2017 Saving and Investment Thread

The forum's Skid Road. DO NOT ENTER unless you're ready for a squabble.

Re: 2017 Saving and Investment Thread

Postby forum » Dec 28th, 2017, 8:54 am

In June the price of a single Bitcoin was $3700 CAD.

The people smart enough to hold my hand and board the Cryptocurrency bull in June would be holding bitcoins worth $19,000 a piece today.
User avatar
forum
Guru
 
Posts: 6073
Likes: 1171 posts
Liked in: 1412 posts
Joined: May 10th, 2011, 8:08 pm

Re: 2017 Saving and Investment Thread

Postby Jonrox » Dec 28th, 2017, 9:37 am

Bitcoin falls $1,000 after South Korea promises crackdown on trading
https://www.theguardian.com/technology/2017/dec/28/bitcoin-falls-south-korea-crackdown-trading
South Korea, which is one of the biggest markets in the world for bitcoin, said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to enable regulators to close coin exchanges if they felt there was a need to do so.

According to Reuters, the government issued a statement saying it had “warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility”.

The crackdown in South Korea comes amid repeat warnings from leading figures in finance and some of the world’s top economists, who have said the currency is a vehicle for fraudsters and drug dealers. There are also fears that its rapid increase in value this year could quickly unwind, causing severe losses for investors.
Jonrox
Lord of the Board
 
Posts: 3711
Likes: 392 posts
Liked in: 2128 posts
Joined: Apr 14th, 2010, 1:09 pm

Re: 2017 Saving and Investment Thread

Postby Jonrox » Dec 28th, 2017, 9:38 am

forum wrote:I guess when I get all of my initial investment back out and safely in the bank, it's no longer considered gambling, right?

Of course it's still gambling. You're just gambling with the gains you've seen at that point.
Jonrox
Lord of the Board
 
Posts: 3711
Likes: 392 posts
Liked in: 2128 posts
Joined: Apr 14th, 2010, 1:09 pm

Re: 2017 Saving and Investment Thread

Postby Jonrox » Dec 28th, 2017, 9:52 am

GoStumpy wrote:Do you not think that's in the F$%43king works? Are you that dense? It's coming. And when it does, I'll be glad I got in when I did.

That's not the only thing in the works...

Many governments are warning against cryptocurrencies and are worried about people getting wiped out. Do you suppose that has anything to do with this? What do you think will happen to the current cryptocurrencies when governments start issuing their own and crush everyone? Governments want control, taxes, and stability. Don't underestimate what they'll do to maintain it.

Next stop in the cryptocurrency craze: A government-backed coin
https://www.cnbc.com/2017/11/30/cryptocurrency-craze-springboards-government-backed-coin.html

The Bank of Canada is Exploring Government-backed Cryptocurrency
https://btcmanager.com/bank-canada-exploring-government-backed-cryptocurrency/
On the plus side, however, such a cryptocurrency would be pivotal in reducing transactional overhead throughout the country. As it stands, financial institutions and corporations have a firm chokehold over the payments and remittance industry and have been thriving because of their long-established monopolies. The problems of high fees and long processing times can be easily remedied with a blockchain-based cryptocurrency instead.

Due to the absence of any third-party in a state-backed cryptocurrency, fees would be significantly lower, which would benefit both merchants and consumers. In the past, merchants have encouraged the use of cash to avoid paying a hefty premium on associated fees. Most of them have only relented because of the relative ubiquity of credit cards and recent reduction of fees.
Jonrox
Lord of the Board
 
Posts: 3711
Likes: 392 posts
Liked in: 2128 posts
Joined: Apr 14th, 2010, 1:09 pm

Re: 2017 Saving and Investment Thread

Postby forum » Dec 28th, 2017, 11:10 am

It's all about control.

The governments don't like it for obvious reasons.
User avatar
forum
Guru
 
Posts: 6073
Likes: 1171 posts
Liked in: 1412 posts
Joined: May 10th, 2011, 8:08 pm

Re: 2017 Saving and Investment Thread

Postby Ka-El » Dec 28th, 2017, 11:48 am

forum wrote:In June the price of a single Bitcoin was $3700 CAD.

So, is that the minimum investment? One coin?
What did Forrest Gump say, "Stupid is as stupid does."? I think dimples has a new campaign slogan.
User avatar
Ka-El
Guru
 
Posts: 5999
Likes: 3180 posts
Liked in: 5440 posts
Joined: Oct 18th, 2015, 8:19 am

Re: 2017 Saving and Investment Thread

Postby GoStumpy » Dec 28th, 2017, 12:00 pm

Minimum reasonable investment I would say is ~$50.

One Bitcoin is divisible down to what they call a Satoshi, which is 100 millionth of a BTC, or 0.00000001.

There are many altcoins (alternative coins) that have amazing technology behind them that aim to solve many different kinds of problems we face today, they are far more than just a 'coin with value'. They can and will change the way the world works. Blockchain technology is here to stay no matter what Bitcoin does.
Disclaimer: My posts may contain honesty. May not be suitable for all audiences.
User avatar
GoStumpy
Lord of the Board
 
Posts: 3586
Likes: 257 posts
Liked in: 462 posts
Joined: Feb 27th, 2008, 11:47 pm

Re: 2017 Saving and Investment Thread

Postby Ka-El » Dec 28th, 2017, 12:26 pm

^ So, what's the deal? Can you give us an overview of how this technology works? The Coles Notes version?
What did Forrest Gump say, "Stupid is as stupid does."? I think dimples has a new campaign slogan.
User avatar
Ka-El
Guru
 
Posts: 5999
Likes: 3180 posts
Liked in: 5440 posts
Joined: Oct 18th, 2015, 8:19 am

Re: 2017 Saving and Investment Thread

Postby Jonrox » Dec 28th, 2017, 12:42 pm

The way it currently works is that you buy cryptocurrency using traditional currency and the record of your transaction is recorded on the blockchain that the crypto represents. You get charged a large transaction fee to complete this. You then sit on it because you can't actually transact in it with any companies and you convert it back into a traditional currency when you want to actually do something with the funds.

