Bitcoin And Such

[michael94]

 

[YourUniverse]

Cool, interesting. This guy drinks his own urine though (check other videos).

 

[dbh25]

Can someone knowledgable on bitcoin explain to a novice?

 

[Kyle M]

Can someone knowledgable on bitcoin explain to a novice?

Explain what?

 

[Dhair]

Explain what?

Explain how thousands of NEETs are going to become millionaires from investing in cryptocurrency and rise up to rule the world.

 

[dbh25]

Why you would pay $15000 for a unit of virtual currency

 

[mt_dreams]

Can someone knowledgable on bitcoin explain to a novice?

if you bought say 250k 1.5 years ago, and sold it now, you would have roughly 16 million in profit. if you bought 250k 8 months ago, you would have roughly 4.25 million. if you buy 250k now and the price keeps going up, and sell later you will profit whatever % it has increased. the coins should only be worth 1-2 thousand, yet due to a influx of people purchasing/mining them, they're worth 16-17 thousand. this usually indicated that the bubble will burst and the value will go back down to it's true value. under those circumstances 250k would only be worth 30k, so a loss of 220k. then again this a new market so it's tough to be as sure about this, compared to the housing bubble which was obvious to anyone in the know-how. it's possible to take cues from the dot com bubble, but even that was a different beast. some people say it will crash at 20k, other 100k, and others saying it will keep going up even past a million. it all depends on how much risk you want to take on as there is no actual material that you are investing in like you would a house, or public stock etc. the value of a bit coin is only based on what it is currently selling at (to another buyer), this is why it fluctuates so much. if the fiat fat cats want to crush the bubble, they can just buy up a lot of bit coins, which will inevitably raise the price (something that has been happening for the last 8 months, but even more so the last 2 months), then dump them all at once. this would burst the bubble, and have the price drop down to a more realistic price (2k). the best example in history of this type of beast is tulip mania from a couple of hundred years ago cuz there's no real value in bitcoin, the value is from what others are willing to pay to purchase your coins. i own one coin which i purchased at 1500, and i've thought about selling but i'll just keep it in the event they go to 500k or something like that. the risk is way too much to put money you're not comfortable loosing into this scheme. i prefer less risk be it the 10% pay out of public stocks which is not taxed unless over 100k profit, or the 20% return of real estate that is also not taxed. stress is not a good thing. if you're planning on going into it, i would pull half of your money once you're doubled your investment so you will at least break even in the event of a bursting bubble. then again if the bubble bursts before you double your money, you will have to swallow that hardship. too risky for my blood.

 

[charlie]

The Great Happening, is Happening. The wealth transfer that was promised, is in process. Enjoy.

https://steemit.com/bitcoin/@haejin...eting-massive-is-appraoching-the-cryptosphere

 

[BibleBeliever]

The Great Happening, is Happening. The wealth transfer that was promised, is in process. Enjoy.

https://steemit.com/bitcoin/@haejin...eting-massive-is-appraoching-the-cryptosphere

Interesting. You have any other links? They claim other crypto currencies will skyrocket in the comments; BTS and XVG, it all looks very interesting.

 

[Kyle M]

Explain how thousands of NEETs are going to become millionaires from investing in cryptocurrency and rise up to rule the world.

Purchasing power will indeed shift away from fiat, stock exchange and sovereign assets and into other things as the market finally, finally finds a way to squeeze out from under the thumb of crony state elites.

 

[Kyle M]

Why you would pay $15000 for a unit of virtual currency

Because it's a far superior currency than USD, and infinitely superior to the currency USD will become in the future as it begins to fail as the reserve currency.

 

[dbh25]

Because it's a far superior currency than USD, and infinitely superior to the currency USD will become in the future as it begins to fail as the reserve currency.

What makes it far superior?

 

[churchmouth]

I actually used bitcoin to buy Cynomel. A 20% discount was offered if you pay with Bitcoin, so I thought OK I'd give it a test run.

It was a pretty terrible user experience (that will get better), and the bitcoin transfer fee/ bitcoin merchant fee actually eroded the whole 20% savings.

