How many people on here are familiar with it or the tech behind it. I went with a friends advice and invested a few grand when the price was around 2k a coin and now its 8k. I am still skeptical but it doses not look like this is going away any time soon. What are everyone else thoughts on crypto currencies
Bitcoin ?
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Pyramid scheme plain and simple as there is nothing backing this worth other than blind trust and peoples say so. When the house of cards finally do fall there is going to be a whole lot of people left holding an empty bag with nothing to show for it.
Sell sell sell
Two years ago I wired up bunch of servers in the basement of a residential house. The guy going to "mine bit coin". He was pretty excited and I think he borrowed money for equipment from his farther. I did some other job at his fathers office and asked how the mining was going. He mumbled something about the electrical bill and the utility company reporting him to the police.
My advice, never invest in a non-tangible. Investing in ideas has the highest risk which is why it has the highest ROI, for a minute.
The reason for me.... shares are a promise to pay... a tangible item is payment. Promises are broken every day, but there will always be someone who needs what I have in my hand.
If you do choose to invest in shares of a company, be sure they have enough physical assets and working capital to cover their assessed value or you are buying a broken promise.
Just my humble opinion.
The reason for me.... shares are a promise to pay... a tangible item is payment. Promises are broken every day, but there will always be someone who needs what I have in my hand.
If you do choose to invest in shares of a company, be sure they have enough physical assets and working capital to cover their assessed value or you are buying a broken promise.
Just my humble opinion.
Huh? Are you not allowed to have a server in a residence where you're from?
Lol. How is this any different that our current fractional reserve system? The Federal Reserve just creates money out of thin air!
(In my best Morpheus voice) I suppose you think there is still gold locked away in Fort Knox too?
The guy had racks upon racks of servers. Run your electric bill up 500% or more above what your neighbors have or what the meter historically has used and the PC will flag your account. You can have what ever you want.
I think it's used by criminals.
First, let me say that I believe Crypto currancy is here to stay, but it is still in its infancy. I've seen behind the curtain at one fledgling bitcoin data center and I shocked at the lack of process and controls. Poor security, poor availability and poor facilities and limited standards or compliance requirements such as other banks or handlers of money have to maintain.
I don't know if you remember when the Internet was new and no one gave a shit about security and folks did not know how to engineer reliable data centers. It was a lot like that.
I hope my experience was atypical but looking through pictures on the Internet of other facilities, I think my experience may not have been.
If it is a pyramid scheme then why are they offering futures trading on nasdaq by the CME group ?
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Because the CME run by a bunch of functional psychopaths.
I think he means ponzi scheme.
A typical Bit mining "server" each have a 1400watt power supply that draws like 11amps due to the high performance nature of the box. Each "server" cost around $3K and you can make money if you have enough of them up and running.
I think the last site I saw had a starter set of 10K "servers". 11Amps X 10000=110,000 Amps of power and a bunch of BTU's of heat that need to be cooled.
That will get you in trouble quick with residential building codes and burn your house to the ground. LOL
Not sure what the wattage was. But he was having me run 30 amp 120/240 volt plugs to each rack.
Technically its 117/234. Sorry couldn't resist. No pun intended. LOL
Eye no wut u ment.
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