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Thread: Btcoin: Currency of the future or a scam?

  1. #25
    Banned from schools.....
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    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.

  2. #26
    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

  3. #27
    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.

  4. #28
    Quote Originally Posted by aleks77 View Post
    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!

  5. #29
    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.

  6. #30
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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.
    Death is certain.

    Life is not...

  7. #31
    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-Rev.../dp/1101980133


  8. #32
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    Quote Originally Posted by luvyeah View Post
    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...
    Death is certain.

    Life is not...

  9. #33
    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



    Gorgeous guitar solo

    https://youtu.be/B9DqykUsqRY

  10. #34
    A sadder and a wiser man.
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    Quote Originally Posted by studentjohn View Post
    Also the only way to withdraw from Coinbase in Canada is to transfer your coins to another exchange like Quadriga
    https://www.google.ca/url?sa=i&sourc...58109971094046

    Quadriga founder apparently died in India and went to the grave with the passwords to $180 million +/- in bitcoin with him.

  11. #35
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    Quote Originally Posted by Lacana View Post
    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.
    What is it about crypto that brings out the spammers in every forum?

  12. #36
    Quote Originally Posted by rafterman View Post
    https://www.google.ca/url?sa=i&sourc...58109971094046

    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

  13. #37
    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.

  14. #38
    Quote Originally Posted by HungSowel View Post
    ...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.


    Quote Originally Posted by HungSowel View Post
    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.

  15. #39
    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....

  16. #40
    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.

  17. #41
    Quote Originally Posted by slick_romeo View Post
    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.

  18. #42
    Quote Originally Posted by yomero5 View Post
    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.

    Exactly this.

  19. #43
    Quote Originally Posted by black booty lover View Post
    Wrong.
    The burden is on you to prove a single time (just once is enough) where the bitcoin blockchain network was compromised.

    Go ahead. I’ll wait

  20. #44
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    Quote Originally Posted by hoorawr View Post
    The burden is on you to prove a single time (just once is enough) where the bitcoin blockchain network was compromised.

    Go ahead. I’ll wait
    Show me where he said that it had. Go ahead, I'll wait.

  21. #45
    Quote Originally Posted by hoorawr View Post
    The burden is on you to prove a single time (just once is enough) where the bitcoin blockchain network was compromised.

    Go ahead. I’ll wait
    You pulled a Motte and bailey

  22. #46
    Quote Originally Posted by yomero5 View Post
    IMO, it's a total scam, and I can't believe that there are so many people investing in it.
    Because if you are in on the scam before the bottom falls out you do well.

    It is all based on anticipating what other people think will happen, not much different from the stock market. The only major difference is if a company you invest in goes bankrupt, you have a small chance to recover some of your investment.

  23. #47
    Bitcoin rides that fine line between scam and legit, if things are more shady then bitcoin then it is a scam, if things are more legit than bitcoin then it is legit.

  24. #48
    Quote Originally Posted by basketcase View Post
    Because if you are in on the scam before the bottom falls out you do well.

    It is all based on anticipating what other people think will happen, not much different from the stock market. The only major difference is if a company you invest in goes bankrupt, you have a small chance to recover some of your investment.
    Actually there is a big difference. The stock market isn't necessarily on what other people do, a big part of it has to do with the company itself. How well the product sells. If the product looks promising, people will buy shares. There's no value in bitcoin. The only thing your banking on is other people willing to buy it from you for more than what you paid. Bitcoin is nothing more then a way to transmit money, and there's lots of ways to do that.

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