Author Topic: “What the hell is a bitcoin?”  (Read 25747 times)

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Re: “What the hell is a bitcoin?”
« Reply #270 on: December 12, 2017, 02:33:11 PM »
Short answer: No

Long answer: Nope
;D

Someone in Wall St needs to teach these kids how to have a proper "bubble."

Re: “What the hell is a bitcoin?”
« Reply #271 on: December 13, 2017, 07:04:38 PM »

Re: “What the hell is a bitcoin?”
« Reply #272 on: December 14, 2017, 04:38:55 PM »
Put your money where your fucking mouth is or shut up. I'd still sell when I did.
Outrageous! When are you going to push for bitcoin “neutrality”?

Re: “What the hell is a bitcoin?”
« Reply #273 on: December 14, 2017, 08:54:06 PM »
Outrageous! When are you going to push for bitcoin “neutrality”?

What does that even mean? And don't give me that "you're too dumb to understand" routine.

Re: “What the hell is a bitcoin?”
« Reply #274 on: December 14, 2017, 10:04:51 PM »
What does that even mean? And don't give me that "you're too dumb to understand" routine.

He's getting smarter.  :D

Re: “What the hell is a bitcoin?”
« Reply #275 on: December 14, 2017, 11:01:55 PM »
What does that even mean? And don't give me that "you're too dumb to understand" routine.
Clearly you’re too brainless to figure it out.

If Demokkkrat price controls are good enough for ISPs then they’re good enough for crypto currency. The comparison is easy to understand for anyone who thinks for themselves. Your ignorance Once again confirms you’re dumbass lemming who needs an opinion spoonfed to him by the MSM before he can put forward an opinion. Well done!







Re: “What the hell is a bitcoin?”
« Reply #276 on: December 15, 2017, 03:00:38 AM »
Clearly you’re too brainless to figure it out.

If Demokkkrat price controls are good enough for ISPs then they’re good enough for crypto currency. The comparison is easy to understand for anyone who thinks for themselves. Your ignorance Once again confirms you’re dumbass lemming who needs an opinion spoonfed to him by the MSM before he can put forward an opinion. Well done!



I think we met briefly last week.

Re: “What the hell is a bitcoin?”
« Reply #277 on: December 15, 2017, 04:50:38 AM »
Clearly you’re too brainless to figure it out.

If Demokkkrat price controls are good enough for ISPs then they’re good enough for crypto currency. The comparison is easy to understand for anyone who thinks for themselves. Your ignorance Once again confirms you’re dumbass lemming who needs an opinion spoonfed to him by the MSM before he can put forward an opinion. Well done!


Is lemming your phrase of the month? I know last month it was nothingburger, and before that you were real excited to learn "dog whistle".

Re: “What the hell is a bitcoin?”
« Reply #278 on: December 15, 2017, 04:57:16 AM »
"dog whistle"

That's one of yours. You can thank your great leader for it. I guess she wasn't able to delete it or reality entirely.  ;D

Re: “What the hell is a bitcoin?”
« Reply #279 on: December 15, 2017, 07:36:37 PM »
A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.

Dad: What? $15,554??? Are you kidding?

$14,822 is a lot of money son!

Besides, what do you need $17,381 for anyway?

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Re: “What the hell is a bitcoin?”
« Reply #280 on: December 15, 2017, 07:38:44 PM »
A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.

Dad: What? $15,554??? Are you kidding?

$14,822 is a lot of money son!

Besides, what do you need $17,381 for anyway?

very lame and old joke

Re: “What the hell is a bitcoin?”
« Reply #281 on: December 15, 2017, 07:39:45 PM »
very lame and old joke

Same to you sir.  ;)

Re: “What the hell is a bitcoin?”
« Reply #282 on: December 15, 2017, 10:26:21 PM »
very lame and old joke
Strange... I thought it was quite amusing (maybe because it is true...)

