Bitcoin and Crypto

[Cairnstigers]

Bitcoin isn't the one to gamble your savings on. They'll only produce a finite number and then that's it. You needed to get onto it 5 years ago.

Pretty much a electronic pyramid scheme long term.

I'm interested in why you think that.

That's the way I see it
A pyramid scheme
Some one will loose out

Most will lose out

Exactly
It's happened once
And it will happen again

Bitcoin crash: This man lost his savings when cryptocurrencies plunged

By Michael Kaplan September 11, 2018: 7:59 AM ET

An estimated $400 billion has been wiped off the value of major cryptocurrencies since January

Yep, markets go up, markets go down.
That's how they work.

If you're not interested I really don't know why you're here on a Bitcoin thread.

Yeah your right , I'm not interested in investing in Bitcoin
Just Like you are not interested in the Covid app
But that sure as he'll didn't stop you from warning people about the app
Most of us realize that it is designed to try and save our lives
You think it's out there to destroy yours
Man you have some strange ways of thinking

I would hope that some of my comments would make people think about investing money they don't have for a get rich quick scheme
And that's what it is
There is no such thing as free money
Someone has to pay somewhere along the line and that could be you
That is some advice for you, now you can take it or leave it
Best of luck to you
I hope you make your millions, maybe you can be the Brown paper bag man for the tigers
By the way
I believe The Government is watching your Bitcoin

 

[jirskyr]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

 

[happy_tiger]

We can't get rid of cash ...how would the Roosters players live

 

[Cairnstigers]

We can't get rid of cash ...how would the Roosters players live

On CHOOK feed

 

[Hangonaminute]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Why do we have to rely on a federal government in order to transact between each other?

 

[cochise]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Why do we have to rely on a federal government in order to transact between each other?

That wasn't what he was saying?

 

[Hangonaminute]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Cool, but you'll be using crypto soon without even realising it, it will be running in the background doing it's thing.
Owning it and using it as means of exchange is only one small function of it, that's what most don't seem to understand.

 

[cochise]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Cool, but you'll be using crypto soon without even realising it, it will be running in the background doing it's thing.
Owning it and using it as means of exchange is only one small function of it, that's what most don't seem to understand.

You still missed what he was saying.

 

[Hangonaminute]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Cool, but you'll be using crypto soon without even realising it, it will be running in the background doing it's thing.
Owning it and using it as means of exchange is only one small function of it, that's what most don't seem to understand.

You still missed what he was saying.

No, I read it, I understand.

He doesn't understand what it actually takes to "hijack the system"

 

[Hangonaminute]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Why do we have to rely on a federal government in order to transact between each other?

That wasn't what he was saying?

He can answer himself.

Can you tell me what time my doctor's appointment is next week?
You seem to know everything.

 

[happy_tiger]

You realise that the people who got into crypto early are all laughing at people who are holding a dying currency and one day will be selling their Bitcoin to you right

Nonsense, why would the federal government abandon its own currency for crypto currency? At most there could be a world-wide or region-wide agreement to adopt a government-backed crypto. For all the conspiracy language I am seeing in this thread, democratic governments are, at least, elected representatives with real-world identities and status. Not anonymous nobodies with unknown real motive. The bloke(s) who invented bitcoin are still anonymous to this day. How can you trust that!?

The problem then with an unregulated product is there's no authority to step in if it gets abused. If someone develops technology tomorrow that wipes all your bitcoin wallets or intercepts or fakes transactions or some other kind of exploit in the product, you suffer, because there's no world police to step in on your behalf. Every single technology in the world has a potential exploit that can be deployed remotely, which is a problem.

I wouldn't for a second trust my real hard-earned government-backed money to anonymous software geniuses and maths freaks. If I want to talk about my AUD money, there's a very real institution available with very real laws governing their behaviour. Of course banks can misbehave but they are subject to certain jurisdictions with repercussions for misdeeds. Bitcoin is not subject to anything or anyone. If you get scammed, there's nothing to be done. If some syndicate crashes or hijacks or cheats the system, there's nothing you can do about it.

Why do we have to rely on a federal government in order to transact between each other?

That wasn't what he was saying?

He can answer himself.

Can you tell me what time my doctor's appointment is next week?
You seem to know everything.

You don't need one Highlander

 

[Geo]

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

 

[Cultured_Bogan]

Seems an interesting topic... but what I want to know is

How much is a Pie and Sauce in Bitcoin..?

One bitcoin one pie ...one bitcoin one sauce

Hobbo and I will help you

Happy and Hobbo's Screw it up Quick Accounting Services

Not to be confused with Birdie and Wheels Screw it up Quick Gardening Services ...we would show up in Fancy Dress to fill your gardening needs

Seems cheap..cost some guy 10 000 bitcoins for 2 pizza's

Back when Bitcoin was worth nothing. They'd be sitting on a fortune now!

 

[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...

 

[Cultured_Bogan]

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

 

[Cultured_Bogan]

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.

 

[happy_tiger]

Bitcoin or no bitcoin , can someone just buy Geo a pie ......please

 

[cochise]

Bitcoin or no bitcoin , can someone just buy Geo a pie ......please

Not if the pie he wants is going to cost $12500

 

[yeti]

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.

 

[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

You need to stop thinking of Crypto as only a means of payment, that's one use for it.

Here's an example, there's an Australian company called Power Ledger (Powr) if you have solar and produce excess power instead of the electricity company paying you peanuts for it to be fed back into the grid, you can negotiate a price for it with anyone on the platform and sell the excess power you generate yourself to whoever wants it.

Most people only think about crypto as a replacement for the $, if you do that then you're only thinking about it at a very superficial level.
Dig deeper