Bitcoin

[irishfan]

Guys, this is a giant scam. That's all. It's going to crash. It's being driven by demand... that's it. You cannot trade a bitcoin for $10k+ of a commodity right now... you can only trade it for cash from people who "want a bitcoin"... it's blind speculation.

I go back and forth and how scammy I think it is, but there are several places online where you can use btc to purchase things.

 

[zelezo vlk]

Guys, this is a giant scam. That's all. It's going to crash. It's being driven by demand... that's it. You cannot trade a bitcoin for $10k+ of a commodity right now... you can only trade it for cash from people who "want a bitcoin"... it's blind speculation.

But how many tulips does it buy?

 

[notredomer23]

I remember I bought my fake ID my freshman year of college in 2012 in Bitcoin. Think it was worth something like $175 around that time (or I bought $175 worth of bitcoin, I forget). Either way, kinda wishing I held onto it, though I do agree with Lax 100%.

And I gotta say, this isn't directed at anyone on this board, but those that discuss bitcoin on social media are worse than the people that push their pyramid schemes.

 

[ND NYC]

ive started playing the tech companies that enable the blockchain/bitcoin technology like Nvidia and AMD last couple years.
was all set to open a coinbase account back then and start trading etc, but I didn't, was too confusing to me...sure regret that now!

 

[IrishLax]

I go back and forth and how scammy I think it is, but there are several places online where you can use btc to purchase things.

Correct, but you cannot buy $10k worth of common commodities for 1 bitcoin. The exchange rate isn't there... which is what tells you it's currently driven by speculation/market demands NOT any sort of reasonable, established valuation.

I'm not begrudging people who got in on this early and are cashing out now for tons of money. That's awesome, well done. What I'm telling you is that once the "fever" stops and the demand is no longer outstripping supply, the value will absolutely plummet. This is inevitable. The entire concept of currency says that it cannot possibly be worth what it's being traded at... people are treating it like a pump-and-dump stock. And that's how all people should warily approach investing in bitcoin.

So have fun riding the roller coaster but know when to get off.

 

[STLDomer]

Houstonian must be a billionaire by now.

 

[STLDomer]

I have a very small amount of Bitcoin just to ride the wave.

Ethereum is where I have more faith and investment.

 

[phgreek]

I have a very small amount of Bitcoin just to ride the wave.

Ethereum is where I have more faith and investment.

I thought this thing would be long dead...amazed.

 

[Wild Bill]

https://www.coindesk.com/cboe-begin-bitcoin-futures-trading-december-10/

The Chicago Board Options Exchange (CBOE) has announced that its planned bitcoin futures product will begin trading on Dec. 10.

In a statement published today, the firm said that trading would commence at 5 p.m. CT, with the first full day of trading starting that Monday. Trading on the CBOE Futures Exchange (CFE) under the "XBT" ticker, the company added in its release that trading of the futures product would be free through the end of December.

The announcement is a notable one given that a bitcoin future being launched by CME Group will go live the following week on Dec 18.

Ed Tilly, CBOE's chairman and CEO, said in a statement:

"Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free."

The launch confirmation comes months after the Chicago-based exchange first detailed its plans to create a bitcoin futures product. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.

The move also comes amid a time of climbing prices of bitcoin. The cryptocurrency is currently trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

Not sure if this means it has staying power or not. The feds and the federal reserve aren't interested in competition so it's kind of surprising it's gotten this far.

 

[phgreek]

https://www.coindesk.com/cboe-begin-bitcoin-futures-trading-december-10/



Not sure if this means it has staying power or not. The feds and the federal reserve aren't interested in competition so it's kind of surprising it's gotten this far.

Exactly...

 

[SonofOahu]

Guys, this is a giant scam. That's all. It's going to crash. It's being driven by demand... that's it. You cannot trade a bitcoin for $10k+ of a commodity right now... you can only trade it for cash from people who "want a bitcoin"... it's blind speculation.

This.

 

[IrishSteelhead]

Yay. One my biggest regrets in life saying good morning as a top thread......sniff sniff......

 

[Veritate Duce Progredi]

A close friend of mine has been balls deep in Bitcoin for a few years now. He has seen it go from $250 a BC to $30 overnight. It is a roller coaster to say the least, but he has done quite well with it. He recently bought 80k worth of hardware for it.

Did your friend stay on the train? If he bought 80k of mining gear, he should've had a hefty sum of bitcoins saved up. I'd imagine he's already retiring?

 

[Johannes]

If you had purchased one bitcoin for $200.07 when Houstonian made this thread, it would be valued today at $11,831.05. That’s over a 59-fold increase.

I’m not sure what it’s like trying convert that into actual US currency, nor am I saying it’s a good investment, but damn... crazy to think about.

 

[Veritate Duce Progredi]

Yeah, if you purchased 500 bitcoins at that time you'd have nearly 6 mil in BCs.

 

[Wild Bill]

If you had purchased one bitcoin for $200.07 when Houstonian made this thread, it would be valued today at $11,831.05. That’s over a 59-fold increase.

I’m not sure what it’s like trying convert that into actual US currency, nor am I saying it’s a good investment, but damn... crazy to think about.

There's absolutely zero chance I would have had the stomach to let this ride out to the current prices. I would have been nervous around $5k and dumped as it approached $10k. But yeah, if you bought early and have balls of steel, tip my cap.

 

[zelezo vlk]

Yeah, if you purchased 500 bitcoins at that time you'd already be dead by overdose on coke and hookers

ftfy

 

[Legacy]

Some non-profits accept donations in Bitcoins. Bitcoins can be part of a retirement account. Putting them in your Roth....