Re: “What the hell is a bitcoin?”
« Reply #283 on: December 17, 2017, 03:26:17 AM »
;D

Someone in Wall St needs to teach these kids how to have a proper "bubble."
LG  is only partially correct when he says "no."  There are now, financial instruments  coming on stream.  I believe that i had mentioned that there is  a fund on the CME that is bitcoin futures (started trading last week.)  There is another fund starting Sunday (I forget which) and Americatrade is going to allow them Monday.  Futures is one way that they can screw  around.  There is a fund out there that is "bitwise hold 10."  This will allow investors to purchase the top 10 cryptocurriences.  (sort of like index funds.)  It only had a 4 million investment to start with- so it will not move markets- but it is a step in the right direction to allow every jackass with fiat laying around who does not have a clue to invest.


Now, I do not know if bitwise hold 10 will actually purchase the underlying assets (crypto), or if they will just guarantee it in fiat, or even more questionable, purchase it on the futures market and start hedging (they could only purchase 1 out of the top 10 cryptos on the futures market at present.)


I will also add that I have spent a little time thinking about it.  The fact that crypto is valued in fiat currency (you can buy and sell it for fiat) makes it open to manipulation by anybody who can print money (think banks and governments.)  Somebody is investing the billions- it is is not joe six pack- it is people backed by deep pockets driving up the price.


Right now, it is the wild west (and has been since the start of bitcoin- but it used to be smaller stakes.)  Even with some regulation around the derivative markets, I do not know how you can regulate something so decentralized.  Hell, Monero (coin) does not even have a public ledger where you can see who sends coins, who has coins, who many were sent or where they were sent to... Very difficult to regulate.


I short, when you look at the behaviours that big banks have engaged in (derivatives and speculative investments) in the past that crashed the system, I can see this possibly ending VERY badly for all fiat based currencies (the world) with more bail outs for banks who hoped to make profits and made stupid bets.


I do not believe this is anywhere near the end of the bubble.  The banks just started fucking with the currency recently.  There is more to go before they completely screw everything up... Give it time to see the grand daddy of all bubbles- we are not there yet.- the first derivative only traded last week...


***On a side note, I hope that MD posts here when he buys his first bitcoin.  That will be my cue to exit the market immediately.  8)

Re: “What the hell is a bitcoin?”
« Reply #284 on: December 17, 2017, 04:49:07 AM »
LG  is only partially correct when he says "no."  There are now, financial instruments  coming on stream.  I believe that i had mentioned that there is  a fund on the CME that is bitcoin futures (started trading last week.)  There is another fund starting Sunday (I forget which) and Americatrade is going to allow them Monday.  Futures is one way that they can screw  around.  There is a fund out there that is "bitwise hold 10."  This will allow investors to purchase the top 10 cryptocurriences.  (sort of like index funds.)  It only had a 4 million investment to start with- so it will not move markets- but it is a step in the right direction to allow every jackass with fiat laying around who does not have a clue to invest.


Now, I do not know if bitwise hold 10 will actually purchase the underlying assets (crypto), or if they will just guarantee it in fiat, or even more questionable, purchase it on the futures market and start hedging (they could only purchase 1 out of the top 10 cryptos on the futures market at present.)


I will also add that I have spent a little time thinking about it.  The fact that crypto is valued in fiat currency (you can buy and sell it for fiat) makes it open to manipulation by anybody who can print money (think banks and governments.)  Somebody is investing the billions- it is is not joe six pack- it is people backed by deep pockets driving up the price.


Right now, it is the wild west (and has been since the start of bitcoin- but it used to be smaller stakes.)  Even with some regulation around the derivative markets, I do not know how you can regulate something so decentralized.  Hell, Monero (coin) does not even have a public ledger where you can see who sends coins, who has coins, who many were sent or where they were sent to... Very difficult to regulate.


