Crypto-currencies: The future is now

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parrot
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Re: Crypto-currencies: The future is now

Post by parrot » June 11, 2018, 2:39 pm

glalt wrote:
June 11, 2018, 12:26 pm
How long before Bitcoin totally fails and is worthless? I guess that I am not smart enough to understand how something with nothing backing it can be worth anything except wet dreams.
I read somewhere recently that a non-trump person can never convince a trump person otherwise. Likewise, I believe, with crypto-currencies. When amazon listed for $18 and wasn't turning a profit, at least I could see (understand) a potential in the company. Now I want to kick myself in the pants for not investing early. If I remember correctly, khondam (udon member) was an early advocate of bitcoin back when it went 'public' and was selling for about $400. I didn't understand the concept then........and didn't feel a bit of regret when the price spiked to nearly $18000 tenish years later. If people can make money on it, not at my expense, then more power to them. As Daymond John might say:
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glalt
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Re: Crypto-currencies: The future is now

Post by glalt » June 11, 2018, 6:26 pm

I had an opportunity with Apple stock. A friend of mine started buying early and tried to talk me into buying. He insisted that the stock would go up to $200 a share. I think the price back then was about $25 a share. He became an Apple stock millionaire. He was working in Iraq at that time. He was making a lot of money there but, his job was dangerous. When the job was finished, he moved to South Korea with his Korean wife. He was in his early fifties. While there, he developed an aggressive type of cancer and died within a year. He left his wife VERY well off. He never had a chance to enjoy his money. I have always been and still am conservative. And NO, I am by no means wealthy. I always remember that old saying that if the dog had not stopped to take a crap, he would have caught the rabbit.

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Re: Crypto-currencies: The future is now

Post by ytrewq » June 15, 2018, 9:31 am

glalt wrote:
June 11, 2018, 12:26 pm
I guess that I am not smart enough to understand how something with nothing backing it can be worth anything except wet dreams.
That fiat in your pocket is backed by a "promise". Not gold, land, or anything tangible. It has no value other than participants agree it has value. It has been and remains the #1 vehicle of choice for transferring value between drug dealers, terrorists, and other criminals. It is 100% anonymous and leaves no trail when transferred from person to person.

Historically, money has been everything from massive carved circular stones weighing tons - to tulips that eventually whither and die - to clumps of shiny metal dug from the dirt.

Most people have no idea whatsoever about the concept of money. Imagine a Roman's reaction to your handing him a $100 piece of colored paper, or better yet: your whipping out your check and writing whatever value you care to deem. How ridiculous is that, really?

Your admitted ignorance about crypto currency is not unusual other than you can admit it. However, more and more people are educating themselves and afterwards agreeing crypto currencies have value and far better than fiat. That is the very definition of money.

Educate yourself, or remain ignorant. Those are your clear choices. The proliferation and adoption of this new form of money will continue, regardless.

:lol:

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Re: Crypto-currencies: The future is now

Post by glalt » June 15, 2018, 7:29 pm

I choose to remain ignorant. I can put my paper money in my pocket and easily spend it in whatever country it was issued. As for the dollar, it is good in many other countries. Gold is good but it is too difficult to easily spend. Man created the crypto currency and man can also eventually hack it. It is probably being hacked now.

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Re: Crypto-currencies: The future is now

Post by Stantheman » June 16, 2018, 5:06 am

For me Crypto-currency is not much different then the stock market, its all "Paper" money. Wonder if anyone, maybe ytrewq, has actually converted the currency to something real like a house or car.

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Re: Crypto-currencies: The future is now

Post by glalt » June 16, 2018, 9:13 am

Stantheman wrote:
June 16, 2018, 5:06 am
For me Crypto-currency is not much different then the stock market, its all "Paper" money. Wonder if anyone, maybe ytrewq, has actually converted the currency to something real like a house or car.
I would think that people holding Bitcoin were quite sick when it went from $18,000 down to $6,500.

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Re: Crypto-currencies: The future is now

Post by ytrewq » June 17, 2018, 5:09 am

Already addressed in my previous posts, Skippy:

crypto-currencies-the-future-is-now-t31 ... ml#p505139

"Nobody who has been in it since pre-2017 cares"

and

crypto-currencies-the-future-is-now-t31 ... ml#p506320

"Futures, the first vehicle to enable smart money to short crypto, became available when crypto peaked. It is insane to expect crypto to do anything other than go down from there."

[Read entire post for context]

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Re: Crypto-currencies: The future is now

Post by ytrewq » June 17, 2018, 5:41 am

This is where crypto is at right now:


http://www.businessinsider.com/ico-dotc ... eum-2018-6?

'Selling crypto now is like selling Apple in 2001'

I think some guy is misquoted as saying "10 years ago". I think he meant/said 20 years ago.

Eos.io is the future. Do your own DD.

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Re: Crypto-currencies: The future is now

Post by glalt » June 23, 2018, 3:32 pm

Apple has a product, some think it is an excellent product. Bitcoin has no product and only exists in the mind with absolutely nothing behind it. I have never understood how someone with a powerful computer setup can "mine" Bitcoins. IMHO, nothing comes from nothing.

Some years back, I bought some penny stock. It took a number of years and it finally took off. By that time I had moved to Thailand and somewhere along the line, I lost the stock certificates. I contacted the company and found that I was still a registered owner. I was then able to sell the shares. If I lost my Bitcoin codes, I would have been SOL.

