Cryptocurrency

[WhiteWonder 2,723]

 

 

I reposted his comment because I'm going to reference it, in response to your complaint about my take on it, and my objection to the attempt to use flipping as an analogy.

 

And you - somehow - consider yourself 'above the fray' when you introduce yourself to the topic by declaring others, who are bickering, "losers".

 

I think you need to roll that hypocrisy around in your mouth a while.

 

He mentioned it as a criticism. Do you only invest in things that you use? I think you've vastly limited your investment options if you only invest in things you actually use.

 

Huh? The profit potential of this investment is tied to the plausibility of the use of cryptocurrencies becoming a mainstream way to transact business.

 

 

The car analogy is excellent because automobiles were a disruptive technology in the field of transportation. Before cars, we had horses and buggies. After cars: no more of each - unless you want to visit Mackinac Island.

 

Cryptocurrency is intriguing to investors because of its potential to replace government-issued currency. Tell me: why does society require government-issued currency in order to conduct transactions?

 

If you're unable to answer that question, you then know why this investment is potentially extremely explosive.

 

If you understand that the analogy wasn't offered because people know that cars aren't a good investment, why the hell did you even mention it?

 

Buying a car isn't a 'good investment'. It is not the point of the analogy. Investing in Ford was the point of the analogy, FFS.

 

 

You've gotta be kidding me. You don't understand what we're talking about here. At all. I'm going to attempt one more analogy to have you see the light and the implications.

 

To tie 'cars' and this investment together in a palatable way, I'm going to offer gasoline, and refineries.

 

Before the internal combustion engine, what call was there for gasoline?

 

A: there wasn't.

 

This investment is roughly analogous to recognizing the disruptive potential of the internal combustion engine, and investing in the gasoline which fuels them before most of society recognizes what is taking place in front of their eyes..

 

Do you get that? Now: you may disagree - do whatever you want - but that's why the car analogy is sound: it is just one of myriad examples of early recognition of disruptive technology changing the direction of how we live.

 

And that's what cryptocurrency has the potential to do.

 

What's way off is your interpretation of what I was saying.

 

Again - and for the final time - this was never about "let's go buy a car, because doing so represents the most savvy way I can make money on this new 'car' craze". This is about recognizing that cars are going to take over - disrupt - and the best way to take advantage of that is to invest in Ford.

 

Or...gas.

 

No hypocrisy here. Just calling it like I see it. I have no problem with anyone having differing opinions. I am not at all surprised that you responded to me with such fervor and obviously took a great deal of time and effort in doing so. Like I already said, I am not against investing in CC's at all.

 

sorry. much of what you said is still off base in many ways. I don't think MTSki was using his housing analogy as a criticism at all, unless you automatically assume that any thought or stance other than "crypto currencies are infallable and amazing" is a criticism. Its sort of becoming apparant that this is your mensa-mindset and if it is, then you really don't belong in a thread designed for legitimate discussion on investments. He seemed to be comparing this type of investment to previous housing bubbles. Naturally, not many people only invest in items that they use. I don't believe that was his point at all and it certainly isn't mine. However, many people invest in stock because they think that other people WILL tangibly invest in their products and that companies stock will go up, making them money in the process. I think MTSki was speculating that not many people are investing in CC's because they think other people will begin to use CCs as their main form of payment and that a lot of the investing in CCs is driven soley by the hype of investment returns.

 

I never said he was right or wrong, just that his analogy of CC investing does make sense while comparing CC's to Cars is not a very strong comparison in the way it had been laid out, which you have mlded and changed a few times since the original statement.

 

 

This investment is roughly analogous to recognizing the disruptive potential of the internal combustion engine, and investing in the gasoline which fuels them before most of society recognizes what is taking place in front of their eyes..

 

 

this above quote is fundamentally different from the original post of 90s baby comparing CC's to cars. And broken down this far, I can see the point you are trying to make.

 

by the way I can easily answer why society requires government issued currency. That doesn't mean that I agree with the reasoning and am against CC's and unregulated forms of currency. Only that it's not hard to see why our society is reliant on government issued currency and the percieved backstops and safety nets it offers.