I short, when you look at the behaviours that big banks have engaged in (derivatives and speculative investments) in the past that crashed the system, I can see this possibly ending VERY badly for all fiat based currencies (the world) with more bail outs for banks who hoped to make profits and made stupid bets.


I do not believe this is anywhere near the end of the bubble.  The banks just started fucking with the currency recently.  There is more to go before they completely screw everything up... Give it time to see the grand daddy of all bubbles- we are not there yet.- the first derivative only traded last week...


***On a side note, I hope that MD posts here when he buys his first bitcoin.  That will be my cue to exit the market immediately.  8)


That's probably not going to happen but I'll be here to laugh at you when your ideas fail...AGAIN!  ;D

Re: “What the hell is a bitcoin?”
« Reply #285 on: December 17, 2017, 05:00:54 PM »
LG  is only partially correct when he says "no."  There are now, financial instruments  coming on stream.  I believe that i had mentioned that there is  a fund on the CME that is bitcoin futures (started trading last week.)  There is another fund starting Sunday (I forget which) and Americatrade is going to allow them Monday.  Futures is one way that they can screw  around.  There is a fund out there that is "bitwise hold 10."  This will allow investors to purchase the top 10 cryptocurriences.  (sort of like index funds.)  It only had a 4 million investment to start with- so it will not move markets- but it is a step in the right direction to allow every jackass with fiat laying around who does not have a clue to invest.


Now, I do not know if bitwise hold 10 will actually purchase the underlying assets (crypto), or if they will just guarantee it in fiat, or even more questionable, purchase it on the futures market and start hedging (they could only purchase 1 out of the top 10 cryptos on the futures market at present.)


I will also add that I have spent a little time thinking about it.  The fact that crypto is valued in fiat currency (you can buy and sell it for fiat) makes it open to manipulation by anybody who can print money (think banks and governments.)  Somebody is investing the billions- it is is not joe six pack- it is people backed by deep pockets driving up the price.


Right now, it is the wild west (and has been since the start of bitcoin- but it used to be smaller stakes.)  Even with some regulation around the derivative markets, I do not know how you can regulate something so decentralized.  Hell, Monero (coin) does not even have a public ledger where you can see who sends coins, who has coins, who many were sent or where they were sent to... Very difficult to regulate.


I short, when you look at the behaviours that big banks have engaged in (derivatives and speculative investments) in the past that crashed the system, I can see this possibly ending VERY badly for all fiat based currencies (the world) with more bail outs for banks who hoped to make profits and made stupid bets.


I do not believe this is anywhere near the end of the bubble.  The banks just started fucking with the currency recently.  There is more to go before they completely screw everything up... Give it time to see the grand daddy of all bubbles- we are not there yet.- the first derivative only traded last week...


***On a side note, I hope that MD posts here when he buys his first bitcoin.  That will be my cue to exit the market immediately.  8)
I've seen a couple articles alleging N Koreans involvement and making money.getting around sanctions , of course, there is always the Russians. Not sure if that is factual or just a way for governments to start to try to 'crackdown' or regulate? I see that the UK and EU have announced a crackdown on Bitcoin etc for tax compliance issues and anti-money laundering. But I see ads here about investing one's 401k into Bitcoins. That will go well once it crashes.

Re: “What the hell is a bitcoin?”
« Reply #286 on: December 17, 2017, 06:18:06 PM »
I've seen a couple articles alleging N Koreans involvement and making money.getting around sanctions , of course, there is always the Russians. Not sure if that is factual or just a way for governments to start to try to 'crackdown' or regulate? I see that the UK and EU have announced a crackdown on Bitcoin etc for tax compliance issues and anti-money laundering. But I see ads here about investing one's 401k into Bitcoins. That will go well once it crashes.


i believe that S. Korea runs some of the largest exchanges.  China probably mines more BTC than anybody else (but I seem to recall that they banned exchanges.)


Venezuela has announced their own crypto- the "petro" that is supposed to be backed by oil (I have no idea how you back a crypto with real world assets when you cannot back your own fiat, and I have not taken even two minutes to look into it.)


