(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

2 years ago

Topic Stats

  • 1,720 posts
  • 164 Pinsiders participating
  • Latest reply 3 days ago by schwarz
  • Topic is favorited by 32 Pinsiders


Linked Games

No games have been linked to this topic.

    Topic Gallery

    There have been 78 images uploaded to this topic. (View topic image gallery).

    IMG_4773 (resized).JPG
    200% (resized).png
    VIBE currency (resized).png
    bro (resized).jpg
    download (1) (resized).png
    6B8D3263-F782-4607-B519-2310EB57F2FB (resized).jpeg
    mystery_bitcoin_buyer (resized).jpg
    DVSzWr9V4AAQzJj.jpg large (resized).jpg
    1517625430361 (resized).jpg
    market (resized).png
    IMG_4227 (resized).JPG
    IMG_4226 (resized).JPG
    13EF5B98-12BB-418D-BD2A-7EE4AB8A86D0 (resized).png
    what_bubble (resized).jpg
    F5D9E5A1-A76D-4785-969B-5BEF8B4A60BA (resized).jpeg

    You're currently viewing posts by Pinsider vicjw66.
    Click here to go back to viewing the entire thread.

    #36 2 years ago

    Ridiculous that this even exists. People need to google the whole tulip bulb crash that happened awhile back in Holland.

    #39 2 years ago

    It's nonsense. It's not backed by anything of value or a stable government.

    #41 2 years ago
    Quoted from pezpunk:

    kinda seems like you don't know much about the subject.

    I have multiple degrees in finance and accounting. Worked for years in corporate finance. Passed cpa exam. Still know some friends in the financial industry. But go ahead and show the usual arrogance that you are known for. Waste your time with bitcoin, and when it has all collapsed, I will not even bother with an "I told you so". Just remember this moment.

    #71 2 years ago
    Quoted from TRAMD:

    It is certainly true that if you can teach something to someone else, you truly understand it. I got my undergrad degrees in math and physics and could effectively use equations, complete problems and get A's on tests but it was tutoring these things during that time that forced me to understand them better. When you have to explain them on a fundamental level to someone whom may be missing some basics or have more difficulty understanding complex things, you must truly understand it at all levels yourself.
    So far, I have not been impressed by the level of understanding of Bitcoin by anyone in this thread or anyone else I have talked to in person. This is because I still don't understand it despite the attempts to "explain" it to me. I am wondering how many people really do understand it. I am thinking it must be very few. What type of equations are being solved? What does solving them really mean? Do the solutions have any use? How were the equations created? Who created them? How do we know there is only a finite amount? How is that amount set? Is there truly no way to alter that amount? What stops another digital currency from overtaking Bitcoin as the accepted de facto digital currency? I would have to know and understand the answers to all of these questions (and the others that would undoubtedly arise in the process) before I would ever consider investing in Bitcoin; and even then I probably wouldn't.
    I do understand a few things about Bitcoin. Those saying that Bitcoin is not a bubble are correct. It is worse. In a bubble there is a baseline value to something and it becomes overvalued (the bubble) and eventually corrects to some degree to a more appropriate value (the bubble bursts). For Bitcoin, this appropriate value is nothing.
    Bitcoin is not comparable to gold, diamonds, pinball machines or anything else that has real intrinsic value. Almost everything has a consensus value. Basically there is some inflation of the real intrinsic value of most things because enough people agree that it has value and are willing to purchase it for this artificially increased value. Gold and diamonds have real utility and then their beauty and consensus value increase the value from there. Pinball machines have physical parts that have intrinsic value and then the time and skill involved in making them and their entertainment value increase their baseline value along with consensus value. Even something like Magic the Gathering cards have entertainment value beyond their cardboard composition and consensus among collectors increases value from there. The more the value of something relies on consensus value, the less safe it is. However, long term maintenance of this value can make something more "safe". An example is art. The real intrinsic value of high dollar art is minimal compared to the consensus value. However, art has maintained its value for a very long time and is more secure. Could the same happen to Bitcoin? Possibly, but it also isn't tangible in any way. It is more comparable to a website. They can go from being worth billions to being worth nothing essentially overnight. But again, they are better than Bitcoin as they provide a service and/or entertainment; neither of which Bitcoin provides.
    I just don't see it. Maybe I'll miss out on a huge opportunity with Bitcoin but I think I (and anyone else who didn't get in years ago and isn't mining it) already did. Bitcoin needs more investors to increase in value so I think that those invested in it will say anything to get the rest of us to maintain the pyramid/ponzi scheme that is Bitcoin.