[WhiteWonder 2,723]

 

I am tired of his as-a-matter-a-fact attitude with everything. He always thinks he is the enlightened one. I heard doctors commonly get a God complex, must be true. Also his understanding of blockchain is limited at best. It seems like he watched a TED Talk and thinks he is an expert all of a sudden.

 

 

Nothing is on me. It is way up, they can sell now and call it quits. If they stay in any longer at this point it is 100% on them. All I did was open the door for them. Any adult would recognize that. You shut yours early and thats why you are missing out on all these gains now.

 

 

the same could easily be said about you, mensa and others who don't want to hear any discussion from the other side of it.

[iam90sbaby 2,579]

 

 

the same could easily be said about you, mensa and others who don't want to hear any discussion from the other side of it.

 

Yeah but its my thread. And I actually am educated on cryptos so my as-a-matter-a-fact attitude is because I actually do know what I am talking about. When I am naive to a subject I admit it. This subject I am not.

 

Also, I don't want to argue, I just wanted to open a door for people that possibly wasn't opened before and I did that. This thread was fine before a bunch of people who never actually invested in cryptos came in here acting like they knew something.

[vuduchile 1,945]

What is there to regulate? This is math, and the decision by an increasingly large segment of society that this checks even more boxes regarding confidence as a medium of transaction than even paper money does.

 

 

Everyone understands that, except posters like straw, who don't consider the realities you just cited 'murky'.

 

Regulation is an interesting dilemma for me.

 

The rise of cryptos is somewhat driven by people who are saying fock you to fiat money, and the crooked banks and inept governments that control it. I can get behind that.

 

Of course, its those same entities who are calling for regulation.

 

Some countries claim they want to regulate the trading to ensure that cryptos arent used to launder money. Others have claimed that some exchanges arent trustworthy and have inflated volumes. China has even said ICOs are illegal.

 

There are also reports of accounts at Bittrex being disabled or unverified, and as mmm...beer pointed out, coinbase access being restricted during volatile trading periods.

 

Those things dont exactly inspire trustworthiness.

 

At the end of the day, Ive looked at the money Ive lost at casinos and in sports gambling over the last few years and have decided to take the plunge with that amount money. The only question now is when to jump in.

[WhiteWonder 2,723]

 

Yeah but its my thread. And I actually am educated on cryptos so my as-a-matter-a-fact attitude is because I actually do know what I am talking about. When I am naive to a subject I admit it. This subject I am not.

 

Also, I don't want to argue, I just wanted to open a door for people that possibly wasn't opened before and I did that. This thread was fine before a bunch of people who never actually invested in cryptos came in here acting like they knew something.

 

but taking the stance that its okay on your side because its "your thread" makes you sound like a 5 year old. No offense, I think youve done a good thing bringing the world of CC investments to some peoples attention. Hell, I always knew about them but never really looked at secondaries like ether or litecoin before this thread.

 

Still, the world of investing is always going to be open to anyone. Those who are not educated about a particular investment and those who think they are fully educated.

 

 

also i would be remiss if i didn't mention the irony behind your starting a CC based thread and then ultimately having an affiliate link in your signature.....

[IMMensaMind 462]

No hypocrisy here. Just calling it like I see it. I have no problem with anyone having differing opinions. I am not at all surprised that you responded to me with such fervor and obviously took a great deal of time and effort in doing so. Like I already said, I am not against investing in CC's at all.

 

sorry. much of what you said is still off base in many ways. I don't think MTSki was using his housing analogy as a criticism at all, unless you automatically assume that any thought or stance other than "crypto currencies are infallable and amazing" is a criticism. Its sort of becoming apparant that this is your mensa-mindset and if it is, then you really don't belong in a thread designed for legitimate discussion on investments. He seemed to be comparing this type of investment to previous housing bubbles. Naturally, not many people only invest in items that they use. I don't believe that was his point at all and it certainly isn't mine. However, many people invest in stock because they think that other people WILL tangibly invest in their products and that companies stock will go up, making them money in the process. I think MTSki was speculating that not many people are investing in CC's because they think other people will begin to use CCs as their main form of payment and that a lot of the investing in CCs is driven soley by the hype of investment returns.

