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Bitcoin Anybody use it?
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69 posts in this topic

I’m not a bitcoin fan but every year a Facebook memory pops up where I say “$30 for a bitcoin? Who would pay for that?”

Regretful reminders of when I could have bought in. That must be around the time I spent 10k for a paint job on a car I still don’t drive 

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Well I opened an account. I plan to start putting some in to diversify.

Pretty expensive. It's about 10K for about 0.35 Bitcoin.

Everything I have been hearing is that it is here to stay. I think the prime benefit is that it's government agnostic. I would prefer a gold backed Bitcoin currency myself but I figure I can transfer to one when it becomes available.

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On 4/18/2020 at 3:20 PM, Warren Oates said:

Getting some fast interest in my latest thread, a discount for BTC of course.  But it appears there are many out there using.  I think sellers should be ready to take BTC for comics.  Soon it will be like not taking cards.

 

Bitcoin isn't particularly useful as a payment source because the underlying value is so volatile. If I sell a comic today for $20, I want $20. I DON'T want something that was $23 yesterday, $20 today and $17 tomorrow. Until the speculative interest wanes and the prices swings abate it's not going to be very popular as an actual currency....at least for people who care about stability. 

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20 minutes ago, dupont2005 said:

10k in what currency? You should have about 1.35 for that

Canadian currency. On their calculator that would be about $110 for 0.01 BTC lol

You might consider BTC fiat, but it is fiat controlled by no one. I think that's the rub of it.

 

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6 hours ago, october said:

Bitcoin isn't particularly useful as a payment source because the underlying value is so volatile. If I sell a comic today for $20, I want $20. I DON'T want something that was $23 yesterday, $20 today and $17 tomorrow. Until the speculative interest wanes and the prices swings abate it's not going to be very popular as an actual currency....at least for people who care about stability. 

So bitcoin is as stable as the latest hot variant cover.

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I see Bitcoin as a bit like Myspace. The first to more widely revolutionize the spread of a technology does not necessarily dominate the market forever. 

Bitcoin transactions are VERY slow compared to the transaction confirmation speeds on other cryptocurrency networks... or using an existing fiat-backed service.

Bitcoin is the household name, but there are many cryptocurrencies already partnering with existing big brand technology companies.  If you want to go further down the rabbit hole, look into Ethereum and Stellar. Those are my recommendations for getting in low. 

One last note: I firmly believe any cryptocurrency investment at this time is a long hold. 

 

Edited by Rhymenoceros
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12 hours ago, romanheart said:

Well I opened an account. I plan to start putting some in to diversify.

Pretty expensive. It's about 10K for about 0.35 Bitcoin.

Everything I have been hearing is that it is here to stay. I think the prime benefit is that it's government agnostic. I would prefer a gold backed Bitcoin currency myself but I figure I can transfer to one when it becomes available.

 

7 hours ago, romanheart said:

Canadian currency. On their calculator that would be about $110 for 0.01 BTC lol

You might consider BTC fiat, but it is fiat controlled by no one. I think that's the rub of it.

 

If it's $110 for .01 Bitcoin, that's $11K for 1.0 Bitcoin.  For $10k that would be 0.909 Bitcoin.  You originally posted $10K for 0.35 Bitcoin.  That's quite a math discrepancy.

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21 hours ago, october said:

Bitcoin isn't particularly useful as a payment source because the underlying value is so volatile. If I sell a comic today for $20, I want $20. I DON'T want something that was $23 yesterday, $20 today and $17 tomorrow. Until the speculative interest wanes and the prices swings abate it's not going to be very popular as an actual currency....at least for people who care about stability. 

I 100% agree.  

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I was just about to start offering crypto for payment. I just finished setting up via coinbase, so there’s about 20 different currencies to pick from. 

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9 hours ago, Lightning55 said:

 

If it's $110 for .01 Bitcoin, that's $11K for 1.0 Bitcoin.  For $10k that would be 0.909 Bitcoin.  You originally posted $10K for 0.35 Bitcoin.  That's quite a math discrepancy.

It was around $10,8xx for 0.35. When I put in 0.01 in the automatic calculator, it said $109. I was just giving ballpark figures. I didn't think anyone wanted to check my math.

Sorry Teach.

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2 hours ago, romanheart said:

It was around $10,8xx for 0.35. When I put in 0.01 in the automatic calculator, it said $109. I was just giving ballpark figures. I didn't think anyone wanted to check my math.

Sorry Teach.

Your original "ballpark" figures differed by 260%.  Even Yankee Stadium couldn't hold that foul ball. 

I would think someone looking to invest real money would have that narrowed down a "bit" finer, even in their thoughts.  As Bob Uecker would say, "Juusttt a bit outside!"

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5 minutes ago, Lightning55 said:

Your original "ballpark" figures differed by 260%.  Even Yankee Stadium couldn't hold that foul ball. 

I would think someone looking to invest real money would have that narrowed down a "bit" finer, even in their thoughts.  As Bob Uecker would say, "Juusttt a bit outside!"

I'd do the math on the 260% but I'm WFH and I got chit to do.

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2 hours ago, batman_fan said:

I would only consider Ethereum as an option because the founders appearance screams confidence. 

Ha, if you're looking for self-confidence.. listen to whatever McAfee says. I have zero confidence in his opinions but he certainly has no lack of confidence.