There is no doubt that countries can use crypto to get around sanctions If you can get USD, you could buy crypto and use that.  As N. Korea has hackers ( the Sony thing), I assume that they have people smart enough to use bitcoin and profit.


I was reading a statement by the founder of litecoin (a branch of bitcoin) who is welcoming some regulation.  I don't think that anybody will be able to regulate bitcoin itself.  There is a reason it was used by drug dealers on the silk road- and there are other crypto currencies out there who are far more secretive.  (We could have a debate about the idea of "blacklisting" parts of bitcoin and some of the technologies out there- but that seems a little more in depth than warranted.)  However, somebody does need to regulate exchanges, derivatives, investments and there should be tax paid on profits (once you swap it out for fiat.  Before then it is too easy to swap currency to currency and they will never regulate out that part...)


I believe that around 3 people in the US declared a profit from bitcoin in the last several years...

Re: “What the hell is a bitcoin?”
« Reply #287 on: December 17, 2017, 06:35:19 PM »

That's probably not going to happen but I'll be here to laugh at you when your ideas fail...AGAIN!  ;D


Yeah.  So far it has just been a year of fail.  Watching just about every crypto that I own go up 5000 - 8000% since January has hardly made up for the few dozen "shitcoins" that I mined such as fractal coin being worth nothing. :'(


Mining them years ago and completely ignoring them certainly did not work out at all.  What this spike has caused is a little stress.  I realized that I had not backed up any wallet (a hard drive crash would have been catastrophic in retrospect.)  I also realized that I suddenly needed to learn how to take them off my computer and put them in "cold storage" so that I don't need to worry about hackers.  Yes, so much fail.  ::)


Like I said- I spent a little on mining equipment and electricity a few years ago to mine what was never supposed to go up much.  It was a fun experiment that made me smile.  Suddenly, it is worth quite a bit.  If I were smart- I would sell.  But I see no reason right now.  I don't need the cash, and it is still fun to watch.


Like the whole Art Bell thing when I said that I was enjoying the roller coaster (I'm doing a show, I'm not doing a show, I need to have bumper music to do a show, I'm stuck in a "non-compete) I'm still having fun.  Maybe the volatility does not bother me because I did not actually buy any and it is still just an experiment.


I thanked Art after everything crashed and the roller coaster derailed.  It is all about the ride.  It will be the same with crypto- It's all just for shits and giggles. 8)


***I am thinking of giving my 10 year old nieces a couple of litecoin or portion of bitcoin for Christmas.  They will either thank me in a decade or it will be an shining example of Uncle WOTR's eccentricities.  ;D

Re: “What the hell is a bitcoin?”
« Reply #288 on: December 17, 2017, 06:40:11 PM »

i believe that S. Korea runs some of the largest exchanges.  China probably mines more BTC than anybody else (but I seem to recall that they banned exchanges.)


Venezuela has announced their own crypto- the "petro" that is supposed to be backed by oil (I have no idea how you back a crypto with real world assets when you cannot back your own fiat, and I have not taken even two minutes to look into it.)


There is no doubt that countries can use crypto to get around sanctions If you can get USD, you could buy crypto and use that.  As N. Korea has hackers ( the Sony thing), I assume that they have people smart enough to use bitcoin and profit.


I was reading a statement by the founder of litecoin (a branch of bitcoin) who is welcoming some regulation.  I don't think that anybody will be able to regulate bitcoin itself.  There is a reason it was used by drug dealers on the silk road- and there are other crypto currencies out there who are far more secretive.  (We could have a debate about the idea of "blacklisting" parts of bitcoin and some of the technologies out there- but that seems a little more in depth than warranted.)  However, somebody does need to regulate exchanges, derivatives, investments and there should be tax paid on profits (once you swap it out for fiat.  Before then it is too easy to swap currency to currency and they will never regulate out that part...)