 

I never said he was right or wrong, just that his analogy of CC investing does make sense while comparing CC's to Cars is not a very strong comparison in the way it had been laid out, which you have mlded and changed a few times since the original statement.

 

 

 

this above quote is fundamentally different from the original post of 90s baby comparing CC's to cars. And broken down this far, I can see the point you are trying to make.

 

by the way I can easily answer why society requires government issued currency. That doesn't mean that I agree with the reasoning and am against CC's and unregulated forms of currency. Only that it's not hard to see why our society is reliant on government issued currency and the percieved backstops and safety nets it offers.

 

Now we're to the nut of this.

 

Why is government issued currency more of a 'safety net' than a cryptocurrency?

 

A: it isn't. At all. In fact - in every way - it is less so (which is doubtless why you italicized the word perceived. Government controls currency. They cannot control cryptocurrency; that's the entire point of it. What stands between cryptocurrency and the mainstream acceptance of it?

 

Time and the exposure that time will inevitably offer. It's already happening: major retailers and other businesses have arranged the ability to accept bitcoin as a legitimate medium.

 

And that's why this innovation is here to stay, and that's why this is a spectacular investment.

[iam90sbaby 2,579]

Regulation is an interesting dilemma for me.

 

The rise of cryptos is somewhat driven by people who are saying fock you to fiat money, and the crooked banks and inept governments that control it. I can get behind that.

 

Of course, its those same entities who are calling for regulation.

 

Some countries claim they want to regulate the trading to ensure that cryptos arent used to launder money. Others have claimed that some exchanges arent trustworthy and have inflated volumes. China has even said ICOs are illegal.

 

There are also reports of accounts at Bittrex being disabled or unverified, and as mmm...beer pointed out, coinbase access being restricted during volatile trading periods.

 

Those things dont exactly inspire trustworthiness.

 

At the end of the day, Ive looked at the money Ive lost at casinos and in sports gambling over the last few years and have decided to take the plunge with that amount money. The only question now is when to jump in.

 

Jump now. Hindsight a year or two from now you aren't going to care about the few hundred dollars you could've made by buying at a dip. Just get in and B&H.

[IMMensaMind 462]

the same could easily be said about you, mensa and others who don't want to hear any discussion from the other side of it.

If we didn't want to 'hear any discussion from the other side of it', we wouldn't respond topically. Where did you possibly get that we don't want to hear 'another side'?

 

If you want a discussion, make discussable points. Where are they?

[RaiderHaters Revenge 4,316]

can we end this, we had 16+ pages of information, now its a pissing match

[WhiteWonder 2,723]

If we didn't want to 'hear any discussion from the other side of it', we wouldn't respond topically. Where did you possibly get that we don't want to hear 'another side'?

 

If you want a discussion, make discussable points. Where are they?

 

ive seen plenty of discussable points made in this thread, you just wish to dismiss them as not being discussable.

[mmmmm...beer 803]

Now we're to the nut of this.

 

Why is government issued currency more of a 'safety net' than a cryptocurrency?

 

A: it isn't. At all. In fact - in every way - it is less so (which is doubtless why you italicized the word perceived. Government controls currency. They cannot control cryptocurrency; that's the entire point of it. What stands between cryptocurrency and the mainstream acceptance of it?

 

Time and the exposure that time will inevitably offer. It's already happening: major retailers and other businesses have arranged the ability to accept bitcoin as a legitimate medium.

 

And that's why this innovation is here to stay, and that's why this is a spectacular investment.

Someone hacks my bank account i keep usd in its fed insured an i get my money back.. your crypto account?

 

Who u gonna complain too?

[vuduchile 1,945]

Use Gemini!!

Tried setting up an account at Gemini. Im still waiting on their verification email

 

This is the stupid shady stuff that concerns me.

 

Someone else mentioned theyre still trying to get verified at another site. Coinbase wants to charge 2 small transaction fees to my bank account for verification. Its all unorthodox.

[Mookz 1,341]

Someone hacks my bank account i keep usd in its fed insured an i get my money back.. your crypto account?

