Somebody explain Bitcoin to me

(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

11 months ago



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  • Latest reply 8 days ago by toyotaboy
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    There are 1645 posts in this topic. You are on page 31 of 33.
    #1501 7 months ago
    Quoted from schwarz:

    3) There is no way the porn industry is going to let people jerk off for free.

    Well . . . it's free for me . . . without the porn industry involved!!!

    #1502 7 months ago

    So when’s the next dip coming?

    #1503 7 months ago
    Quoted from schwarz:

    ) There is no way the banks are going to let people create and control their own currency for free

    The funny thing is, people who are for “alternative money” always say “banks are greedy, they make all the money” and “the 1% get all the money”

    Well, I’ll give you the tip ..

    The cryptos (or whatever form this alternative money is) are going to be no different at all. The people who create them (and their buddies) will make all the money, and become part of the 1%.

    Same shit, different day.

    I can’t fathom how anyone thinks it’s going to be any different.

    rd

    #1504 7 months ago
    Quoted from extraballingtmc:

    So when’s the next dip coming?

    Possibly around the G20 summit next month my friend

    #1505 7 months 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.

    All of these are little babies compared to the US federal government. And which of these are you doing for free? I can communicate face to face with someone for free but everything else requires me to pay someone.

    #1506 7 months ago

    “A group of ‘crypto guys’ are close to buying a bank in Puerto Rico. The reason they have bought a bank is that no bank in the United States is willing to accept crypto. Because Puerto Rico is a territory, there are some banking licenses that are possible here and that enable a very creative banking structure,” adding that “The bank they were working with did not want to continue working with them with that kind of responsibility. This has necessitated the purchase of a bank that requires an infusion of capital from a sovereign wealth fund to create an initial reserve. They will start banking with crypto soon.”

    #1507 7 months ago

    The US federal goverment and what they do makes no difference to me.
    In fact I bet they follow what the Swiss do and they are very pro crypto over there.
    Growth is growth afterall which of course leads to extra tax revenue.

    1) Skype
    2) Sound Cloud, Apple Music
    3) Too many to list
    4) Youtube/Crackle
    5) Youtube/Crackle
    6) Waiting for Robinhood, Ethos; right now most of the exchanges are charging fees.

    #1508 7 months ago

    https://www.walletexplorer.com/wallet/e8fb61953c163500?from_address=3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64

    Somebody is buying up a bunch of Bitcoins? That's one of the largest wallets out there. Speculation is that it could belong to the exchange Bitfinex.

    I'm not sure if that's their own fund of coins (maybe the supposed cache of USD that is supposed to be backing Tether 1-for-1) or if that's the cold storage wallet that represents the buyers at the Bitcoin exchange (who have left their coins 'on the exchange')?

    Or is it Wall Street traders looking to pump and dump?

    Any ideas?

    https://www.investopedia.com/news/anonymous-cryptocurrency-enthusiast-bought-400-million-bitcoin/

    mystery_bitcoin_buyer (resized).jpg

    #1509 7 months ago
    Quoted from extraballingtmc:

    So when’s the next dip coming?

    There it is. Missed it as usual, got to ride it out again. So hard to know when a small dip is coming.

    #1510 7 months ago
    Quoted from vicjw66:

    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.

    Technology can change quickly. It's impossible to say what the world will be like in 20-30 years. Will narrow AI's have taken most people's technical jobs by then...probably. Will true general intelligence AI have emerged by then...possibly. Those two things alone will change everything.

    My son is a computer science major at U of M right now. By the time he graduates and gets a job I give him 10 good years in his field until his job is lost to an AI. Hopefully he can transition into an "administrative" position before that happens.

    Many say the government's (apparently united around the world becasue no one government can stop cryptocurrencies) will shut it all down. Just remember that here (in the US) "we" ultimately are the government. What's going to happen when the current guard are gone and the "millennials" are in charge? Some of you assume it will still be the status quo regardless...which it might...it also might change radically.

    I think what many (most) are having a problem with is that the world is going to change more in the next 30 years than is has in the last 300. We have a really hard time wrapping our heads around exponential technological changes...but that is how technology works. We are (mostly) stuck thinking linearly...which is a mistake that is going to catch most of humanity off guard.

    #1511 7 months ago

    #1512 7 months ago
    Quoted from schwarz:

    The US federal goverment and what they do makes no difference to me.
    In fact I bet they follow what the Swiss do and they are very pro crypto over there.
    Growth is growth afterall which of course leads to extra tax revenue.
    1) Skype
    2) Sound Cloud, Apple Music
    3) Too many to list
    4) Youtube/Crackle
    5) Youtube/Crackle
    6) Waiting for Robinhood, Ethos; right now most of the exchanges are charging fees.

    How are you getting free internet access?

    I do in my Tesla but that car cost me over $90k.