It's theoretically capable of doing a lot more than this, but due to technical limitations and market conditions it currently doesn't actually do anything useful.

Your $50 purchase of Bitcoin could actually cost you about $75 after taking into account the transaction fee.
Jonrox
Lord of the Board
 
Posts: 3711
Likes: 392 posts
Liked in: 2128 posts
Joined: Apr 14th, 2010, 1:09 pm

Re: 2017 Saving and Investment Thread

Postby GoStumpy » Dec 28th, 2017, 1:23 pm

^^^ Your ignorance shows through quite a bit.

Just keep taking little pieces of what you've heard and spreading that *bleep* around :130:
Disclaimer: My posts may contain honesty. May not be suitable for all audiences.
User avatar
GoStumpy
Lord of the Board
 
Posts: 3586
Likes: 257 posts
Liked in: 462 posts
Joined: Feb 27th, 2008, 11:47 pm

Re: 2017 Saving and Investment Thread

Postby Ka-El » Dec 28th, 2017, 1:39 pm

GoStumpy wrote:^^^ Your ignorance shows through quite a bit.

Your turn. So, what's the deal? Can you give us an overview of how this technology works? The Coles Notes version?
What did Forrest Gump say, "Stupid is as stupid does."? I think dimples has a new campaign slogan.
User avatar
Ka-El
Guru
 
Posts: 5999
Likes: 3180 posts
Liked in: 5440 posts
Joined: Oct 18th, 2015, 8:19 am

Re: 2017 Saving and Investment Thread

Postby GoStumpy » Dec 28th, 2017, 1:43 pm

Why is it my job to individually teach you about this?

I have a fulltime job, a young family, and a lot of crypto mining rigs I'm maintaining right now, time is something I don't have much of. You can google it, you can Wikipedia it...

Basically Bitcoin was the revolutionary starter. It is the daddy crypto. 8 years later, there have been many other ones that use the same principles that bitcoin started with and built on them.

Ethereum is a great example, it is almost a programming language in how it works. I don't understand it in the least, so I can't explain how it works. But I do know it works, and hundreds or thousands of amazing things are happening because of it, and on top of it. Medical breakthroughs, recordkeeping, etc...

One big one that I can see coming is VOTING, you vote on the blockchain, everyone has their own personal voting ID, it is absolutely private, who you are, but the vote itself is open for everyone to see, it is untamperable, impossible to fake, duplicate, remove, it's there forever.

That's all I got, I need to get back to work :p
Disclaimer: My posts may contain honesty. May not be suitable for all audiences.
User avatar
GoStumpy
Lord of the Board
 
Posts: 3586
Likes: 257 posts
Liked in: 462 posts
Joined: Feb 27th, 2008, 11:47 pm

Re: 2017 Saving and Investment Thread

Postby Jonrox » Dec 28th, 2017, 2:47 pm

All I've done is share my opinion... an opinion that is shared by many experts. I share what I think and then also give links to a few articles that have a similar train of thought.

Blockchain does not mean cryptocurrency. I think some people confuse the two. In GoStumpy's example of voting, he's most correct that blockchain techonology could be used in voting systems. However, such a system would not take place using the Bitcoin cryptocurrency... that's not how Bitcoin works.

When it comes to Ethereum, it's primary use to date has been in the trading of virtual kittens in the game CryptoKitties, accounting for over 10% of transactions at one point in December.
Jonrox
Lord of the Board
 
Posts: 3711
Likes: 392 posts
Liked in: 2128 posts
Joined: Apr 14th, 2010, 1:09 pm

Re: 2017 Saving and Investment Thread

Postby GoStumpy » Dec 28th, 2017, 3:03 pm

How is up to 10% of it's transactions 'primary use to date'? It's just what you saw in the news the most :up:

The kitties game I'm pretty sure was an early example of how to build on the platform, merely an early (entertaining, obviously) execution of it's capabilities.
Disclaimer: My posts may contain honesty. May not be suitable for all audiences.
User avatar
GoStumpy
Lord of the Board
 
Posts: 3586
Likes: 257 posts
Liked in: 462 posts
Joined: Feb 27th, 2008, 11:47 pm

Re: 2017 Saving and Investment Thread

Postby Ka-El » Dec 28th, 2017, 3:47 pm

GoStumpy wrote:Why is it my job to individually teach you about this?

I am just looking for the Coles Notes version and you were presenting yourself as knowledgeable in the subject. I am not trying to challenge you. I am sincerely interested in learning more, but it is not important enough that I would try and decipher some of the gobblegook used to explain it on some websites. If someone could provide an abbreviated version of how trading in bitcoin works, it might be enough to motivate me to investigate further. Definitely not anyone's job. Looking for volunteers.

p.s. the use of blockchains for all these other purposes does sound intriguing but isn't that off topic?
What did Forrest Gump say, "Stupid is as stupid does."? I think dimples has a new campaign slogan.
User avatar
Ka-El
Guru
 
Posts: 5999
Likes: 3180 posts
Liked in: 5440 posts
Joined: Oct 18th, 2015, 8:19 am

PreviousNext

Return to Bickering Room

Who is online

Users browsing this forum: CommonCrawl [Bot] and 1 guest