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12-17-2017, 08:18 AM
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#141
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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Quote:
Originally Posted by redduck
Courtesy of CNN Financial re: BITCF
Today’s Trading
Previous close1.55
Today’s open1.10Day’s range1.10 - 1.88
Volume2,120,573
Average volume (3 months)1,240,036
Market cap$472.7M
Data as of 3:58pm ET, 12/15/20
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I do not understand what this company has to do with bitcoin?
From the companies own statements:
About First Bitcoin Capital Corp
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- Bitcoin Exchange – Your Source For Secure Bitcoin Exchange. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as well as crypto exchanges under the unified symbol BITCF) we want to provide our shareholders with diversified exposure to digital crypto currencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
Bitcoin Exchange – Your Source For Secure Bitcoin Exchange cryptocurrency exchange, registered with FinCEN.
https://www.omniwallet.org/assets/details/309 Latest Active ICO for Loyalty (FLY)
www.altcoinmarketcap.com market capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.Alphabitcoinfund.com world's first crypto ETF.
Strain ID » Identify Your Strain cannabis strains genetic information depository on decentralized Blockchain.
iCoinNews real time cryptocurrency and Bitcoin news site.
Bitminer providing mining pool management services.
www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
BITCannPay » Payment Solutions Open Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: OmnExplorer.info - Address Lookup
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: OmnExplorer.info - Address Lookup
Third (managed) Omni wallet including assets owned and/or managed by COINQX: OmnExplorer.info - Address Lookup
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12-17-2017, 09:03 AM
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#142
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Moderator
Join Date: Nov 2014
Posts: 9,101
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Quote:
Originally Posted by NYEXPAT
I do not understand what this company has to do with bitcoin?
From the companies own statements:
About First Bitcoin Capital Corp
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- Bitcoin Exchange – Your Source For Secure Bitcoin Exchange. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as well as crypto exchanges under the unified symbol BITCF) we want to provide our shareholders with diversified exposure to digital crypto currencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
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I'm not sure what it has to do with Bitcoin specifically, but it is a company that is more in line with my thinking. I most likely missed the boat on Bitcoin. However, if this is the next "thing", then there should be many down stream impacts where money can be made. Having a company that has expertise and is looking at this holistically, may be one way to play this. Of course, I know nothing about this particular company, but I will try to do some research on it and, much like Bitcoin was early on, the stock is cheap enough that a few hundred shares is like gambling. I'm not a high roller, but heck, I like to gamble.
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12-17-2017, 10:05 AM
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#143
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Quote:
Originally Posted by redduck
Courtesy of CNN Financial re: BITCF
Today’s Trading
Previous close1.55
Today’s open1.10Day’s range1.10 - 1.88
Volume2,120,573
Average volume (3 months)1,240,036
Market cap$472.7M
Data as of 3:58pm ET, 12/15/20
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Re: BITCF - pretty sure it's a joke on all of us. Replace the F with an H and you'll see what it's going to make everyone who pays the current price.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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12-17-2017, 10:08 AM
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#144
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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Quote:
Originally Posted by Jerry1
I'm not sure what it has to do with Bitcoin specifically, but it is a company that is more in line with my thinking. I most likely missed the boat on Bitcoin. However, if this is the next "thing", then there should be many down stream impacts where money can be made. Having a company that has expertise and is looking at this holistically, may be one way to play this. Of course, I know nothing about this particular company, but I will try to do some research on it and, much like Bitcoin was early on, the stock is cheap enough that a few hundred shares is like gambling. I'm not a high roller, but heck, I like to gamble.
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Started in 1989 as a small Canadian mining company trading on the Toronto exchange (tell you anything). Go for it, but if I wanted cheap I would put my money in Ripple. If I wanted stock I would look at John McAfee's new company.
Really interesting to me is the proposed deal with Hernando de Soto and Overstock.com to use blockchain to create a worldwide property registry.
Besides being one of the worlds great economists, He is one of our great FIRE examples!
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12-17-2017, 10:19 AM
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#145
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by NYEXPAT
I do not understand what this company has to do with bitcoin?
