena, even with small positions, due to FOMO or "just in case" digital assets do eventually go mainstream. Enthusiasm is meanwhile building across social media, where the Winklevoss twins said the Gemini crypto exchange would now support Doge. "Yes, it's a meme coin, but all money is a meme!" Cameron wrote on Twitter.
Outlook: While some see this as a mere opportunity to get in on the action, bigger believers say the current rally is a breakthrough moment that will provide cover against a future dollar devaluation. Others see the entire system as a kind of pyramid scheme, but even among the biggest backers of crypto, some see the current altcoin rally as unsustainable. Famed investor Mike Novogratz said recently he'd be "very, very worried" were one of his friends to invest in Doge, but thinks crypto returns "will beat the crap out of stocks, but not forever." "They will hit an equilibrium, there's no free lunch in the world," he added. "Right now, it feels like there's a free lunch because the government's losing everything."
I know a lot of people who invested in DogeCoin just because it was 1/10 of a cent each. Throw $5 in as a spoof to say you own some. Today that $5 is $650. Thats some good return on a joke.
"Cooking isn't about struggling; It's about pleasure. It's like sǝx, with a wider variety of sauces."
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Nay sayers will always say nay but being up $3,000 in a little over a month on just over a $3,500 investment is hard to argue with in my book. I wish I’d have had the guts to have gotten in 5 years ago I’d be a millionaire by now.
Anyway I don’t think I’m going to post on this anymore. I don’t want people thinking I’ve turned into one of those cryptoazzholes. I’ve met quite a few of those.
People think they they are smarter than everyone else because they were lucky enough to have invested 100$ Into something that turned into $100,000 3 months later.
No one important is judging you Ricky. By all means, keep posting into it. If nothing else it's interesting to look at. I've got $25 invest, that turned into $40 in the last week. It's fun and low risk at this level. If I lose the 25, who cares?
"Cooking isn't about struggling; It's about pleasure. It's like sǝx, with a wider variety of sauces."
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Keep going Ricky, it is interesting. A girl from my town posted recently that she turned down her brother's offer to sell her x number of bitcoins years ago for $100. She didn't and now I'm curious if he still has them or if he sold them all.
@silvermouse said:
Indeed, keep posting, it is interesting. Congrats on the gain so far. And don't mind my skeptical posts, I am too old to take risks now.
IKR between my 401 and this it’s always at the back of my brain that everything will crash and I’ll be fvcked and working until I croak. Because my actual savings is not much more than emergency money to get me through a few months if needed.
First ETHERIUM coin I bought cost $1700 the second cost me $2700. It’s now at $3800. I’m thinking it might actually go to $10,000. The dream would be $20,000. 🤞
Or it could just crash and piss me off to no end.
Ann will faint if I buy another one. I’ll have to see how much it drops in the morning. That’s usually when the dip hits.
Pretty interesting piece on CBS News this morning about Bitcoin. Apparently it requires a lot of energy to maintain the magical worth of the illusion of currency, and Elon Musk let that cat out of the bag.
Again, I'm pretty sure this is the case of all of today's fiat currency. Perhaps those who've invested in gold may be the only ones with anything of value left when the computer fans stop turning. That is, if they're in possession of the gold, and not just computer-generated promises that they own the gold.
Dizzying.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
@Amos_Umwhat said:
Pretty interesting piece on CBS News this morning about Bitcoin. Apparently it requires a lot of energy to maintain the magical worth of the illusion of currency, and Elon Musk let that cat out of the bag.
Again, I'm pretty sure this is the case of all of today's fiat currency. Perhaps those who've invested in gold may be the only ones with anything of value left when the computer fans stop turning. That is, if they're in possession of the gold, and not just computer-generated promises that they own the gold.
Dizzying.
Anybody that has invested in these should already have been aware of how much energy they use. And it's not so much "maintaining the illusion" as it is raw computational power used to solve the equations that generate them in the first place. Once generated, they don't require anything except the hash-code. If the entire world decided "We have enough Bitcoin" and stopped trying to generate more, there would be next to 0 energy requirements.
Every coin is generated the same way. The more coins there are in existence, the more power it takes to generate new ones. Bitcoin uses a ton of power simply because it is the largest. Etherium is getting up there as well. Whatever coin Tesla decides to accept will become mass mined by everyone, and eventually get to the same point.
Those of you looking for large investments, just watch for their next announcement on which they will accept.
I'm just slightly curious, from the sidelines, the peanut gallery, as it were. I have enough doubt in the currency that already existed. For me, the history of the currency of the Weimar Republic was enough to solidify my faith in physical reality over other methods of trade.