    This was my basic feeling yet didn't have the time or energy to write out a long and thought out response. I will say that there is another part that's even worse about bitcoin. The waste of resources it takes in "mining" Bitcoin requires investment in expensive computer hardware to perform what exactly? It seems analogous to buying a bunch of shovels to dig holes out in the desert, and then filling them back in?

    #161 2 years ago
    Quoted from CaptainNeo:

    So someone made a bunch of puzzles and created a bunch of millions of secrets hidden inside those. What made those pieces of code worth anything?

    Mass delusion.

    And when people start pointing out that the emperor has no clothes, it will snowball into most everyone pointing and laughing at the naked man.

    This is basically what happened with the tulip bulb trade. Some genius looked at his bulb, and thought "did I really just pay $5000 for a flower seed?"

    #203 2 years ago

    It's called bitcoin, because when people come to their senses and it all crashes down, 1 bitcoin will be worth exactly that. 12 and a half cents.

    #208 2 years ago
    Quoted from Astropin:

    Well if you bought at .06 in 2010 that would be a 20,733% increase to 12.5 cents.

    Did you buy in 2010?

    If you invested early with Bernie Madoff and got out at the right time, you would have made a killing. My point has never been about whether you can make money investing in the emperor's new clothes.

    #212 2 years ago
    Quoted from Astropin:

    And lastly it has a base value today of at least $1000 per coin since that is roughly the current cost in just electricity to mine one (which will continue to go up).

    So besides the wasted resources in computer hardware and Human labor, this endeavor is wasting tons of electricity thus helping pollute the planet for absolutely NOTHING of value. It should be banned. And it probably will be.

    #213 2 years ago

    And just because it costs $1000 in electricity doesn't mean it's worth $1000. My turd this morning cost 1 $7 chicken sandwich I ate yesterday. Are you willing to pay me for it?

    #222 2 years ago

    I use cash for pretty much everything. I get more discounts that way and I don't have to check a statement every month to see if someone screwed me and try to remember what I spent money on. I trust my judgement, not my short term memory. I saved about 5 grand on my bathroom remodel alone.

    #225 2 years ago
    Quoted from Pinballlew:

    I sit here wondering why you kept your turd from this morning.

    Based on Pezpunk and Astropins thinking, I figured maybe I could sell it to them at a markup. All I have to do is market My turd in a way that makes sense to them. Shouldn't be too hard.

    #228 2 years ago
    Quoted from pezpunk:

    If you're not going to bother understanding the points I'm making please do not attempt to describe them.

    Oh my goodness. Just for today, try pulling the stick out of your backside, remember what it was like to have a sense of humor, and R-E-L-A-X.

    #230 2 years ago
    Quoted from rotordave:

    Can I get in on the ground floor with your turd?


    Sure. There is already a ton of interest. In fact, I just ate at P.F. Chang's, so I will be filling orders shortly.

    #235 2 years ago
    Quoted from pezpunk:

    I doubt you'd think it was funny if someone showed no ability to understand what you were saying to them, and then went around misrepresenting what you said.
    Your participation in this thread is adding zero value to the conversation. Your opinion was registered early on. People responded to it, and you've ignored every response and continued to harp on the same straw man critique repeatedly. It's boring and annoying.

    So that's a no on the stick removal then?

    #244 2 years ago

    For all of you potential investors in turdcoin out there. I just upgraded my server.

    IMG_0890 (resized).JPG
    IMG_0891 (resized).JPG

    #245 2 years ago

    Also, I am proud to announce that a new infusion of captial has been procured from a wealthy investor that will allow turdcoin to flourish.

