|
|
12-22-2017, 04:33 PM
|
#201
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
This time will be different, in that it will rise 200% after the dip.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
12-22-2017, 04:59 PM
|
#202
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
|
Quote:
Originally Posted by Teacher Terry
We decided at this point a bird in the hand was better so cashed out 60k. We still have some that we are going to let ride.
|
Well , that was Brilliant
|
|
|
12-22-2017, 05:06 PM
|
#203
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Well, Confucius, or was it Socrates or Plato, once said:
"$60K of fiat money in hand is worth $1M of bitcoins in the bush".
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-22-2017, 08:50 PM
|
#204
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
|
Quite the turnaround, it is up 4.5% on the day!
|
|
|
12-22-2017, 11:07 PM
|
#205
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,239
|
Anything with that much volatility is not an investment but gambling...
I am not going to gamble with these prices.... but good on you that you have made money...
|
|
|
12-22-2017, 11:15 PM
|
#206
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
If one is sure that the price always goes back up, he welcomes volatility for a chance to buy more at a lower price.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-23-2017, 02:38 AM
|
#207
|
Full time employment: Posting here.
Join Date: Jan 2005
Posts: 587
|
Quote:
Originally Posted by Mr._Graybeard
Also this:
As Redd Foxx used to say, "Mix it with champagne, and you have 'champipple.'"
|
My son bought 900 shares of Ripple at $.24. When he called to tell me about it and said the name I thought of liquor.
|
|
|
12-23-2017, 07:33 AM
|
#208
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
|
Quote:
Originally Posted by Texas Proud
Anything with that much volatility is not an investment but gambling...
I am not going to gamble with these prices.... but good on you that you have made money...
|
I do not think of it as an investment (at these prices) either and I would not own "crypto's" outright. I am trying to get a handle on them for when some of them become more mainstream. I have questions and concerns regarding "crypto exchanges safety"and prefer to deal with Nasdaq,NYSE, CME,CBOE.
My lone foray into this was buying a futures contract on the CME and selling 10 shares of GBTC (The bitcoin trust). The price of Bitcoin makes no difference to me. My interest lies in the premium to NAV on the Bitcoin trust which has been upward of 100%. Generally speaking if the price of Bitcoin would go down, theoretically the premium on NAV of GBTC should follow. On high volatility days like yesterday, I do not believe that was the case.
I used to be a futures trader for a mega multinational (30 years ago) and have not traded futures for 30 years now. I anticipate the NYSE will come out with a long/short ETF in 2018 and possibly a myriad of other derivatives, so I view this as strictly brushing off the cobwebs from my brain, which does not react as fast as it used too. BTW Bitcoin is up 40% from yesterdays lows!
|
|
|
12-23-2017, 09:15 AM
|
#209
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,239
|
One of the big problems that I have with crypto currency is that there is no limiting supply... sure, there is a max number of Bitcoin, but we already know of a number of other 'currencies' (I do not know how people can call them currency but that is another discussion)....
And there is no barrier to entry... IOW, we could have millions/billions of different bit currencies out there... and the only value they have is what can I sell them to somebody else for...
I can see where people are going to be buying some other bit with their current bits and hoping the new bits go up faster... and the person who they bought it from is hoping THEIR bits go up faster..
And this does not factor in that there is going to be continuous losses of these bits over time... and if you lose your bits you have nothing...
|
|
|
12-23-2017, 09:54 AM
|
#210
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by Texas Proud
One of the big problems that I have with crypto currency is that there is no limiting supply... sure, there is a max number of Bitcoin, but we already know of a number of other 'currencies' (I do not know how people can call them currency but that is another discussion)....
And there is no barrier to entry... IOW, we could have millions/billions of different bit currencies out there... and the only value they have is what can I sell them to somebody else for...
I can see where people are going to be buying some other bit with their current bits and hoping the new bits go up faster... and the person who they bought it from is hoping THEIR bits go up faster...
|
Yes, bits are fungible.
Gold and diamonds are not as useful as their prices suggest, but mining them takes a lot of work. The difficulty in "mining" bitcoins is artificially mandated. Hence, it took no time for people to create alternate blockchains, and we have 1,200 of them already.
Imagine beanie babies whose authenticity can be guaranteed by cryptography. In other words, suppose there were a way to make sure that there were only 21 million beanie babies made, and there were absolutely no more that could be made.
Would those 21 million beanie babies become $16,000 each? And then, people would come out with "baggie babies", or "ricy babies", or "lumpy babies", etc... Would all these babies, along with the original beanies, take over the entire world's wealth?
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-23-2017, 03:31 PM
|
#211
|
gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
|
Here’s a fun little forecast from Wikipedia:
A World Economic Forum report from September 2015 predicted that by 2025 ten percent of global GDP would be stored on blockchains technology.