Not criticizing anyone for their decisions, at all. Just an investment I'm not going to be sinking anything into. Trust issues, I suppose.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Understandable. Bitcoin blowing up like it did was completely unprecedented in it's time, and left a lot of people looking for the next big thing. Now there is thousands of clones, and people every day are going broke hoping to catch the the wave. There are some that are being developed specifically for IT securities, as well as a few that are being designed for international money transfers between large banks. None of these will ever blow up to 50 or 60 thousand but over time if they get consistent use they will increase by a couple hundred percent. I would not suggest throwing everything you have down unless you are a gambler who is looking for a ride, but if you have a couple hundred to drop into an IT coin you can reasonable expect a decent return.
"Cooking isn't about struggling; It's about pleasure. It's like sǝx, with a wider variety of sauces."
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Interesting fact. The power required to power all the computers running bitcoin is more than the country of Netherlands.
"I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." -- Winston Churchill "LET'S GO FRANCIS" Peter
It used to be common to inject unsuspecting computers with Bitcoin mining viruses to use other people's computers, phones, and TVs to mine Bitcoin for you. Not sure that this is still viable with the computational requirements these days.
Join us on Zoom vHerf (Meeting # 2619860114 Password vHerf2020 )
Comments
That’s what I thought when I first heard of Bitcoin. That’s why I didn’t buy into it when it was less than 100$ apiece. It made no sense to me and I didn’t think it would last. Now it’s over $50,000 apiece. There’s a lot of ordinary Joes who are millionaires now because of it. It’s not going anywhere. If it falls apart everything is going to fall apart. It is the future whether you believe in it or not. It’s too big now.
Some countries are looking into their own crypto including the US.
I'm not trying to pizz on anyone's parade. I just can't help but think of an end-times prophecy, I wish I could remember if it's in Isaiah, Daniel, Ezra, 2nd Peter, somewhere, that says "...the granaries will be full, then suddenly empty...".
Electronic data can be erased in a nanosecond. Of course, that will include all forms of currency I'd suppose. If / When that day comes we'll all be scratching with the chickens.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
We used to worry about emp nukes taking down the infrastructure. It would be a massive stroke these days.
^^^ I believe that's what Osama was hoping for with the Twin Towers attack. They're still out there, trying.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
https://seekingalpha.com/news/3690813-dogecoin-surges-63-to-68-cents-as-altcoin-rally-gains-steam
Who let the Doge out?
Another crypto craze is taking the market by the storm as a parabolic rally for altcoins (cryptos other than bitcoin) took the value of all digital tokens past $2.3T. Dogecoin (DOGE-USD), a crypto that started as a joke, is now changing hands at 68 cents, up about 63% in the past 24 hours, 131% over the past week, and over 11,000% so far in 2021. Dash (DASH-USD) also spiked 35% over the last 24 hours and Ethereum Classic (ETC-USD) rose almost 50%, helping crash crypto trading on Robinhood's popular trading app, while Force DAO and Tierion (TNT-USD) surged more than 1,000%.
What's happening? Some are pointing to Elon Musk’s upcoming SNL appearance as the "Dogefather," as well as the future of DeFi and other crypto trends, but one of the more immediate catalysts appears to be a change in trading sentiment. Once upon a time, investors had talked about the time value of money and the advantages of compounding, but who's looking for 10% a year, when one could make 50% or more per day? That kind of attitude, while risky, has been increasingly adopted by a new generation of traders, while institutions can take advantage of the price moves by easily entering and exiting positions.
The fact that "HOLDing" is even a term in the cryptosphere, where investors buy and hold their positions regardless of price, has put a certain support under the industry that possibly cannot be rivaled in any other asset class. Throngs of new traders are also piling into the crypto arena, even with small positions, due to FOMO or "just in case" digital assets do eventually go mainstream. Enthusiasm is meanwhile building across social media, where the Winklevoss twins said the Gemini crypto exchange would now support Doge. "Yes, it's a meme coin, but all money is a meme!" Cameron wrote on Twitter.
Outlook: While some see this as a mere opportunity to get in on the action, bigger believers say the current rally is a breakthrough moment that will provide cover against a future dollar devaluation. Others see the entire system as a kind of pyramid scheme, but even among the biggest backers of crypto, some see the current altcoin rally as unsustainable. Famed investor Mike Novogratz said recently he'd be "very, very worried" were one of his friends to invest in Doge, but thinks crypto returns "will beat the crap out of stocks, but not forever." "They will hit an equilibrium, there's no free lunch in the world," he added. "Right now, it feels like there's a free lunch because the government's losing everything."
I know a lot of people who invested in DogeCoin just because it was 1/10 of a cent each. Throw $5 in as a spoof to say you own some. Today that $5 is $650. Thats some good return on a joke.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
My son put in $300 into doge a week ago and has made $165 off of it. He plans on putting in another $300 this week. Hopefully he'll not lose it all.