Donate Bitcoins United Way

Are Bitcoin Profits Taxable? (Motley Fool)

 

[irishfan]

Correct, but you cannot buy $10k worth of common commodities for 1 bitcoin. The exchange rate isn't there... which is what tells you it's currently driven by speculation/market demands NOT any sort of reasonable, established valuation.

I'm not begrudging people who got in on this early and are cashing out now for tons of money. That's awesome, well done. What I'm telling you is that once the "fever" stops and the demand is no longer outstripping supply, the value will absolutely plummet. This is inevitable. The entire concept of currency says that it cannot possibly be worth what it's being traded at... people are treating it like a pump-and-dump stock. And that's how all people should warily approach investing in bitcoin.

So have fun riding the roller coaster but know when to get off.

8 surprising places where you can pay with bitcoin - Business Insider

I can blow 17k (current price) on Overstock.com with 1 btc. Or I could buy one item for a fraction of btc.

 

[IrishLax]

8 surprising places where you can pay with bitcoin - Business Insider

I can blow 17k (current price) on Overstock.com with 1 btc. Or I could buy one item for a fraction of btc.

You can't get a direct conversion to a common commodity (crude oil, etc.) for a bitcoin right now. As far as I'm aware a bitcoin "worth" 10k USD does not have 10k of USD purchasing power in commodities markets. If that's changed recently, I'd be very interested.

 

[greyhammer90]

Sold the (very meager) amount I had. If it dips significantly I may repurchase.

 

[Legacy]

Global banks handled laundered Russian cash worth hundreds of millions (CNN Money, March 2017)

The data show that major U.S. banks including Bank of America (BAC), JP Morgan (JPM), Wells Fargo (WFC) and Citi (C) all processed money from the scheme. Global banks HSBC (HSBC), Deutsche Bank (DB), Standard Chartered (SCBFF) and Barclays (BCS) also appear to have executed transactions.

Bank of America Wins Patent for Crypto Exchange System (Coin Desk, Dec 2017)

Bank of America may be looking into cryptocurrency exchange services for its corporate clients – or at least keeping its options open should they become interested.

In a patent awarded by the U.S. Patent and Trademark Office on Tuesday, the second-largest bank in the U.S. outlined a potential cryptocurrency exchange system that would convert one digital currency into another. Further, this system would be automated, establishing the exchange rate between the two currencies based on external data feeds.

Bitcoin Is Helping the Pot Business Get Over Its Banking Problem (Bloomberg)

Cannabis companies are turning to the world’s most popular digital currency in an effort to get rid of all that cash.

The inability to access traditional financial institutions is one of the marijuana industry’s biggest impediments. Legal cannabis was a $6 billion industry last year and is expected to grow to $50 billion by 2026, according to Cowen & Co. But because pot is illegal under federal law, big banks and credit-card companies steer clear. That’s forced most merchants to accept cash only, a logistical headache and constant security threat.

 

[ND NYC]

what I find fascinating is all the facilities that are being built to facilitate the "mining." huge data center type operations are being set up worldwide where the electricity costs are lowest and outdoor climate is coldest (keep the servers cool and low cost).

 

[SouthSideChiDomer]

what I find fascinating is all the facilities that are being built to facilitate the "mining." huge data center type operations are being set up worldwide where the electricity costs are lowest and outdoor climate is coldest (keep the servers cool and low cost).

I saw an article somewhere, can't remember where, where two guys in a cold weather area built a tiny house with a mining server acting as the heating for the house. So you don't have to pay for heating, it helps the mining rig cool, and it helps pay for the cost of the house.

 

[ND NYC]

I saw an article somewhere, can't remember where, where two guys in a cold weather area built a tiny house with a mining server acting as the heating for the house. So you don't have to pay for heating, it helps the mining rig cool, and it helps pay for the cost of the house.

crazy stuff...its akin a "digital gold rush".

 

[wizards8507]

Guys, this is a giant scam. That's all. It's going to crash. It's being driven by demand... that's it. You cannot trade a bitcoin for $10k+ of a commodity right now... you can only trade it for cash from people who "want a bitcoin"... it's blind speculation.

+1

Sell it. Sell it all. Sell it now.

 

[nlroma1o]

Apparently several bitcoin trading platforms are reporting outages, as well as massive price fluctuations. Bitstamp apparently fell to 10k, while Gdax reported 20k. Is it like this everyday?

 

[irishfan]

Apparently several bitcoin trading platforms are reporting outages, as well as massive price fluctuations. Bitstamp apparently fell to 10k, while Gdax reported 20k. Is it like this everyday?

Not everyday. Most of the time, they run smoothly but they sh!t the bed when it goes wildly up or down. Today (and really the past week) has been unprecedented for bitcoin and that's saying something given the movement they've had in the past.

I don't have as much on there as I'd like, but have used Coinbase the past several months and it crashes every time that btc goes down drastically. Which is annoying since you miss out on chances to buy when it is low. It usually just get back up and running until things stabalize one way or the other.

 

[ND NYC]

one of the unique things on bitcoin is the decentralized nature and power of millions of independent CPUs, computers all over the world, so there really cant be a "crash" of servers etc. maybe for bitcoin "copycat cryptocurrenies", but not bitcoin.

 

[Sherm Sticky]

I have a very small amount of Bitcoin just to ride the wave.

Ethereum is where I have more faith and investment.

I got my eyes on XMR. But have no money to invest. If anyone wants to lend me PM me....


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