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7th December 2017, 06:42 AM | #961 |
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7th December 2017, 11:22 AM | #962 |
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I don't think this is entirely accurate. There is zero sum gambling: poker, black jack, lottery where money in equals money out and non zero sum "Gambling" like: building an apartment building or a bridge, opening a business, researching a cure for a disease, inventing a new consumer gadget. You can lose your shirt gambling with these things but that is very different that reshuffling money.
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7th December 2017, 11:34 AM | #963 |
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I'll just assume everyone stopped reading in a frantic rush to post and failed to see that I switched the analogy to diamonds.
AFAIK all of the industrial uses for diamonds can be done with artifical diamonds. |
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7th December 2017, 11:57 AM | #964 |
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No, you were asking how bitcoin could be useful to the average person. You shifted the goal posts after I gave a couple of suggestions.
"Only criminals want privacy" was thoroughly discredited long before we had star chambers or Spanish Inquisitions. |
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7th December 2017, 02:50 PM | #965 |
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7th December 2017, 04:15 PM | #966 |
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https://www.coindesk.com/nicehash-ce...th-78-million/
Quote:
Bitcoin is trading for an astonishing $17,1399 right now. |
7th December 2017, 07:27 PM | #967 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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7th December 2017, 08:19 PM | #968 |
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7th December 2017, 09:32 PM | #969 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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8th December 2017, 03:59 AM | #970 |
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At 17.000 it may be time to exchange some BTC for hookers and cocaine.
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8th December 2017, 05:03 AM | #971 |
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I think Kenny Rogers said it best:
Quote:
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8th December 2017, 06:52 AM | #972 |
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A friend of mine bought two bitcoins back when they were dirt cheap. He still has them, but now the dilemma is this.
Do you sell both in the hopes of maximizing profit before the crash? Or Do you hold on to both hoping for the price to rise before cashing out at the risk of losing almost all of it? Or Do you hedge by selling one now, and seeing what happens with the other? I have a feeling that the third option would mean that my friend would regret it whichever way the bitcoins go. |
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8th December 2017, 07:17 AM | #973 |
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8th December 2017, 08:01 AM | #974 |
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So, at current rates, my friend's bitcoin stash of 12,000 is worth $187,080,000. If he had simply kept his original 35,000 bitcoin stake, it would be worth over one-half billion dollars.
If it merely quintuples, which seems highly likely at this rate, he will be an actual billonaire, not counting his other interests (shares in Ripple Labs worth a fortune). This from a kid who made an original investment of $350,000. I remember him telling me to invest with him, but i stuck with gold and silver instead. I sure am disappointed |
8th December 2017, 08:03 AM | #975 |
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"Just after hitting a new record of more than $17,000, the digital currency plummeted Friday. Its price nosedived more than $3,000, swinging wildly between a high of $17,154 and a low of $13,964, according to tracking site CoinDesk."
Just what we want in a currency: extreme volatility. |
8th December 2017, 08:05 AM | #976 |
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8th December 2017, 12:22 PM | #977 |
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Don't know about everybody else but I also always pay mine off every month. Given the type of forum, I'd hope the members do this at higher than average rates.
But if someone is the type to rack up credit card debt and not pay it off they likely would make bad choices whether they used bitcoin, currency, or anything else. |
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8th December 2017, 01:50 PM | #978 |
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8th December 2017, 02:12 PM | #979 |
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8th December 2017, 05:35 PM | #980 |
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They say that in six months the amount of electricity needed to process all of those transactions will equal the US. I believe in 9 months at present rate it will take the electricity of the entire world. I guess the next money to be made will be an easier way to verify transactions.
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8th December 2017, 06:49 PM | #981 |
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8th December 2017, 06:56 PM | #982 |
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*shakes head* People who go for short term gain with bitcoin can easily be burned. So far, every person who stayed with their purchases for the long haul has profited (greatly) - even those who bought when bitcoin was on a price peak.
You haven't started reading the bitcoin threads yet have you. |
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8th December 2017, 07:21 PM | #983 |
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8th December 2017, 07:47 PM | #984 |
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I have already posted that credit cards have some advantages (http://www.internationalskeptics.com...&postcount=954). Why do you keep harping on it? And how does the existence of credit cards prove that bitcoin is in (another) bubble?
See? That proves that you haven't done your homework. I already pointed out (recently) that the tulip craze only lasted ONE year while bitcoin is in its 9th year and show no signs of a permanent crash. I don't know about your seedy neighbourhood but in my country housing prices have recovered quite nicely. Admittedly they are not as good as they could be in Perth but in Sydney, they have never been higher. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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9th December 2017, 12:56 AM | #985 |
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9th December 2017, 01:12 AM | #986 |
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9th December 2017, 02:12 AM | #987 |
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The scam involves creating enormous amounts of it for yourself. It doesn't mean that it's not valuable. Isn't that obvious?
As I indicated above, my friend holds about 12,000 bitcoin. So far he's "hodling" it, and deciding NOT to accept these outrageous bids of fiat money. He also owns no property and pays rent, for maximal exposure to bitcoin! |
9th December 2017, 02:43 AM | #988 |
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9th December 2017, 07:31 AM | #989 |
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9th December 2017, 03:01 PM | #990 |
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I figured out what bitcoin reminds me of: Pets.com
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9th December 2017, 04:24 PM | #991 |
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Bitcoin trades right through weekend with this excellent live chart. I have not checked if anyone posted this
https://www.cryptocoinsnews.com/bitcoin-price/ Last 15187. Technical analysis suggests 20k is completely unreachable. |
9th December 2017, 04:36 PM | #992 |
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9th December 2017, 06:08 PM | #993 |
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Which feature made you think of that random dot com company? The fact that it collapsed within 2 years or that it lost money on most of its sales?
https://en.wikipedia.org/wiki/Pets.com |
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9th December 2017, 06:39 PM | #994 |
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9th December 2017, 08:03 PM | #995 |
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9th December 2017, 09:35 PM | #996 |
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http://www.internationalskeptics.com...&postcount=909
http://www.internationalskeptics.com...&postcount=922 And those are just recent posts. The fact is that over the last 7 years, EVERY SINGLE PREDICTION that bitcoin will collapse and never rise again has been WRONG. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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10th December 2017, 02:54 PM | #997 |
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Futures trading begins in an hour on CBOe.
Expect $8000 this week. |
10th December 2017, 05:39 PM | #998 |
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Jesus at the rate I'll have to build a Bitcoin mining rig in order to afford a video card who are now all artificially scarce and expensive because of Bitcoin mining rigs.
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10th December 2017, 07:18 PM | #999 |
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That is a feature if all bubbles. Every prediction that they will pop is wrong until the one that is right. That happened with the South Sea Bubble, the Tulipomania, and the Wall Street common stock delusion. But when the money has all been consumed the bubbles do burst.
I remember myself prematurely, for about two years, predicting the bursting of the housing bubble of 2003-08. I worked in housing at that time, and became known as a false prophet of doom. Bubbles always pop, but when they will do that is hard to predict. If future price movements could easily be predicted there would be no speculative bubbles, as must be obvious after a moment's thought. |
10th December 2017, 10:09 PM | #1000 |
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If you were saying that bitcoin is headed for a serious price shock then I would agree with you.
However, you are comparing bitcoin with "flash in the pan" investments that sooner or later (invariably sooner) die and never get resurrected again. Bitcoin has already outlasted every one of these examples many times over and show no signs of dying. |
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