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Bitcoin's and mining. Discuss. 2014 flashback update pg7/8

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lewd lude lover
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Post by lewd lude lover » Tue May 22, 2018 1:12 pm

sol-lude No, not like shares. the total opposite in fact. More like digital gold. A currency, store of wealth and communication tool. Think FOREX not NASDAQ.
There are no minimums or max. you exchange your fiat for crypto (like you would swap ££ for $$) and you either sit on it and wait till it hits a point you want to sell or you spend them when the exchange rate is in your favor. Like if you bought 1000£ of euros and then waited to see if you could make on the exchange back to £££, or maybe spend the euros with a vendor in the uk to get better value. What do you spend on beer a week? put 10% of that into coin and I bet in 4 years you can buy a mini bar with a keg chiller and pump. Dont invest what you cant afford to lose.

mynameisowen I have been watching BTC and crypto for a good few years now. The miracle wasn't that it went to $100 or $1000. The miracle was that it went from $0.0006 to $1. Everything after that is a definable curve. Blockchain is a disruptive tech. It is made specifically to remove central control from those who have patently shown themselves to be unworthy of power. Given the continuing manipulation for profit by the banking class on society as a whole, the move to a self fulfilling smart contract is inevitable.
given it was designed as a disruptive tech it is in fact changing the face of logistics and transport worldwide. Blockchain is saving millions of $$$ for big business.
Unpinned fiat was a grand experiment but you can't taper a Ponzi scheme (no matter how hard they try) and all fiat currency returns to 0.00 eventually. The dollar is being propped up by the wholesale destruction of developing nations currencies. When it dips, and it will, the smart money is going to need a non indexed commodity to run to. Thats gold (china and russia are buying all of that and keeping prices deflated to achieve it) or you go to crypto. As soon as a handful of hedge funds, or a central bank or two buy a significant position in bitcoin it will go to the moon. That is already starting to happen.
The recent drop was predominantly caused by the liquidator of MTGOX dumped something like 16,000coins onto the market at the peak in two lots. crashed it. Its called a pump and dump. But look at the rise. there have been a number of pumps over the years and each time it levels to a stable point 10x higher than before. It was designed as a safe haven for wealth and exchange in a second 2008 style crash and we've not had one yet....... but we are due one anytime now, especially given the FED losing its mind.
It is a return to a 'proof of work' exchange. You need to compute to support the network and you earn coin for that service. Fraction reserve banking is barking mad and the cracks are a mile wide now so it gives people the ability to trust their wealth isnt going to get devalued over night (argentina). You have to do work to create the exchange medium and there is a finite amount.
The biggest reason I think btc (or crypto as a whole) are here to stay? We are a digital society. Bitcoin is a social network, messaging service and communication tool all in one which removes the need for 3rd party interaction or manipulation. Think how effective email was at removing the need for the postal service. How good tinder has been at removing the need for dingy clubs and cheap booze... It's the financial equivalent. We don't need banks. I'm sure they will still be about as there are still post offices and dingy clubs but the monopoly has been tumbled by this new technology.

There are still monasteries but they don't make so many books now the printing press has made them obsolete.
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Post by wurlycorner » Wed May 23, 2018 12:35 pm

lewd lude lover wrote:How good tinder has been at removing the need for dingy clubs and cheap booze
Not a move for the better... Dingy clubs and cheap booze are fun! :cry:

:lol:

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Post by lewd lude lover » Thu May 24, 2018 8:36 am

wurlycorner wrote:
lewd lude lover wrote:How good tinder has been at removing the need for dingy clubs and cheap booze
Not a move for the better... Dingy clubs and cheap booze are fun! :cry:

:lol:
Yeah but the lights coming on and discovering you have spent all night chatting up a lorry driver from Glasgow called Big Dave is most certainly not. You can waste a hell of a lot of time, money and efficiency by thinking you will meet the person right for you in the center of one town in a loud bar on any given night. Much better to filter hundreds of options and winnow it down to a selection that you A, get on with and B, like the look of before even leaving the house. Banking is the same. You can achieve the same results faster, with less expense and with no middle man involved.
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Post by wurlycorner » Thu May 24, 2018 8:54 am

:? What's wrong with Big Dave?