 

Who u gonna complain too?

 

[iam90sbaby 2,579]

Someone hacks my bank account i keep usd in its fed insured an i get my money back.. your crypto account?

 

Who u gonna complain too?

 

.....

 

https://techcrunch.com/2017/06/24/coinbase-is-reimbursing-losses-caused-by-the-ethereum-flash-crash/

 

https://www.cryptocoinsnews.com/bitfinex-completes-reimbursing-customers-for-hack-losses/

 

 

If you need more let me know.

[IMMensaMind 462]

Someone hacks my bank account i keep usd in its fed insured an i get my money back.. your crypto account?

Who u gonna complain too?

FDIC insurance has limits btw - and is the result of past incidents where no such protection was even dreamt of. Also: people have lost the money they kept in banks to the Government. People have lost their gold to the government.

 

Cryptocurrency is just as protected as anything else is or can be, and there is nothing stopping an enterprising individual from offering insurance policies for this purpose as well.

[iam90sbaby 2,579]

Tried setting up an account at Gemini. Im still waiting on their verification email

 

This is the stupid shady stuff that concerns me.

 

Someone else mentioned theyre still trying to get verified at another site. Coinbase wants to charge 2 small transaction fees to my bank account for verification. Its all unorthodox.

 

Dude, stop using Gemini. Get Coinbase, buy a USB drive and put them on there.

[WhiteWonder 2,723]

Now we're to the nut of this.

 

Why is government issued currency more of a 'safety net' than a cryptocurrency?

 

A: it isn't. At all. In fact - in every way - it is less so (which is doubtless why you italicized the word perceived. Government controls currency. They cannot control cryptocurrency; that's the entire point of it. What stands between cryptocurrency and the mainstream acceptance of it?

 

Time and the exposure that time will inevitably offer. It's already happening: major retailers and other businesses have arranged the ability to accept bitcoin as a legitimate medium.

 

And that's why this innovation is here to stay, and that's why this is a spectacular investment.

 

Legit question for you... as I make no claims to be a CC genius.

 

First of all I dont think the only thing standing between mainstream acceptance is time and exposure. I think Vudu laid out a number of issues standing between mainstream acceptance in his post above.

 

but back to my question.

 

Do you think that crypto currencies will soon or one day replace goverment issued currency completely?

If you do, where will the value of your investment be? Simply having lots of crypto currency compared to another person? When you sell your crypto stake, what will you get in return if there is no fiat currency to tell you your 1 bitcoin is $9500?

Is there a point where you would sell your current CC investments in order to capitalize on your fiat currency gains? or are you holding onto all your CC's because they are clearly the future and you're just going to hold them until CC's are the only or at least the major form of payment for any good or services?

[iam90sbaby 2,579]

FDIC insurance has limits btw - and is the result of past incidents where no such protection was even dreamt of. Also: people have lost the money they kept in banks to the Government. People have lost their gold to the government.

 

Cryptocurrency is just as protected as anything else is or can be, and there is nothing stopping an enterprising individual from offering insurance policies for this purpose as well.

 

Thats a really good idea.

[mmmmm...beer 803]

I think I also just realized Iam90sbaby's 1000% assuridty and guarentee in crypto is one of the things that makes me leary and I find it more untrustworthy because of it?

 

Nothing financial should should be backed with such rabid verocity. Haha...

[mmmmm...beer 803]

 

Thats a really good idea.

That actually makes more sense to me. It was the dudes selling mining picks and gold pans to the 49'ers that made a killing.

[iam90sbaby 2,579]

 

Legit question for you... as I make no claims to be a CC genius.

 

First of all I dont think the only thing standing between mainstream acceptance is time and exposure. I think Vudu laid out a number of issues standing between mainstream acceptance in his post above.

 

but back to my question.

 

Do you think that crypto currencies will soon or one day replace goverment issued currency completely?

If you do, where will the value of your investment be? Simply having lots of crypto currency compared to another person? When you sell your crypto stake, what will you get in return if there is no fiat currency to tell you your 1 bitcoin is $9500?

