What do you think of Cryptocurrancy?

I was looking at some YouTube videos and ran across some Bitcoin videos. I googled it and noticed it wasn't at 3k like the it said but 7100. I was wondering if any is into Cryptocurrancy of any kind?

My take is that it is a constructed and unsustainable bubble made somewhat popular by a mistaken idea of its distribution as 'networked' or 'popular'. Bitcoin operates on the idea of blockchain tech. You have a distributed set of computers that verifies the whole history of blockchain transactions. But! when the history gets long enough (as it already has) the normal system of PCs and laptops is no longer sufficient for verification so you need entire rigs dedicated to that purpose alone. But because of the amount of electricity these supercomputer set-ups use plus the tremendous cooling needs, these set-ups cost more than bitcoin value. So it's currently a currency operating at a loss which seems weird but really it's just a new version of overvaluation or misvaluation. There are fundamental problems with the idea. My take is get out while the getting is good because it doesn't seem remotely sustainable and looks everything like a bubble to me.

i dont trust commodities that i cant see/hold/touch etc
buying and selling something that doesn't really exist.

i believe its best the "old fashioned" way where we had gold & silver money or at least where the paper money was backed by actual gold & silver.
not like all the ones & zeroes on a computer that we call money today.

I believe cryptocurrency is the future of money. We already use imaginary money that uses digital technology to transfer and account for transactions and balances, The biggest difference I see is that it is a distributed, open source, solution to currency instead of a government supported monetary scheme. The question, in my opinion, is if we will use a private crypto or if governments will do what they can to force us to use their cryptocurrencies.

I bought one Bitcoin at ~$230 and 18 Ethereum at $10ish. At this point, I don't know if it will be Bitcoin that will be the dominant cryptocurrency, but I believe cryptocurrency will be the future of monetary transaction, the question is whether it will be ours or theirs. At this point, the only thing dumber that buying some cryptocurrency is not having any at all. Crypto, right now, in my opinion, is the internet and computer and cell phone movement in 1988. It was said it would never catch on. Why would people need a computer in their home? Who is gonna carry a phone with them all the time? This internet thing is just a fad.... Dismiss this technology and movement at your own peril.

JMHO

So I invested $110 in bitconnect, the return on investment is to good to pass up. I just started in 2 days ago and I received my first payment of $1.49. Not bad if u ask me. What I will do is reinvest my compounding interest, till I can wait for 11 days and retrieve my $110 back. That way there is no loss.

Each bitcoin mined uses enough energy to power your house for two weeks. Unless this is done on a solar grid. There is a drastic increase in carbon emissions from bitcoin's energy needs. It's wildly ineffecient and and the price doesn't reflect its true cost.

Cryptocurrency....thinking about it makes my head hurt. Thinking about all the bots set up to mine/farm from others computers also hurts my head.

As the long time members know, I enjoy gaming on the side. I've noticed of late bitcoin/whatever is becoming more an more common when it comes to things like mod services, an other things of that nature. A year ago it was rare to find someone who accepted bitcoin, nowadays they are all over the place.

I'm really just posting cause Noble just proved all the rumors an myths wrong...he's still alive.

Welcome back Noble, to you I gift a goat.







Sirscrapalot - Enjoy life while you can. None of us get out of it alive. - Me, you, someone else I'm sure.

Ok i just bought some bitconnect coin and invest a nice chunk of change. The question I have all you number guys is this. Should I reinvest $100 every day or should I hold off for 10 days and invest the 1k for a .001% bonus? I did the math and it made more sense to wait the 10 days. Just want to check my math...

Originally Posted by CapitalRecovery

Ok i just bought some bitconnect coin and invest a nice chunk of change.

The only ones who have Bitcoin are the "investors" ( or people using it for illegal purchases ) . Sooner or later a bunch of folks are going to try to cash out their "coins", and cauuse a market rush.

The question is - when everything is said and done, who is going be left "holding the bag" ? Prices can not go up forever .

My buddy from Melville Saskatchewan who bought the dentist building on a tax sale, was heavy into Bitcoin. Remember the pig barn boards used on the car trailer ( gustavus ) nic.

Bill not only bought and sold property, he hustled tickets, guess you would call that scalping. Ok he and another guy head into Winnipeg for a venue then in the morning only one wakes up from sleep. Yup, Bill has died, this was a couple of years ago, wife has him shipped home arranges funeral.

Then she finds out there's no money in the bank, and two property's with liens against them. The house they call home arrears in tax's and about to be put up by the city on a tax sale.

Oh did I not mention one laptop.

I think perhaps Bill figured out a way to take it with him, if they could only find the wallet, my guess is that the widow would be one very rich woman. I think he dumped every dime he could into Bitcoin. And this would have been early in the game.

Originally Posted by alloy2

My buddy from Melville Saskatchewan who bought the dentist building on a tax sale, was heavy into Bitcoin. Remember the pig barn boards used on the car trailer ( gustavus ) nic.

Bill not only bought and sold property, he hustled tickets, guess you would call that scalping. Ok he and another guy head into Winnipeg for a venue then in the morning only one wakes up from sleep. Yup, Bill has died, this was a couple of years ago, wife has him shipped home arranges funeral.

Then she finds out there's no money in the bank, and two property's with liens against them. The house they call home arrears in tax's and about to be put up by the city on a tax sale.

Oh did I not mention one laptop.

I think perhaps Bill figured out a way to take it with him, if they could only find the wallet, my guess is that the widow would be one very rich woman. I think he dumped every dime he could into Bitcoin. And this would have been early in the game.

The world is a duplicitous place.

Just a note: the only folks who offer extremely high interest rates are ponzi scams, or extremely high risk bonds.
I find it odd that bitcoin has ungodly high interest payments. If what is said above is true ( and my math i correct ), they give out the equivalent of 123.7% APR on deposits ?! Heck, I would love the 0.001% daily interest, as it works out to be 44.1% compounded APR !

public class Main {
public static void main(String[] args){
double interest = 0.001;
double total = 1000;
for (int x=0;x!=366;x++){total += total * interest;}
System.out.println("" + total);
}
}

It is easy to pay big interest when you have no intention of paying the principle back.

So far I pulled out a total of 2k since November 22
I will let everyone know how my capital release went in March.
Any questions PM