Trapped in the People's Communits Republic of Massachusetts.
https://www.facebook.com/groups/Cardano.ADA/permalink/1835217226638961/
Nay sayers will always say nay but being up $3,000 in a little over a month on just over a $3,500 investment is hard to argue with in my book. I wish I’d have had the guts to have gotten in 5 years ago I’d be a millionaire by now.
That’s what they said 5 and ten years ago
Anyway I don’t think I’m going to post on this anymore. I don’t want people thinking I’ve turned into one of those cryptoazzholes. I’ve met quite a few of those.
People think they they are smarter than everyone else because they were lucky enough to have invested 100$ Into something that turned into $100,000 3 months later.
No one important is judging you Ricky. By all means, keep posting into it. If nothing else it's interesting to look at. I've got $25 invest, that turned into $40 in the last week. It's fun and low risk at this level. If I lose the 25, who cares?
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Indeed, keep posting, it is interesting. Congrats on the gain so far. And don't mind my skeptical posts, I am too old to take risks now.
Fvcking Ricky
Keep going Ricky, it is interesting. A girl from my town posted recently that she turned down her brother's offer to sell her x number of bitcoins years ago for $100. She didn't and now I'm curious if he still has them or if he sold them all.
IKR between my 401 and this it’s always at the back of my brain that everything will crash and I’ll be fvcked and working until I croak. Because my actual savings is not much more than emergency money to get me through a few months if needed.
^^^good thing there's Social Security to fall back on.
Too bad it won't keep up with inflation.
Don't let the wife know what you spend on guns, ammo or cigars.
Coinbase.com has a lot of info, have it on the list to check on but its a bit down the list.
First ETHERIUM coin I bought cost $1700 the second cost me $2700. It’s now at $3800. I’m thinking it might actually go to $10,000. The dream would be $20,000. 🤞
Or it could just crash and piss me off to no end.
Ann will faint if I buy another one. I’ll have to see how much it drops in the morning. That’s usually when the dip hits.
You can buy that nft atebey with etherium.
$4015 Just saying. Though it did dip from $4200 this morning
Pretty interesting piece on CBS News this morning about Bitcoin. Apparently it requires a lot of energy to maintain the magical worth of the illusion of currency, and Elon Musk let that cat out of the bag.
Again, I'm pretty sure this is the case of all of today's fiat currency. Perhaps those who've invested in gold may be the only ones with anything of value left when the computer fans stop turning. That is, if they're in possession of the gold, and not just computer-generated promises that they own the gold.
Dizzying.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Anybody that has invested in these should already have been aware of how much energy they use. And it's not so much "maintaining the illusion" as it is raw computational power used to solve the equations that generate them in the first place. Once generated, they don't require anything except the hash-code. If the entire world decided "We have enough Bitcoin" and stopped trying to generate more, there would be next to 0 energy requirements.
Every coin is generated the same way. The more coins there are in existence, the more power it takes to generate new ones. Bitcoin uses a ton of power simply because it is the largest. Etherium is getting up there as well. Whatever coin Tesla decides to accept will become mass mined by everyone, and eventually get to the same point.
Those of you looking for large investments, just watch for their next announcement on which they will accept.
https://cacm.acm.org/magazines/2018/7/229045-why-cryptocurrencies-use-so-much-energy/fulltext#:~:text=Miners use their computing power,are rewarded with more bitcoins.&text=In the case of bitcoin,is, to solving computational puzzles.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
OK.
I'm just slightly curious, from the sidelines, the peanut gallery, as it were. I have enough doubt in the currency that already existed. For me, the history of the currency of the Weimar Republic was enough to solidify my faith in physical reality over other methods of trade.
Not criticizing anyone for their decisions, at all. Just an investment I'm not going to be sinking anything into. Trust issues, I suppose.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Understandable. Bitcoin blowing up like it did was completely unprecedented in it's time, and left a lot of people looking for the next big thing. Now there is thousands of clones, and people every day are going broke hoping to catch the the wave. There are some that are being developed specifically for IT securities, as well as a few that are being designed for international money transfers between large banks. None of these will ever blow up to 50 or 60 thousand but over time if they get consistent use they will increase by a couple hundred percent. I would not suggest throwing everything you have down unless you are a gambler who is looking for a ride, but if you have a couple hundred to drop into an IT coin you can reasonable expect a decent return.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Interesting fact. The power required to power all the computers running bitcoin is more than the country of Netherlands.
-- Winston Churchill
"LET'S GO FRANCIS" Peter
Apparently, Bitcoin farming is the reason why a $600 graphics card is going for $1500 these days. If you can find one.
Trapped in the People's Communits Republic of Massachusetts.
It used to be common to inject unsuspecting computers with Bitcoin mining viruses to use other people's computers, phones, and TVs to mine Bitcoin for you. Not sure that this is still viable with the computational requirements these days.