Bitcoin and Crypto

[Hangonaminute]

There is no such thing as free money

Try telling that to the Government as it cranks up the printing presses. One thing for sure is that if we continue to print and type currency into existence at the current rate, hyper inflation is just around the corner.
That doesn't leave too many asset classes as safe havens - precious metals obviously, and probably some of the cryptos.
Anyway - each to their own.

Someone here gets it.

 

[Hangonaminute]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Anarchists, Libertarians and criminals. Silk Road was one of the first places you could trade exclusively in Bitcoin, mainly to buy drugs or organise hits.

So why do you use cash?

Because criminals never use cash, right?

If anything Bitcoin is the worst thing to use for illegal activity, every transaction is recorded in the blockchain.

 

[Hangonaminute]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

 

[Hangonaminute]

The ever increasing power required alone to mine bitcoin is an environmental issue.

At 74 percent, bitcoin mining uses four times more renewable energy than the global average for international industries.

Everything you guys have said as a negative for Bitcoin seems to be 5yr old information, it's like the opinion you formed on it 5yrs ago is stuck in concrete and you just parrot the same information over n over.

Get with the times

 

[Nelson]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

 

[happy_tiger]

The ever increasing power required alone to mine bitcoin is an environmental issue.

At 74 percent, bitcoin mining uses four times more renewable energy than the global average for international industries.

Everything you guys have said as a negative for Bitcoin seems to be 5yr old information, it's like the opinion you formed on it 5yrs ago is stuck in concrete and you just parrot the same information over n over.

Get with the times

Don't take this the wrong way , but if someone gives me the good oil on a horse at reasonable odds I keep my trap shut because you want the odds to stay strong

If your on a good thing ...let people think that it's a bad investment

 

[mike]

The ever increasing power required alone to mine bitcoin is an environmental issue.

At 74 percent, bitcoin mining uses four times more renewable energy than the global average for international industries.

Everything you guys have said as a negative for Bitcoin seems to be 5yr old information, it's like the opinion you formed on it 5yrs ago is stuck in concrete and you just parrot the same information over n over.

Get with the times

These recent reports show otherwise.

https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-renewable-china
https://digiconomist.net/new-study-confirms-carbon-intensity-of-the-bitcoin-network/
https://digiconomist.net/bitcoins-inescapable-inconvenient-truth/

 

[mike]

Bitcoin power consumption now outstrips Sweden.

https://www.theverge.com/2019/7/4/20682109/bitcoin-energy-consumption-annual-calculation-cambridge-index-cbeci-country-comparison

 

[Geo]

Maybe the Covid Safe app could mine for bitcoin at the same time...?

 

[Hangonaminute]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

 

[Nelson]

The ever increasing power required alone to mine bitcoin is an environmental issue.

At 74 percent, bitcoin mining uses four times more renewable energy than the global average for international industries.

Everything you guys have said as a negative for Bitcoin seems to be 5yr old information, it's like the opinion you formed on it 5yrs ago is stuck in concrete and you just parrot the same information over n over.

Get with the times

Don't take this the wrong way , but if someone gives me the good oil on a horse at reasonable odds I keep my trap shut because you want the odds to stay strong

If your on a good thing ...let people think that it's a bad investment

That's not how this works though. The more people who come in = the more demand = the higher the price for people who are already in = the self-interest in people plugging cryptocurrencies. That's why some people refer to it as a Ponzi scheme (although it's not).

 

[Nelson]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?

 

[Hangonaminute]

The ever increasing power required alone to mine bitcoin is an environmental issue.

At 74 percent, bitcoin mining uses four times more renewable energy than the global average for international industries.

Everything you guys have said as a negative for Bitcoin seems to be 5yr old information, it's like the opinion you formed on it 5yrs ago is stuck in concrete and you just parrot the same information over n over.

Get with the times

Don't take this the wrong way , but if someone gives me the good oil on a horse at reasonable odds I keep my trap shut because you want the odds to stay strong

If your on a good thing ...let people think that it's a bad investment

It's actually the opposite with emerging assets, you actually want more people to adopt the technology, invest and use it.
The more it grows the stronger it becomes the more everyone benefits (not only financially)

The people involved in this space all see that the current system (not only the banking and finance system) could serve us way better and will need to be better in regards to the future of the internet and ai technology etc.
We're heading towards a different world and it's happening fast, the old ways won't keep up.
We need decentralized trustless systems

 

[mike]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?

He is probably referring to this nonsense

https://www.buybitcoinworldwide.com/dollar-devaluation/

 

[Nelson]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?


He is referring to this nonsense

https://www.buybitcoinworldwide.com/dollar-devaluation/

Thanks Mike, I'll be sure to take some Bitcoin the next time I travel back to 1913 - I'm sure they'll accept it!

 

[Hangonaminute]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?

From when it was created.
You do realise that every fiat currency goes to zero right?
And the average lifespan is about 40yrs.

You do realise that the US are in 25 trillion dollars of debt and they can't even service the interest on the debt let alone pay any of it off?

You do realise that the federal reserve is "quantitive easing" and just creating money from thin air to buy bonds just to keep the whole system from collapsing?

The ship is sinking, I suggest you start looking for a lifevest.

The federal reserve (private banking cartel) is the biggest scam in history, it creates money out of thin air for the sole purpose of collecting interest from it, then it pumps the supply so that every dollar you slave for is worth less and less.

