nWo_Kevin Posted November 29, 2017 Report Share Posted November 29, 2017 What Is Bitcoin?https://www.youtube.com/watch?v=t5JGQXCTe3cBitcoin Price 2013: $13.33Bitcoin Price When Thread Started: $10,031 (11/28/2017)Bitcoin Price Last Updated: $8,710.01 (2/13/2018)** This topic got some attention on the political thread so I figured I'd make my own. If it goes nowhere, fine but thought it might be interesting to discuss. I in no way encourage anyone to purchase Bitcoin and instead ask you DYOR ** Link to comment Share on other sites More sharing options...
TrisetMaster908 Posted November 29, 2017 Report Share Posted November 29, 2017 Everytime I hear Bitcoin I think of Silk Road Link to comment Share on other sites More sharing options...
Generations Posted November 29, 2017 Report Share Posted November 29, 2017 Everytime I hear Bitcoin I think of Silk Road Every time I hear Bitcoin, I think of people throwing money in a wishing well. Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 29, 2017 Author Report Share Posted November 29, 2017 Damn I need to visit whatever wishing well 10x's the money you throw into it. Link to comment Share on other sites More sharing options...
Lunchbox Posted November 29, 2017 Report Share Posted November 29, 2017 Ive been throwing pocket change at it, its was like 8,700$ last Monday its insane. Link to comment Share on other sites More sharing options...
Muur Posted November 29, 2017 Report Share Posted November 29, 2017 Everytime I hear Bitcoin I think of Silk Road Aye, I just link it to shady illegal shit... cuz that's pretty much what it's for. Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 29, 2017 Author Report Share Posted November 29, 2017 Ive been throwing pocket change at it, its was like 8,700$ last Monday its insane. Right?! Feels like just yesterday it was at 5k. But good strategy. Everytime I hear Bitcoin I think of Silk Road Aye, I just link it to shady illegal shit... cuz that's pretty much what it's for. No more than cash is used in illegal activities. Link to comment Share on other sites More sharing options...
maskedmaniac Posted November 29, 2017 Report Share Posted November 29, 2017 Can you put bitcoin down a strippers g-string? Naw..I'll keep my dollar bills. Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 29, 2017 Author Report Share Posted November 29, 2017 Can you put bitcoin down a strippers g-string? Naw..I'll keep my dollar bills. https://www.thedailybeast.com/where-strippers-dance-for-bitcoin Lol Link to comment Share on other sites More sharing options...
FulGore Posted November 29, 2017 Report Share Posted November 29, 2017 It will crash. Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 29, 2017 Author Report Share Posted November 29, 2017 It will crash. Agreed. Bitcoin crashed more than a couple times on its way to 10k. Risk management is important. Link to comment Share on other sites More sharing options...
FulGore Posted November 29, 2017 Report Share Posted November 29, 2017 I feel it will be manipulated. The powers that be will find a way. Link to comment Share on other sites More sharing options...
Monkey D. Jiggy Posted November 29, 2017 Report Share Posted November 29, 2017 One of the eternal "I could've been rich"-stories for the ages. Link to comment Share on other sites More sharing options...
Generations Posted November 29, 2017 Report Share Posted November 29, 2017 One of the eternal "I could've been rich"-stories for the ages. If it is...then congratulations to everyone who made good on it. I would have no hard feelings. But I find that INCREDIBLY unlikely. In fact, the reason why it's doing so well is for the exact reason that people think it will be a free ticket to wealth, and they're all trying to get in on it. Those kinds of things always end up being problematic. People will get scared, they'll cash out. The people with money left in the system will be left with pennies on the dime of what they invested, etc, etc. Link to comment Share on other sites More sharing options...
Monkey D. Jiggy Posted November 29, 2017 Report Share Posted November 29, 2017 One of the eternal "I could've been rich"-stories for the ages. If it is...then congratulations to everyone who made good on it. I would have no hard feelings. But I find that INCREDIBLY unlikely. In fact, the reason why it's doing so well is for the exact reason that people think it will be a free ticket to wealth, and they're all trying to get in on it. Those kinds of things always end up being problematic. People will get scared, they'll cash out. The people with money left in the system will be left with pennies on the dime of what they invested, etc, etc. Alright, thanks for your input, but I was talking about myself here. Could've bought some of those shit coins for dirt cheap around 09-11 or some shit, like legit could've, but didn't. Got told it was the future. Link to comment Share on other sites More sharing options...
