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Btcoin: Currency of the future or a scam?

Occasionally

Active member
May 22, 2011
2,929
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Supply of Bitcoin may be limited, but anyone can create their own cryptocurrency, so the supply of cryptocurrencies is theoretically unlimited.

Kodak recently announced they are creating their own cryptocurrecy.
Yup. Anyone can. Check this list out and the amount of fictitious value that has been created by tulip craze "investors". Hell, at least a tulip has a physical worth and purpose!

Check out the bottom of the list. There's about 500 of them that they can't even track a market cap because they can't even figure out how many coins there even are.

https://coinmarketcap.com/all/views/all/
 

AJstar

New member
Oct 20, 2002
1,521
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Yup. Anyone can. Check this list out and the amount of fictitious value that has been created by tulip craze "investors". Hell, at least a tulip has a physical worth and purpose!

Check out the bottom of the list. There's about 500 of them that they can't even track a market cap because they can't even figure out how many coins there even are.

https://coinmarketcap.com/all/views/all/
Actually there are over 1800 of these & climbing.
I don't know why Terb has not yet started it's own .
 

00jeff

New member
Apr 19, 2014
10
5
3
Yup. Anyone can. Check this list out and the amount of fictitious value that has been created by tulip craze "investors". Hell, at least a tulip has a physical worth and purpose!

Check out the bottom of the list. There's about 500 of them that they can't even track a market cap because they can't even figure out how many coins there even are.

https://coinmarketcap.com/all/views/all/
The reason why some coins dont have a marketcap is because the creator of the coin didn't submit that information to coinmarketcap yet. Usually it takes 20-30 days for the marketcap to show up as probably coinmarketcap needs to verify it, etc. Also, coinmarketcap lists anything, atleast 30% of the coins listed on coinmarketcap are shitcoins/scamcoins. I expect another bull run for Bitcoin in the upcoming months (up to 20k USD). I dont think Bitcoin is going anywhere, if you have spare money, its stupid not go invest in a little bit of it, if anything you can pull out at a 25% loss, but the reward of getting a 5x-10x your money is well worth the risk, imo. Obviously Bitcoin wont 5x-10x your money, but if you put your money into a legit coin with a small market cap and keep it there for a few months, you're well on your way to a 2-3x at the least.
 

frankcastle

Well-known member
Feb 4, 2003
17,886
236
63
Currency of the short term future (traders fast enough to get in and out for profit)

Scam for the long term future (bagholders)
Agreed. There's money to be made for those who can time when they buy and sell. There's been some suggestion that there are people who can control this and have made money buy spiking the price and selling. So even for the average person looking to do the short term game it is tricky.

I'd avoid anything that promises to be a get rich quick scheme. You're better off keeping down your debts, maxing out TFSA and RRSPs, keep your spending down etc.
 

huckfinn

Banned from schools.....
Aug 16, 2011
2,493
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On the Credit River with Jim
I was at a house gathering recently, and the discussion on bitcoin and mining started.

2 were all for bitcoin, and they thought it was a great way to make money.......the rest - not so much.

One of them was a computer guy, and he has so much invested he has computer racks set up in his garage, and is having a hard time keeping it cool.
 

Lacana

New member
May 15, 2019
9
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I understood that smart investing in cryptocurrency can turn out very profitable. The main rule - just stay tuned. In order not to miss the latest news, I recommend joining crypto telegram group.
 

yomero5

Well-known member
Jan 12, 2017
1,982
487
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I personally was 100% wrong about Bitcoin in its early days. The early adopters made a fortune. I'm an old dog so I'm slow to come around to new concepts, but I am happily long in BTC right now and probably will buy back into LTC on the next dip. I am into Ted Talks Cryptocurrency platform that make it easy to understand crypto
You were 100% right, the first time, and are now 100% wrong, IMO, LOL!

You were lured by FOMO. Sorry for your future losses!

Total scam!
 

icespot

Well-known member
Jul 7, 2005
1,692
84
48
The way Bitcoin and others are being used to day will come to a crashing end and at great loss for the many that got in late in the game.

That being said crypto currency is the future and with time something new will take it's place that will have a better market application.

I base my reasoning on streaming. When MP3s came out, their use was to rip music and share via Napster.

Today we are streaming everything, but Napster is no where to be found, dead long ago.

The same will happen here, and contrary to popular belief, the new wave of currency will end money laundering.
 

slick_romeo

Member
Feb 12, 2002
105
0
16
Toronto
Bitcoin algorithm is backed by infallible mathematical code that has been evolving and maturing for 10 years now, its limited supply circumvents human greed and inflation.

Paper money is backed by corrupt governments and is therefore subject to inflation and human greed.

