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

YouTube · Post by **Sailor** » Sun May 20, 2018 12:05 am

Watching the crypto/blockchain volatility has been interesting. A lot of people have won and a lot of people have lost. In this respect, it all mirrors investments of other kinds. As does the fact that the general trend over the last few years is upwards.

I think it depends on your reasons. I don't know anyone who's turned into a zillionaire this way, but I do know people who have bought and sold legitimate stuff and still have a healthy balance. That seems to me to be the way to approach any medium of exchange.

We went from a barter system (which I still like, especially if it's akin to the theory of recirculating favours); to promissory notes; to tokens with no value other than their concept. Bitcoins and their ilk are merely extensions of the process suited to the modern media. The dust will settle.

So what's next, or three steps after next? Will we eventually see a system of universal credits transferred entirely by scanners and QR barcodes implanted on our foreheads? [eg: you come and help me do an engine swap - we exchange smiles - you can now buy a set of tyres from Harry down the road etc.]

Post by **lewd lude lover** » Sun May 20, 2018 9:24 am

Sailor wrote:Watching the crypto/blockchain volatility has been interesting. A lot of people have won and a lot of people have lost. In this respect, it all mirrors investments of other kinds. As does the fact that the general trend over the last few years is upwards.

I think it depends on your reasons. I don't know anyone who's turned into a zillionaire this way, but I do know people who have bought and sold legitimate stuff and still have a healthy balance. That seems to me to be the way to approach any medium of exchange.

We went from a barter system (which I still like, especially if it's akin to the theory of recirculating favours); to promissory notes; to tokens with no value other than their concept. Bitcoins and their ilk are merely extensions of the process suited to the modern media. The dust will settle.

So what's next, or three steps after next? Will we eventually see a system of universal credits transferred entirely by scanners and QR barcodes implanted on our foreheads? [eg: you come and help me do an engine swap - we exchange smiles - you can now buy a set of tyres from Harry down the road etc.]

Ah, some interesting concepts and ideas there sailor.

Yes you have it. Using the tokens with a job (BTC,BCH, DASH etc) as exchange is the best way to get something adopted. That is going very well across the board as it goes. There are many nation states vying for the chance to become the switzerland of crypto and more and more developing nations being disrupted by the feds pathetic attempts to bolster the $$$ are either turning to BTC or are making their own crypto based exchange.

As to the progression of human financial interaction? yep again in my view, with a caveat or two... Barter was great as long as the only things you need to buy are small items. Buying a house with 40,000 chickens is unrealistic. The gold standard was, and still is in my view, a good way to store value. (gold fits the bill as a currency in so many ways and crypto fits the same bills in a digital sense)

Now, FIAT as an experiment (ponzi scheme) was a grand attempt to free finance from the pesky equation of 'proof of work done' and it has failed utterly given its massive ability to be manipulated.

BTC or any crypto returns much more to a gold/barter proof of work done model, which we got along very well with for 6000 years. It's a self fulfilling third party free smart contract with group consensus and no central control. This brings me onto your last point about the future. like any system it can be manipulated but without the need for banks, bankers or the banking industry the whole problem of third party manipulation and fee paying is removed. This puts you in control of your wealth and stops it being funneled upwards by centrally managed profiteers. The tech for this will be a minor thing so yes, there is a good chance you will be able to smile and pay. This is a whole other issue in my view. FINtech removes people from the transaction, thus making the transaction much easier. This leads to easy spending and the assumption of debt. Without the free money credit machine (quantitative easing) running at full pelt I wonder if this will be such an issue though...

mart609 · Post by **mart609** » Mon May 21, 2018 9:07 am

All I've got to say is I wish I'd bought some for £2 per coin back in 2006 or whenever it was when I first heard about them

Post by **lewd lude lover** » Mon May 21, 2018 1:16 pm

mart609 2009 mate. Same as. I'm glad I got in in 2013 though and I'm still accumulating. But why are you not buying now? A friend of mine just dropped his tax rebate on .15btc and has seen 15% average upward trend so far. He will be trading but if you just leave it alone for a few years £20 will have become considerably more. One serious hiccup with the dollar and it's lambos all round. There is never a point you can't get on board..

toadster · Post by **toadster** » Mon May 21, 2018 6:13 pm

Lo

My Brain Hurts

Cheers

Toadster

mart609 · Post by **mart609** » Mon May 21, 2018 6:37 pm

lewd lude lover wrote:@mart609 2009 mate. Same as. I'm glad I got in in 2013 though and I'm still accumulating. But why are you not buying now? A friend of mine just dropped his tax rebate on .15btc and has seen 15% average upward trend so far. He will be trading but if you just leave it alone for a few years £20 will have become considerably more. One serious hiccup with the dollar and it's lambos all round. There is never a point you can't get on board..

Cuz I'm skint now and got car parts to buy

sol-lude · Post by **sol-lude** » Mon May 21, 2018 7:46 pm

How do I get on

Post by **lewd lude lover** » Tue May 22, 2018 8:40 am

sol-lude wrote:How do I get on

sol-lude easy guide would be download electrum wallet to your laptop/desktop.
Go to www.localbitcoins.com and open an account.
choose your vendor and open a trade. You can do this via bank transfer or face to face. Bank is better rates.
Once the trade is finished transfer your coin from the site to your wallet.

It takes a tiny bit of common sense but its pretty much that simple. There is the obvious ident verification and security to go through but thats standard for any currency exchange.

You can get hardware wallets where your coin is stored off a computer but they cost £70+. I would always advise against storing them with a 3rd party service for obvious reasons (the gold under your bed is safer than that in the bank if the bank want to bail you in)

you can then either keep them safe and wait (HODL Hold On For Dear Life) or trade and exchange at sites like bitconnect.com bitrex.com etc. Or, even spend them..... with a growing number of vendors.

When it comes time to cash out you can declare £11,400 capital gains tax free at the moment iirc. Anything else you pay standard rates on.

The boat has not left the harbor. There is still plenty of time to get on board. The next pump will see it rise above most peoples ability to accrue a decent pot though so don't delay too long.

sol-lude · Post by **sol-lude** » Tue May 22, 2018 9:46 am

Yeah been trying to get on for a while and basics from what I can tell they run on a similar basis as shares

I am parting out the ATR the now so should have a little pocket to put in. For at least minimum decent return what do you recommend mini to start?

mynameisowen · Post by **mynameisowen** » Tue May 22, 2018 12:32 pm

lewd lude lover wrote:@mart609 2009 mate. Same as. I'm glad I got in in 2013 though and I'm still accumulating. But why are you not buying now? A friend of mine just dropped his tax rebate on .15btc and has seen 15% average upward trend so far. He will be trading but if you just leave it alone for a few years £20 will have become considerably more. One serious hiccup with the dollar and it's lambos all round. There is never a point you can't get on board..

What makes you so positived it will continue to rise? Don't get me wrong, I have a few G's worth of BTC myself but I'm 50/50 on whether I'm gonna see any substantial returns any time soon. I don't think we will see a return to 20k for a few years yet, it at all.