Cryptocurrency

[Reality 3,121]

Um...because he grew his initial investment substantially enough that he pulled back that amount, plus some profit, and is allowing the rest to ride?

 

10k investment; grows to 20k. Pulls 11k out. Leaves 9k in to grow.

 

Like that.

 

Was going to explain but, this covers it. Tripled my $$ since June, about 40% is still unrealized but, I'm good with that.

 

[IMMensaMind 462]

That 9K is not in his pocket sir, its in the "market".

 

Not trying to be an ass, I'm sorta thinking about doing the same, but his post didn't make sense. Unless in his pocket is some weir synonym for left in the market.

 

No, I think he meant that his assets grew, and you're choosing to ignore the spirit of intent in his statement and worry about the letter.

 

But he has 1K in his pocket regardless, with my example. Do you know what he actually invested?

[Reality 3,121]

 

That 9K is not in his pocket sir, its in the "market".

 

Not trying to be an ass, I'm sorta thinking about doing the same, but his post didn't make sense. Unless in his "pocket" is some weird synonym for "left in the market"

 

 

Not trying to go all MmmBeer on ya but, made a nice chunk of change. You can ignore my wording if that makes ya feel better.

[KSB2424 3,148]

No, I think he meant that his assets grew, and you're choosing to ignore the spirit of intent in his statement and worry about the letter.

 

But he has 1K in his pocket regardless, with my example. Do you know what he actually invested?

 

He simply misspoke, its all good. Go read it again..... Or don't, either way in your example all you've "pocketed" as a gain is 1K the rest is in the market. But its semantics at this point.

 

Either way I like that concept on risky situations. I do that at the blackjack table whilst in Vegas. If I'm up I always pull my initial post up chips to the side maybe plus a little extra and then gamble with the rest.

 

But I do that on risky bets (like blackjack).....curious why he did that on what some of you think is not nearly as risky and even seem to imply as a sure bet.

[Reality 3,121]

Just a reminder on BTC folks, you can buy it in fractions. I've never seen money move like that..

[Strike 5,423]

No, swingandamiss, your argument asserted that what happened to US poker play as a result of US Government action has some applicability to this topic.

 

But it doesn't, and you can't make the connection. In fact, the opposite is true. What power the Gubmint exerted on overseas poker companies wrt US players would not have been possible had Bitcoin been the medium of exchange - and that's why I repeatedly asked for your argument describing how your 'cautionary tale' about poker has a single focking thing to do with this topic. Focking turd.

 

And this is why you need to look up HOW the government killed online poker in the U.S. But, as usual, you just want to continue showing your ignorance.

[DankNuggs 305]

 

And this is why you need to look up HOW the government killed online poker in the U.S. But, as usual, you just want to continue showing your ignorance.

Yep, was a rider on a port security bill IIRC

[KSB2424 3,148]

I gotta admit, this topic is super interesting though.

 

1. Do you buy in now, like now and put it in a safe and open it up in 10 years.

 

2. Do you buy now, and then wait.......just before the Federal Gov't comes out and makes a public statement against CC's which will have people selling off like crazy. (time the market)

 

3. Do you sort of do a combo of both riding the ebbs and flows but thinking Bitcoin, Litecoin, ETH are going to be around for the rest of our lifetime?

 

4. Do you laugh at all the crazy people.

 

I admit, number two scares me. I can foresee, if the governments deem this currency to disrupt our current economy or that <whatever>, issues some sort of public statement, that you'll see a big sell off and people freaking out. Remember it's simply the THREAT of it that could cause a sell off.

 

It's going to be a roller coaster.

 

ETA: Which is why, I think I'm going to stay in small, maybe add a little of litecoin or this ETH (I only have bitcoin) and just put it away, don't even look at it. I'm treating it like a lottery ticket, not like a normal stock. Go in relatively small and just let it ride. If it tanks it tanks.

[Strike 5,423]

Yep, was a rider on a port security bill IIRC

 

Yes, but that's not how it's relevant to cc. It's relevant to cc in the manner it made it almost impossible to play online poker. By employing similar strategies they could just as easily kill cc in the U.S.

[IMMensaMind 462]

And this is why you need to look up HOW the government killed online poker in the U.S. But, as usual, you just want to continue showing your ignorance.

 

*sigh*

 

Oh yeah? Well: I "looked it up", and what the Government did there has absolutely nothing to do with any control or potential of control it could possibly exert over Bitcoin, or any other Crypto.

 

Good. Now your turn. Prove me wrong.

 

[IMMensaMind 462]

Yes, but that's not how it's relevant to cc. It's relevant to cc in the manner it made it almost impossible to play online poker. By employing similar strategies they could just as easily kill cc in the U.S.