From the companies own statements:
About First Bitcoin Capital Corp
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-
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Other than it's name, I'm not sure it has anything to do with bitcoin. I just picture two or three guys sitting around figuring how to make big, easy and money and coming up with the name BITcoin Capital and using the word "developing" as often as they could.
This whole thing sounds so much like the Dot.com era. Lots of those companies had nothing to sell but the dot.com after their names. And, that was enough. The same thing happened in the South Sea Bubble era. But, what this really sounds like (to me) was:
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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12-17-2017, 10:20 AM
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#146
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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The Mississippi Company Adds Fuel to the Fire
Not long after the emergence of the SSC, another British company, the Mississippi Company, established itself in France. The company was the brainchild of an exiled Brit named John Law. His idea wasn't so much based in trade, but in switching the monetary system from gold and silver into a paper currency system. The Mississippi Company caught the attention of all the continental traders and gave them a space to put their hard-earned dollars. Soon the worth of the Mississippi Company's stock was worth 80 times more than all the gold and silver in France. Law also began collecting defunct companies to add to his massive conglomerate.
This success on the continent stirred British pride, and, believing that British companies could not fail, British investors were desperate to invest their money. They were blind to many indications that the SSC was run too poorly to break even (whole shipments of wool were misdirected and left decaying in foreign ports), and people wanted to buy even more stocks. The South Sea Company and others made a point of giving people what they wanted. The demand for investments caused IPOs to sprout out of everything, including companies that promised to reclaim sunshine from vegetables and to build floating mansions to extend Britain's landmass. They all sold like mad.
Read more: Market Crashes: The South Sea Bubble https://www.investopedia.com/feature...#ixzz51XVggDsU
Follow us: Investopedia on Facebook
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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12-17-2017, 10:26 AM
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#147
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,842
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BITCF - is like an index fund of cryptocurrencies.
They are a miner of bitcoin and several other crypto currencies, are creating software to sit on top of cryptocurrencies in order to allow transactions to occur and hold all their cash in various cryptocurrencies. It is not a bitcoin play as much as a company play that they will be able to use the technology. So far in the first nine months they made about 2 cents per share in earnings from cryptocurrencies. One could assume since they held $800,000 in crypto currencies they would have a gain of about 1.6 million in the fourth quarter so far about 5 cents per share. So at 7 cents yearly earnings it is selling for about a 250PE. A vary expensive way of getting exposure to the entire cryptocurrency universe and hoping their products become a standard to use.
Keep in mind that the originator of bitcoin envisioned taking until 2035 for bitcoin to be fully capable of being utilized. There is plenty of time for crashes and comebacks.
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12-17-2017, 10:43 AM
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#148
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,842
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Quote:
Originally Posted by redduck
The Mississippi Company Adds Fuel to the Fire
Not long after the emergence of the SSC, another British company, the Mississippi Company, established itself in France. The company was the brainchild of an exiled Brit named John Law. His idea wasn't so much based in trade, but in switching the monetary system from gold and silver into a paper currency system. The Mississippi Company caught the attention of all the continental traders and gave them a space to put their hard-earned dollars. Soon the worth of the Mississippi Company's stock was worth 80 times more than all the gold and silver in France. Law also began collecting defunct companies to add to his massive conglomerate.
This success on the continent stirred British pride, and, believing that British companies could not fail, British investors were desperate to invest their money. They were blind to many indications that the SSC was run too poorly to break even (whole shipments of wool were misdirected and left decaying in foreign ports), and people wanted to buy even more stocks. The South Sea Company and others made a point of giving people what they wanted. The demand for investments caused IPOs to sprout out of everything, including companies that promised to reclaim sunshine from vegetables and to build floating mansions to extend Britain's landmass. They all sold like mad.
