Bitcoin....who's gotten into it?

[Sirshredalot]

There will only ever be approximately 21M bitcoin in existence. Once all the blocks are mined that's it.

It's like if there were only ever 21M USD ever printed. Sure you could buy $10 dollars here and there, but the value would continue to increase as it's usage becomes more widespread and commonplace without the ability to just make more money whenever we want to.

If I anticipate its value to increase rapidly, why would I ever spend it?

[ICantLogIn]

Another two hard forks coming one on the 25th.

https://www.coinspeaker.com/2017/09/...in-october-25/

[mcsquared]

If I anticipate its value to increase rapidly, why would I ever spend it?

This right here is how you get a bubble. And eventually a crash.

[Skidog]

poised to possibly hit $6k by years end....

get in and get out is what i think the play is with Bitcoin.

[ICantLogIn]

poised to possibly hit $6k by years end....

get in and get out is what i think the play is with Bitcoin.

I going to hang on to some for a while. Play with some and spend some. Not just bitcoin but Neo, dash...

[neckdeep]

There will only ever be approximately 21M bitcoin in existence. Once all the blocks are mined that's it.

It's like if there were only ever 21M USD ever printed. Sure you could buy $10 dollars here and there, but the value would continue to increase as it's usage becomes more widespread and commonplace without the ability to just make more money whenever we want to.

Not really. The situation is more like if there were only ever 21M USD ever printed and there's nothing stopping the Canadians or any other financially sound nation from introducing an equally dependable dollar for alternative use in America. In fact, maybe you should drop the analogy to sovereign currency seeing as how cryptocoins have no similar sovereign monopoly. Nothing prevents a rival crypto from stealing bitcoin's thunder. Bitcoin has no underlying substance beyond its secrecy, security and a head start on general acceptance. Bitcoin doesn't pay dividends. It's not a share of a business. You can't make jewelry with it. There are no industrial applications for something that only exists virtually. The analogy to 21M USD falls apart because currencies are not really like gold. Currencies face competition from other currencies, gold does not. A bet on bitcoin's eternal appreciation is basically like betting on a bank's checks because a rival bank can dilute the market by issuing equally reliable checks. A bet on bitcoin is basically a bet that other cryptos won't gain the same level of acceptance that bitcoin has. That's Buffet's point.

Nota Bene: You can't produce something that is virtually identical to gold in everything but name. You sure as hell can produce something that is virtually identical to bitcoin in everything but name. And, that is the real definition of "finite". Ergo, rationalize bitcoin all you want....it ain't fucking gold and anyone who tells you its as good as gold has a vested interest in Bitcoin. Caveat emptor.

[Whiteroom_Guardian]

Not really. The situation is more like if there were only ever 21M USD ever printed and there's nothing stopping the Canadians or any other financially sound nation from introducing an equally dependable dollar for alternative use in America. In fact, maybe you should drop the analogy to sovereign currency seeing as how cryptocoins have no similar sovereign monopoly. Nothing prevents a rival crypto from stealing bitcoin's thunder. Bitcoin has no underlying substance beyond its secrecy, security and a head start on general acceptance. Bitcoin doesn't pay dividends. It's not a share of a business. You can't make jewelry with it. There are no industrial applications for something that only exists virtually. The analogy to 21M USD falls apart because currencies are not really like gold. Currencies face competition from other currencies, gold does not. A bet on bitcoin's eternal appreciation is basically like betting on a bank's checks because a rival bank can dilute the market by issuing equally reliable checks. A bet on bitcoin is basically a bet that other cryptos won't gain the same level of acceptance that bitcoin has. That's Buffet's point.

Nota Bene: You can't produce something that is virtually identical to gold in everything but name. You sure as hell can produce something that is virtually identical to bitcoin in everything but name. And, that is the real definition of "finite". Ergo, rationalize bitcoin all you want....it ain't fucking gold and anyone who tells you its as good as gold has a vested interest in Bitcoin. Caveat emptor.

The gold/not printing money analogy is clearly a loose one. It's meant to give a rough idea for people who have zero understanding of crypto. Right now that's most people.

Is it the future of money? Possibly. Could the thing fail? It's possible, but not likely right now. Basically mathematics as we know it would have to fail for BTC to go away.

When the first cars were on the road of course the horse and buggy people laughed at them and called it a fad, and a wise few took a chance and got in the car business themselves.

I'll risk a few thousand for the chance to be part of something really big. Like it or not some really freaking intelligent people around the world are buying coin and riding the wave to see where it goes.

[Mustonen]

Bitcoin lacks the liquidity to be currency, and its intrinsic value is pretty suspect. It’s unique. I don’t understand what that gets you.

The second something comes along that matches bitcoin’s ability to represent an exchange of value in secrecy and security, your bitcoin will be worth nil.

In the meantime, ride the wave, man.....

[ICantLogIn]

Think we hit $5000. today?

[Alaskan Rover]

Bitcoins were NEVER meant as an investment vehicle. That type of soulless thinking fucks up the very premise of Bitcoin. Bitcoins came about as a way to deal with the eventuality of a cashless, electronic funds transfer world, yet STILL be as anonymous as cash. Something very much needed. More so now than ever before, in fact.