Is there a point where you would sell your current CC investments in order to capitalize on your fiat currency gains? or are you holding onto all your CC's because they are clearly the future and you're just going to hold them until CC's are the only or at least the major form of payment for any good or services?

 

Do you think that crypto currencies will soon or one day replace goverment issued currency completely? Yes they will. They will eliminate many other things besides fiat currency as well.

 

If you do, where will the value of your investment be? The free market + supply/demand will determine the value. What makes a dollar worth a dollar? It isn't back by gold anymore.

Is there a point where you would sell your current CC investments in order to capitalize on your fiat currency gains? Now that many companies are bridging the gap between cryptos and the real world why would you need to sell? Just use your crypto debit card.

[iam90sbaby 2,579]

I think I also just realized Iam90sbaby's 1000% assuridty and guarentee in crypto is one of the things that makes me leary and I find it more untrustworthy because of it?

 

Nothing financial should should be backed with such rabid verocity. Haha...

 

If you would have listened to me when I initially gave you the tip you would be sitting on an extra 30k right now. Sucks you feel that way. For you.

[IMMensaMind 462]

https://www.cryptocoinsnews.com/overstock-ceo-its-about-time-the-world-switches-to-real-money-either-bitcoin-or-gold/

[mmmmm...beer 803]

 

If you would have listened to me when I initially gave you the tip you would be sitting on an extra 30k right now. Sucks you feel that way. For you.

Haha.. you're a pompous lil tyke aren't you?

 

Again.. I'll be okay kid.

[tanatastic 2,062]

I think I also just realized Iam90sbaby's 1000% assuridty and guarentee in crypto is one of the things that makes me leary and I find it more untrustworthy because of it?

 

Nothing financial should should be backed with such rabid verocity. Haha...

That one guy who did the math and predicted the market would crash in 08 was pretty certain too. Bet against the markets and made a killing while others laughed at him. 90s is in no way the Lone Ranger here, lots of people are big on this stuff.

[WhiteWonder 2,723]

seems to me that anyone who thinks CC's are going to replace government issued currency and become our main form of payment in the future, wouldn't even be concerned about investment gains on said CC's. they would simply buy and hold forever until their prophecy is fulfilled and their coins no longer carry a USD value but they have a lot of coin so they are crypto-rich.

[Strike 5,421]

What is there to regulate? This is math, and the decision by an increasingly large segment of society that this checks even more boxes regarding confidence as a medium of transaction than even paper money does.

 

 

Why do we regulate banks? It's just math, right? But maybe we want to avoid situations like the followiing:

 

https://www.cnbc.com/2017/11/21/confido-ico-exit-scam-founders-run-away-with-375k.html

[tanatastic 2,062]

Haha.. you're a pompous lil tyke aren't you?

 

Again.. I'll be okay kid.

Legit question, no snark..arent you a cop? All your posts now are just bragging how you make so much money and have millions waiting in retirement. I always grew up seeing on tv things like oh on a cops salary etc, Oh not for what they pay cops. Etc like they dont make that much. Are you just special and make more than all the rest? Again no snark, just curious.

[mmmmm...beer 803]

That one guy who did the math and predicted the market would crash in 08 was pretty certain too. Bet against the markets and made a killing while others laughed at him. 90s is in no way the Lone Ranger here, lots of people are big on this stuff.

Goodness knows they've all made great financial decisions in the past and nobody ever loses money.

[IGotWorms 4,057]

 

Yeah but its my thread. And I actually am educated on cryptos so my as-a-matter-a-fact attitude is because I actually do know what I am talking about. When I am naive to a subject I admit it. This subject I am not.

 

Also, I don't want to argue, I just wanted to open a door for people that possibly wasn't opened before and I did that. This thread was fine before a bunch of people who never actually invested in cryptos came in here acting like they knew something.

This is your chance to quell the doubts. Or just say I cant quell all your doubts so I guess its just a matter of can you tolerate risk in unorthodox investments.

 

When you instead put your hands over your ears and scream that they dont know what theyre talking about, it kinda legitimizes those doubts to an extent.