    IMG_0893 (resized).JPG

    #256 2 years ago
    Quoted from pezpunk:

    also how embarrassing is it for you that you were so upset by someone's posts


    #266 2 years ago
    Quoted from TRAMD:

    Thanks. I'm a fast learner. I read a lot and talked to people with better knowledge than my own. Then I used the information I obtained to come to a conclusion. I learned more in a day repeatedly in medical school.
    The whole thing is a game for the people invested. There are two aspects. The first is to convince people it is a viable currency of the future to get more investors. The second is to be the first to sell on the cusp of the inevitable crash.

    You couldn't possibly understand the intricacies of such a complex subject as bitcoin. Graduating medical school hardly shows you have the intelligence to grasp such concepts.
    Best to leave it to the "experts" on here.

    4 weeks later
    #330 2 years ago
    Quoted from pezpunk:

    okay, okay.
    I built a mining rig with five Radeon Vega 56's.

    Excuse the mess. That's not it's final resting place, that's just where i'm putting it together. It's not quite finished, but it does hash perfectly (so far).

    Here it is going full blast. those red and blue LEDs indicate the level of usage of the GPUs -- they're all pegged at 100% in that image. Hash rate is about 10k/second.
    The rig is pulling a constant 800 watts. That'll add a little over $50 to my electric bill. (9 cents per kwh in my area)
    Each Vega is currently netting me about 1 Monero per month apiece. For now, it looks like i'll break even on the hardware costs in about 3-4 months, but there are several variables. Worst case scenario, I can always sell those cards - they're desirable for gaming. So there's a bit of an escape hatch if things turn sour.
    The rig is pretty loud and hot. I've got the windows open in my office, and even though it's like 40 degrees out, it's at least 70 degrees in here, haha.

    Hey Pez, I just assumed you were a fellow liberal. I'm kinda surprised you are okay with wasting valuable resources to mine these fake currencies. Are you at least using solar panels to provide all that electricity to your computers?

    1 week later
    #410 2 years ago

    I just can’t get past all the resources used to mine these crypto currencies. I, in good conscious could not invest in them for that reason alone. They should be banned.

    #531 2 years ago
    Quoted from rotordave:

    I looked into some Kraken yesterday.

    I’ll see your Kraken and raise you a Jonah’s curse.

    66C7F88F-E2C6-4B3B-9550-17B4F945CBD9 (resized).jpeg

    #547 2 years ago

    I just read that some company lost a couple hundred million dollars worth of bitcoin because some employee accidentally deleted the key folder. Crazy that there isn't a good backup system.

    The problem with investing in bitcoin now is that everyone knows about it. And the number one rule of investing is
    Past performance is not necessarily indicative of future results. You need to find the next bitcoin or amazon or Microsoft in its infancy to make huge money. Easier said than done.

    The thing that would worry me as a holder of bitcoin is not knowing who has large holdings in it that could manipulate the market or short it. Doesn't anyone find it strange that the creator of bitcoin has 1 million of them and hasn't cashed in a single one? Who is willing to risk billions of dollars by not diversifying and cashing out at least some of that. What happens if he cashes them all out tomorrow and starts a major panic sell off?

    #566 2 years ago
    Quoted from Astropin:

    I don't know about you but if I was genius enough to invent Bitcoin and the Blockchain I wouldn't destroy my own creation by crashing the market. A couple hundred million could probably hold my over while I slowly sell the rest. Hell if I really believe it's the currency of the future I'm going to keep a sizable chunk of it....it would then be fiat that I would need to get out of.

    Yes but the inventor(s) haven’t cashed in any of that million. Seems odd.

    #572 2 years ago
    Quoted from Astropin:

    Agreed...it's a bit odd. Quite the mystery/s. Who(whom) invented it...and why haven't they cashed in any of it?
    The only reasonable answer is...we don't have any idea.

    Is it possible the creator lost his key and can’t access it? Can you imagine the gut punch of knowing you’re worth billions, but can’t access it ever?

    The nice thing about my fidelity investment account is that if I forget my password or account number, I am confident that eventually I will be able to access my investments and cash out when I choose to.

    #673 2 years ago
    Quoted from ExtremePinball:

    But you are witnessing a first-time human event with crypto currencies. There simply is no precedent.

