Anyone into Cryptocurrency like Bitcoin, Ethereum or Litecoin?
- Thread starter BlkWgn
- Start date
Bitcoin is up 1400% 7 years ago a guy used bitcoin to buy a couple pizzas.... what he spent back then is equal to $2million today!!
You play your $$$ you take your chances.
My pops is/was a stock broker after he retired from the Air Force. He's essentially retired from the stock broker/financial counselor (to be PC
) gig as well.
We have an ongoing family dispute about the stock market. I've always contended that the stock market is nothing more than educated gambling...he's also an amateur poker player (they live in Vegas). He can't help but agree with me on that point.
My pops is/was a stock broker after he retired from the Air Force. He's essentially retired from the stock broker/financial counselor (to be PC
) gig as well.We have an ongoing family dispute about the stock market. I've always contended that the stock market is nothing more than educated gambling...he's also an amateur poker player (they live in Vegas). He can't help but agree with me on that point.
Unfortunately, I dont.... gamble...no luck.
Nah....saw it on the news.
TACMEDIC
Adventurist
News Reports:
Funny........North Korea wants your Bitcoins
In a desperate bid for financial resources, North Korea and Kim Jong-Un are unleashing hackers against Bitcoin exchanges.
The continuing rise in Bitcoin value has had a lot of positive effects. People have made a lot of money on the cryptocurrency’s rise, and the accompanying headlines have brought more people into the crypto world. However, there is a downside to Bitcoin skyrocketing in value, which is having unsavory characters trying to get their hands on it through illegal means. One of the more notable black hats in this regard is Kim Jong-Un and North Korea, who security experts say are targeting Bitcoin exchanges due to the digital currency’s increased demand.
Funny........North Korea wants your Bitcoins
In a desperate bid for financial resources, North Korea and Kim Jong-Un are unleashing hackers against Bitcoin exchanges.
The continuing rise in Bitcoin value has had a lot of positive effects. People have made a lot of money on the cryptocurrency’s rise, and the accompanying headlines have brought more people into the crypto world. However, there is a downside to Bitcoin skyrocketing in value, which is having unsavory characters trying to get their hands on it through illegal means. One of the more notable black hats in this regard is Kim Jong-Un and North Korea, who security experts say are targeting Bitcoin exchanges due to the digital currency’s increased demand.
It just completely blows my my how some intangible "thing" can hold so much value... mind blown!
Garrett
Adventurist
Whether it’s a line of code or a fancy piece of paper? Your credit card is accepted as money and transfers lines of code saying you gave someone money. You then trust a computer to transfer lines of code from your bank to a vendor. You then pay the credit card off with lines of code of autopay from your bank.
It’s pretty similar.
Note: I don’t buy things with bitcoin, but know people that do.
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s.
The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.
https://www.federalreserve.gov/faqs/currency_12770.htm
It’s pretty similar.
Note: I don’t buy things with bitcoin, but know people that do.
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s.
The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.
https://www.federalreserve.gov/faqs/currency_12770.htm
One big problem for me though is the lack of government adoption of said currency. People are "mining" for more bitcoin... however the hell that works. Who controls it? It's not as if it ever was some tangible thing, so what gives those 1's and 0's value? A currency adopted by a nation might be electronic or physical, but the security and structure of that government/nation gives tangible value to it.
But, I'm no economist and don't lend too much of my time or brainpower to the subject. That's just my take on it.
But, I'm no economist and don't lend too much of my time or brainpower to the subject. That's just my take on it.
The entire spectrum of fiat currency is an electronic house of cards. Bitcoin is no different in the respect that one day, all of it may go "poof" through virus, terrorist hacking or EMP strike.
It's all really just smoke and mirrors. FRN's have value because we "believe" they do.
While hacking and emp are possible, it is unlikely as every transaction carries the full block chain meaning every wallet holding bitcoin holds the track of every transaction. It is more likely to loose cryptocurrency to the loss of your private key which makes the a digital wallet and offline backup important. Now for my standard disclaimer, I am not a programmer, and I am not a master of currency, so take nothing I say as fact, or correct. I have a lot to learn, and to me this is still just an experiment and a bit of a game