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Re: Crypto-currencies: The future is now

Post by parrot » June 23, 2018, 5:01 pm

There's an interesting podcast about people who have 'lost' their bitcoins at https://www.npr.org/sections/money/2018 ... oin-losers

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Re: Crypto-currencies: The future is now

Post by ytrewq » June 24, 2018, 5:41 am

Looks like a lot of smiles and back-patting going on right now:

http://www.livebitcoinnews.com/mt-gox-b ... creditors/

The Trustee has been selling a LOT 2017-2018 to make everyone whole (and then some!). They've announced their selling is done and payouts will happen 2019. With that pressure gone, things should start going up soon. There's been an absolutely tremendous amount of positive developments going on, contrary to recent price declines across the board. Personally, I've been loading up on more EOS at these post-launch wet-dream prices (had orders filled at $8.10 today!).

@Gait: You are wrong. EOS allows for password recovery. So, if your tokens remained on the EOS blockchain, they would still be there and recoverable for up to 3 years, if no activity.

As more people adopt cryptos and cryptos improve, Bitcoin and others are losing their shine. Cryptos with slow performance (Bitcoin < 5 transactions per second) are now seen as relics of a bygone era compared to something like EOS which can scale to millions of transactions per second (orders of magnitude faster than NASDAQ, NYSE, VISA, and MASTERCARD combined!) and has anti-hack and anti-scam features built-in.

It can scale to handle every transaction occurring on every system on Earth, has $0 transaction fees, and supports almost every popular programming language. Over the next few years, developers all over the world will be building, porting, or rebuilding every software app currently running on any OS to run on EOS. Corporations will be tossing out their data centers and canceling AWS, Azure, etc. Cloud subscriptions. Joe/Jane Doe will no longer need a laptop or PC - not even for gaming or VR. IoT devices and appliances will finally connect to each other. Hacking and viruses will be just an entry in the history books next to "phone-phreaking".

I'll stop there. I know this site's members are retirees and -genarians. Your grandkids are going to experience a world akin to The Jetsons. Maybe with the flying cars, too. :lol:

MY grandkids will point to my portrait hanging above the mantle in the Great Hall (ha!) and tell their grandkids the story of how the family dynasty came to be. :lol:

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Re: Crypto-currencies: The future is now

Post by Barney » June 24, 2018, 9:44 am

Crypto is not money when dealing with tax people.

People won't have to many smiles now the Tax Departments want their slice of the crypto currency pie. Have a mate traded or sold some bitcoin this last year and now his tax accountant has advised him to get his house in order for the tax man. Aussie tax year finishes june 30. My old mate was crowing about his big profit but unfortunately that smile is fading as he has spent the dividend and now fears a big tax bill. Not what you want with the ATO. They are relentless when chasing you and add huge interest rates the longer you don't pay, I know this from experience with a 4 year battle.
Had a look at the crypto ATO ruling and found that bitcoin is treated not as currency but an asset liable for Capital Gains Tax when sold.

https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

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Re: Crypto-currencies: The future is now

Post by glalt » June 24, 2018, 2:06 pm

ytrewq wrote:
June 24, 2018, 5:41 am
Looks like a lot of smiles and back-patting going on right now:

http://www.livebitcoinnews.com/mt-gox-b ... creditors/

The Trustee has been selling a LOT 2017-2018 to make everyone whole (and then some!). They've announced their selling is done and payouts will happen 2019. With that pressure gone, things should start going up soon. There's been an absolutely tremendous amount of positive developments going on, contrary to recent price declines across the board. Personally, I've been loading up on more EOS at these post-launch wet-dream prices (had orders filled at $8.10 today!).

@Gait: You are wrong. EOS allows for password recovery. So, if your tokens remained on the EOS blockchain, they would still be there and recoverable for up to 3 years, if no activity.

As more people adopt cryptos and cryptos improve, Bitcoin and others are losing their shine. Cryptos with slow performance (Bitcoin < 5 transactions per second) are now seen as relics of a bygone era compared to something like EOS which can scale to millions of transactions per second (orders of magnitude faster than NASDAQ, NYSE, VISA, and MASTERCARD combined!) and has anti-hack and anti-scam features built-in.

It can scale to handle every transaction occurring on every system on Earth, has $0 transaction fees, and supports almost every popular programming language. Over the next few years, developers all over the world will be building, porting, or rebuilding every software app currently running on any OS to run on EOS. Corporations will be tossing out their data centers and canceling AWS, Azure, etc. Cloud subscriptions. Joe/Jane Doe will no longer need a laptop or PC - not even for gaming or VR. IoT devices and appliances will finally connect to each other. Hacking and viruses will be just an entry in the history books next to "phone-phreaking".

I'll stop there. I know this site's members are retirees and -genarians. Your grandkids are going to experience a world akin to The Jetsons. Maybe with the flying cars, too. :lol:

MY grandkids will point to my portrait hanging above the mantle in the Great Hall (ha!) and tell their grandkids the story of how the family dynasty came to be. :lol:
All I can say is good luck. Something that was once over $19,000 and is now less than $6,000 doesn't give me confidence that it is a good investment. There is no doubt that some people have made huge amounts of money from Bitcoin. I would guess that those people were the pumpers and dumpers.

A good friend of mine belonged to a fairly wealthy investor group. They specialized in penny stocks. They used several ways to pump the stock and bought many shares. When the price doubled or more, they dumped that stock. They made huge profits from the small guys who watched charts and played penny stocks. The little guys got skinned and the group made a lot of money. It still works that way.

If it looks too good to be true, it is probably a scam of some sort. Reminds me of people who sell get rich quick plans. If making money was that easy using their plan, why would they sell their guaranteed no fail plans?

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