Bitcoin is long past the point of being a ponzi scheme, the next few years will be eye-popping for the naysayers.
 

luvyeah

🤡🌎
Oct 24, 2018
2,553
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The problem with bitcoin is no government will adopt it completely, in fact it's a threat to the banking system.
There is no central bank that controls the system which puts more power in its users hands.
It uses a public ledger so evey transaction is recorded, which may or may not be a good thing.
In the world of crypto it's the first one of its kind, but slow compared to others.
More businesses and merchants need to adopt it before it can be considered useful.

here is a book if you are really interested:
https://www.amazon.ca/Blockchain-Revolution-Technology-Changing-Business/dp/1101980133

 

slick_romeo

Member
Feb 12, 2002
105
0
16
Toronto
The problem with bitcoin is no government will adopt it completely, in fact it's a threat to the banking system.
There is no central bank that controls the system which puts more power in its users hands.

]
precisely why it is the absolute best hedge against the fake central bank powered 'quantitative easing', 'ponzi scheme' economy we accept as our 'normal' today...
 

Zoot Allures

Well-known member
Jan 23, 2017
1,591
294
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It is comparable to the tulip bubble in 1600 Holland. That did not turn out so well. Ponzi scheme where things that have no intrinsic value are traded for large sums.


Interestingly, so is gold. At the end of the day, it does not rise in price. If you bought some when Christ was around you could now get your money back with zero profit

Just watch and laugh at the economics of human greed when it comes to the sordid topic of coin



 

hoorawr

Active member
Oct 5, 2008
351
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28
https://www.google.ca/url?sa=i&sour...aw1HKyV0yZ6sYNm0-r_JeSCE&ust=1558109971094046

Quadriga founder apparently died in India and went to the grave with the passwords to $180 million +/- in bitcoin with him.
I’m of the belief he faked his death

Lesson learned for people who didn’t know if you don’t own your bitcoin keys (instead relying on exchange) then it’s not your bitcoin

Been in bitcoin since 2013. It has funded many escapades with escorts for me

I think it will eventually run to new ATH’s as it always does

Those claiming Ponzi scheme don’t understand the algorithm

I also think bitcoin is a CIA creation.satoshi = CIA. But that’s a whole separate discussion
 

HungSowel

Well-known member
Mar 3, 2017
2,691
1,600
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The amount of computational horsepower required to process transactions is too high now, transactions take forever to go through and the transactions fee is absurd. Gone are the days when technically inclined average joes can be part of the bitcoin network and contribute hashing power with their PC, now it is all large corporate Bitcoin farms running everything.

The only fundamental that is keeping Bitcoin from tumbling to 0 is that it is the currency of the underground economy and that is a huge economy.

The vast amount of energy required to mine crypto will mean it will forever be a niche currency.

I suspect that if the economy goes south, bitcoin value will rise as more people would be pushed into the underground economy and seedy ventures. Even then, people are trading the certainty of a lower pay cheque for the uncertainty of a higher one.
 

luvyeah

🤡🌎
Oct 24, 2018
2,553
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...transactions take forever to go through...
Bitcoin is on the slower end, however their are alternatives such as Ethereum, which on average is less than 20 seconds per transaction and some are even nearly instant.


The only fundamental that is keeping Bitcoin from tumbling to 0 is that it is the currency of the underground economy and that is a huge economy.
This goes back to the fact that people are taking control and using it to their power to not be buttfucked sideways by any government - it's the next best thing to cash, except cash is directly affected by monetary policies the government decides to implement.

I don't know nearly enough required to continue this discussion, however it will be interesting to see how it unfolds.
 

HungSowel

Well-known member
Mar 3, 2017
2,691
1,600
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Bitcoin is essentially controlled by the big mining corporations in China as most of the hashing power comes from China. All cryptos are open to 51% attacks, that is to say that if someone controls 51% or more of the hashing power they control the entire network. So you are escaping the clutches of wesatern governments into the arms of a communist government.

Ethereum is trying it's best to escape the same fate as bitcoin, but i do not think they will.

I stopped keeping up with crypto about 8 months ago when the market tanked and all the excitement turned into pain, so if there are new fundamental developments; I am ignorant of them. My interest in crypto is only because it was like game of thrones in real life, every week there was some exchange running off with people's money, some new scam, etc....
 

yomero5

Well-known member
Jan 12, 2017
1,982
487
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I still can't believe how stupid people can be, investing in Bitcoin, LOL!

Listen to Warren Buffet. He knows a thing or two about investing.
 

black booty lover

Well-known member
Oct 21, 2007
9,738
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Bitcoin algorithm is backed by infallible mathematical code that has been evolving and maturing for 10 years now, its limited supply circumvents human greed and inflation.

Paper money is backed by corrupt governments and is therefore subject to inflation and human greed.

Bitcoin is long past the point of being a ponzi scheme, the next few years will be eye-popping for the naysayers.
Wrong.
 
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