Crypto Currency Thread

Crypto Currency Thread

Author
Discussion

dimots

1,036 posts

34 months

Friday 7th December 2018
quotequote all
You think bitcoin is a scam? I mean, seriously. You really do?

MWM3

1,413 posts

66 months

Friday 7th December 2018
quotequote all
dimots said:
But how is that the right thing? I don’t get your logic. Doing nothing is better than doing something? Do you just sit on the sidelines of everything doing nothing waiting for things to go wrong so you can say ‘glad I wasn’t part of that’. It makes no sense to me.

Get involved with everything and ride the ups and downs. That’s what is exciting about life.
You talk about niot understanding logic,. you are definitley right about that!

Your thinking would suggest particpating in murder and rape is a good thing or at least better than doing nothing!

p1stonhead

19,534 posts

111 months

Friday 7th December 2018
quotequote all
dimots said:
You think bitcoin is a scam? I mean, seriously. You really do?
Maybe not a ‘scam’ in the traditional sense but certainly sold as something it’s not. It’s not and will probably never be a viable currency because it’s wildly volatile and all that has happened is that people have hoarded it hoping to get rich.

The only thing that has happened is that a different set of people may end up rich out of it rather than traditional currencies. The only benefit I have ever heard touted is that it’s anonymous. How often do normal people care about anonymous transactions? Never.

Imagine it being taken up widely. I mean seriously. Imagine the average person actually bothering to figure out how it works and trying to buy stuff with it. Imagine the average over 60 person ever figuring out what it even is.

This article kinda sums up how I feel about crypto’s

https://www.forbes.com/sites/jayadkisson/2017/12/2...

“Scammers are intentionally pumping the value of Bitcoin much higher than it deserves to be so that they can then unload their Bitcoins on suckers who are willing to jump at what is being pitched as “the next big thing” that they don’t even understand.”

“It’s actually a Ponzi schemer’s dream: Something that most folks don’t understand, but are being lead by media buzz to believe it is the next big thing.”


Edited by p1stonhead on Friday 7th December 19:38

dimots

1,036 posts

34 months

Friday 7th December 2018
quotequote all
MWM3 said:
You talk about niot understanding logic,. you are definitley right about that!

Your thinking would suggest particpating in murder and rape is a good thing or at least better than doing nothing!
I understand logic enough not to be trapped by a logical fallacy.

dimots

1,036 posts

34 months

Friday 7th December 2018
quotequote all
To the above ^ bitcoin has nothing to do with the scammers. Scammers gonna scam. They will use bitcoin, dollars, pounds or timeshare...they don’t discriminate. It’s Wild West time right now that’s for sure but to suggest bitcoin is a scam is crazy...it would be the most ridiculously over-engineered scam of all time.

p1stonhead

19,534 posts

111 months

Friday 7th December 2018
quotequote all
dimots said:
To the above ^ bitcoin has nothing to do with the scammers. Scammers gonna scam. They will use bitcoin, dollars, pounds or timeshare...they don’t discriminate. It’s Wild West time right now that’s for sure but to suggest bitcoin is a scam is crazy...it would be the most ridiculously over-engineered scam of all time.
I never said it was a scam. I said it was pointless and worthless to anyone outside of a computer geek currently hoarding it. It would be good if they would just admit it though rather than trying to claim they want to be able to use it as a currency one day laugh

James_B

8,394 posts

201 months

Friday 7th December 2018
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DonkeyApple said:
The correct way to settle is to agree a spot price in Cable and to simply transfer the relevant GBP. That is the correct course of action.

Demanding to be anonymous is bonkers. Demanding to settle in the underlying asset is bonkers. Demanding to pay to a charity is bonkers.

You can do whatever you want to do but making out that you’re a secret agent who only pays their bills with pork pies and to random third parties just adds fuel to the earlier arguments by others that the crypto market is awash with people who don’t understand the absolute basics of money and have a tendency to correlate with conspiracy loons. wink
Succinctly put. Chance that the loon understands let alone agrees is zero.

James_B

8,394 posts

201 months

Friday 7th December 2018
quotequote all
dimots said:
Paying a bet made with a hostile third party on an anonymous internet message board with any method of payment that reveals your identity is 'bonkers'.
Welch’y Welchy Welch.


