Bitcoin ?

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Kevins89notch

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The bit coin needs to correlate to something in the tangible world of assets. Bubbles are not assets.

I'm no economics major, but what about supply and demand?

Take a look at any must have Christmas item. Huge demand drives up the price. Same for a limited quantity.
 

Voltwings

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You sound as ignorant as my uncle when I was talking about traveling to Europe and mentioned the currency conversion. "Why isn't a dollar with a euro, I mean a dollar is a dollar, and a euro is a euro."

Well no, think about it. There are tariffs and taxes to attempt to balance out currencies between countries, but think about a bitcoin in the united states.

If a bitcoin is worth more than a dollar, people will try to invest as we are seeing now. If a bitcoin is worth less than a dollar, who would use it as currency when the USD has more buying power? The only way for it to function as a currency (in the US) is to have the same buying power as a USD. You cant have competing currencies in the same country, it's just not going to work.
 

MG0h3

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Supply? What supply? Isn't the supply infinite since it isn't based on anything?

The demand is only high because everyone is buying it.

Not arguing that it wasn't or maybe still isn't a good buy but not for me.
 

Kevins89notch

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Supply? What supply? Isn't the supply infinite since it isn't based on anything?

The demand is only high because everyone is buying it.

Not arguing that it wasn't or maybe still isn't a good buy but not for me.

Supply, I could google it, but I think the magic number is 21 million. That's how many bitcoins in total, will ever be mined. Plenty have already been mined, and lost. Mining has greatly decreased as the cost to do so has increased.


edit: I did google: https://www.quora.com/How-many-Bitcoins-are-currently-in-circulation
 

MG0h3

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Supply, I could google it, but I think the magic number is 21 million. That's how many bitcoins in total, will ever be mined. Plenty have already been mined, and lost. Mining has greatly decreased as the cost to do so has increased.


edit: I did google: https://www.quora.com/How-many-Bitcoins-are-currently-in-circulation
When you say "mined", you mean created? Serious question. Started reading the link and gave up as everything I've seen says this is virtual money.

Saw the link talk about splits...as in a stock split to make more supply??
 

13COBRA

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When you say "mined", you mean created? Serious question. Started reading the link and gave up as everything I've seen says this is virtual money.

Saw the link talk about splits...as in a stock split to make more supply??
Yes, created.

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MG0h3

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Well I typically play short game shit stocks that people pump and dump.

Guess I missed this one big time.
 

Buckwheat 1

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I'm no economics major, but what about supply and demand?

Take a look at any must have Christmas item. Huge demand drives up the price. Same for a limited quantity.
I have 1990 ford aerostar in my driveway. The inventor of bitcoin says it pretty rare and is buying it for 229k. Wanna offer me a penny more and it's yours.
 

Kevins89notch

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I have 1990 ford aerostar in my driveway. The inventor of bitcoin says it pretty rare and is buying it for 229k. Wanna offer me a penny more and it's yours.


Except no one wants your POS van. If you had a Shelby...and there are only so many of them...that's a better example. The supply is a factor as is the demand. Combined it sets the price.
 

Buckwheat 1

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Except no one wants your POS van. If you had a Shelby...and there are only so many of them...that's a better example. The supply is a factor as is the demand. Combined it sets the price.
You don't have a clue about who or what is pushing bit coin. People are going to get hurt. Bit coin looks like a multi level Ponzi scheme to me.
 

jvandy50

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Every single person i know that uses and knows about bitcoin is kinda shady and/or has hacking skills.

I’ve seen it used to buy prescription meds online, and i’m Sure its popular on Silk Road as mentioned previously.

You guys may understand it a bit better, but i do not trust this one bit.
 

LightningLou

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Every single person i know that uses and knows about bitcoin is kinda shady and/or has hacking skills.

I’ve seen it used to buy prescription meds online, and i’m Sure its popular on Silk Road as mentioned previously.

You guys may understand it a bit better, but i do not trust this one bit.

It's actually a very traceable currency, but is pseudo-anonymously linked to individuals which is what makes criminals think they are invincible by using Bitcoin. Many have been busted on the Silk Road with Bitcoin due to it's tracking features.

Knowing this, I would still never make a transaction using Bitcoin.
 

11sec Guy

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Every single person i know that uses and knows about bitcoin is kinda shady and/or has hacking skills.

I’ve seen it used to buy prescription meds online, and i’m Sure its popular on Silk Road as mentioned previously.

You guys may understand it a bit better, but i do not trust this one bit.

I was and still am trading stocks, but when I found crypto currency that trades 24/7 with over 200% gains in 3 months then I started to take notice when my account tripled over my e-trade account. Best thing I ever did was take a risk off someone’s insight. I suggest any do some research if you like playing in the market there are some gains to be made if you know what to do. Also I found this and it’s pretty interesting. It’s been right the last few weeks since I found this.


https://longforecast.com/bitcoin-price-predictions-2017-2018-2019-btc-to-usd


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Mackie

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Given the volatility, other than the black market - who would be using Bitcoin for any sort of transaction? It's ironic that the only way to value Bitcoin is with the dollar. Having said that I wish my employer had started paying me in Bitcoin a couple of years ago.....
 

Blown 89

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You guys may understand it a bit better, but i do not trust this one bit.
Understanding it doesn't make them right. I remember the same people using the same type of arrogance to explain to everyone why housing was such a great investment when those of us with a little common sense knew something wasn't right and didn't get burned. Too many people are letting greed and wishful thinking cloud their judgement.

Eventually this ride will come to an end and people acting like it won't scare me. I've pulled mine out. It's not worth the risk.
 

Buckwheat 1

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I was and still am trading stocks, but when I found crypto currency that trades 24/7 with over 200% gains in 3 months then I started to take notice when my account tripled over my e-trade account. Best thing I ever did was take a risk off someone’s insight. I suggest any do some research if you like playing in the market there are some gains to be made if you know what to do. Also I found this and it’s pretty interesting. It’s been right the last few weeks since I found this.


https://longforecast.com/bitcoin-price-predictions-2017-2018-2019-btc-to-usd


Sent from my iPhone using Tapatalk
When the markets are going straight up everybody is an expert trader. Your ability to get out or understand margin will kill you when the money changers want to take your money.
 

FIVEHOE

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So it sounds like a bunch of people here have questions on bitcoin and how it originated.

Bitcoin became popular for one reason: Unregulated, anonymous currency that can be traded online.
It started to become popular back in the silkroad days (google if you're not sure what this is), to anonymously pay for things on the black market.

The reason bitcoin is booming lately, is because EVERYONE wants to get into it. It's simply supply vs demand. Like someone above mentioned, there is only a limited amount of coins that can be farmed. And yes, this used to be a thing.... people would link up CPUS/GPU's and create farms. There are still websites that do this... they utilize their clients computers resources who visit their webpage, and use them to farm coins to generate additional revenue. There was an article about it the other week.

Bitcoins are not for everyone, as they are EXTREMELY volatile.... for example... I purchased 2 coins back when the price dropped $1000 in a single day... I paid 13.2k for 2 coin in mid November. Those coins today, are worth 23k.... 10k profit in a matter of 2.5 weeks...

There are huge gains to be had, and honestly, I only see the price going up from here. BTC is all over the news, investor forums and shows, etc.
 
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