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Christian Gamer Jolee
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re: Bit coin

I was just wondering if anyone is involved with bitcoin?
Thought it might be a cool discussion thread?
Me personally I entered into the party very late lol.
Towne
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re: Bit coin

not sure what it is


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re: Bit coin

What prompted you to "enter the party" at this point?


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re: Bit coin

Bit coin is a currency that someone created at some point and that's about all I know about it. I do know people mine for bit coins by computing complex mathematical equations.
Christian Gamer Jolee
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re: Bit coin

Well I bought in at 10k a coin it is now up to 13.5k now. Lol I own like.000000004 of a coin lol. But profit is better then no profit. Had I know back in 2008. I would be in some cash.
Jedi Vadis wrote:
What prompted you to "enter the party" at this point?
Bazak12
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re: Bit coin

mmmm, not gonna touch crypto currency with a 20 AU poll tbh. its only value is its scarcity and security, there is nothing backing it in terms of material value, not that the dollar is actually backed by anything anymore, but at least it has the force of government behind it, if nothing else.

also mining for coins at this point is a fools errand, the "value" return is pretty low without knowing what your doing and specialized mining computers, as you have to consider the cost of the initial buy in for the computers, the GPU's that are needed for mining are well over a thousand dollars, and then the cost of electricity and parts replacement.
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re: Bit coin

two kinds of people make a profit with crypto currency. "exchanges" and thieves.


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Towne
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re: Bit coin

All i know is my wife wants a metal detector and wants to scavage for precious stones


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re: Bit coin

what mathematical equations they are computing and what for?


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re: Bit coin

well have fun reading Aeryn, https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
and for how the math works, https://www.coindesk.com/math-behind-bitcoin/

cuz i ain't got the degree of understanding that i would need to explain it.
Armethis
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re: Bit coin

Basically, bit coin is derived from an online currency that was created to allow bad folks to buy drugs, and other illegal goods, on the "silk road". The silk road was shut down but the digital currency idea kept on going. Now there are a number of different digital "coins", the most notable is the bit coin.

As has been mentioned, there is nothing backing the digital currency. That is also true of our dollar for the most part. That really isn't the issue though. It's that there's no insurance like you have with a financial institution. Someone robs your bank - they are insured - you get your money back. Someone steals your digital currency - you are out of luck.

I have a co-worker who is into it and has had a half a coin stolen. He claims it is because the way he was "storing" it digitally was not secure. I say, it is only as secure as it's software, and that is only as smart as the people who wrote it. Someone smarter comes along.....

Have I ever told you guys about the fool and his money??


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Christian Gamer Jolee
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re: Bit coin

In my opinion, it is no different than the stock market.
But I would only invest in stock what I am willing to lose tomorrow same with bitcoin:-).
I was just curious if anyone had invested early on.
I will not be investing anymore :-).
I own more stock, that I invested in high school as a class project.
Lol it is going nowhere tongue out.
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re: Bit coin

My first rule of investing is, don't invest in something I don't understand.

Second rule (this one I made up for myself) is, if it's getting a lot of hype, it's overvalued and due for a major price correction and/or collapse.

Third rule is, if it's based in something immoral or has a history as such, God will strike it down. Generally, He will do so in a way that takes down many of its devotees as well, in a way that serves as an object lesson.

The elephant in the room concerning cryptocurrencies is the various legal-tender laws around the world. IF I were involved in cryptocurrencies, I would proceed as though my government could declare them unlawful tender at any time. With no prior notice. As if their fiat-money Fed notes are any better, but as Intrepid observed, they are backing their fiat currency with guns.


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re: Bit coin

Christian Gamer Jolee wrote:
In my opinion, it is no different than the stock market.
But I would only invest in stock what I am willing to lose tomorrow same with bitcoin:-).
I was just curious if anyone had invested early on.
I will not be investing anymore :-).
I own more stock, that I invested in high school as a class project.
Lol it is going nowhere tongue out.

At your likely level of involvement in the stock market, I'd sell the non-performing stock and invest the proceeds in a good-quality mutual fund. Better diversification, and the advantage of being run by professional stock-pickers.


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Peregrine Warpthorn
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re: Bit coin

Armethis wrote:
Basically, bit coin is derived from an online currency that was created to allow bad folks to buy drugs, and other illegal goods, on the "silk road". The silk road was shut down but the digital currency idea kept on going. Now there are a number of different digital "coins", the most notable is the bit coin.

As has been mentioned, there is nothing backing the digital currency. That is also true of our dollar for the most part. That really isn't the issue though. It's that there's no insurance like you have with a financial institution. Someone robs your bank - they are insured - you get your money back. Someone steals your digital currency - you are out of luck.

I have a co-worker who is into it and has had a half a coin stolen. He claims it is because the way he was "storing" it digitally was not secure. I say, it is only as secure as it's software, and that is only as smart as the people who wrote it. Someone smarter comes along.....

Have I ever told you guys about the fool and his money??


Yeah this is pretty much it. It's *very* dirty money used to purchase all manner of things on the dark net and as Armethis mentioned, previously the silk road.


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