    #1513 7 months ago
    Quoted from TRAMD:

    How are you getting free internet access?
    I do in my Tesla but that car cost me over $90k.</blockquote

    I don't pay for my internet but I'm sure "someone" does.
    "Someone" pays for my health care too.
    I was in Vietnam last year and I had free wifi even in the smallest of towns.

    #1514 7 months ago
    Quoted from JAG94:

    "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.

    I've been thinking about this and looking into it a little bit. This is certainly a better theory than Craig S Wright (the "self proclaimed" Satoshi Nakamoto). I'm really VERY surprised how many people are falling for his obvious (to me anyway) bullshit. I honestly think that he and Ver are a couple of narcissistic con men.

    #1517 7 months ago
    Quoted from madscientist101:

    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

    He just called bitcoin fans "Bitcoin freaks" on last night's Shark Tank.

    #1518 7 months ago

    Not all banks are happy with the Bitcoin surge. The Polish Central Bank (NFB) was just caught redhanded and admitted it paid a YouTuber to attack digital coins online. The bank also invested in Google and Facebook campaigns for the same purpose, according to NewsBTC .

    #1519 7 months ago

    Go win a free Bitcoin by being the first person to beat this puzzle game. Only one winner 1st person to win gets the bitcoin lol

    https://gamerant.com/puzzle-game-win-bitcoin-montecrypto/

    #1520 7 months ago

    #1521 7 months ago
    Quoted from okayestpinballer:

    Or is it Wall Street traders looking to pump and dump?

    I've been thinking this for some time. Everything basically trading sideways with the exception of BTC and few Altcoins, but BTC upward trend has been steady. Who knows when/if the dump will come, but it will pull everything down with it. I look at the sideways trading as lot of uneasy investors that might have been optimistic in the past.

    #1522 7 months ago

    Sold my mining rig for almost 2 times what it cost to build.

    Overall my ROI for 3 months of mining was roughly 400% ... the numbers are a little fuzzy because I didn’t sell quite everything. I still have 2 Vegas and 2 other lesser cards mining. Also doesn’t factor in my time spent building and tuning it.

    But I’ll be happy to build another rig next fall with the next wave of GPUs, depending on the market conditions of course.

    -1
    #1523 7 months ago
    Quoted from pezpunk:

    Sold my mining rig for almost 2 times what it cost to build.
    Overall my ROI for 3 months of mining was roughly 400% ... the numbers are a little fuzzy because I didn’t sell quite everything. I still have 2 Vegas and 2 other lesser cards mining. Also doesn’t factor in my time spent building and tuning it.
    But I’ll be happy to build another rig next fall with the next wave of GPUs, depending on the market conditions of course.

    Everybody likes a little in & out!
    Smart move I think.

    #1524 7 months ago

    My Coinbase account is FINALLY back up and I’m willing to lose a little bit. So what’s the consensus? Buy now or wait for a while? Is Coinbase a good place to buy the big cryptos or is there another place I should be looking. Thanks.

    #1525 7 months ago
    Quoted from yuriijos:

    My Coinbase account is FINALLY back up and I’m willing to lose a little bit. So what’s the consensus? Buy now or wait for a while? Is Coinbase a good place to buy the big cryptos or is there another place I should be looking. Thanks.

    There are crypto's I would recommend... by why on earth would you listen to me? This is something you need to do your own homework on if you are going to be investing your own money. Just don't put in what you aren't willing to lose.

    #1526 7 months ago
    Quoted from yuriijos:

    My Coinbase account is FINALLY back up and I’m willing to lose a little bit. So what’s the consensus? Buy now or wait for a while? Is Coinbase a good place to buy the big cryptos or is there another place I should be looking. Thanks.

    Don't use Coinbase to buy and sell, use GDAX. Google up a couple of videos on how to buy/sell with no fees on GDAX. The fees on Coinbase are astronomical.

    #1527 7 months ago
    Quoted from Leeb18509:

    Don't use Coinbase to buy and sell, use GDAX. Google up a couple of videos on how to buy/sell with no fees on GDAX. The fees on Coinbase are astronomical.

    Fees? I thought this was one of the things crypto currency was trying to avoid?

    #1528 7 months ago

    Coinbase and GDAX are pretty much one. If you have a Coinbase account, you have access to GDAX. Use GDAX for pretty much any trade or withdraw.

    #1529 7 months ago
    Quoted from RonSS:

    Fees? I thought this was one of the things crypto currency was trying to avoid?

    Coinbase is not a cryptocurrency...it's an exchange handling crypto investments...two totally different things. Coinbase is looking to get paid for their service.

    #1530 7 months ago
    Quoted from Astropin:

    Coinbase is not a cryptocurrency...it's an exchange handling crypto investments...two totally different things. Coinbase is looking to get paid for their service.

    Oh, so you pay fees for investing, not actual moving of credit. Understood.