    Well, a few hundred years ago there was a precedent established. You forgot about a little thing called the tulip bulb craze.

    1 week later
    #834 2 years ago

    Split that cash up between Kmart/sears stock $3.78 a share and Radio Shack stock $0.31 a share. They’re due for turnarounds.

    #935 2 years ago
    Quoted from ExtremePinball:

    You do understand that your opinion in this matter means less than nothing to me, right?
    I ask if I can pay because I am trying to gauge the current depth and exposure to the general public. This is called due diligence. Nothing more.
    You are too small minded to understand that this cannot be pumped, by one man asking a question, with no further information being exchanged.
    Finally, your constant accusations of pumping are beginning to create a legal liability for yourself. I'll have the moderators take note of this legal liability as well.
    I'd pleasantly entertain the idea of spending the next few years suing you for defamation, slander or whatever the VERY high price attorney I hire decides is best.
    So either cease and desist, or we can begin to play the "who's willing to spend more money on attorneys, flynnibus, or ExtremePinball".
    I trust you understand the true severity of this situation, and do not take my statements lightly.

    This is comedy gold right here. I'm picturing in my head, profuse sweating, frantic keyboard tapping with one hand, a 12 inch sandwich in the other hand, an open yellow pages turned to the Attorney section, and of course, a couple thick lines of coke on the desk you're sitting at.

    #962 2 years ago
    Quoted from ExtremePinball:

    Participating in this thread has been a complete waste of my time, and I simply have nothing to gain by contributing any further.

    You can’t leave now. After all the bragging in this thread about how much money everybody has and what great financial decisions we have all made, we were just about to get to the penis measuring contest.

    #992 2 years ago
    Quoted from pezpunk:

    jewelry and art have zero "intrinsic value". industrial and medical uses do not come close to remotely justifying its market value. the point is the term "intrinsic value" is pointless, has no practical application, and merely serves as a fallback argument that doesn't actually mean anything.
    you can't eat gold.


    #1000 2 years ago
    Quoted from XXVII:

    Gold has intrinsic value, but not as much of it as to support its current valuation, and you know this because most gold mined is used for making jewelry and gold bars (things that we arbitrarily value), much less of it for its actually intrinsically valuable chemical and material properties in electronics.

    #1044 2 years ago
    Quoted from pezpunk:

    this kind of post contributes nothing to the thread and just makes it sound like you're jealous of people here who have made a lot of money on something you don't understand.

    Do you always have to be so rude and condescending to everyone who disagrees with you? Why the moderators have not ejected you from this thread is beyond me.

    #1051 2 years ago
    Quoted from pezpunk:

    i'm not rude to everyone who disagrees with me. i'm rude to people who pop in without reading the thread, and triumphantly post wildly redundant opinions as revelatory new information.
    the only time i was rude to you was when you first showed up and were like "HEY GUYS HAVE YOU HEARD OF TULIPS??"
    in response to my rudeness, you bizarrely wrote my username on a piece of paper, stuck it on a toilet, took a picture, and posted it to Pinside. so don't try to act like miss manners over there.

    I'll admit that photo was childish on my part. I was trying to convey a point. But I was the first to bring up the tulip comparison in this thread, so it's not like I was being redundant. I did not personally attack you, but as I recall you basically called me a simpleton who could not possibly understand how cryptocurrency works. I don't know your background or education, but you have belittled the intelligence of at least 2 or 3 other people in this thread who have advanced degrees, have passed very difficult professional certification exams, and from what I gather are quite successful in life. Maybe it is a (what I suspect) inferiority complex that drives your responses to anyone that might not agree with you, but how about trying to tone down the douchebaggery just a little. A New Years resolution, if you will.

    #1053 2 years ago
    Quoted from pezpunk:

    i get that you're not capable of understanding the concepts behind cryptocurrency, but statements like "i don't have any money in bitcoin" and " i have no idea what the crypto markets are going to do" should not be above your reading level.

    I don't have the time to look through all your posts, but I was able to pull this one up pretty quickly. Maybe someone with more free time can make a montage.