I believe that around 3 people in the US declared a profit from bitcoin in the last several years...
I laughed at the Venezuela thing. The country that has the most proven reserves in the world is a basket case.
C2C recently had some guy on about crypto currencies. Larimer?Some kind of father and son team but I forget which was on. As an aside and other subject I saw posted here about some radio host in The Great White North named Gary Bell (!?) who did a UFO/Conspiracy show? He was fired because he mentioned some "Joose" conspiracy theory. Ever heard of him?

Re: “What the hell is a bitcoin?”
« Reply #289 on: December 17, 2017, 07:56:13 PM »
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***I am thinking of giving my 10 year old nieces a couple of litecoin or portion of bitcoin for Christmas.  They will either thank me in a decade or it will be an shining example of Uncle WOTR's eccentricities.  ;D


They'll most likely come to think of you as a capitalist pigdog and start plotting your murder which will, of course, include ritual cannibalism. Enjoy your profits! ;D

Re: “What the hell is a bitcoin?”
« Reply #290 on: December 17, 2017, 11:43:52 PM »

They'll most likely come to think of you as a capitalist pigdog and start plotting your murder which will, of course, include ritual cannibalism. Enjoy your profits! ;D
My sister has promised not to send them to Berkley to become SJW's...  That said, they are twins- and all twins are perfectly capable of ritual cannibalism...  :(


*There are no profits unless it is sold and locked in.  Right now it is on a roulette table and I'm "letting it ride."  To be clear- if I had $19,500 in my pocket, I would not buy the one, single bitcoin that I would be able to afford. I would leave it in cash- I don't mean to defend the valuation- but I do like the technology.  :)




Re: “What the hell is a bitcoin?”
« Reply #291 on: December 18, 2017, 11:40:20 PM »
I laughed at the Venezuela thing. The country that has the most proven reserves in the world is a basket case.
C2C recently had some guy on about crypto currencies. Larimer?Some kind of father and son team but I forget which was on. As an aside and other subject I saw posted here about some radio host in The Great White North named Gary Bell (!?) who did a UFO/Conspiracy show? He was fired because he mentioned some "Joose" conspiracy theory. Ever heard of him?
that was one of the few c2c's that I had heard lately.  I think it was a guest host that night...  He actually was a credible guest (in some ways.)  My biggest complaint was that I believed his outlook to be overly optimistic for blockchain.  Yes, it is an amazing technology- but he was talking about people using it to connect with their customers ordering concrete or plywood...


It is funny.  I had thought at the time that his overly skewed outlook would be due to his spending his days surrounded by an echo chamber of positivity (developers who may be overly optimistic.)  On the other hand, perhaps my lack of vision is because I cannot see what is coming up in the next few years and they have an inside track?


Regardless, I heard the name Gary Bell. Maybe here.  I never did find out what he actually said...

Re: “What the hell is a bitcoin?”
« Reply #292 on: December 18, 2017, 11:59:30 PM »
that was one of the few c2c's that I had heard lately.  I think it was a guest host that night...  He actually was a credible guest (in some ways.)  My biggest complaint was that I believed his outlook to be overly optimistic for blockchain.  Yes, it is an amazing technology- but he was talking about people using it to connect with their customers ordering concrete or plywood...


It is funny.  I had thought at the time that his overly skewed outlook would be due to his spending his days surrounded by an echo chamber of positivity (developers who may be overly optimistic.)  On the other hand, perhaps my lack of vision is because I cannot see what is coming up in the next few years and they have an inside track?


Regardless, I heard the name Gary Bell. Maybe here.  I never did find out what he actually said...
I haven't listened but our Jackstar says was pretty tame.


