Bitcoin - Part 2

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Red Dog has been good for me of late in the online game I have been playing. I had a good run. The odds are supposedly worse than blackjack but it has a various jackpots that make it more interesting to play
 
hi, I am starting a small bitmining business and am wondering how I should set it up. I I am not planning on making much money at it at first and not worried about liability. Should I set it up as a DBA at first? Will that protect the name of the business or do I have to trademark it?
 
Argumemnon said:
Now you're just playing games. I'm sure you understood what I meant in context quite well. You were wrong about BTC being obsolete. Let it go.
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Argumemnon said:
Obsolescence: the process of becoming obsolete or outdated and no longer used.
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If I am expected to accept mere assertion as proof then I might as well have a bit of fun while I'm at it.
 
Argumemnon said:
Again, you're playing silly and transparent word games. Something can be obsolete without being completely unused. That's why Win98 is obsolete.
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That's a pretty piss weak comparison.

For one thing, bitcoin hasn't been superseded by a newer crypto-currency. For another, bitcoin is still being bought and sold as much as it ever has been. The price keeps rising for the most part. Any economist will tell you what it means if the price rises but the supply remains constant.
 
psionl0 said:
The fixed supply of bitcoin is its impediment to its use as a currency. The average holder would be reluctant to spend something that constantly appreciates in value (on average).
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Ridiculous. I guess you will never abandon the fallacious reasoning which rationalizes money creation, which is at best a regressive tax, and far more common and even worse, theft. Assuming growth in demand for bitcoin remains relatively stable, the law of large numbers will dictate that the extraordinary returns in bitcoin will cease. At that point it may begin to function as a currency, if it doesn't crash or there isn't some systemic event that threatens the integrity of the blockchain. The fact that the supply of bitcoin is limited won't change this, just like it doesn't prevent consumers from buying continuously deflating consumer electronics goods.

You've never adequately explained why we need to accept unlimited taxation/theft (money creation) in order to simply motivate consumers to part with their hard earned money. It makes zero sense, and never will.

One erstwhile poster used to brag about paying for his pizzas with bitcoin. At the current price of bitcoin, those were mighty expensive pizzas.
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And yet, the bitcoin was sold, and continues to be. My dad sold thousands of shares of Apple Computer in the 80s when I was a kid. Some of those proceeds undoubtedly went to pizzas. At the current price of Apple, those were some mighty expensive pizzas. Of course, I'm not claiming that Apple shares will become "money" at some point (though they are highly liquid), but the properties of bitcoin which enable it to be moved around easily and with the intent of functioning as money may someday cause this to become manifest. And the 21 million supply limit won't prevent this from happening, because people will still spend "money" that appreciates, and they will be happy that they saved their money in bitcoin rather than whichever fiat currency scam that they're exposed to.
 
psionl0 said:
The part of the post that you censored showed why I am RIGHT and you haven't got a clue.
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Censored? Wow, that's one twisted view of reality you have.

Are you one of those silly posters who think that if one doesn't include every part of the post they respond to in the quote, that means they've erased it from their memories and from reality?

Grow up.
 
Argumemnon said:
Censored? Wow, that's one twisted view of reality you have.

Are you one of those silly posters who think that if one doesn't include every part of the post they respond to in the quote, that means they've erased it from their memories and from reality?

Grow up.
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LOL the fact remains that you didn't DARE include that part of the post in your quote let alone discuss it so it doesn't matter if you call that omission "sweet smelling roses", you lose.
 
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My bitcoin mining dreams went down the tube. Read an article that said that most were Ponzi schemes and the few that aren't are basically like running a virus in your computer the purpose which is to make a few cents a day.

I guess peeps are buying them at my work. One is buying bitcoins mainly and the other one is speculating on new cryptocurrencies that come out periodically.
 
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So BTC/USD hit over 7k today, and my friend is well on the way to becoming a literal billionaire if this keeps up. That's over 965 minimum wage hours in the US, per bitcoin. Better get to work!

So with the bitcoin market cap approaching 120 billion dollars (roughly 1/7th of the market cap of Apple Computer), does anyone think that central banks aren't involved either directly or indirectly? At some point it must have occurred to them that if they just monetize it and pay off the early adopters, they could obtain control of it?

If this is true, then it would undermine the basic premise of a scarce crypto-currency which is to provide an alternative to fiat money, since everyone would have to eventually go through them to get bitcoin.

Perhaps the only way around the fiat money scam, is to actually ban fiat money.
 
I looked into Bitcoin years ago. I found it difficult to understand and decided not to play. That looks like a bad decision now. Had I invested a little bit of money, I could now be living my dream of having my own country in Africa that I could rule with an iron fist. Oh well.

I'm learning about Blockchain now and it actually seems to be a really interesting technology. I might take the plunge and gamble a bit with one Bitcoin and a basket of also-rans that are cheap.

Although bitcoin is the 'A-brand' now, there are other 'coins' that are better suited for day-to-day use (faster transactions), but I have to learn more about it.

Some weird coins I've seen are for specific goals: there's Pink that aims at the sex industry and Funhouse that aims at online gambling. I truly don't see the need for such specific uses. It reminds me of Pets.com

It may happen that the whole pantheon of cryptocurrencies will come crashing down at some point and a few survivors rising out of the ashes. As happened to railroads and internet companies. After all, Amazon did become what people predicted an Internet retailer could be in 1998, it just happened after a massive crash and shakeout.

ETA:

Or it may not. The thing with railroads and internet was, that the investment bubble paid for the infrastructure that made later success possible (railroads and internet cables). I don't know that applies to cryptocurrencies.
 
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