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 Post subject: Re: Bitcoin
PostPosted: Mon Jan 01, 2018 11:48 am 
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Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7071
Quote:
The original intended use of the blockchain was to power currencies like bitcoin — a way to store and exchange value much like any other currency. Visa and MasterCard were dinosaurs, everyone proclaimed, because there was now a costless, instant way to exchange value without the middleman taking a cut. A revolution in banking was just the start… governments, unable to issue currency by fiat anymore, would take a back seat as individual citizens transacted freely outside any national system.

It didn’t take long for that dream to fall apart. For one thing, there’s already a costless, instant way to exchange value without a middleman: cash. Bitcoins substitute for dollars, but Visa and MasterCard actually sit on top of dollar-based banking transactions, providing a set of value-added services like enabling banks to track fraud disputes, and verifying the identity of the buyer and seller. It turns out that for the person paying for a product, the key feature of a new payment system — think of PayPal in its early days — is the confidence that if the goods aren’t as described you’ll get your money back. And for the person accepting payment, basically the key feature is that their customer has it, and is willing to use it. Add in points, credit lines, and a free checked bag on any United flight and you have something that consumers choose and merchants accept. Nobody actually wants to pay with bitcoin, which is why it hasn’t taken off.


https://hackernoon.com/ten-years-in-nob ... e98c180100

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 Post subject: Re: Bitcoin
PostPosted: Mon Jan 01, 2018 1:43 pm 
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Property Magnate

Joined: Jan 7, 2008
Posts: 589
snaps wrote:
imho government was/is designed to protect the weak.


:lol:

Look if you're happy with Visa/MC having a veto on what you can do, that's fine. Bitcoin is not for you. But not everyone is like that.


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 Post subject: Re: Bitcoin
PostPosted: Mon Jan 01, 2018 10:09 pm 
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Of Systemic Importance

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Posts: 7071
tinneym wrote:
Look if you're happy with Visa/MC having a veto on what you can do, that's fine. Bitcoin is not for you. But not everyone is like that.


Quote:
According to BitInfoCharts, the median Bitcoin transaction fee on December 30 was $16.04, and there were a few days where it was more than $30 per day earlier in the month.


Makes Visa debit seem somewhat cheap...but hey, the cost of freedom?

https://www.forbes.com/sites/ktorpey/20 ... 9376f929da

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 Post subject: Re: Bitcoin
PostPosted: Tue Jan 02, 2018 6:27 pm 
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Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7071
Quote:
Bitcast is a service that tracks the real-time value of Bitcoin, Ethereum, and Litecoin in US dollars, on a chart that syncs with a line of internet-connected Lovense sex toys. When the value goes up, the vibrations intensify. When it goes down, the vibes back off. When the cryptocurrency bubble inevitably bursts, the toy overheats and blows your dick off. Okay, not really, but weird shit does happen with internet connected toys.

The Lovense connected sex toy line offers standard Fleshlights and dildos, but also more discrete buttplugs, prostate massagers and vibrators, meaning you could feasibly wear a connected toy while you go about your day, sensing every change in Bitcoin price like a horny sixth sense. I mean, please don’t do this, but you could.

"The excitement surrounding cryptocurrency could only be hotter if it brought investors to climax!” Daryn Parker, vice president of CamSoda, told me in an email. “Now, in addition to the euphoria investors receive from their investment starting to take off, they’ll be able to simultaneously get off. Tracking your investment has never been more fun. It's the ultimate high, the ultimate experience and it’s what we’re all about here at CamSoda."


https://motherboard.vice.com/en_us/arti ... of-bitcoin

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 Post subject: Re: Bitcoin
PostPosted: Tue Jan 02, 2018 6:51 pm 
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IMF'd

Joined: Sep 13, 2007
Posts: 31444
Location: Tullamore
grumpy wrote:
Quote:
Bitcast is a service that tracks the real-time value of Bitcoin, Ethereum, and Litecoin in US dollars, on a chart that syncs with a line of internet-connected Lovense sex toys.


https://motherboard.vice.com/en_us/arti ... of-bitcoin

I think the arse is about to fall out of the market...

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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 10, 2018 7:17 pm 
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Old Time Landlord
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Joined: Nov 22, 2008
Posts: 388
Location: North America
yoganmahew wrote:
grumpy wrote:
Quote:
Bitcast is a service that tracks the real-time value of Bitcoin, Ethereum, and Litecoin in US dollars, on a chart that syncs with a line of internet-connected Lovense sex toys.


https://motherboard.vice.com/en_us/arti ... of-bitcoin

I think the arse is about to fall out of the market...


No, it's a temporary pullback. Some good buying opportunities today I see. :)


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 Post subject: Re: Bitcoin
PostPosted: Sat Jan 13, 2018 9:45 pm 
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Too Big to Fail

Joined: May 18, 2009
Posts: 4113
You can now buy or rent a bitcoin mining machine.