    #1055 2 years ago

    If only I Invested that 1000 bucks 2 years ago into bitcoin instead of that damn toilet I would be rich.

    #1056 2 years ago
    Quoted from pezpunk:

    i don't think putting me on trial here is contributing to the discussion. please send any further comments about my personality to my PM box.

    Sorry bro, I didn't mean to put you on trial. Maybe iceman could represent you. Iceman's a lawyer from Texas, and you know what they say about every one of Iceman's clients don't you?

    Your honor, we find the defendant guilty.....

    1 week later
    #1201 2 years ago
    Quoted from pezpunk:

    anyone who put money into bitcoin the day you posted this has seen a 300% return on their investment (in 90 days). it's about as wrong as someone can be about something.

    I can't remember the last time I heard a more ridiculous statement regarding an investment.
    So if I spend $100 a week for the next 20 years on the Mega Millions lotto but somehow buy a quick pic at just the right time and right 7-11 in New Jersey and win $300 million, I can spout the same nonsense to all the people who told me that playing the Lotto was a bad investment? I gotta ask Pez, what is your education and work experience? I don't care how much money you've made in your endeavors, because the sun shines on a dogs ass every once in awhile. I'm curious what makes you so qualified where you think actual professionals are idiots and you are so smart?

    #1203 2 years ago
    Quoted from ExtremePinball:

    I'll tell you why, because the first thing a so called financial professional is ever going to say to you is "past performance is not indicative of future results." They're saying future results can't be based on the past. You got it???
    Now mention crypto currencies and the same professional will tell you it's tulips, bubbles, pyramid scams & Ponzi schemes and you are guaran-fuckin-teed to lose all of your money.... you know, based on the past.
    Rather ironic.
    If you're happy in very low risk investments, that's great. Be happy. If you're happy with 10% annual stock returns and 1% annual savings accounts. That's great. I'm happy that you're happy. Stay happy. Don't come on this thread and be a douche with all of your negativity because other people are doing something you don't like. Just continue being happy. And maybe let others live their own lives, their own way. Thank you.
    Now for an update:
    I'm still up $75k+ on my original $100k wager into the big 3 cryptos on GDAX, even after the massive fall this week.
    I took my profit and put it into some moderate risk wagers, but most of it went into even riskier scammier pyramid type Ponzi schemes and other ultra-high risk crypto currency gambling wagers. Totally insane shit that pays back at 1-3% per day.
    I still have $61k in coin, but my other crypto currency related investments are now making me $1,100 per day, every day, paid to me daily. If the crypto markets go down, I get paid. If the crypto markets go up, even more bank.
    I'm sure that my CURRENT (might not last) success in this market is going to piss off a lot of people around here who are unable to say "HA, I told you so. You're a sucker and you lost all of your money." They'll just have to continue being angry over their own FOMO.
    It's entirely possible that I may lose SOME of my money, but probably not ALL of it. So the $38k that I have in these super high risk wagers will need to print about $500 per day, at today's coin prices, for 76 days before I'm risk free. Assuming I don't add to my positions. Which I will. And assuming that the markets continue dropping. Which they won't. That's a gamble I'll take all day, every day. Which I do, literally.
    Between cryptos & marijuana stocks, 2018 is going to be a crazy year in the financial markets.
    If anybody is interested in learning about my experience in the crypto currency wagers that I've made, e-mail me with your name, telephone number. gyrral66@yahoo.com
    I'm not going to provide any financial advice, suggestions, or inferences. I'll only tell you what I've done, where I've done it, how I've done it, and why I do it.
    You'll need to do your own homework and research the information yourself.
    BTC Donations:
    Happy mining.

    I was asking Pez punk, not you. Your background was already made pretty clear in your previous posts. Good luck with your future endeavors.

    #1206 2 years ago
    Quoted from pezpunk:

    keep attacking me instead of the points i'm making if it makes you feel better.

    Attacking people is your job. I was only asking a question which you will not answer for obvious reasons.

    2 weeks later
    #1368 2 years ago
    Quoted from pezpunk:

    ugh dude keeps typing "morale of the story" instead of "moral of the story" and it's driving me crazy.