Dunno how many times it's going to take to have you finally put a sound argument out there, but WTF, I'll try again.

 

How. By what mechanism? "Similar strategies" is so incredibly vague as to mean absolutely nothing. Now make it mean something.

 

Explain it to us.

[vuduchile 1,945]

*sigh*

 

Oh yeah? Well: I "looked it up", and what the Government did there has absolutely nothing to do with any control or potential of control it could possibly exert over Bitcoin, or any other Crypto.

 

Good. Now your turn. Prove me wrong.

 

The only way to stop cryptos completely is to ban the internet. We all know that aint happening.

 

However, the banking industry and the govt could slow things down or put up road blocks where the fiat currency and cryptos meet.

 

It sorta seems unlikely though. The EU is fairly excepting of cryptos as are many other countries. The Chinese govt seems to be the biggest opponent right now.

[IMMensaMind 462]

The only way to stop cryptos completely is to ban the internet. We all know that aint happening.

I agree. This isn't going to be stopped.

 

However, the banking industry and the govt could slow things down or put up road blocks where the fiat currency and cryptos meet.

I agree, but I think that will simply hasten the migration from government-sanctioned currency to private currency - which is what CCs are. The Government thinks that simply refusing to allow people to convert their BTC/ETH/LTC/ETC into USD is going to stop the use of CCs?

 

Hardly. It will increase the rate of decline of the use of fiats.

 

It sorta seems unlikely though. The EU is fairly excepting of cryptos as are many other countries.

I think it's possible that the PTB - that controls the EU via Brussels and controls just about everything else in this world - doesn't know what to do about this, so no official mandate has come down on EU participant countries.

 

The Chinese govt seems to be the biggest opponent right now.

And there's a reason: they derive much of their economic power from manipulating their currency against foreign currencies. CC's signal the end of their ability to do so. Sink or swim, China.

 

No more milking the rest of the world in the manner China has if CCs truly go mainstream.

[mobb_deep 920]

 

Yes, but that's not how it's relevant to cc. It's relevant to cc in the manner it made it almost impossible to play online poker. By employing similar strategies they could just as easily kill cc in the U.S.

 

CC is already completely banned in several countries. China has also banned exchanges (but not the use of CC). I believe Russia has a bill drafted too.

[IMMensaMind 462]

CC is already completely banned in several countries. China has also banned exchanges (but not the use of CC). I believe Russia has a bill drafted too.

Are drugs banned in any of those countries as well?

[Strike 5,423]

Dunno how many times it's going to take to have you finally put a sound argument out there, but WTF, I'll try again.

 

How. By what mechanism? "Similar strategies" is so incredibly vague as to mean absolutely nothing. Now make it mean something.

 

Explain it to us.

 

But you're Immensamind with the 250 I.Q.. You should be able to figure it out if you actually DID the research you said you did.

[IMMensaMind 462]

But you're Immensamind with the 250 I.Q.. You should be able to figure it out if you actually DID the research you said you did.

 

I'm supposed to figure out something that isn't true is suddenly true because you claim it is?

 

When troll can't debate, troll gotta troll.

[Strike 5,423]

I'm supposed to figure out something that isn't true is suddenly true because you claim it is?

 

When troll can't debate, troll gotta troll.

 

I don't even know WTF you're trying to say here.

[mobb_deep 920]

Are drugs banned in any of those countries as well?

 

I don't see how the two are mutually inclusive? The government can block websites, transactions, and prevent financial institutions from using CC. You can't shove a bunch of CC up your ass and smuggle it across the border. Although, buying drugs would be the only thing CC would be go for, if the .gov wanted to go that route.

[IMMensaMind 462]

I don't see how the two are mutually inclusive? The government can block websites, transactions, and prevent financial institutions from using CC.

I mentioned drugs because a government can 'ban' something all it wishes - but if no government can actually stop something which involves a tangible product from getting into private hands - how in hell is it going to stop encrypted commerce?

 

They can't. That's the point of the things. All they can do is prevent CCs from being converted into their native currency - and they aren't going to be able to stop that either, as all any entity has to do is convert it into another currency first, and then into the restricted currency.

 

But the long-term point is the lack of need of converting it into anything. It can become electronic currency with no peer.

 

You can't shove a bunch of CC up your ass and smuggle it across the border.

You can, actually, on a flash drive. But why would you need to? CCs are electronically transferred. They can be transferred via satellite, ffs.

 

There is no way to stop this that is currently feasible.