 

[WhiteWonder 2,723]

 

Do you think that crypto currencies will soon or one day replace goverment issued currency completely? Yes they will. They will eliminate many other things besides fiat currency as well.

 

If you do, where will the value of your investment be? The free market + supply/demand will determine the value. What makes a dollar worth a dollar? It isn't back by gold anymore.

 

Is there a point where you would sell your current CC investments in order to capitalize on your fiat currency gains? Now that many companies are bridging the gap between cryptos and the real world why would you need to sell? Just use your crypto debit card.

 

then why do you care what type of paper gains your CC investments have made or bother to tell mmm.beer that he could have made 30k? Shouldn't you be advising everyone to buy CC's and hold them indefinitely?

[Strike 5,421]

 

Someone else mentioned theyre still trying to get verified at another site. Coinbase wants to charge 2 small transaction fees to my bank account for verification. Its all unorthodox.

 

This is not abnormal. I've had multiple financial companies do this to link my bank account to their site. Usually they're making small deposits though.

[mmmmm...beer 803]

Legit question, no snark..arent you a cop? All your posts now are just bragging how you make so much money and have millions waiting in retirement. I always grew up seeing on tv things like oh on a cops salary etc, Oh not for what they pay cops. Etc like they dont make that much. Are you just special and make more than all the rest? Again no snark, just curious.

Start early... invest at least as much as they match in your 401k... add 30 years. It's not rocket surgery brother... there are calculators everywhere.

 

My employer matches up to 5% of my contribution. So I put 5% of my salary in it's like saving 10%.. within investing limits of course.

 

Also look it up. Many of the muni depts, their officers are making 70k+ a pension, 401k, health etc...

[Gladiators 1,983]

Are there a limited number of any type of CC? For example, are there only 1,000,000 Bitcoins in existence? If so, what prevents more from being "created?"

 

If the questions above cannot be easily answered, no problem. I'll do some research at some point...

[iam90sbaby 2,579]

 

then why do you care what type of paper gains your CC investments have made or bother to tell mmm.beer that he could have made 30k? Shouldn't you be advising everyone to buy CC's and hold them indefinitely?

 

Thats a silly gotcha argument. What am I suppose to say? I have X BTC and thats worth X ETH! No one would even know what I am talking about.

 

And I do advise people to do that.

[iam90sbaby 2,579]

Haha.. you're a pompous lil tyke aren't you?

 

Again.. I'll be okay kid.

 

No, you took a jab so I took one back.

 

And I never said you weren't okay, I know you are well off, but don't deny you wouldn't like to have that extra 30k right now.

[WhiteWonder 2,723]

 

Thats a silly gotcha argument. What am I suppose to say? I have X BTC and thats worth X ETH! No one would even know what I am talking about.

 

And I do advise people to do that.

 

why is it silly? because it's true? If the true purpose was to educate people on CC's and tell them to invest now and get as many as you can because in 10 years, it will be our new and only form of currency then yes, telling people your X amount of BTC is worth X ETH would be worth explaining to them.

 

and I think people would get what you're talking about.

[vuduchile 1,945]

 

Dude, stop using Gemini. Get Coinbase, buy a USB drive and put them on there.

Yeah. Just set all that up. Verified the charges to my account. Jumped through 4-5 different verification hoops. They show my weekly purchase limit starting at $400. I enter buy $350 ETH Nothing. Wont let me click the buy button either on the app or their web site.

 

This better get much easier or Im out before I get started.

[tanatastic 2,062]

I respect results, and thats what 90s has produced. I was one of his biggest detractors, this is not favoritism. But Id Rather listen to him than a Doctor job who uses a flip phone, a cop who somehow makes 3x more than any other cop magically and other assorted clowns who have nothing but stories.

[Hardcore troubadour 15,267]

Legit question, no snark..arent you a cop? All your posts now are just bragging how you make so much money and have millions waiting in retirement. I always grew up seeing on tv things like oh on a cops salary etc, Oh not for what they pay cops. Etc like they dont make that much. Are you just special and make more than all the rest? Again no snark, just curious.

Theres cops and there's people in law enforcement. There is a difference. A cop would never say he's in law enforcement. A cop just says he's a cop.