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Do you think bitcoin...
| January 10th, 2018 at 11:22:43 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18204 |
You cannot compare it to a stock. It may crash or it may not, my plan is make cash off of it either way. The President is a fink. |
| January 10th, 2018 at 12:06:37 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
That's what you do in a Ponzi Scheme. My problem is with people who think this fantasy money is here to stay and will be our currency one day. No, it will not. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| January 10th, 2018 at 1:14:33 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Electronic Cash may work like a Prepaid VISA card or it may be a phone app.  Instead of charging a 7% fee like most cards do today, it might be more profitable for companies to allow you easy access to speculate in private cryptocurrencies (for a fee). With this kind of easy access, I could imagine private crypto currencies being a permanent fixture in the financial landscape. |
| January 10th, 2018 at 2:01:23 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
Imagine is the correct word. I can imagine crypto's completely disappearing overnight. They aren't based on anything except speculation and availability, the same as any other collectible. Been there and did that for 20 years, saw tons of people lose their asses investing in stuff that was guaranteed to always be worth more than they paid for it. Even the USD you stuffed under the mattress in 1985 are worth far less today. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| January 10th, 2018 at 7:06:29 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
I don't think completely disappearing is possible. Certainly the underlying concepts of blockchains are considered instrumental to a lot of future endeavors. The Wizard could well be correct in that BTC will return to $1000 by September.
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| January 10th, 2018 at 7:44:01 PM permalink | |
| Wizard Administrator Member since: Oct 23, 2012 Threads: 239 Posts: 6095 |
EB, I think we've found another thing to agree on. As I've said several times, I think there may be a place for cryto-currency, and Bitcoin was a good first try, but it has too many flaws, as you're article pointed out, before people admit the emperor has no clothes and it becomes the next Beanie Baby. I'm still open to selling Wizcoin to anyone who feels differently. Knowledge is Good -- Emil Faber |
| January 10th, 2018 at 8:14:22 PM permalink | |
| rxwine Member since: Oct 24, 2012 Threads: 189 Posts: 18755 |
There's an unfortunate expression about urinating one's riches away you might not want to make your potential customers think of. You believe in an invisible god, and dismiss people who say they are trans? Really? |
| January 10th, 2018 at 9:31:20 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 | There were collectibles in 1900 and those are still valuable today. Coins and old currency, art of all kinds, antique books and furniture and antiquities of all kinds. It wasn't until much later in the 20th century that we 'invented' artificial collectibles and declared they had value. Some did for awhile, but that bubble always burst, just like the crypto bubble will burst. They are a form of man made gold, but unlike gold they have no other function than to be collectible. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| January 11th, 2018 at 3:48:30 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
I think that a better product would be a Wizbet. Traditional bets (can Luke eat 50 eggs) involve a trusted third party to hold the stakes. This third party determines if the gambler actually won the bet and pays off the winner.  Possibly in the future a "smart contract" could be created that pays off the winner without exposing the third party to possible legal actions. https://en.wikipedia.org/wiki/Smart_contract |
| January 17th, 2018 at 8:38:33 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 | One month ago today, 12/17, Bitcoin was $19,000 and today it's $11,000. What does this mean. If you bought it at $19K you're not very happy? LOL If you take a risk, you may lose. If you never take a risk, you will always lose. |