Intruders-Alert

I was trying to read up on this Bitcoin thing and all it did was give me a headache. To me it sounds a lot like derivatives. Just a lot of nothing there and people buy it. How can you justify buying something that does not exist? ;IDunno: [space] [space] [space] I'd rather be [emoji476] and I don't even [emoji476]

Bitcoin is a fools game. The real money is in the underlying blockchain technology which can be used to track the ownership of an asset. Banks are adopting it big time.

No idea BT, just never been intrigued enough to look into it.

Tell ya what. I got something here I know you are familiar with and understand. It’s got Ben’s picture on it. If in my travels I’m in Oklyhoma, what say we use that C note on some bad ass beef steaks!

Merry Christmas, John!

From what I understand Bitcoins do not exist, you can not touch it or hold it in your hand and the same goes for derivatives which are worthless pieces of paper but people buy both and at a high price. We can thank Bill Clinton for giving us back the right to buy and sell derivatives as it was once illegal to do so. I'm not sure who to thank for Bitcoins? I read where one guy paid 10,000 bitcoins for a pizza once. At 8,000 dollars for a Bitcoin that was one expense pizza.



We can do that RK. I'll take a beef steak over a Bitcoin any day. With Halloween over and Thanksgiving right around the corner making Christmas not that far off I would like to take this time to wish you a most enjoyable Thanksgiving and a very Merry Christmas.

AIN'T IT PECULIAR THAT THEY'LL TAKE GREEN BACKS AND EXCHANGE THEM FOR BITCOINS ..... BECAUSE IT'S THE NEW MONEY. THAT MAKES SENSE

Bitcoin is virtual currency....it's an electronic token. And based on the creation algorithm the number of Bitcoin is limited, and as the limit is reached it becomes logarithmically more complex to calculate the next Bitcoin, meaning by now even super computers can be brought to their knees doing the calculations. One could run a simple computer very slowly to make it use reasonable power, but it would take years to compute a bitcoin. So vast networked machines are consuming unbelievable power trying to ferret out chunks of bitcoin. Of course being a currency limited in total numbers, it is supposed to have a better than zero value always...for so long as someone will accept them as payment, they do have a value. The problem will be that it will be like certain gems and high value metals, that their value is in their rarity. Limited number currencies do not allow inflation. Despite it's ugliness inflation is necessary to cope with increased demand for goods. The money supply eventually has to increase to make more of it available to spend on goods that have gone up in price. With that in mind Bitcoin and virtual currencies similarly limited in number will have niche uses only.

Sounds simple enough, to get rich in America I need to invest or buy something that does not exist. Is this a Democrat thing? [space]

OK, here’s the deal. Bitcoin is China effort to destroy the US dollar. OK? Run with that and see where it takes you.

But China cannot afford to destroy the dollar, because they own a lot of US debt denominated in US dollars. And it can only be paid in US dollars because the US only issues debt payable in dollars. Suppose China owns 10 trillion dollars of debt. Let us suppose the dollar becomes so dilapidated that you need 10 trillion dollars to buy a gallon of milk. China then demands payment. We hand them ten trillion dollars AND a gallon of milk. They just got robbed. SO you see China will do anything to PROP UP the dollar including keeping their own currency pegged to a lesser value to the dollar, and just enough float to avoid currency manipulation charges. IN reality we are better off if Renminbi (yuan) is worth less than dollars, so we can only be so critical of their manipulations. We both know it's all a sham. Et unde est, quod quomodo erit semper.

jonnycando wrote:But China cannot afford to destroy the dollar, because they own a lot of US debt denominated in US dollars. And it can only be paid in US dollars because the US only issues debt payable in dollars. Suppose China owns 10 trillion dollars of debt. Let us suppose the dollar becomes so dilapidated that you need 10 trillion dollars to buy a gallon of milk. China then demands payment. We hand them ten trillion dollars AND a gallon of milk. They just got robbed. SO you see China will do anything to PROP UP the dollar including keeping their own currency pegged to a lesser value to the dollar, and just enough float to avoid currency manipulation charges. IN reality we are better off if Renminbi (yuan) is worth less than dollars, so we can only be so critical of their manipulations. We both know it's all a sham. Et unde est, quod quomodo erit semper.

Your long wind somehow forgets the bitcoin. China don’t want to buy milk. They want to own the world.

RoadKing wrote:

jonnycando wrote:But China cannot afford to destroy the dollar, because they own a lot of US debt denominated in US dollars. And it can only be paid in US dollars because the US only issues debt payable in dollars. Suppose China owns 10 trillion dollars of debt. Let us suppose the dollar becomes so dilapidated that you need 10 trillion dollars to buy a gallon of milk. China then demands payment. We hand them ten trillion dollars AND a gallon of milk. They just got robbed. SO you see China will do anything to PROP UP the dollar including keeping their own currency pegged to a lesser value to the dollar, and just enough float to avoid currency manipulation charges. IN reality we are better off if Renminbi (yuan) is worth less than dollars, so we can only be so critical of their manipulations. We both know it's all a sham. Et unde est, quod quomodo erit semper.

Your long wind somehow forgets the bitcoin. China don’t want to buy milk. They want to own the world.

But so do we....and at least one other large Country.....we all got tools to use and Bitcoin is not going to be a decisive player.

BlacktopTravelr wrote:From what I understand Bitcoins do not exist, you can not touch it or hold it in your hand and the same goes for derivatives which are worthless pieces of paper but people buy both and at a high price. We can thank Bill Clinton for giving us back the right to buy and sell derivatives as it was once illegal to do so. I'm not sure who to thank for Bitcoins? I read where one guy paid 10,000 bitcoins for a pizza once. At 8,000 dollars for a Bitcoin that was one expense pizza.

That was the first guy to make a purchase with Bitcoin, iirc it was a Papa John's pizza. There's another that bought $3,000 worth of Bitcoin at 15 cents each, he's currently valued at over $25 million, just from that.

https://www.forbes.com/sites/bishopjord ... b32d756261

Yeah, I had heard someone got rich buying a lot of bitcoins when they first came out, I guess that is another chance I missed getting filthy rich for peanuts.

BlacktopTravelr wrote:Yeah, I had heard someone got rich buying a lot of bitcoins when they first came out, I guess that is another chance I missed getting filthy rich for peanuts.

Might not be too late. It's gone up from $8,000 a coin to over $10,000 this past week. The article above said the guy is holding 1,000 of them until the value goes over $150,000. Which he expects it will.

An informative slide show for anyone interested.
https://www.workandmoney.com/s/what-is- ... gKJEvD_BwE

Like any speculative investment like this, rule of thumb: don't risk more than you could afford to flush down the toilet.

Since I posted that reply, I have set up an Coinbase account, verified my identity, connected my bank account, and purchased $1.99 worth which is the minimum transaction amount (99 cent fee, but not the point at 2 bucks worth). I am now the proud owner of .0001 of a bitcoin.

Ok, I have also went in and set up my wallet, but I don't see where I can buy anything for $1.99. I did see where I can buy a Litecoin $92.24.

John.....don't even get involved with it...You and RK need to go for that steak dinner!

Yo-

My sons were telling me about this. Sounds like something you'd play around with money you had that could afford to lose.