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Post by mynameisowen » Mon May 28, 2018 1:11 pm

lewd lude lover wrote: @mynameisowen "The miracle was that it went from $0.0006 to $1. Everything after that is a definable curve."
My wallet wants to believe this is right; problem is the last few months have been a textbook bubble and as I'm typing this BTC is on it's war back to 7K USD, which is probably not going to be the last stop before the bottom.
All of this is OK if you believe BTC is the one crypto to rule them all, you can just wait a while for it to moon, but what if it's not?
lewd lude lover wrote:Blockchain is a disruptive tech. It is made specifically to remove central control ...Blockchain is saving millions of $$$ for big business.....As soon as a handful of hedge funds, or a central bank or two buy a significant position in bitcoin it will go to the moon....It is a return to a 'proof of work' exchange....The biggest reason I think btc (or crypto as a whole) are here to stay? We are a digital society....
I agree with all of this and truly believe blockchain as a technology will revolutionise many things; including money. But why would it need a new reserve currency, and why should this be BTC and not any other crypto?

I think the replacement of fiat would be great. But there's so many vested interests; not to mention the richest nation in the world, to overcome first.
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Post by lewd lude lover » Mon May 28, 2018 4:12 pm

mynameisowen people said it was a bubble in 2009, 2013 and the same now. There have been so many obits for btc that it may as well be called Lazarus. lol. Our whole society is a bubble mate. Look at the NYSE right now. Are those numbers sustainable? They can't share buy back forever and when the money runs out (the fed puts up interest rates in real terms) that one will pop. I agree there is no proof BTC will be the one to make it but it does have a massive head start, it has continued security, it is a successful store of value and it has entered the public consciousness in a way no other has done yet. I don't think there will be ONE coin to rule them all either. I think it will depend on the job you need it to do. Bitcoin for buying houses, litecoin for buying cars, dash for your weekly shopping etc etc. gold, silver, bronze, copper.
There is a good chance bitcoin will ghost, like betamax, thats why I have a diversified portfolio of crypto now. I bought in 2013 and sold a small portion dec 2017....I'm ok :lol: 'the bottom' is a very subjective term. The big money is waiting to get in at the right time, people are looking to offload large amounts of coin and the futures markets are a blatant attempt at manipulation. BTC is here to stay for a while yet and it will rise sharply again before the end of this year.

I don't think we would need a reserve currency in the same way as we would with fiat. The scarcity is built in, the velocity is less negatively controllable and it is self completing. Like gold as a reserve. It's just there and the rarity keeps it valuable. And yes it could be any crypto but most of them are not set up as a store of value like BTC, or they have a separate job like EOS. Some are set up as quick spend coins while other are there as penny shares for want of a better term. BTC was designed as a safe haven for wealth and as a guaranteed financial communication tool if the fiat system were to go down in a serious way. For all these reasons and more I reckon for the next 20years btc will be the daddy. It's the gold standard if you like. its been attacked and survived, split and survived, aggressed by the banks and survived, vilified in the press and survived, beaten down in every way imaginable by an uninformed public....and survived. Rich people like a winner and they love a survivor. Thats all I need to know to keep buying bits here and there and swapping out to other coins as I like the look of them.
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Post by Sailor » Tue May 29, 2018 1:51 am

"the futures markets are a blatant attempt at manipulation"

Hits the nail on the head.
The current financial system is always going to be volatile as long as it sanctions betting on betting. Jobs, mortgages, companies all sink or swim depending on what clever 'product' is dreamed up at the time.
Trouble is, the massive rises and subsequent price corrections recently came from just that after Cboe and CME launched their bitcoin futures market. Exchanges are trying to control cryptos in the same way other media of exchange.
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