(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

2 years ago



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    There are 1709 posts in this topic. You are on page 30 of 35.
    #1451 1 year ago
    Quoted from iceman44:

    It's the poor bagholders that bought at mania prices that will lose most of it.

    We'll see...I don't think the "mania" is over yet.

    #1452 1 year ago

    As long as you wait for it to recover (which it most likely will) you wont lose anything.

    Just wait it out. Plus buy while its cheap (if you want to play the long game)

    #1453 1 year ago
    Quoted from iceman44:

    Why? He got no credit for it going up and still up HUGE since he started because of his policies and deregulation etc.
    And crypto is crapto. Stock market back up another 500+
    Now the large broker dealers, all of them, have prohibited sales of crypto in clients account. For good reason.

    Thanks for sharing your hot investment insight with us! You clearly have a great understanding of the Market and the economy and how it's success is determined by big government, rather than the successes of American workers, small businesses and corporations.

    #1454 1 year ago

    Bitcoin/Blockchain was supposed to be a response to the 2008 failure of Big Banks and Government Regulation.

    Now the crytpo enthusiasts "investors" are seemingly cheerleading the involvement of Wall Street and the CFTC.

    Satoshi Nakamato is probably spinning hashing in his grave.

    #1455 1 year ago
    Quoted from vicjw66:

    Everyone should just keep buying it up. I mean, wasn’t there several people on this thread that said Bitcoin is going to $100 thousand in a few years?

    I still think it might, which is why I haven't cashed out my crypto holdings. As has been said throughout this thread, Bitcoin may not be the future, but cryptocurrency and the blockchain certainly are, which is why I and most of the other crypto enthusiasts here put our money into lots of different currencies and not just Bitcoin. Right now, it's a matter of luck and good judgment in choosing the right crypto coins to invest in. Bitcoin may not make it after Tether gets hammered, but at least one of the currencies out there right now probably will.

    #1456 1 year ago
    Quoted from okayestpinballer:

    Satoshi Nakamato is probably spinning hashing in his grave.

    Just an FYI there is no “Satoshi Nakamato”... it was just a name used by a group or the individual (unlikely) that wrote th first blockchain database.

    #1457 1 year ago
    Quoted from russdx:

    As long as you wait for it to recover (which it most likely will) you wont lose anything.
    Just wait it out. Plus buy while its cheap (if you want to play the long game)

    I've played this game and lost back in my brief dot.com investing days. It might recover, might not. But it can be a dangerous mindset to think just because a stock or crypto is currently trading much lower than in the recent past, that it is selling at a bargain or that there will be a rebound.

    #1458 1 year ago
    Quoted from XXVII:

    I still think it might, which is why I haven't cashed out my crypto holdings. As has been said throughout this thread, Bitcoin may not be the future, but cryptocurrency and the blockchain certainly are, which is why I and most of the other crypto enthusiasts here put our money into lots of different currencies and not just Bitcoin. Right now, it's a matter of luck and good judgment in choosing the right crypto coins to invest in. Bitcoin may not make it after Tether gets hammered, but at least one of the currencies out there right now probably will.

    Maybe, maybe not. I think there's a decent chance Bitcoin stays around long term. The coin actually works pretty well at the moment. Transactions were bogged down when its value exploded, but right now, transactions are pretty fast and cheap.

    I mean right now, assuming buyer and seller can agree to a price, you can make really large purchases of any arbitrary size (an expensive pinball machine for example, or a new home, or whatever) without money orders, or waiting for checks to clear, or calling your bank, or going to an ATM, or meeting in person to exchange cash. the transaction fee would be completely trivial, as would be the processing time.

    i'm being redundant, but it bears repeating that the blockchain allows large transactions to take place without the help of financial institutions, banks, middlemen, or physical currency ... and without the delays those hassles impose.

    #1459 1 year ago
    Quoted from Soulrider911:

    Just an FYI there is no “Satoshi Nakamato”... it was just a name used by a group or the individual (unlikely) that wrote th first blockchain database.

    I'd put my money on Hal Finney.

    #1460 1 year ago
    Quoted from vicjw66:

    I've played this game and lost back in my brief dot.com investing days. It might recover, might not. But it can be a dangerous mindset to think just because a stock or crypto is currently trading much lower than in the recent past, that it is selling at a bargain or that there will be a rebound.