    I know. What a looser.

    1 week later
    #1402 2 years ago
    Quoted from mattosborn:

    Why would anyone sell a machine that pumps out money?
    If I had a goose that laid golden eggs I'd clip its wings and keep that bitch fed until it croaked....

    Because Pez probably feels now is the optimal time to get out of the mining game. Sell the rig while the video cards are still selling at a premium and before mining becomes unfruitful. Probably a wise move.

    #1450 2 years ago
    Quoted from iceman44:

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

    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?

    #1457 2 years 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.

    1 week later
    #1484 2 years 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.

    #1500 2 years 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.

    5 months later
    #1637 1 year ago

    Haven't heard much from user extremepinball out of Vegas lately. When bitcoin was near 20k he was bragging about all the money he was making and how he was going to invest a shit ton more in all these risky cryptos, while bashing anyone who dared question the wisdom of his investing strategy. Every time his portfolio went up he posted here about it. I wonder how his portfolio is looking now? Crickets

    3 months later
    #1652 1 year ago
    Quoted from ExtremePinball:

    I'm a buy & hold player in this market when I'm not trading for profit.
    But I have no fear, so I think I'll let my entire investment ride a while longer.
    If the shebang goes in the crapper, you can all have a good laugh at my expense. Much in the same way I laugh at those who "invested" their money in a BM66.

    This guy was pissing on all of us skeptics last year. I believe he predicted bitcoin was going to be trading at $100k by this time. One of his last posts here was about selling a bunch of his pinball machines to invest more in the crypto market and we were all stupid for sitting on the sidelines. Wonder how he's doing.

    5 months later
    #1692 10 months ago
    Quoted from Astropin:

    So, I'm a robot?

    I have my suspicions.

    1 week later
    #1697 10 months ago
    Quoted from Astropin:

    Mostly meds...but I also bought a ring and recently a leg extension/curl machine for my home gym from Overstock.com

    Meds with Bitcoin? I hoped that worked out for you.

    Promoted items from the Pinside Marketplace
    $ 48.00
    Playfield - Toys/Add-ons
    ModFather Pinball Mods
    $ 89.95
    Cabinet - Shooter Rods
    Super Skill Shot Shop
    $ 4.95
    Apparel - Unisex
    From: $ 5,799.00
    Pinball Machine
    Great American Pinball
    $ 69.99
    Playfield - Toys/Add-ons
    Lighted Pinball Mods
    $ 36.99
    Matt's Basement Arcade
    $ 65.00
    Cabinet - (Alt) Translites
    Pinball Haus
    $ 29.99
    Lighting - Interactive
    Lee's Parts
    $ 48.00
    Cabinet - Other
    ModFather Pinball Mods
    $ 125.00
    Playfield - Toys/Add-ons
    G-Money Mods
    $ 89.95
    Cabinet - Shooter Rods
    Super Skill Shot Shop
    $ 28.00
    Playfield - Other
    Pin Monk
    $ 12.99
    Cabinet - Other
    Medisinyl Mods
    $ 40.00
    Playfield - Toys/Add-ons
    G-Money Mods
    $ 54.99
    Cabinet - Shooter Rods
    Lighted Pinball Mods
    $ 125.00
    Cabinet - Toppers
    Sparky Pinball
    $ 12.00
    Lighting - Led
    Pinball Haus
    $ 79.99
    Cabinet - Armor And Blades
    PinGraffix Pinside Shop
    $ 5,899.00
    Pinball Machine
    Operation Pinball
    $ 24.50
    $ 170.96
    Cabinet - Armor And Blades
    PinGraffix Pinside Shop
    $ 79.99
    Cabinet - Armor And Blades
    PinGraffix Pinside Shop
    $ 9.99
    Various Other Swag
    Circus Maximus

    You're currently viewing posts by Pinsider vicjw66.
    Click here to go back to viewing the entire thread.

    Hey there! Got a moment?

    Great to see you're enjoying Pinside! Did you know Pinside is able to run thanks to donations from our visitors? Please donate to Pinside, support the site and get anext to your username to show for it! Donate to Pinside