Quote:
Meet the Kodak-branded KashMiner
Kodak's stock has more than tripled this week, since the once-giant of photography announced a pivot into blockchain technology and cryptocurrency.

Part of their move is a Kodak-branded mining rig called the KashMiner, which was showcased at this year's CES. It's created and run by a company called Spotlite, and has licensed the Kodak name.


https://www.cnbc.com/2018/01/10/this-34 ... pivot.html

Erm, I don't recommend buying one.

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 Post subject: Re: Bitcoin
PostPosted: Tue Jan 16, 2018 10:54 pm 
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Private Tenant
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Joined: Apr 17, 2010
Posts: 49
Looks like a bloodbath on coinmarketcap due to Bitconnect ponzi scheme shutting down


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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 17, 2018 12:25 am 
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Old Time Landlord
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Joined: Nov 22, 2008
Posts: 388
Location: North America
The January sales are on. Good opportunity to snap up some cheap coins. :P


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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 17, 2018 2:11 pm 
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Property Magnate

Joined: Oct 23, 2011
Posts: 532
el diablo wrote:
The January sales are on. Good opportunity to snap up some cheap coins. :P


Back under $10k now.


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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 17, 2018 2:19 pm 
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Property Magnate

Joined: Oct 11, 2012
Posts: 676
Entire crypto market is worth around 500 billion dollars. Seems insane on any level. (Although if Bitcoin functioned better as an actual means of payment, one could argue that its value could eventually rival other real currencies.)


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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 17, 2018 3:55 pm 
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Old Time Landlord

Joined: Aug 30, 2015
Posts: 385
el diablo wrote:
The January sales are on. Good opportunity to snap up some cheap coins. :P


Why would anyone give out this type of advice when on any sane assessment the objective financial "value" of all these coins and tokens is essentially zero? I have yet to see an actual real world widespread adoption, or plan of adoption, of blockchain or other crypto technologies that will realistically produce much actual value in any of these coins.

Indeed what a nest of shills and financially-illiterate "investors" this phenomenon of pie-in-the-sky has produced! It has certainly pushed the dotcom bubble into the ha'penny place. A marketplace value of approx $750 billion at the height of the lunacy, simply unbelievable.


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 Post subject: Re: Bitcoin
PostPosted: Wed Jan 17, 2018 9:20 pm 
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Under CAB Investigation
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Joined: Mar 14, 2007
Posts: 2187
Quote:
Why would anyone give out this type of advice when on any sane assessment the objective financial "value" of all these coins and tokens is essentially zero?

Because they know it is a scam, and they know they need to feed the pyramid scheme.

It's disgusting what is going on. Most people "investing" in bitcoin know full well it is a pyramid scheme and hope to be out before the crash, and they are luring in the gullible. I was here 10 years ago warning about the property bubble, but this is worse, this is pure theft.

The value of a cryptocurrency is less than zero, because it requires computing power to maintain the worthless infrastructure.

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 Post subject: Re: Bitcoin
PostPosted: Thu Jan 18, 2018 4:56 am 
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Property Magnate

Joined: Jun 13, 2008
Posts: 635
You lot don't have a clue what's going on around blockchains, DAG and the innovations around digital currency.

Dont worry those of us that do dabble will be making a lot of money out of it for many years to come. A lot more than sticking in a bank getting eaten away by inflation and the taxman!

Bitcoin is not a scam it's completely transparent in how it operates . Bitcoin has crashed and boomed multiple times over the years. That is a normal.state of affairs for Bitcoin.

Also you are wrong this is not even close to the scale of the dot.com boom yet. You are misled by market capitalisations such as Ripple .

There are major new smart contract platforms coming through like Ethereum, Neo, Vechain and other innovations such as privacy currencies and anonymous contracts e.g. monero and NAV.
These platforms can be used for auditing gambling, smart contracts, financial transactions,trading, privacy data
lending copyrighting and more. They have an unprecedented level of TRUST which is not possible with previous centralised and walled off d.atabases

Next will be IOTA and Raiblocks and others which will go beyond blockchain.


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 Post subject: Re: Bitcoin
PostPosted: Thu Jan 18, 2018 7:57 am 
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Nationalised
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Joined: Apr 1, 2010
Posts: 9941
A Random Walk wrote:
The value of a cryptocurrency is less than zero, because it requires computing power to maintain the worthless infrastructure.

I don't know if people realise how much power. I certainly didn't.

Bitcoin uses more power than Ireland! The equivalent of a million transatlantic flights a year. Twenty megatonnes of CO2. Bitcoin kills cuddly polar bears!

https://www.theguardian.com/technology/ ... tocurrency

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