    Only dangerous if you put in what you cant afford to lose. for people just messing about with it, its just a bit of fun

    #1461 1 year ago

    There seems to be quite a bit of support building at these ranges BTC @ 8k and ETH @ 800. Hopefully we can maintain these levels and build on them slow and steady. Most of the other cryptos seem to be following suit.

    #1462 1 year ago
    Quoted from Toasterdog:

    There seems to be quite a bit of support building at these ranges BTC @ 8k and ETH @ 800. Hopefully we can maintain these levels and build on them slow and steady. Most of the other cryptos seem to be following suit.

    I think we are going to see another bounce from March into April. Slow and steady would be nice but this is still a new wild west market...slow and steady is years away.

    #1463 1 year ago

    Now I'm gun-shy on buying crypto. I have all my cash gains sitting in my account but I don't want to risk my profit on this up and down market.

    #1464 1 year ago
    Quoted from jwilson:

    Now I'm gun-shy on buying crypto. I have all my cash gains sitting in my account but I don't want to risk my profit on this up and down market.

    It's looking shaky right now for sure. Hope to see this sideways action end one way or another. Waiting for something to happen as I'm also poised to buy more.

    #1465 1 year ago

    Well, I bit the bullet and bought ETH at $865, it's at $879 right now! Until five minutes from now when it's $700.

    #1466 1 year ago
    Quoted from pezpunk:

    Maybe, maybe not.

    vega mining still profitable?

    #1467 1 year ago
    Quoted from hocuslocus:

    vega mining still profitable?

    sure, although i wouldn't buy cards at today's prices. i think i'm making like $35 a day with my 8 Vegas. it was more like $60/day for most of my mining time, and peaked around $100/day at one point briefly. but i'll take it. electricity only costs about $4 a day.

    #1468 1 year ago
    Quoted from Astropin:

    I think we are going to see another bounce from March into April. Slow and steady would be nice but this is still a new wild west market...slow and steady is years away.

    I don't need 10% a day, but I'll certainly take it.

    If it climbs too fast there's not enough support and when there is bad news the whole bottom falls out IMO.

    #1469 1 year ago

    Everybody is aware of the trend since 2/6.

    https://coinmarketcap.com/currencies/bitcoin/

    Everybody watching USDT? Feeling some heat from the US feds? No problem. Just print more EURT.

    https://etherscan.io/token/0xabdf147870235fcfc34153828c769a70b3fae01f

    #1470 1 year ago
    Quoted from pezpunk:

    sure, although i wouldn't buy cards at today's prices. i think i'm making like $35 a day with my 8 Vegas. it was more like $60/day for most of my mining time, and peaked around $100/day at one point briefly. but i'll take it. electricity only costs about $4 a day.

    Are you still mining Monero? I'm juggling ZEC and ETH currently.

    I want one wallet for pretty much everything....Got any recommendations?

    #1471 1 year ago
    Quoted from Toasterdog:

    Are you still mining Monero? I'm juggling ZEC and ETH currently.
    I want one wallet for pretty much everything....Got any recommendations?

    NiceHash CryptoNight is the most profitable for Vega cards, but my Radeon 390s are best used mining ETH (also through NiceHash). When i was mining coins directly, I used separate wallets for everything -- I don't have a convenient recommendation there. I like NiceHash because regardless of what you mine, they pay out in Bitcoin, which is easy to manage and turn into USD.

    #1472 1 year ago
    Quoted from okayestpinballer:

    I'd put my money on Hal Finney.

    "Satoshi Nakamato" is Nick Szabo. For years leading up to Bitcoin he had been proposing the same exact ideas that were in the whitepaper written by "Satoshi" for it. There is no way you would sit back and just let some random, anonymous, individual put your exact plan into action and then you just sit back and don't speak a word on it publicly. There are emails between Hal Finney and "Satoshi" and I think that would be a little much to fake emails considering Finney was receiving information he needed.

    #1473 1 year ago
    Quoted from XXVII:

    I still think it might, which is why I haven't cashed out my crypto holdings. As has been said throughout this thread, Bitcoin may not be the future, but cryptocurrency and the blockchain certainly are, which is why I and most of the other crypto enthusiasts here put our money into lots of different currencies and not just Bitcoin. Right now, it's a matter of luck and good judgment in choosing the right crypto coins to invest in. Bitcoin may not make it after Tether gets hammered, but at least one of the currencies out there right now probably will.