ETH as a platform offers a lot more than BTC. It's not designed to replace bitcoin but just does different things using distributed ledger tech and smart contracts. https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp

Edited by Rhymenoceros
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To understand bitcoin you need to understand what money is, and so few people do. Money is something that humans have assigned value to. For millennia it has been physical objects: shells, metals, livestock, and even rocks. Paper money was created out of convenience because moving around heavy gold coins was cumbersome, BUT the paper money WAS tied to gold. For the past five decades, the dollar has been back by nothing but a promise of value, but the government is proving time and time again it just can’t keep its hands out of the cookie jar. The “drug” of being able to create money, to create value, is highly addictive. And what has happened is the government and those in power have created wealth for themselves and created a widening wealth gap in the USA. 
 

Bitcoin cannot be printed into oblivion. It allows you to control your money (something humans have agreed upon to have value) in that you don’t need a bank or third party to send or receive it. Fees are low. No PayPal bullsheezy. It’s censorship resistant, meaning once you have it, no one can take it (unless you are careless). It’s open for use 24/7/365. It’s actually more secure than your PayPal account. 
 

The volatility is a challenge and happens mainly due to whales playing the market, trying to make large price swings happen to profit from them. The volatility will subside as adoption grows. You can convert bitcoin into fiat very easily though if you didn’t want to hold funds in bitcoin. 
 

I highly recommend reading THE BITCOIN STANDARD by Saifedean Ammous (https://www.amazon.com/dp/1119473861/ref=cm_sw_r_cp_api_i_jyGXEbWYPVDJD). It’s a lesson on the history of money, Austrian economics, and the future with bitcoin. 
 

Cryptocurrencies are here to stay. We live in a digital world. Bitcoin is an immutable, non-sovereign, digital cash. 

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8 hours ago, ItsJustRyan said:

To understand bitcoin you need to understand what money is, and so few people do. Money is something that humans have assigned value to. For millennia it has been physical objects: shells, metals, livestock, and even rocks. Paper money was created out of convenience because moving around heavy gold coins was cumbersome, BUT the paper money WAS tied to gold. For the past five decades, the dollar has been back by nothing but a promise of value, but the government is proving time and time again it just can’t keep its hands out of the cookie jar. The “drug” of being able to create money, to create value, is highly addictive. And what has happened is the government and those in power have created wealth for themselves and created a widening wealth gap in the USA. 
 

Bitcoin cannot be printed into oblivion. It allows you to control your money (something humans have agreed upon to have value) in that you don’t need a bank or third party to send or receive it. Fees are low. No PayPal bullsheezy. It’s censorship resistant, meaning once you have it, no one can take it (unless you are careless). It’s open for use 24/7/365. It’s actually more secure than your PayPal account. 
 

The volatility is a challenge and happens mainly due to whales playing the market, trying to make large price swings happen to profit from them. The volatility will subside as adoption grows. You can convert bitcoin into fiat very easily though if you didn’t want to hold funds in bitcoin. 
 

I highly recommend reading THE BITCOIN STANDARD by Saifedean Ammous (https://www.amazon.com/dp/1119473861/ref=cm_sw_r_cp_api_i_jyGXEbWYPVDJD). It’s a lesson on the history of money, Austrian economics, and the future with bitcoin. 
 

Cryptocurrencies are here to stay. We live in a digital world. Bitcoin is an immutable, non-sovereign, digital cash. 

I think this surmises Bitcoin very well. It also explains how the stock market is propped up. Obviously infinite printing can not go on forever.

A couple of additional notes about bitcoin. The amount of bitcoin added periodically is finite and so it can be deemed a hard equity. If a group of countries actually try to band against it they will likely drive up the price even more.

I recently figured it out and put in a deposit. 

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8 hours ago, ItsJustRyan said:

To understand bitcoin you need to understand what money is, and so few people do. Money is something that humans have assigned value to. For millennia it has been physical objects: shells, metals, livestock, and even rocks. Paper money was created out of convenience because moving around heavy gold coins was cumbersome, BUT the paper money WAS tied to gold. For the past five decades, the dollar has been back by nothing but a promise of value, but the government is proving time and time again it just can’t keep its hands out of the cookie jar. The “drug” of being able to create money, to create value, is highly addictive. And what has happened is the government and those in power have created wealth for themselves and created a widening wealth gap in the USA. 
 

Bitcoin cannot be printed into oblivion. It allows you to control your money (something humans have agreed upon to have value) in that you don’t need a bank or third party to send or receive it. Fees are low. No PayPal bullsheezy. It’s censorship resistant, meaning once you have it, no one can take it (unless you are careless). It’s open for use 24/7/365. It’s actually more secure than your PayPal account. 
 

The volatility is a challenge and happens mainly due to whales playing the market, trying to make large price swings happen to profit from them. The volatility will subside as adoption grows. You can convert bitcoin into fiat very easily though if you didn’t want to hold funds in bitcoin. 
 

I highly recommend reading THE BITCOIN STANDARD by Saifedean Ammous (https://www.amazon.com/dp/1119473861/ref=cm_sw_r_cp_api_i_jyGXEbWYPVDJD). It’s a lesson on the history of money, Austrian economics, and the future with bitcoin. 
 

Cryptocurrencies are here to stay. We live in a digital world. Bitcoin is an immutable, non-sovereign, digital cash. 

Comics are my bitcoin. 

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