Read more: Market Crashes: The South Sea Bubble https://www.investopedia.com/feature...#ixzz51XVggDsU
Follow us: Investopedia on Facebook
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John Law’s idea, which I presume are posted here to mock trading in speculative instruments, were to create capital stock markets, paper currency and a central bank that could control the money supply instead of gold and silver being the sole instrument of currency, at the direction of the nation’s (France) control. Previously nations had used gold, silver and debt to finance governments and process debt.
After issuing the shares, he used the money to offer low interest loans to industry to build in France in an attempt to prop up the economy. All of his ideas would today be called Central Bank standard moves. But alas at that time the shares could be redemeed at face value for coin, something current central bankers have been clever to prevent, but France did not have enough gold and silver to buy the shares back, and the first stock market fiasco was born.
John law was exiled and lived a life in poverty thereafter a shunned man. However this was the start of government controlled stock markets and central banks which had previously been private affairs and led directly to our present system which is so prized.
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12-17-2017, 11:03 AM
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#149
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by Running_Man
John Law’s idea, which I presume are posted here to mock trading in speculative instruments....
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No, not to mock at all. I don't know enough about this topic (I'm not even sure what exactly the topic is) to even consider mocking. I just thought I saw similarities in the manias.
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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12-17-2017, 04:37 PM
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#150
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Moderator
Join Date: Nov 2014
Posts: 9,101
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Quote:
Originally Posted by Running_Man
A vary expensive way of getting exposure to the entire cryptocurrency universe and hoping their products become a standard to use.
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But if even one of their products become a standard to use, wouldn't it actually be a very cheap way of getting exposure?
I'm not talking about doing/buying something crazy, but if there really is "the next thing" happening, I want to try to get in on it. I'm not going to squander a life's savings on it, but when I here/see people say that "if you'd have bought Amazon" or whatever in the beginning, a $1,000 would be $1M today, I want to be on the lookout for the next Amazon. Some people had the foresight to see these new things. How did they do that? Dumb luck?
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12-17-2017, 05:25 PM
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#151
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by Jerry1
... I'm not going to squander a life's savings on it, but when I here/see people say that "if you'd have bought Amazon" or whatever in the beginning, a $1,000 would be $1M today...
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Beware of the law of unintended consequences. Anyhow, when I was a very young child, apparently my father put all his money into a South Sea scam. Lost our home. Lost everything. Luckily, his brother had a hovel in the Shetland Islands where we could stay. Now, here's where the law of unintended consequences comes in: My father's job was to take care of the sheep on my uncle's farm. My father was a rather dour man, but after a week tending sheep, he started coming back to the hovel at the end of the day with a smile on his face. He seemed happy for a man who had lost it all and he sure slept well. Now my mom, who basically was a calm, unflappable person also began to experience a personality change. She became irritable, short-tempered and weirdly kind of jealous--which seemed crazy to me. I mean, it was only him, her and some sheep--what was there to be jealous about?
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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12-17-2017, 05:43 PM
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#152
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by Jerry1
... I want to be on the lookout for the next Amazon. Some people had the foresight to see these new things. How did they do that? Dumb luck?
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Wikipedia says:
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Nakamoto created a website with the domain name bitcoin.org and continued to collaborate with other developers on the bitcoin software until mid-2010. Around this time, he handed over control of the source code repository and network alert key to Gavin Andresen, transferred several related domains to various prominent members of the bitcoin community, and stopped his involvement in the project. Until shortly before his absence and handover, Nakamoto made all modifications to the source code himself.
To this day, we do not know who Satoshi Nakamoto is. He never appeared in public, and has not been active since 2010, and also has not spent any of the million bitcoins he mined.
... Except for test transactions these remain unspent since mid January 2009. The public bitcoin transaction log shows that Nakamoto's known addresses contain roughly one million bitcoins. As of 17 December 2017, this is worth over 19 billion USD. This makes him the 44th richest person on earth.
Bitcoins were not considered serious at first. I think programmers who participated early thought of it as a game. Hence, someone paid 10,000 bitcoins for a pizza. And a Web site said "Gavin Andresen, a coder in New England who bought 10,000 bitcoins for $50 created a website, ‘Bitcoin Faucet’ in 2010, and he gave away all those coins just because."
