Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)

[Domingo Halliburton]

do you have a rig for sale by chance?

no. If you look back a couple pages I posted a link. The owner of the site can apparently make rigs. Contact that guy its not hard. He has some investment pitch.

 

[ADevilYouKhow]

no. If you look back a couple pages I posted a link. The owner of the site can apparently make rigs. Contact that guy its not hard. He has some investment pitch.

So what you're saying is... you're not that guy?

 

[Domingo Halliburton]

Doesn't make any sense. Are you suggesting every single unit of bitcoin (21 x 10^13) will be lost ?

well if it were to be widely accepted and speculated on the currency markets are a $5 trillion a day market. So the scale or how much you divide it is not the issue. Yes I think eventually all of it will be gone or held in the hands of a few people.

and I'm seeing the limit is 21 million

 

[heisenburrr]

well if it were to be widely accepted and speculated on the currency markets are a $5 trillion a day market. So the scale or how much you divide it is not the issue. Yes I think eventually all of it will be gone or held in the hands of a few people.

and I'm seeing the limit is 21 million

you're not making any sense. there is no reason why anyone would want to hold most of the bitcoins in circulation as this would make them worthless

 

[Domingo Halliburton]

So what you're saying is... you're not that guy?

no I work for an investment bank and his pitch came across my desk. I didn't believe in bitcoin at the time (and I still don't) and didn't want to fukk with it. Plus my management wouldn't of went for it anyway.

 

[ADevilYouKhow]

you're not making any sense. there is no reason why anyone would want to hold most of the bitcoins in circulation as this would make them worthless

you're not making any sense. there is no reason why anyone would w.ant to hold most of the bitcoins in circulation as this would make them worthless

You're missing the point

 

[Domingo Halliburton]

you're not making any sense. there is no reason why anyone would want to hold most of the bitcoins in circulation as this would make them worthless

no you're just ignoring supply and demand. If there's a one of a kind diamond would you not hold onto it? How often would that diamond be sold to others?

I mean I guess there would be a point where if it was in too few hands people would just move on to the next currency. Regardless it would be worth zero then anyways.

that diamond example probably doesn't work because people have valued diamonds for thousands of years and will continue to do so.

 

[DirtyMoney]

A smart person would invest in bitcoin via their 401k by opening their own trust(atleast that's what I did). I am happy.

 

[Domingo Halliburton]

So what you're saying is... you're not that guy?

this is the guy's site (I know it's some natural gas site but this is the easiest way to get a hold of him):
http://cng-concepts.net/

says he can pay back the initial investment in 90 days and you would make 7-10 times your money by the end of year 1. now this is when bitcoin was 200, so I have no idea what the returns would be now if the prices stay relatively stable or go up.

if you want the guy's name pm me although you would need like $100,000. get your friends together and start a bitcoin hedge fund.

 

[heisenburrr]

https://www.documentcloud.org/documents/885843-banks-research-report-on-bitcoin.html

Most complete and thorough report so far from a "credible" analyst from Merill Lynch.

I would consider this guy bearish on the current market valuation but he still believes it to be sustainable.

 

[heisenburrr]

no you're just ignoring supply and demand. If there's a one of a kind diamond would you not hold onto it? How often would that diamond be sold to others?

I mean I guess there would be a point where if it was in too few hands people would just move on to the next currency. Regardless it would be worth zero then anyways.

that diamond example probably doesn't work because people have valued diamonds for thousands of years and will continue to do so.

there is 2,100 trillion Satoshis available. the smallest unit of bitcoin. If there is such a demand for that diamond then there will be enough supply to accomodate any wallet.

 

[irishfury]

I am not trolling at all, so please excuse me if my questions come off that way. I am only saying that because I am extremely unfamiliar with BTC and the only time I've ever come across it when my boys used it to buy molly and DMT from the Silk road. With all this being said, I'm only asking these questions because I've basically read this whole thread in the last hour or so, and I still need clarification, so here goes:

1) Referring to the bolded: It doesn't have FDIC backing yet, as my Chase accounts do ($250,000 for each account), so will I lose ALL my investment if tomorrow morning BTC is worth nothing? Correct

2) referring to your comment on how it's valuable to collectors more-so than the gen. pop: I collect sneakers, and to the non-sneaker head, most of my "investments" are worthless, albeit "dope", but sneakerheads are willing to give me nearly $200 for my DS 1978s. Similarly, as an outsider right now, BTC seems like a risky investment to me, so in your opinion, what are some of the indicators in today's economy in the US that BTC will continue to be worth a lot? As in, are there any signs that BTC will become ubiquitously used in the near future? Over 50,000 retailers accept bitcoin

3) So from I've read, the value of BTC has risen nearly 300% or more, but in the future, if demand increases, at one point or another, won't they have to increase the supply? They can't just keep the same amount of BTC in "circulation" and keep driving up the price, right? They have to increase the supply to try and legitimize its use as a currency, right? So if they increase the supply, won't it inadvertently decrease the value of BTC...making my investment now, a loss in the future? Always a risk. When people bought bitcoin at $100 people told them they where crazy. In 4 years bitcoin could be worth a million per coin or it could be worth zero.

Sorry if the questions are jumbled and confusing...it's just a lot of information and I hope you're able to answer all of my questions. I hope @irishfury can help me clarify these things, as well.

Thanks in advance!

 

[PimpHandStrong]

if we believe Bitcoin can be an established b2c b2b currency, Bitcoin's infrastructure is already too far ahead and it sort has become the internet's cryptocurrency of choice. I don't see that changing.

Trust, credibility and popular acceptance are very important factors for the establishment of anything on the internet. Much like html for web development, I see Bitcoin becoming the "defacto standard" for cryptocurrency.

Similarly, should cryptocurrencies be accepted globally as a commodity and store of wealth. I can't imagine government and international market to recognize many if more than 1 crypto currency. In that regard, Bitcoin has, again, an history and recognition that other cryptocurrencies don't carry, yet.



Bitcoin will indeed become too expensive for day trading, money play. It is no longer a penny stock type of commodity. As far as using Bitcoins as a currency to buy stuff, it doesn't make sense to say that it will become too expensive. The amount of bitcoin required to purchase something will be of same value as if it was in dollars. Remember, bitcoins can be broken down to smaller units.

I was not aware you could break then up smaller units. The bitcoin to dollars conversion takes what 3 days or so? Whether or not the world will recognize more than one cryptocurrency I don't know. Pump and dumping of LTC seems to be the way to go right now anyway .

 

[PimpHandStrong]

"On October 25, the FBI reported that they had seized 144,000 BTC worth $28 million that they believed belonged to Ulbricht."

Now worth at least $137 million+

Question now is where does that money go

bw,

Anyone try mining for coins from their phones?

 

[Liu Kang]

So 1 Bitcoin is now worth $1,000 ?! 800€ ?
I'm so mad I didn't take some when it was affordable. Been hearing about this for a few months now
I feel like it's too expensive at the moment but at the same time, might be the last time I could get my hands on some.