Mango kid Posted November 30, 2017 Report Share Posted November 30, 2017 So I hear the irs is going after anyone who has over 20000 in bit coins because there not reporting them on there taxa like ur suppose to Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 30, 2017 Author Report Share Posted November 30, 2017 So I hear the irs is going after anyone who has over 20000 in bit coins because there not reporting them on there taxa like ur suppose to Yeah I know Coinbase has been ordered hand over information to users who have bought or sold, more than $20,000 (dollars, not 20,000 bitcoins). I'm not sure about other bitcoin sites or exchanges though. Link to comment Share on other sites More sharing options...
EJ! Posted November 30, 2017 Report Share Posted November 30, 2017 The video confused the hell outta me. So would this exist without the internet? Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 30, 2017 Author Report Share Posted November 30, 2017 The video confused the hell outta me. So would this exist without the internet? Here's the non technical version: Perhaps I should list that instead. But no without the internet I'm not sure how it would be possible. Link to comment Share on other sites More sharing options...
EJ! Posted November 30, 2017 Report Share Posted November 30, 2017 The video confused the hell outta me. So would this exist without the internet? Here's the non technical version: Perhaps I should list that instead. But no without the internet I'm not sure how it would be possible. Im gonna watch the video, but I think you know what my next question is gonna be based on the discussion that was had in the politics topic. Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 30, 2017 Author Report Share Posted November 30, 2017 lol whats that? I'm guess either something about Net Neutrality or what happens to bitcoin if the internet goes down? Link to comment Share on other sites More sharing options...
EJ! Posted November 30, 2017 Report Share Posted November 30, 2017 lol whats that? I'm guess either something about Net Neutrality or what happens to bitcoin if the internet goes down? something like that, I mean I know the internet wont go down but what if all the ISPs or whoever else decide enough of this bitcoin shit and charging people a bunch of money to access bitcoin freely because they want to uphold tangible currency? Is there like a back up plan for bitcoin? Link to comment Share on other sites More sharing options...
Mango kid Posted November 30, 2017 Report Share Posted November 30, 2017 I'm pretty sure there's not if those servers go down pretty much everybody will lose everything unless I somehow have a backup system with how much money each person has and the fact that no one knows who's actually controlling those servers it's scary Link to comment Share on other sites More sharing options...
nWo_Kevin Posted November 30, 2017 Author Report Share Posted November 30, 2017 lol whats that? I'm guess either something about Net Neutrality or what happens to bitcoin if the internet goes down? something like that, I mean I know the internet wont go down but what if all the ISPs or whoever else decide enough of this bitcoin shit and charging people a bunch of money to access bitcoin freely because they want to uphold tangible currency? Is there like a back up plan for bitcoin? Sure I suppose that could be a problem but I'm not sure if I see it happening for a couple reasons. I know China has banned bitcoin on and off for the past couple of years and haven't had too much success. I think it would be tough for the ISP's to keep ahead of this technology. Also your bitcoin doesn't have to be stored on a site like coinbase.com. It can be stored on a flash drive like device. It can be stored on a piece of paper with a unique code that only you have Plus I think you are just starting to see more people get involved including corporations and people with lots of money who see this as a way to get more and as long as bitcoin is making them money, I don't see why they would want to get rid of it. If anything, as someone said, they might manipulate it so the price goes down, and they can get more before the price goes back up. Finally as I mentioned in the political thread. If there was ever an EMP attack that wiped out the internet. Bitcoin and any currency would become worthless. Guns, Ammo, Food, Water would become the new currency. Link to comment Share on other sites More sharing options...
Mango kid Posted November 30, 2017 Report Share Posted November 30, 2017 Why is a bitcoin worth $11,000? Because someone thinks they can sell or barter it for above that price to someone else. Eventually you're going to run out of those "someone elses", and somebody with a big enough investment in bitcoin is going to cash out, and it's going to crash like hell. What it'll be worth after that, I can't say, but I feel pretty confident in Newton's Third Law. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.