Bitcoins! Who would have known?

Since you posted you obviously know its been a bloody 48 hrs. I've lost around 6k in value in 48 hrs. I dont have bitcoin but it's dropped too.

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I just read a article, but haven't and don't watch the trend. Just a simple question, why did it get hammered so bad when we are 26,000 +/-. I guess more homework is needed on my end?
 
Whats 26,000? This significant dive is mostly a result of South Korea regulation or banning of exchanges or speculation of banning. Think about it. If tomorrow the US government declared all exchanges illegal how would you exchange your digital assets to fiat currency? Legally?

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Governments are trying to regulate or ban it because they have no control over it and that scares them. They use the excuse "crime and terrorism" but thsts really a low percentage of the transactions on the network. Cold hard cash is used way more probably

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I just dumped all mine, BTC and LTC...by the time my buy orders went through the exchange a few months ago it was it's peak. I was willing to lose some, but not lose it all. Oh well. Guess its time to invest in some legal weed businesses.
 
You only loose if you sell, or it never comes back. I just hope it does what it's always done, and come back even higher

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I bought in way too high. Maybe once things get to the bottom dollar and I hear some actual positive news about the future of the currency I will buy back in. I like the idea and premise behind crypto, but it really seems like whole governments are doing all they can to squash it's future.
 
Darkstar72 said:
I bought in way too high. Maybe once things get to the bottom dollar and I hear some actual positive news about the future of the currency I will buy back in. I like the idea and premise behind crypto, but it really seems like whole governments are doing all they can to squash it's future.
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Yea you did. Luckily my only "buy in" is hardware which is tangable. My only "losses" would be if I were to sell my holdings today or if they never return. For now I'll keep processing transactions, supporting the network and hope it pays off.

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TexasT said:
I say we get some of this bit coin and convert it to rupee. Not sure where we could spend rupee, but that is a lot of em for one bitcoin.
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Rupee?

Sounds like a Chinese Mariachi with a G/F named Lupe.
 
Darkstar72 said:
I just dumped all mine, BTC and LTC...by the time my buy orders went through the exchange a few months ago it was it's peak. I was willing to lose some, but not lose it all. Oh well. Guess its time to invest in some legal weed businesses.
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Nugs was up 36% today. Canopy Growth and the etf MJX have done well. All are legal weed companies based in Canada except for Nugs.
 
TexasT said:
I guess I need to google up how this mining works. I sure cant understand it. Anyone want to put it into laymans terms
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Basically you're trying to pluck a 'coin' out of thin air using computer power. As time goes by the amount of coins gets exponentially more scarce (that's fixed) so it takes longer and longer to get one. At that same logic, if you give up the day before you get one, you're at zero. There are no participation trophies.

There are 'co-ops' you can join that team up hoping one person will get once coin then they split it. Sorta like a sharing a lottery ticket.

Basically, if you're not already in it, it's too late. ESP since video cards needed to make it happen are scarce and over inflated, pricewise, from all the Bitcoin rigs.


I looked about renting a storage unit with free electricity a couple years ago to mine coins. It was with an IT friend that had access to lost of free computers and parts. We were going to fill it up with hardware and just let it sit there and run.

Back then I think a full coin was a little under $2,000 and were nowhere near as scarce as they are today (exponential) and the numbers just didn't jibe.


I gave some thought a few months ago to building a server room for the hell of it. The only selling point was that winter was coming and I was going to use the ''wasted'' energy to keep my house warm. The numbers still don't jibe.
 
For the few that got in early, good for you.

The way I see it, It's no different from the stock market. The "coins" go up, and they go down, tell me different.

The caveat being, there's nothing, and I mean absolutely nothing, backing this currency. Just like the stock market.

However, at the very minimum, there are SOME protections offered when investing in the stock market........

One of my snarky assed, "I'm so much smarter than you" employees had his ASS handed to him last week by his investment in this stuff.

Should I feel bad that I stuck my tongue in my cheek and giggled a little "bit" like a little girl about his unfortunate luck......

Whatever, go balls in, folks. Good luck to you.
 
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You havent been able to mine bitcoin with GPUs for years. Anybody using GPUs is probably mining Ethereum, Zcash, Ubiq, or one of the forks of the previous. If your buying GPUs at todays prices yea it makes no sense.

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TurboTGuy said:
For the few that got in early, good for you.

The way I see it, It's no different from the stock market. The "coins" go up, and they go down, tell me different.
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No, stocks can be split, dissolved, and IPO's. The amount of stocks can change. With Bitcoins, there is slated to be a fixed amount released and that's it.

Right now, the coin mining is closer to squatters heading west during free land grabs. Once all the land is claimed, that's it.

TurboTGuy said:
The caveat being, there's nothing, and I mean absolutely nothing, backing this currency.
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That's true, but not really relevant. The coins have value because other people want them. Same with paper money. Every time I hear about someone saying paper money is worthless because it's not backed by gold, I always offer to haul that worthless shit off for them.... so far nobody has taken me up on my offer. As a side note gold isn't backed by anything, yet it's worth a lot...

TurboTGuy said:
One of my snarky assed, "I'm so much smarter than you" employees had his ASS handed to him last week by his investment in this stuff.

Should I feel bad that I stuck my tongue in my cheek and giggled a little "bit" like a little girl about his unfortunate luck......
.
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Nope. The world is full of dumbasses that go knee deep on something because it's popular and ''new''. What they don't realize is that buying in during an artificial spike is not only too late, it's waaaaaaaaay too late.


That's the same reason I'm not deep off in the stock market right now. I never in my wildest dreams would have imagined a stock market taking off for over a year when the election happened. On a side note I almost pulled a big time boner, like your employee did, 14 months ago. Since the media was saying over and over that Hillary was going to win by landslide, I almost allocated 90% of my liquid money to short the market. I figured when it tanked on election night during close, I'd cash out the next morning, or somewhere around the bottom (if there would have been one).

I am happy for all the people who's livelihood is tied to the market right now. It has to be a good feeling to be up over 40%.


I will give out one 'secret' that I think I'm going to try... In 3 years I'm probably going to buy a bunch of gold before the election. My theory is that if a democrat gets back in the white house, gold will take off because the economy will tank. If Trump gets reelected, gold will stay put. So I'll either win, or won't lose. I'm cool with either of those outcomes. :)
 
earlbrown said:
Right now, the coin mining is closer to squatters heading west during free land grabs. Once all the land is claimed, that's it.



That's true, but not really relevant. The coins have value because other people want them. Same with paper money. Every time I hear about someone saying paper money is worthless because it's not backed by gold, I always offer to haul that worthless shit off for them.... so far nobody has taken me up on my offer. As a side note gold isn't backed by anything, yet it's worth a lot...

I will give out one 'secret' that I think I'm going to try... In 3 years I'm probably going to buy a bunch of gold before the election. My theory is that if a democrat gets back in the white house, gold will take off because the economy will tank. If Trump gets reelected, gold will stay put. So I'll either win, or won't lose. I'm cool with either of those outcomes. :)
Click to expand...

Not all cryptocurrencies have a limited supply. Ethereum doesnt although the issuance of coins per year is capped. Ideally it will eventually match the amount lost every year. When Proof of Stake mining takes over Proof of Work (hardware) mining will cease for Ethereum.

Good idea on the gold, and I am considering the same. I've heard it said this way: the value of gold never changes. Its the value of the dollar buying it that does.

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