    Got it, thanks!

    #1531 7 months ago

    when you make transactions on the blockchain, you pay a fee (to the miners whose machines maintain the blockchain).

    The fee varies depending on network and market conditions -- during the bitcoin explosion before the new year, transaction fees were outlandish, but i moved some bitcoin around yesterday and the fee was less than a dollar.

    #1532 7 months ago

    I would highly look into something called "proof of stake" coins its mining by using your wallet to basically run a node. Do your own research yet "proof of work" to me is dead for the regular guy. I am getting great returns on my coins 4-6% by running a node. If you can afford a "master node" that's even better yet the buy in on those are usually to high for the normal Joe. Forget buying expensive rigs to mine that go out of date eventually as difficulty rates are increasing plus the cooling cost ect. Do your own research! HODL

    #1533 7 months ago
    Quoted from yuriijos:

    My Coinbase account is FINALLY back up and I’m willing to lose a little bit. So what’s the consensus? Buy now or wait for a while? Is Coinbase a good place to buy the big cryptos or is there another place I should be looking. Thanks.

    I think you should do your own research also. Yet I would suggest getting a Binance account and buying either bitcoin or ether from coinbase through GDAX as you get a better rate. Just sign into coinbase then open up gdax.com then hit sign in on gdax. You will automatically sign into gdax when you are already signed into your coinbase account. You can then deposit funds into GDAX through hitting deposit on GDAX which is linked to you coinbase account. You can also withdrawl directly from GDAX. I would look into NEO, QTUM, ICX, EOS these are all platforms or operating systems. NEO is awesome as you get paid dividends in a coin called "gas" and its even better then "proof of stake" as you don't have to leave a wallet open to get paid dividends. Just for holding NEO they give you a percentage of gas to how much NEO you own. When you open your Neon wallet you can generate gas. You can go to web site and see how much gas you will get for how much neo you hold. Just search"neo to gas". Remember NEO is the only cryptocurrency out that repaid every investor in the ICO back 100% in full. Yep you heard me right just a tip of the hat from Neo to its investors saying thank you and we don't even need the extra money. Show me one company that has done that? Neo used to be Antshares if you don't know. Yea I am bullish on NEO HODL!

    #1535 7 months ago

    Robinhood is going to start adding bitcoin and Ethereum.

    #1536 7 months ago
    Quoted from bellbrand:

    Robinhood is going to start adding bitcoin and Ethereum.

    Robin Hood is going to start stealing bitcoin and ethereum.

    rd

    6B8D3263-F782-4607-B519-2310EB57F2FB (resized).jpeg

    #1537 7 months ago

    I stumbled upon Blockmason Credit Protocol (BCPT) yesterday, bought in at 88 cents.. got tired of XRP idling. It's up to $1.42 tonight and steadily climbing. It's the 6th highest volume on binance right now just below NEO.

    #1538 7 months ago

    Speaking of NEO it’s up 21.2% in the last 24 hours it’s at $145 now a coin. I was buying more Neo on Feb 6th when everything crashed and ppl were panic selling. Neo went down to $66 bucks a Coin on feb 6th Yet that’s nothing wait and see what Neo is going to be looking like towards the end of the year. Neo is going to be airdropping Ontology as ppl are buying up Neo right cause of the up coming airdrop I think. https://neo.org/blog/details/3061

    #1539 7 months ago
    Quoted from toyotaboy:

    I stumbled upon Blockmason Credit Protocol (BCPT) yesterday, bought in at 88 cents.. got tired of XRP idling. It's up to $1.42 tonight and steadily climbing. It's the 6th highest volume on binance right now just below NEO.

    Interesting project BCPT, I just watched the video.

    https://coincheckup.com/coins/blockmason-credit-protocol/purpose

    I see it peaked on Jan 6th yet so was pretty much everything else at that time, what’s interesting is I think it’s trading at $1.40 now and it’s high on Jan 6th was $1.76. So for over half of the total market cap to fall out of crypto after the crash on feb 6th yet BCPT is today only .36 cents from its Jan 6th high. Pretty impressive for not being a top 50 or 100 coin. I don’t know if BCPT is a short or long hold as I only looked at it for 5-10 minutes yet I like what I see.

    #1540 7 months ago

    You see another 250 million dollar mining facility is going up in Montana? Think about these companies investing 250 million dollars into mining bitcoin. They must see a big future in bitcoin no? I don’t know about you guys yet if I was to invest 250 million into something I would want to make sure the future looked bright. https://news.bitcoin.com/montana-scores-250-million-bitcoin-mining-campus/

    #1541 6 months ago
    Quoted from madscientist101:

    You see another 250 million dollar mining facility is going up in Montana? Think about these companies investing 250 million dollars into mining bitcoin. They must see a big future in bitcoin no? I don’t know about you guys yet if I was to invest 250 million into something I would want to make sure the future looked bright. https://news.bitcoin.com/montana-scores-250-million-bitcoin-mining-campus/

    Did you read the article? I don't think they are investing "their money". They are selling mining contracts. Basically pre-orders. You buy mining contracts, they build the equipment and mine the bitcoins, and you may or may not reap the profits.