 

Although, buying drugs would be the only thing CC would be go for, if the .gov wanted to go that route.

Wut?

 

If you can buy something illegal with CCs, why wouldn't it be even easier to buy something legal?

 

This signals an endgame for government control over currency. Government uses similar algorthms to encrypt its own secrets and have them fly back and forth for the exact same reason: they cannot be cracked.

 

Neither will this be.

[Gladiators 1,983]

No one cares or is able to answer the previous questions I posed, but here are some more anyway.

 

What is the end game for CC? Will it work B2B? If so, the volatility will need to change drastically.

 

If Ill be able to go to grocery store and pay with CC, how does that work? My debit card, credit card or cash work very quickly today.

 

If the government bans the use of CC, youre running the risk of jail/prison time by using them. I know, a risk some may be willing to take. I think they can shut it down to a great extent. Perhaps people can continue to purchase peer to peer, but if the seller cant convert that to cash, what can they realistically buy? Cant buy groceries, cars from dealerships, houses, etc. So, you could go buy a car from your neighbor with CC, but then your neighbor has $XX,XXX worth of CC that he cant realistically use.

 

They may be able to prevent people from making deposits to purchase CC to begin with if youre unable to make deposits via credit card or debit card.

 

IMO, the banking industry needs to get on board and government needs to back it for this to work on a significant level. Otherwise you have a currency (quotes) thats less useful than gold.

[Frozenbeernuts 2,236]

The Ethereum network just seems like a logical evolution. I just don't see the government successfully stopping the evolution of this. Might as well ban quantum computing too.....

[WhiteWonder 2,723]

I also like nvidia and amd in the chip maker area. I think AMD is a good value right now after falling from recent highs.

 

I know this was a long time ago and I was wrong about the RAD buyout (though it bounced up 15% today for any of you who did actually buy it )

 

NVDA is up about $60 per share since this post and has just about doubled in value since I started watching it in March.

AMD has had its ups and downs. If you invested at the time of this post, you are currently down but had 2-3 chances in between to sell for nice profits in the 13.50-15 dollar range. I'm still holding my shares (first block bought at roughly 8 and 2nd block bought in early May after the earnings report tumble at 10 and change)

[naomi 356]

Cliffnote haiku?

[RaiderHaters Revenge 4,316]

jeez BTC just climbed over 10k. If I would have bought 1 coin when I asked a week ago, I would have already made 2200

[vuduchile 1,945]

jeez BTC just climbed over 10k. If I would have bought 1 coin when I asked a week ago, I would have already made 2200

Approaching 11K now

[iam90sbaby 2,580]

[vuduchile 1,945]

ETH also over 500 and LTC over 100.

[iam90sbaby 2,580]

Everyone keep in mind, you haven't missed the train and it is still super early. We haven't even come close to the 3% of mass adoption.

[penultimatestraw 473]

For those of you who think government cannot control cryptocurrencies:

Although we strive to provide continuous access to Coinbase services in all states in the US, Coinbase must indefinitely suspend its business in Hawaii.

The Hawaii Division of Financial Institutions (DFI) has communicated regulatory policies which we believe will render continued Coinbase operations there impractical.

In particular, we understand that the Hawaii DFI will require licensure of entities which offer certain virtual currency services to Hawaii residents. Although Coinbase has no objection to this policy decision, we understand the Hawaii DFI has further determined that licensees who hold virtual currency on behalf of customers must maintain redundant fiat currency reserves in an amount equal to the aggregate face value of all digital currency funds held on behalf of customers. Although Coinbase securely maintains 100% of all customer funds on behalf of our customers, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency over and above customer digital currency secured on our platform.

[Reality 3,121]

ETH also over 500 and LTC over 100.

 

Printing money, beautiful thing.

[iam90sbaby 2,580]

For those of you who think government cannot control cryptocurrencies:

 

Oh no! Now I only have 999 options instead of a 1000.

 

Cat is out of the bag, it can't be stopped and if they do the US is shooting themselves in the foot long term.

[penultimatestraw 473]

No one cares or is able to answer the previous questions I posed, but here are some more anyway.

 

What is the end game for CC? Will it work B2B? If so, the volatility will need to change drastically.

 

If Ill be able to go to grocery store and pay with CC, how does that work? My debit card, credit card or cash work very quickly today.

 

If the government bans the use of CC, youre running the risk of jail/prison time by using them. I know, a risk some may be willing to take. I think they can shut it down to a great extent. Perhaps people can continue to purchase peer to peer, but if the seller cant convert that to cash, what can they realistically buy? Cant buy groceries, cars from dealerships, houses, etc. So, you could go buy a car from your neighbor with CC, but then your neighbor has $XX,XXX worth of CC that he cant realistically use.