2016 world GDP is 126 trillion
|
|
|
12-23-2017, 03:49 PM
|
#212
|
gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
|
Was there any forecast on beanie babies or tulips? We’re those assets traded globally? Did they have their own dedicated exchanges? I fail to see any similarities
|
|
|
12-23-2017, 04:05 PM
|
#213
|
Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,974
|
Quote:
Originally Posted by NW-Bound
The difficulty in "mining" bitcoins is artificially mandated. Hence, it took no time for people to create alternate blockchains, and we have 1,200 of them already.
|
I also have to wonder whether that "mining" mandate could be overcome through technological means. Fracking revolutionized the energy industry; I'd be surprised if some software engineer somewhere wasn't working right now to crack the bitcoin code. The payoff could be stupendous; of course, the impact on the market would be catastrophic.
|
|
|
12-23-2017, 05:08 PM
|
#214
|
Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,730
|
Quote:
Originally Posted by tinlizzy
My son bought 900 shares of Ripple at $.24. When he called to tell me about it and said the name I thought of liquor.
|
Ripple was my choice of beverage during my self-funded college years! I even had a cat named Ripple.
__________________
*********Go Yankees!*********
|
|
|
12-23-2017, 05:31 PM
|
#215
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by Mr._Graybeard
I also have to wonder whether that "mining" mandate could be overcome through technological means. Fracking revolutionized the energy industry; I'd be surprised if some software engineer somewhere wasn't working right now to crack the bitcoin code. The payoff could be stupendous; of course, the impact on the market would be catastrophic.
|
If a programmer finds a super way to encode and add a new block to the blockchain faster than anybody else, he would earn all the rewards, meaning all the coins that are allowed for each block generation. Even then, he is still limited to the 21 million coins that are allowed to exist.
That is not the same as if someone finds a way to break the authentication code. This means he can be an imposter of anybody and steal all his coins. However, if someone manages to do that, he can also break a lot of computer security systems used in banking and commerce.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-23-2017, 06:02 PM
|
#216
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by 97guns
Here’s a fun little forecast from Wikipedia:
A World Economic Forum report from September 2015 predicted that by 2025 ten percent of global GDP would be stored on blockchains technology.
2016 world GDP is 126 trillion
|
Blockchain concept is useful and people are thinking of applications for it. It does not mean that Bitcoin or any of its current knockoffs will become more and more valuable.
Back in the late 1990s, it was widely anticipated that the Internet would become more and more important. It did not mean that AOL, one of the largest ISPs then would become a dominant factor. AOL did appear formidable for a while and managed to take over Time Warner, which was arguably worth more than AOL. People, including Time Warner management and shareholders did not realize that the Internet was important, but one did not have to get to the Internet via AOL.
Suppose AOL said it would limit the number of subscribers to 21 million. One better hurried up to get a subscription, because when it ran out there would be no more. This kind of artificial limit would not work because who said you had to go through AOL to get to the Internet?
Bitcoin is the first implementation of blockchains. It is not the only blockchain that can exist.
See Wikipedia: https://en.wikipedia.org/wiki/List_of_cryptocurrencies
The number of cryptocurrencies available over the internet as of 27 November 2017 is over 1324 and growing. A new cryptocurrency can be created at any time...
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-23-2017, 06:09 PM
|
#217
|
Full time employment: Posting here.
Join Date: Dec 2013
Location: San Diego
Posts: 880
|
Quote:
Originally Posted by NW-Bound
Blockchain concept is useful and people are thinking of applications for it. It does not mean that Bitcoin or any of its current knockoffs will become more and more valuable.
Back in the late 1990s, it was widely anticipated that the Internet would become more and more important. It did not mean that AOL, one of the largest ISPs then would become a dominant factor. AOL did appear formidable for a while and managed to take over Time Warner, which was arguably worth more than AOL. People, including Time Warner management and shareholders did not realize that the Internet was important, but one did not have to get to the Internet via AOL.
Suppose AOL said it would limit the number of subscribers to 21 million. One better hurried up to get a subscription, because when it ran out there would be no more. This kind of artificial limit would not work because who said you had to go through AOL to get to the Internet?
Bitcoin is the first implementation of blockchains. It is not the only blockchain that can exist.
See Wikipedia: https://en.wikipedia.org/wiki/List_of_cryptocurrenciesThe number of cryptocurrencies available over the internet as of 27 November 2017 is over 1324 and growing. A new cryptocurrency can be created at any time...
|
+1 Great commentary, thanks.
__________________
Merrily, merrily, merrily, merrily,
Life is but a dream.
|
|
|
12-23-2017, 08:57 PM
|
#218
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,934
|
Just curious: bitcoin miners are compensated with new bitcoins, right?
How will miners be compensated when the 21m bitcoin limit has been hit?
Who or what will maintain the blockchain?
__________________
And if I claim to be a wise man, it surely means that I don't know.
|
|
|
12-23-2017, 09:19 PM
|
#219
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
According to Wikipedia article on bitcoin:
Paying a transaction fee is optional. Miners can choose which transactions to process and prioritize those that pay higher fees. Fees are based on the storage size of the transaction generated, which in turn is dependent on the number of inputs used to create the transaction. Furthermore, priority is given to older unspent inputs.
If you are cheap and willing to pay just a penny for someone to encode your transaction, it may never get recorded on the blockchain.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-23-2017, 11:36 PM
|
#220
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,239
|
Was talking to my brother this evening and he paid for dinner... said it was a good year... I asked... do you have bitcoin? He said 'did you watch Big Bang?'.... said he was like that... had a couple of coins way back when but forgot them on his companies laptop which they took back when he left...
Not sure, but he said 2 other coins actually have a higher % gain this year than bitcoin... so if you bought into it you picked wrong (if he is right that is)...
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|