Bitcoin - Part 2

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psionl0 said:
You can't say "can't". Bitcoins can be more secure than cash under the mattress or money in the bank (which can be subject to garnishment).

Credit cards can have some advantages (including the ability to reverse some transactions) but you were asking about bitcoin.
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I was asking why someone would use bitcoin over a credit card. Other than to buy illegal stuff, or avoid taxes, I haven't gotten any good answers.
 
This is The End said:
...All investments are gambling. We're basically in a gambling thread and every 5 posts a poster, for whatever reason, thinks it is important to post about how this is gambling. That just seems weird to me.
...
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I don't think this is entirely accurate. There is zero sum gambling: poker, black jack, lottery where money in equals money out and non zero sum "Gambling" like: building an apartment building or a bridge, opening a business, researching a cure for a disease, inventing a new consumer gadget. You can lose your shirt gambling with these things but that is very different that reshuffling money.
 
I'll just assume everyone stopped reading in a frantic rush to post and failed to see that I switched the analogy to diamonds.

AFAIK all of the industrial uses for diamonds can be done with artifical diamonds.
 
Fudbucker said:
I was asking why someone would use bitcoin over a credit card.
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No, you were asking how bitcoin could be useful to the average person. You shifted the goal posts after I gave a couple of suggestions.

Fudbucker said:
Other than to buy illegal stuff, or avoid taxes, I haven't gotten any good answers.
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"Only criminals want privacy" was thoroughly discredited long before we had star chambers or Spanish Inquisitions.
 
psionl0 said:
No, you were asking how bitcoin could be useful to the average person. You shifted the goal posts after I gave a couple of suggestions.


"Only criminals want privacy" was thoroughly discredited long before we had star chambers or Spanish Inquisitions.
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The only suggestion you gave was
With a credit card you are borrowing money. That is never better than using your own.
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Which is a terrible suggestion.
 
https://www.coindesk.com/nicehash-ceo-confirms-bitcoin-theft-worth-78-million/
Cryptocurrency mining marketplace NiceHash has confirmed that yesterday's hack resulted in the loss of over 4,700 BTC, an amount worth more than $78 million at current prices.

In a video update streamed live on Facebook, CEO and co-founder Marko Kobal provided an update to yesterday's dramatic announcement that the company, founded in 2014, had incurred a hack and subsequent theft. The news followed growing reports of emptied wallets, as well as an extended downtime period for the service's website.
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It would have been a better choice to stash that as cash in your mattress.

Bitcoin is trading for an astonishing $17,1399 right now.
 
psionl0 said:
GOTO 952.


Yeah. There are never any consequences to racking up credit card debt. :rolleyes:
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Oh, I see. Everyone who uses credit cards racks up credit card debt.

I must be an anomaly, because I pay all my cards off every month and collect the rewards points and boost my credit score.

Do you have any good suggestions? I'm underwhelmed so far.
 
I think Kenny Rogers said it best:

'You got to know
When to hold 'em
Know when to fold 'em
Know when to walk away
Know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done'
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A lot of people seem to be looking at a big pile of chips and thinking about just playing one more hand...
 
Argumemnon said:
Only if you had waited this long. You probably would've cashed out at 200 or something. And there's no guarantee that you can get rid of your BTC.
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A friend of mine bought two bitcoins back when they were dirt cheap. He still has them, but now the dilemma is this.

Do you sell both in the hopes of maximizing profit before the crash?

Or

Do you hold on to both hoping for the price to rise before cashing out at the risk of losing almost all of it?

Or

Do you hedge by selling one now, and seeing what happens with the other?

I have a feeling that the third option would mean that my friend would regret it whichever way the bitcoins go.
 
angrysoba said:
I have a feeling that the third option would mean that my friend would regret it whichever way the bitcoins go.
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If he doesn't understand why he bought it, then he probably won't understand why or when he should sell it.
 
So, at current rates, my friend's bitcoin stash of 12,000 is worth $187,080,000. If he had simply kept his original 35,000 bitcoin stake, it would be worth over one-half billion dollars.

If it merely quintuples, which seems highly likely at this rate, he will be an actual billonaire, not counting his other interests (shares in Ripple Labs worth a fortune). This from a kid who made an original investment of $350,000. I remember him telling me to invest with him, but i stuck with gold and silver instead. I sure am disappointed :(
 
"Just after hitting a new record of more than $17,000, the digital currency plummeted Friday. Its price nosedived more than $3,000, swinging wildly between a high of $17,154 and a low of $13,964, according to tracking site CoinDesk."

Just what we want in a currency: extreme volatility.
 
Fudbucker said:
"Just after hitting a new record of more than $17,000, the digital currency plummeted Friday. Its price nosedived more than $3,000, swinging wildly between a high of $17,154 and a low of $13,964, according to tracking site CoinDesk."

Just what we want in a currency: extreme volatility.
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Did you read the part of this thread that stated that bitcoin isn't a currency, but a digital asset?
 
psionl0 said:
You and everybody else in this forum. It is only other people who lack the discipline.
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Don't know about everybody else but I also always pay mine off every month. Given the type of forum, I'd hope the members do this at higher than average rates.

But if someone is the type to rack up credit card debt and not pay it off they likely would make bad choices whether they used bitcoin, currency, or anything else.
 
angrysoba said:
A friend of mine bought two bitcoins back when they were dirt cheap. He still has them, but now the dilemma is this.

Do you sell both in the hopes of maximizing profit before the crash?

Or

Do you hold on to both hoping for the price to rise before cashing out at the risk of losing almost all of it?

Or

Do you hedge by selling one now, and seeing what happens with the other?

I have a feeling that the third option would mean that my friend would regret it whichever way the bitcoins go.
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The last option is the best, he remains in the game but does gain some real benefit. He does however limit his future gain.
 
They say that in six months the amount of electricity needed to process all of those transactions will equal the US. I believe in 9 months at present rate it will take the electricity of the entire world. I guess the next money to be made will be an easier way to verify transactions.
 
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