    HODL NEO for 2018

    #1474 1 year ago

    I see allot of talk about bitcoin and price speculation here yet not much regarding the blockchain and the future tech these company's are bringing to the table. Allot of good services are coming out to help decentralize the world and take away from the big corporations and give it back to the people. If a emp hits we are in trouble if we start trading in electric and gas cars and start getting horses and carriages bitcoin and crypto are in trouble. Yet as long as we are moving forward in society and advancing in tech bitcoin is safe and will be growing. Allot of FUD going around and with all the regulations coming down I understand why ppl think the way they do. Yet I love it go ahead and panic sell and I will be buying the dip

    #1476 1 year ago

    Visa V, Nvidia NVDA and AMD are ways to play crypto currency long term

    I know. Not very exciting.

    Big govt ain’t going nowhere. They won’t let the little guy tip the Apple cart. Too many ways to regulate what they want to happen

    #1477 1 year ago

    Mark my words look at the price of NEO,QTUM,EOS,ICX,NXS right now and I will revisit this in 6 months to a year and well see what's up. NEO will be over $1,000 a coin eventually! Maybe not this year yet it will be up big in 6 moths to a year. Yes you heard me right. Ppl will be telling stories like wow you bought NEO at $120 that's crazy! If you do your research and invest in the right coins this is a one in a lifetime opportunity. That being said its dangerous waters to navigate as allot of coins are scams and not going anywhere or are pump and dumps plus you got hackers trying to steal your coins at every corner.

    -2
    #1478 1 year ago

    Anything not traded on Coinbase or Kraken seems like a scam to me.

    #1479 1 year ago
    Quoted from iceman44:

    Visa V, Nvidia NVDA and AMD are ways to play crypto currency long term
    I know. Not very exciting.
    Big govt ain’t going nowhere. They won’t let the little guy tip the Apple cart. Too many ways to regulate what they want to happen

    I understand you think "big Gov" yet this crypto can't be governed by one body. What I mean is company's have servers set up in multiple countries so if one says shut it down ok still business as usual in another country. What about countries like Belarus that has become a Crypto economic force. Also in Switzerland they have a Crypto Valley which spans from Zurich to Zug.

    #1480 1 year ago

    Crypto companies are launching satellites in space!!

    #1481 1 year ago
    Quoted from jwilson:

    Anything not traded on Coinbase or Kraken seems like a scam to me.

    LMFAO! that's so funny

    #1482 1 year ago
    Quoted from madscientist101:

    I understand you think "big Gov" yet this crypto can't be governed by one body. What I mean is company's have servers set up in multiple countries so if one says shut it down ok still business as usual in another country. What about countries like Belarus that has become a Crypto economic force. Also in Switzerland they have a Crypto Valley which spans from Zurich to Zug.

    Just to play devils advocate...if the government (as a non-exclusive example) made simply owning a crypto currency a significant enough crime that would be the end of it in the United States...period, full stop. Doesnt matter where the servers are located, it only matters where the people you are regulating are located and how much eumph you want to put into policing them on the issue.

    #1483 1 year ago
    Quoted from madscientist101:

    I understand you think "big Gov" yet this crypto can't be governed by one body. What I mean is company's have servers set up in multiple countries so if one says shut it down ok still business as usual in another country. What about countries like Belarus that has become a Crypto economic force. Also in Switzerland they have a Crypto Valley which spans from Zurich to Zug.

    You need the hype and demand to fuel the mania. The broker dealers have already shut down a lot of the volume trading fueling the mania. In large part in fear of future liability from "suitability" concerns.

    Way too many factors out of your control. Visa is going to be the king of these future alternate currency transactions and governments around the world will regulate it. I'm just pointing out the reality, not saying anybody has to like it.

    It's not quite like the beanie baby craze but almost

    #1484 1 year ago
    Quoted from iceman44:

    It's not quite like the beanie baby craze but almost

    Not sure if it’s been said before, but I liken it to tulips.

    #1485 1 year ago
    Quoted from iceman44:

    It's not quite like the beanie baby craze but almost

    Anyone else remember this coked out dude on HSN hawking them on TV in the late 90's? Every time I hear "Beanie Babies" I think of this guy screaming out their ridiculous names on TV. "YOU'RE GETTING TWENTY EIGHT RETIRED BEANIE BABIES!"