    -2
    #1542 6 months ago
    Quoted from robertmee:

    Did you read the article? I don't think they are investing "their money". They are selling mining contracts. Basically pre-orders. You buy mining contracts, they build the equipment and mine the bitcoins, and you may or may not reap the profits.

    uh yea most business have to raise capital and don't use "their money" ... Its a 1/4 billion being poured into mining. Huge companies are investing big money into mining that's the trend. A 1/4 billion is a allot of money to be throwing around regardless to where it comes from or who invested it or if it came from millions of single investors lol

    #1543 6 months ago
    Quoted from madscientist101:

    uh yea most business have to raise capital and don't use "their money" ... Its a 1/4 billion being poured into mining. Huge companies are investing big money into mining that's the trend. A 1/4 billion is a allot of money to be throwing around regardless to where it comes from or who invested it or if it came from millions of single investors lol

    It’s a lot easier to spend 250 million of someone else’s money than your own.

    The reverse of your argument is, if the deal was so good, why not use all their own money and keep all the profits for themselves?

    If the business concept was solid, and the result was promising/certain, they’d have no problem raising the money privately (through banks or venture capitalists) and keeping all those juicy profits for themselves. The fact that they aren’t doing that points to them just being salesmen and just selling a product ...

    rd

    #1544 6 months ago
    Quoted from rotordave:

    It’s a lot easier to spend 250 million of someone else’s money than your own.
    The reverse of your argument is, if the deal was so good, why not use all their own money and keep all the profits for themselves?
    If the business concept was solid, and the result was promising/certain, they’d have no problem raising the money privately (through banks or venture capitalists) and keeping all those juicy profits for themselves. The fact that they aren’t doing that points to them just being salesmen and just selling a product ...
    rd

    Well yes and no. I get your point and agree with it...but the "venture capitalists and banks" would certainly take their cut of the profits.

    #1545 6 months ago
    Quoted from Astropin:

    Well yes and no. I get your point and agree with it...but the "venture capitalists and banks" would certainly take their cut of the profits.

    Oh, of course. Everyone has their hands out for a slice.

    rd

    #1546 6 months ago
    Quoted from madscientist101:

    A 1/4 billion is a allot of money to be throwing around regardless to where it comes from or who invested it or if it came from millions of single investors lol

    Your premise is very flawed. Their business model is send us 250 million and we will buy mining rigs for bitcoin. If it were VC deal you would be a part owner of 250 million dollar business including their hardware, property, and other tangibles. But nope. All you have is a mining contract and you only get $ if bitcoin continues to go up. If bitcoin doesn't go up enough for you to recoup your investment then you have a nice piece of paper to put under your paperweight. If the company folds and sells all those nice mining rigs, they pocket the proceeds...not you as a mining contract holder. It's not even close to a VC or ownership deal. It's a very nice deal for them if they can actually pull it off. I'd love for people to send me 250 mil to mine bitcoin with 0 risk to me.

    -7
    #1547 6 months ago

    Typical pinside haha you got to be so PC here or the "flame boys" will come calling you out! So off topic and so typical of pinside. You guys should all stay away from crypto and invest in pinball startups as that's been working out so well for you guys LOL

    #1548 6 months ago
    Quoted from madscientist101:

    Typical pinside haha you got to be so PC here or the "flame boys" will come calling you out! So off topic and so typical of pinside. You guys should all stay away from crypto and invest in pinball startups as that's been working out so well for you guys LOL

    Not sure what you are talking about? You're "Quarter Million Dollar Mining Facility" has been convincingly refuted. If you have evidence to the contrary let's hear it.

    I'm a crypto investor. I have an open mind when it comes to crypto investing...but not so open that my brains fall out.

    #1549 6 months ago
    Quoted from madscientist101:

    Typical pinside haha you got to be so PC here or the "flame boys" will come calling you out!

    Being correct has nothing to do with being politically correct. (PC)

    Maybe you need to research that word while you’re studying that 250m business a bit more. It’s very trendy to throw around “PC” but I find most that do actually don’t know what it means.

    PS thanks for the thumbs down on my posts. Part of being an intelligent human is being able to realise when you’re wrong, or have made a mistake. You get more karma for maybe admitting you were wrong, rather than childishly thumbing down those who put you back on the right track. Hey, we could have saved someone’s life savings there... possibly yours. Thanks.

    rd

    #1550 6 months ago

    Tron is the highest volume on binance right now (25,000). It's up slightly this overnight, feels like this is ready to pop again.

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