Sadly I think crypto currencies are the latest bubble. It will continue going up (mad profits) as long as sentiment is strong and recruiting new money from people with Fear Of Missing Out (FOMO). Hence even I have bought a little too.

But the decentralising technology (blockchain) behind it is quite neat and banks and all sorts of companies will end up implementing it to further reduce business transaction costs, making normal fiat money even more attractive.

 

[Kyle M]

What makes it far superior?

It is self-limiting in issuance so doesn't have the inflation risk of fiat. It isn't controlled by any states or inter-state global institutions. It's anonymous, and if you know what you're doing 100% secure.

 

[mt_dreams]

The Great Happening, is Happening. The wealth transfer that was promised, is in process. Enjoy.

https://steemit.com/bitcoin/@haejin...eting-massive-is-appraoching-the-cryptosphere

it would be nice if crypto takes back some of the power of fiat banks, even run them out of existence, but as it currently stands the wealth transfer isn't from the fat cats to the commoners, rather from joe 1 to joe 2. the fact that as an investment it needs more and more to invest for the value to go up means that if something bad did happen, whoever was left holding the hot potato would loose out. with the current craze, it doesn't look like it's going to loose steam anytime soon, but were all just speculating. anyone on the internet praising it probably has a rooted interest in more people investing, so it's tough to gauge no matter how many elliot curves these sites spew out. i'd also bet that anyone that is certain it's going to crash doesn't own any, or has previously sold them. its exciting no matter what side of the fence you are on, though more exciting for the people that have 2x-15000x their profits. without demand, cryptos will be useless as an investment. lots of people lost their life savings in the dotcom bubble (well the ones holding the potato, the ones that sold got filthy rich), hopefully this doesn't happen to the crypto investment craze.

What makes it far superior?

-the us dollar has lost half of it's value in the last 25 years. so unless you invest it elsewhere, you're loosing money. the theory of crypo is that b/c the coins are capped, this would not happen.
-fiat currency has to go through a middle man (the bank). whereas crypto goes directly from person to person .. as in you are your own bank.
-banks have made 9/10 (sometimes even more) off your money by just passing it off to someone else which has led to crashes. we could be doing the same thing, but the profits would go directly to the owners of the coins. a perfect world would have no banks, rather lots of registered financial advisors telling you where to allot your coins for investment of productivity. smart investing is what turned so many Chinese into multi millionaires.

bitcoin is not the best crypto for currency as there's fees, etc. there's alt cryptos out there that are far better for currency purposes. most people putting their money in it are not doing so for currency purposes, rather for investing purposes. i believe bitcoin cash doesn't have the fees to convert, also there are companies that will let you convert to cash. if and when crypto becomes a common currency, most likely bitcoin will not be the crypto that facilitates this.

 

[michael94]

 

[michael94]

Bitcoin is Vit-Coin vit - Wiktionary

Actually there are many layers to this etymological onion. I will touch on just a few. But I know for one thing that "they" like to hide the truth in this way ( profane sexual innuendos included ). Especially references to Old French and Middle/High German. A quick example of the latter would be "Copper", which in modern German is "Kupfer." Both of these being a devolution from "Kopfer", not officially of course, but I am revealing this fact to you now. "Kopf" in Middle/High German is drinking vessel. You know, like a COPPER CUP? Kopf - Wiktionary

Back on topic

B and V are basically interchangeable in Castillian ( Visigoth/German in Origin )
Quite a few German words when translated to English swap a B for V, like Silver and Elven.
But most importantly... in all languages using the Cyrillic alphabet, "B" = V ( Ve ). So the "Indo-European" pattern is starting to emerge with respect to B and V.


http://puu.sh/yIdMW/9e475592a1.jpg Ve-Coin
1234 Fi-Ve

Satoshi Nakamoto is not a real person. His name is probably a reference to Sat-urn + some Japanese thing but I don't know anything about Japanese.

 

[Such_Saturation]

Uh

 

[Atman]

What makes it far superior?

Because unlike with the dollar, with bitcoin you can't get robbed every day for every bitcoin you hold by a private company which has the ability to issue more and more coins.

 

[yerrag]

Is bitcoin backed by gold? Or something as concrete and as scarce?