Bitcoin has some very novel concepts, and is said to be the first scheme that solved the double-spending problem in an environment without central oversight. However, as the 1st implement it has some drawbacks that newer proposed schemes are trying to improve on.
__________________
"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)
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12-17-2017, 06:27 PM
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#153
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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Now that trading on the CME is open, the spread on the front month contract is down from $400 to $40. So much for arbitrage for the little guy.
On the CME 1 contract = 5 bitcoins.
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12-17-2017, 08:52 PM
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#154
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Jalisco, Mexico
Posts: 1,745
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Quote:
Originally Posted by redduck
I mean, it was only him, her and some sheep--what was there to be jealous about?
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Reminds me of the old line "Where men are men and the sheep are nervous"
LOL
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12-18-2017, 01:07 AM
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#155
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Full time employment: Posting here.
Join Date: Jan 2005
Posts: 587
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Quote:
Originally Posted by NYEXPAT
Started in 1989 as a small Canadian mining company trading on the Toronto exchange (tell you anything). Go for it, but if I wanted cheap I would put my money in Ripple. If I wanted stock I would look at John McAfee's new company.
Really interesting to me is the proposed deal with Hernando de Soto and Overstock.com to use blockchain to create a worldwide property registry.
Besides being one of the worlds great economists, He is one of our great FIRE examples!
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What is Ripple exactly? It's not exactly a currency but an exchange?
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12-18-2017, 08:02 AM
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#156
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,842
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Quote:
Originally Posted by Jerry1
But if even one of their products become a standard to use, wouldn't it actually be a very cheap way of getting exposure?
I'm not talking about doing/buying something crazy, but if there really is "the next thing" happening, I want to try to get in on it. I'm not going to squander a life's savings on it, but when I here/see people say that "if you'd have bought Amazon" or whatever in the beginning, a $1,000 would be $1M today, I want to be on the lookout for the next Amazon. Some people had the foresight to see these new things. How did they do that? Dumb luck?
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For the $1.55 per share you are paying you are getting $0.10 of crypto-currencies and paying $1.45 per share for technology they bought for $0.01. Whether they are successful or not is the gamble, you and management are sharing. However the differential in cost you are paying is 145X what the company paid in execution of their strategy. At 20-30 cents per share it is a gamble that may pay off, at current prices I think it is expensive, however one of the few ways to invest in this currently if you are of that mind.
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12-18-2017, 08:54 AM
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#158
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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They are looking at using the technology behind the blockchain concept to manage and to log transport data. Not sure about it having to do with them using any of the current cryptocurrency to manage payment, though it is possible.
About blockchain technology, some businesses including banks also said they were looking to apply it. And there can be many blockchains to track a myriad of things, and they may not have much to do with one another.
This technology may be like the Internet. No government or a business monopoly has total control of it. But that does not mean the end users like us can string wire and fiber optical cables between our homes and do without ISP's, cable, telcos, and wireless carriers.
__________________
"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)
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12-18-2017, 09:24 AM
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#159
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,001
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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.
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12-18-2017, 09:35 AM
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#160
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Full time employment: Posting here.
Join Date: Jan 2005
Posts: 587
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Quote:
Originally Posted by NW-Bound
They are looking at using the technology behind the blockchain concept to manage and to log transport data. Not sure about it having to do with them using any of the current cryptocurrency to manage payment, though it is possible.
About blockchain technology, some businesses including banks also said they were looking to apply it. And there can be many blockchains to track a myriad of things, and they may not have much to do with one another.
This technology may be like the Internet. No government or a business monopoly has total control of it. But that does not mean the end users like us can string wire and fiber optical cables between our homes and do without ISP's, cable, telcos, and wireless carriers.
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I'm trying to understand it but I'm not sure I get it.
Bitcoin is like a currency but it's more like a ledger with a credit for work performed for the blockchain?
Etherium is a blockchain with two componants, one to keep track of goods and the coin that provides the transaction data and allows a transaction of goods?
And Ripple is like a central bank that exchanges the cryptocurrencies?
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