    #1486 1 year ago
    Quoted from iceman44:

    You need the hype and demand to fuel the mania. The broker dealers have already shut down a lot of the volume trading fueling the mania. In large part in fear of future liability from "suitability" concerns.
    Way too many factors out of your control. Visa is going to be the king of these future alternate currency transactions and governments around the world will regulate it. I'm just pointing out the reality, not saying anybody has to like it.
    It's not quite like the beanie baby craze but almost

    I respect your opinion yet disagree with it. It’s not a craze and it’s definitely not going anywhere. This is the future and it’s being driven by the blockchain. It’s about the technology behind these companies and the products and services they bring to the table. It’s not about what coin is going to be used for micro transactions like buying a cup of coffe or about a coin trying to replace fiat money. I am not trying to get ppl to invest their money this is just my opinion and I am not a financial advisor, I am just a dude talking about cryptocurrency on the internet lol
    I will come back in near future and let’s let time show who is correct. I named some coins above, let’s see what would of happened if you would of invested in those 6 months from now.

    #1487 1 year ago
    Quoted from madscientist101:

    I respect your opinion yet disagree with it. It’s not a craze and it’s definitely not going anywhere. This is the future and it’s being driven by the blockchain. It’s about the technology behind these companies and the products and services they bring to the table. It’s not about what coin is going to be used for micro transactions like buying a cup of coffe or about a coin trying to replace fiat money. I am not trying to get ppl to invest their money this is just my opinion and I am not a financial advisor, I am just a dude talking about cryptocurrency on the internet lol
    I will come back in near future and let’s let time show who is correct. I named some coins above, let’s see what would of happened if you would of invested in those 6 months from now.

    I agree with you on NEO. It's the Chinese version of Etherum. It's not going anywhere (but up likely). I also agree with crypto currencies being the future. Kids being born right now will likely never handle paper money.

    That being said I have no idea if any of the existing crypto's will make it. Or if it will end up being government issued crypto in the end.

    If you outlaw decentralized currencies but EVERYONE uses them anyway then what do you do? That's why a decentralized currency might be hard to stop. Short of shutting down the internet you can't actually stop them from existing. You can regulate them or even outlaw them but that might not be enough in the long run...I have no idea.

    #1488 1 year ago
    Quoted from TigerLaw:

    Just to play devils advocate...if the government (as a non-exclusive example) made simply owning a crypto currency a significant enough crime that would be the end of it in the United States...period, full stop. Doesnt matter where the servers are located, it only matters where the people you are regulating are located and how much eumph you want to put into policing them on the issue.

    Can I thumbs this up 500 times....Bingo. Like on line betting etc. If your one of those don't even fly over US airspace, you will be brought down! Long term...If anyone thinks big GOV is gonna let others run away with controlling economies well good on you

    #1489 1 year ago
    Quoted from madscientist101:

    I respect your opinion yet disagree with it. It’s not a craze and it’s definitely not going anywhere. This is the future and it’s being driven by the blockchain. It’s about the technology behind these companies and the products and services they bring to the table.

    A) says the mad scientist

    B) technology I agree with, but the products, there in lies the current issue as I see it.

    C) I don't see government lying down on this one, expect more hacking and sabotage.

    D)

    Quoted from Astropin:

    Kids being born right now will likely never handle paper money.

    Almost a certainty.

    #1490 1 year ago
    Quoted from madscientist101:

    I respect your opinion yet disagree with it. It’s not a craze and it’s definitely not going anywhere. This is the future and it’s being driven by the blockchain. It’s about the technology behind these companies and the products and services they bring to the table. It’s not about what coin is going to be used for micro transactions like buying a cup of coffe or about a coin trying to replace fiat money. I am not trying to get ppl to invest their money this is just my opinion and I am not a financial advisor, I am just a dude talking about cryptocurrency on the internet lol
    I will come back in near future and let’s let time show who is correct. I named some coins above, let’s see what would of happened if you would of invested in those 6 months from now.