Wake up

 

[Nelson]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?

From when it was created.
You do realise that every fiat currency goes to zero right?
And the average lifespan is about 40yrs.

You do realise that the US are in 25 trillion dollars of debt and they can't even service the interest on the debt let alone pay any of it off?

You do realise that the federal reserve is "quantitive easing" and just creating money from thin air to buy bonds just to keep the whole system from collapsing?

The ship is sinking, I suggest you start looking for a lifevest.

The federal reserve (private banking cartel) is the biggest scam in history, it creates money out of thin air for the sole purpose of collecting interest from it, then it pumps the supply so that every dollar you slave for is worth less and less.

Wake up

My money isn't in US dollars, so why would I care about their debt?

Unless we face severe economic hardship or a collapse of government in this country, our currency is going to be fine. That it the reality as far as I'm concerned. It is a logical fallacy to say that every fiat currency goes to zero because there are numerous fiat currencies still in existence. It will ultimately true, but it will also ultimately be true that Bitcoin will have no value.
The average lifespan of 40 years (if that figure is accurate) would include all manner of private fiat currencies and the currencies of countries that underwent frequent conquest over several centuries. It is not an accurate indicator of the likely fate of currencies in this day and age, or at least not those that have stable government and relative economic prosperity.

 

[JD Tiger]

@Hangonaminute if you want people to start listening to you, may I suggest that you stop putting people down and belittling their opinion when it differs from yours. Also, just a suggestion but perhaps remember that however much you think you know, remember it is just your opinion, not fact.

Maybe I'm wrong, all I have is an opinion after all, maybe you've privy to some truths in this world that no one is, but to me it just looks like you're trying to encourage people to buy more bitcoin because you feel it favours you, not them.

 

[Hangonaminute]

Back to Pies..

To get a better understanding in relation to bit coin.. it seems to fluctuate in value . So a pie could cost me 5 bitcoin today 7 bitcoin tomorrow and 3 bitcoin on Friday is that right...?

Where as apart from a price rise for a pie at the shop itself a pie that cost 5 today will cost me 5 tomorrow and 5 on Friday

Well 1 bitcoin is worth about $13,700 at the moment, so 7 bitcoins would probably get you the shop. But yes, if you'd gone to the pie shop on 11 March your 1 Bitcoin would have been worth about $12,500 and if you'd gone on 12 March it would have been worth around $7,700. As long as that kind of volatility remains in it then its popularity is going to be limited. Gamblers will love it. Anarchists and anti-establishment types will love it for what it represents. Mainstream uptake though? Seems a way off...

Recently Bitcoin has been less volatile than the S&P 500 and oil.

The number of Bitcoin wallets has been increasing exponentially

Well the S&P500 and oil are not currencies (and there is also a pretty clear explanation for their recent volatility). Most people are conservative and don't want to see their wealth go from $50,000 one day to $100,000 the next and $20,000 the day after that, they want to be able to plan based on having a predictable amount of money available to them. Unless and until these cryptocurrencies can offer that stability, they will not become mainstream currencies.
You can claim that we're out of date thinkers if you like, but human nature in mass populations generally takes a while to change unless something forces the change.

So you want to talk about currencies, ok the US dollar which is the world's reserve currency has lost over 96% of it's value.

Still want to talk about currencies holding value?

96% of its value from when? It's value against what? And how has it impacted on domestic purchasing power in the US?

From when it was created.
You do realise that every fiat currency goes to zero right?
And the average lifespan is about 40yrs.

You do realise that the US are in 25 trillion dollars of debt and they can't even service the interest on the debt let alone pay any of it off?

You do realise that the federal reserve is "quantitive easing" and just creating money from thin air to buy bonds just to keep the whole system from collapsing?

The ship is sinking, I suggest you start looking for a lifevest.

The federal reserve (private banking cartel) is the biggest scam in history, it creates money out of thin air for the sole purpose of collecting interest from it, then it pumps the supply so that every dollar you slave for is worth less and less.

Wake up

My money isn't in US dollars, so why would I care about their debt?

Unless we face severe economic hardship or a collapse of government in this country, our currency is going to be fine. That it the reality as far as I'm concerned. It is a logical fallacy to say that every fiat currency goes to zero because there are numerous fiat currencies still in existence. It will ultimately true, but it will also ultimately be true that Bitcoin will have no value.
The average lifespan of 40 years (if that figure is accurate) would include all manner of private fiat currencies and the currencies of countries that underwent frequent conquest over several centuries. It is not an accurate indicator of the likely fate of currencies in this day and age, or at least not those that have stable government and relative economic prosperity.

Because it's world reserve currency

 

[Hangonaminute]

@Hangonaminute if you want people to start listening to you, may I suggest that you stop putting people down and belittling their opinion when it differs from yours. Also, just a suggestion but perhaps remember that however much you think you know, remember it is just your opinion, not fact.

Maybe I'm wrong, all I have is an opinion after all, maybe you've privy to some truths in this world that no one is, but to me it just looks like you're trying to encourage people to buy more bitcoin because you feel it favours you, not them.

I'm really not here to argue about crypto but I keep getting dragged into it it seems, I'm really try not to trust me, I really couldn't care less if people aren't interested.
I want to talk with people who are.

But I'll continue to correct the misinformation and educate people.