Re: “What the hell is a bitcoin?”
« Reply #293 on: December 19, 2017, 05:01:29 AM »

I have been forced to keep a bit of an eye on the markets after sort of ignoring them forever.  I am absolutely astounded by the level of incompetence and ignorance that I see.   https://www.express.co.uk/finance/city/894127/Bitcoin-news-latest-bubble-crash-cryptocurrency-price-value-futures-cash-stock
Is a long article detailing how it is all going to crash, is unstable, is gambling and is the spawn of Satan. But the idiot author is so fucking clueless on the subject he is "informing" his readers of that he actually says "You may soon even be able to buy Bitcoin with other cryptocurrencies"


My fuck... Really?  I can soon exchange cryptocurrencies?  It took me roughly 3 minutes on Saturday using one site to swap various currencies.  (I used shapeshift.io- slightly worse rates than proper exchanges- but I did not even register with an email address.)  There is absolutely no record, no registration, and it took me all of a few minutes- and there are dozens of these types of direct exchanges (never mind the "big boys")

For somebody who did all of this research to tell me to "steer clear" of crypto, the idiot author probably should have spent an hour doing research.


On a side note,
Somebody is investing the billions- it is is not joe six pack- it is people backed by deep pockets driving up the price.
https://www.coindesk.com/hedge-fund-pro-bill-miller-just-about-50-percent-invested-in-bitcoin/
Here is a hedgefund manager who has roughly 50% of his 2 billion invested in bitcoin.  He says "Miller suggested during the podcast that his firm is looking at ways to decrease the amount of cryptocurrency it holds without having to sell any of the holdings."


Tell me that hedgefund manager is not wanting to screw around.  "reduce the amount of crypto without selling."  Like I said- the financial fuckers have only just begun to screw with crypto.  I think it is still early in the game.


***I will add that they are the reason that I got into the idea to start with.  No inflating it, no printing it, no way to change it.  I'm pissed that they managed to find a way to exchange their worthless fiat and manipulate it...

Re: “What the hell is a bitcoin?”
« Reply #294 on: December 20, 2017, 05:03:59 PM »



Re: “What the hell is a bitcoin?”
« Reply #297 on: December 20, 2017, 11:32:49 PM »


[/font]Seems like he could make some money with that serpent.  Of course, he probably has erectile dysfunction.  LOL. Stretching it with weights might be the cause of that little problem.HARD UP ...Man with world’s largest penis is now registered disabled because his 18inch member is so big… but he refuses to get a reduction
https://www.thesun.co.uk/news/5180952/man-with-worlds-largest-penis-is-now-registered-disabled-because-his-18inch-member-is-so-big-but-he-refuses-to-get-a-reduction/
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Re: “What the hell is a bitcoin?”
« Reply #298 on: December 24, 2017, 03:15:49 AM »

There are a lot of scams, a lot of "pump and dump's" and a lot of gullible optimists.  The backers of every coin scream from the rooftops to hold your ___coin because it is going to get to $___ any day now.  Often this advice follows an ICO (initial coin offering) and generally the developers who control a large amount are busy dumping it while the fools buy or hold it.

Despite the hundreds of "alt coins' out there, very few offer anything unique or substantially different from the big players that would make them worth holding (there are exceptions- but even then most are just a variation on the theme.)

***Been busy at work the last few days and not following things much.  Looking at BTC,, all I can say is "wow." It's a good thing I like roller coasters ;).

Re: “What the hell is a bitcoin?”
« Reply #299 on: December 24, 2017, 03:19:31 AM »
There are a lot of scams, a lot of "pump and dump's" and a lot of gullible optimists.  The backers of every coin scream from the rooftops to hold your ___coin because it is going to get to $___ any day now.  Often this advice follows an ICO (initial coin offering) and generally the developers who control a large amount are busy dumping it while the fools buy or hold it.

Despite the hundreds of "alt coins' out there, very few offer anything unique or substantially different from the big players that would make them worth holding (there are exceptions- but even then most are just a variation on the theme.)

I'm still bullish on reverse mortgage companies. I had a P.I. look into it for me. ;)