    Block chain, or better/different versions of it, are the future and I don't believe anyone is disagreeing with this point

    #1491 1 year ago

    Like I said boys let’s let time show who is correct here. I love Pinball and I am into cryptocurrency, if I went onto a cryptocurrency forum and told ppl to buy a pinball machine and put it into their house the reception would be very similar to me talking about cryptocurrency on a Pinball forum

    #1492 1 year ago

    What do you guys think of this:

    https://www.cnet.com/news/youtube-star-phil-defranco-cryptocurrency-props-wants-a-payday-for-you/

    Seems like an interesting use of blockchain. I'm on Youtube and Twitch and I'm definitely frustrated with advertisers and their ancient methods basically handicapping Youtube because everything offends them and hence everything gets demonetized. This article seems to imply that they will start a new service with no middleman, almost like blockchain will replace advertisers. My only guess that that a portion of your cpu will get used for mining when you use their app or watch their videos, and with enough viewers you create a hive that can self sustain without advertisers. Seem doable? To me this seems like a great use of blockchain if they can pull it off, as it effectively will remove control from the few (in this case advertisers) and shift it all to the viewers, and in the end people can still get paid. Plus hopefully if it's confined to use of the app/service then there can't be any speculators that step in and ruin the whole mechanism, it can actually grow as intended.

    #1493 1 year ago
    Quoted from madscientist101:

    Like I said boys let’s let time show who is correct here. I love Pinball and I am into cryptocurrency, if I went onto a cryptocurrency forum and told ppl to buy a pinball machine and put it into their house the reception would be very similar to me talking about cryptocurrency on a Pinball forum

    Huh?

    Think back 25 yes to what we thought the future would hold in store, ,,, how close are we to those predictions?

    I wish everyone success that is involved, just have lots of baskets, that's all.

    #1494 1 year ago
    Quoted from Reality_Studio:

    What do you guys think of this:
    https://www.cnet.com/news/youtube-star-phil-defranco-cryptocurrency-props-wants-a-payday-for-you/
    Seems like an interesting use of blockchain. I'm on Youtube and Twitch and I'm definitely frustrated with advertisers and their ancient methods basically handicapping Youtube because everything offends them and hence everything gets demonetized. This article seems to imply that they will start a new service with no middleman, almost like blockchain will replace advertisers. My only guess that that a portion of your cpu will get used for mining when you use their app or watch their videos, and with enough viewers you create a hive that can self sustain without advertisers. Seem doable? To me this seems like a great use of blockchain if they can pull it off, as it effectively will remove control from the few (in this case advertisers) and shift it all to the viewers, and in the end people can still get paid. Plus hopefully if it's confined to use of the app/service then there can't be any speculators that step in and ruin the whole mechanism, it can actually grow as intended.

    Look at this https://current.us/index.html

    #1495 1 year ago

    Mark Cuban is a investor and advisor for that one. I am sure guys like Mark Cuban don’t know what their doing also right guys? Lol

    #1496 1 year ago

    The way it's gone down so far:

    1) There is no way phone companies are going to let people communicate for free.
    2) There is no way the music industry is going to let people listen to music for free.
    3) There is no way the porn industry is going to let people jerk off for free.
    4) There is no way the motion picture industry is going let people watch movies for free.
    5) There is no way the cable televison networks are going to let people get tv for free.
    6) There is no way the banks are going to let people create and control their own currency for free

    The internet has decentralized practically everything it's gotten it's hands on.
    Currency is just the latest thing that seems to be switching hands from big corporations to the people.

    #1497 1 year ago
    Quoted from schwarz:

    The way it's gone down so far:
    1) There is no way phone companies are going to let people communicate for free.
    2) There is no way the music industry is going to let people listen to music for free.
    3) There is no way the porn industry is going to let people jerk off for free.
    4) There is no way the motion picture industry is going let people watch movies for free.
    5) There is no way the cable televison networks are going to let people get tv for free.
    6) There is no way the banks are going to let people create and control their own currency for free
    The internet has decentralized practically everything it's gotten it's hands on.
    Currency is just the latest thing that seems to be switching hands from big corporations to the people.

    Doesn't mean doing those things is legal or free.

    Privacy is long, long gone. When that privacy "permission " invades your bank account, ,,,, watch out!

    #1498 1 year ago
    Quoted from RonSS:

    Doesn't mean doing those things is legal or free.

    That's true but now we're seeing the content creators release their material and in many cases it's free.

    #1499 1 year ago
    Quoted from schwarz:

    That's true but now we're seeing the content creators release their material and in many cases it's free.

    Good point.

    #1500 1 year ago

    My kid was just born and it is an almost certainty that he will pay for things with cash. Those who think otherwise are absurd. It will be at least another 20-30 years at a bare minimum before cash goes away.

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