EDIT:
Every single government in the world (well, maybe except for Switzerland ) is going to try and force the Bitcoin framework so it is NOT anonymous. I'm not sure how they could do that, but I imagine there are many ways. It is the job of those who believe in privacy to ensure that platforms like Bitcoin, et al, steadfastly remain anonymous.

[ICantLogIn]

Got into ETH

Im in on the ETH also.

[ICantLogIn]

Bitcoins were NEVER meant as an investment vehicle. That type of soulless thinking fucks up the very premise of Bitcoin. Bitcoins came about as a way to deal with the eventuality of a cashless, electronic funds transfer world, yet STILL be as anonymous as cash. Something very much needed. More so now than ever before, in fact.

Think thats what they said about gold?

[KQ]

Notice a restaurant in DT W2 had a sign up yesterday that read: "We accept Bitcoin"

[Alaskan Rover]

Think thats what they said about gold?

Hmmm...maybe. But gold is very heavy. So they ended up carrying a bit of paper to represent that gold in daily activity...that worked for a couple centuries, I guess.

If shit hits the fan, bits of gold coin might be currency? I think if shit REALLY hit the fan, American dollar bills would be as worthless as Brazilian Reals are now. So actually gold might indeed come back to the fore as a trading vehicle.

Or since gold is merely representational and doesn't have REAL value except in certain electronics, maybe in a Water World way, something with actual usability would become the new currency.

I actually find bronze and copper much more beautiful than gold.

I DO find the idea of currency down through the ages absolutely fascinating.....from those huge Polynesian disks with holes in the middle (hard to steal yet still transferable to other households) to Bitcoin and its analogs.

[downvalleytrash]

If you want to speculate in crypto, go for it. Just don't pretend its an "investment", and know that the unregulated ICO world is full of scammers and fraud.

Bitcoin clearly has the best brand recognition and because it has no underlying utility may make the most sense as a store of value. For example, the ethereum ecosystem has multiple protocols and use cases which will eventually allow for fundamental analysis of the value of these protocols. Without utility value, Bitcoin is similar to gold as a store of value...as long as people agree that it is a store of value.

I think that the notion that there can and only ever will be 21M bitcoin as the basis for its value is foolish. Sure, its the math. But people write the underlying code, people can change their minds and rewrite the code. And as neckdeep said, there is literally nothing to stop something from replacing it. Maybe a fork of bitcoin itself. Maybe something else. Maybe a better brand name like "JP Morgan cryptocash." I don't know, but I have a hard time buying the notion that scarcity can be enforced in the crypto realm. And if there isn't scarcity, than Bitcoin isn't much different than "fiat" money.

The real potential game changer in this space is the blockchain itself. Figure out how to invest in this and you have something...

[ICantLogIn]

Bitcoins were NEVER meant as an investment vehicle. That type of soulless thinking fucks up the very premise of Bitcoin. Bitcoins came about as a way to deal with the eventuality of a cashless, electronic funds transfer world, yet STILL be as anonymous as cash.

Its much more
How the blockchain is changing money and business

[basinbeater]

I like the blockchain technology, I tried to figure out for a little bit what companies I could invest in that are the leaders in block chain technology, but not sure which ones to choose. They tend to be small volatile (duh).

Who has the best technology, and business plan around selling and implementing block chain technology?

[ICantLogIn]

$5000.00.........................

[Whiteroom_Guardian]

Creeping up on $5200....

Over 7k by years end? 10k by end of first quarter 2018?

Free money? Sure i'll play for a bit.

[ICantLogIn]

How about 6k in a few weeks when the 2x fork happens?

[downvalleytrash]

Petty exciting rally after being 40+% down in Sept.

[Whiteroom_Guardian]

What a fucking run these last few days.

ETH and LTC are charging again too.

High fives!!!

[ICantLogIn]

I know its fun to watch, and make some $$. Every time Jamie Dimon opens his mouth Bitcoin moves a little higher. I need to grab some Ripple next and soon.

[Micol]

check out my used pm gear lhasa pow's for $199,000+ (from circa 2012)
and freeride systems jackets for low price of $200,000+ (from circa 2012)

hahaha

I had a mt gox account that imploded, guess i lost millions

https://www.tetongravity.com/forums/...hlight=bitcoin

https://www.tetongravity.com/forums/...hlight=bitcoin

from one of those threads:

Sell things using electronic world currency in this thread.
Bitcoins are a decentralized internet commodity.
Reference area:
http://en.wikipedia.org/wiki/Bitcoin
http://bitcoincharts.com/


FOR SALE

Skis: 196 Non Carbon PM Gear Lhasa Pow pair on third mount for large Dukes 332 bsl
Bases in reasonable condition without coreshots. Do have some scrapes and
minor gouges. Delivered in Summit County 30 Bitcoin (BTC), shipped 35 Bitcoin (BTC)
pm me for my wallet address.

Freeride System Shavano Jacket pick your size S, M, L, XL
Polartec windbloc Laminate with Polyester Hi Loft Velour
Fleece interior. Great Colorado Snow jacket, Made in USA
38 BTC pm me for my wallet address

[Micol]

https://en.wikipedia.org/wiki/Mark_Karpelès

maybe some collector item emails too