 

They may be able to prevent people from making deposits to purchase CC to begin with if youre unable to make deposits via credit card or debit card.

 

IMO, the banking industry needs to get on board and government needs to back it for this to work on a significant level. Otherwise you have a currency (quotes) thats less useful than gold.

I also don't understand where this ends up. I don't think it replaces fiat currency entirely, so cc holders will operate in some sort of parallel purchasing universe - or multiple, if no single cc swallows up the remaining market. I'm sure bankers and .gov are gonna want their cut before this becomes widely accepted, and some giant like Amazon is gonna create a mega mining operation for its own brand of cc and corner the market.

[penultimatestraw 473]

 

Oh no! Now I only have 999 options instead of a 1000.

 

Cat is out of the bag, it can't be stopped and if they do the US is shooting themselves in the foot long term.

I'm not saying I agree with that regulation, but it already exists, in this country.

[iam90sbaby 2,580]

and some giant like Amazon is gonna create a mega mining operation for its own brand of cc and corner the market.

 

They eventually will and many other big corporations will. And they all will likely be built on top of the Ethereum network which is why most of my chips are on ETH.

[penultimatestraw 473]

 

They eventually will and many other big corporations will. And they all will likely be built on top of the Ethereum network which is why most of my chips are on ETH.

Why are you so confident? What is unique about ETH?

Ethereum is a decentralized blockchain platform founded in 2014 by Vitalik Buterin. Like Bitcoin, Ethereum is an open-source project that is not owned or operated by a single individual. This means that anyone, anywhere can download the software and begin interacting with the network.

Unlike the Bitcoin network, the primary purpose of Ethereum is not to act as a form of currency, but to allow those interacting with the Ethereum Network to make and operate 'smart contracts' without having to trust each other or use a middleman. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third party interference - a smart contract will work exactly the same every time it is used.

 

Ethereum uses a 'virtual machine' to achieve all this, which is like a giant, global computer made up of many individual computers running the Ethereum software. The virtual currency unit that allows this system to work is called ether. People interact with the Etherum network by using ether to pay the network to execute smart contracts.

 

Ethereum aims to take the decentralization, security, and openness afforded by blockchains and extend those to virtually anything that can be computed.

I understand the concept of virtual electronic currency, but can you give me another "smart contract" which would benefit from using ETH? Ultimately, is ETH just an encryption service?

[Gladiators 1,983]

 

Cat is out of the bag, it can't be stopped and if they do the US is shooting themselves in the foot long term.

 

You say it can't be stopped out of one side of your mouth. And the other side, you imply that the US can stop it. Which is it?

 

The US may not be able to completely stop it, but it could be so limited that it's essentially useless. I could start making my own physical currency if I wanted, but it's illegal.

 

I don't mean to rain on anyone's parade, but I'm trying to understand the end game here. And IMO, without the banking/government backing, CC won't be what people are imagining it will become.

[iam90sbaby 2,580]

 

You say it can't be stopped out of one side of your mouth. And the other side, you imply that the US can stop it. Which is it?

 

The US may not be able to completely stop it, but it could be so limited that it's essentially useless. I could start making my own physical currency if I wanted, but it's illegal.

 

I don't mean to rain on anyone's parade, but I'm trying to understand the end game here. And IMO, without the banking/government backing, CC won't be what people are imagining it will become.

 

 

Huh? I've said they could if they wanted to. But it makes absolutely no logical sense in a technologically driven world. Like I said before imagine if they banned computers or the internet... this would be bigger.

[MTSkiBum 1,620]

How much computing power is used to solve these algorithms which essentially does not do anything.

 

They should make a block chain algorithm that looks into solving drug interactions at a molecular level or something similar, and give away 1 coin when someone solves something important for society instead of a useless algorithm.

[penultimatestraw 473]

 

You say it can't be stopped out of one side of your mouth. And the other side, you imply that the US can stop it. Which is it?

 

The US may not be able to completely stop it, but it could be so limited that it's essentially useless. I could start making my own physical currency if I wanted, but it's illegal.

 

I don't mean to rain on anyone's parade, but I'm trying to understand the end game here. And IMO, without the banking/government backing, CC won't be what people are imagining it will become.

It is already stopped in HI, as the proposed regulation is onerous to cc vendors. There are weaselly ways to circumvent the regs, I'm sure, but you're just inviting an audit if you ever want to sell cc where I live.

 

Also, I don't think most of these guys care about the "end game" or really understanding cc. They just want to make a quick buck, which ATM appears to be a great decision.