AreOut

3,644 posts

105 months

Friday 7th December 2018
quotequote all
dimots said:
You think bitcoin is a scam? I mean, seriously. You really do?
market cap was $800B earlier this year, now it's $100B

it's $700B of difference that went to some people's pockets in less than a year, or $100 per world citizen, or quite close to what 2008 economic crisis costed taxpayers

James_B

8,394 posts

201 months

Friday 7th December 2018
quotequote all
EddieSteadyGo said:
You are overstating your self importance. Whilst we all need to be careful with our data, the care needs to be proportionate to the risks involved. Exposing some minor personal details to Condi is inconsequential - you know full well it won't cause you any harm, so hiding behind this type of reason is just obfuscation.

I genuinely think if you do this properly you might just earn some respect from Condi and other members here by showing yourself to be an honourable person.
You forget, we are all Government shills and Dimots can see the future. If we know his sort code his amazing plan will fail, or something.

James_B

8,394 posts

201 months

Friday 7th December 2018
quotequote all
Lemming Train said:
That's why you should have insisted on the difference be paid in USD (or GBP eqv) rather than (about to be) worthless BTC.
He did. The bet was struck in USD. There’s only one or two people here struggling to understand that.

MWM3

1,413 posts

66 months

Friday 7th December 2018
quotequote all
dimots said:
MWM3 said:
You talk about niot understanding logic,. you are definitley right about that!

Your thinking would suggest particpating in murder and rape is a good thing or at least better than doing nothing!
I understand logic enough not to be trapped by a logical fallacy.
Ok lets take it back to bitcoin, please explain why it was better to invest in something that has no real intrinsic value, than realise that and sit out of the game completely. No doubt some people have made a fortune but there is no real value, just a game of greater fools.

PS... was it better to invest in Enron or Tulips or sit it out?


Edited by MWM3 on Friday 7th December 20:17

selmahoose

3,906 posts

55 months

Saturday 8th December 2018
quotequote all


I read this earlier yesterday after googling 'what was the initial price of bitcoin'?

"On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin".

So does that mean pizza man maybe cashed out at peak for $200,000,000 ?

Or if he's been stupid enough to hang on to them they're worth about $30,000,000 right now?

Bet there's a few folks (and even a weasel or two) who wish they were as stupid as he was to swop his pizzas for worthless cryptocurrency.

tertius

5,505 posts

174 months

Saturday 8th December 2018
quotequote all
AreOut said:
market cap was $800B earlier this year, now it's $100B

it's $700B of difference that went to some people's pockets in less than a year, or $100 per world citizen, or quite close to what 2008 economic crisis costed taxpayers
Err, maybe spend a bit of time looking into how market capitalisation is calculated.

rufusgti

1,918 posts

136 months

Saturday 8th December 2018
quotequote all
selmahoose said:
I read this earlier yesterday after googling 'what was the initial price of bitcoin'?

"On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin".

So does that mean pizza man maybe cashed out at peak for $200,000,000 ?

Or if he's been stupid enough to hang on to them they're worth about $30,000,000 right now?

Bet there's a few folks (and even a weasel or two) who wish they were as stupid as he was to swop his pizzas for worthless cryptocurrency.
Now I've been on PH for a long time so I've seen some bitter old bds posting some really negative and sour tripe. But this is world class. Yes the pizza man was stupid for swapping 10 thousand bitcoin for a pizza, what an idiot. Lucky you never did that hey mate! But you wouldn't, because you are clever. Just think, he could have made 200 mill, but the idiot could have held and only made 30 mill. What a moron.
World class.

p1stonhead

19,534 posts

111 months

Saturday 8th December 2018
quotequote all
tertius said:
AreOut said:
market cap was $800B earlier this year, now it's $100B

it's $700B of difference that went to some people's pockets in less than a year, or $100 per world citizen, or quite close to what 2008 economic crisis costed taxpayers
Err, maybe spend a bit of time looking into how market capitalisation is calculated.
Calculated in which hour of the day? hehe

DonkeyApple

34,074 posts

113 months

Saturday 8th December 2018
quotequote all
rufusgti said:
selmahoose said:
I read this earlier yesterday after googling 'what was the initial price of bitcoin'?

"On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin".

So does that mean pizza man maybe cashed out at peak for $200,000,000 ?

Or if he's been stupid enough to hang on to them they're worth about $30,000,000 right now?

Bet there's a few folks (and even a weasel or two) who wish they were as stupid as he was to swop his pizzas for worthless cryptocurrency.
Now I've been on PH for a long time so I've seen some bitter old bds posting some really negative and sour tripe. But this is world class. Yes the pizza man was stupid for swapping 10 thousand bitcoin for a pizza, what an idiot. Lucky you never did that hey mate! But you wouldn't, because you are clever. Just think, he could have made 200 mill, but the idiot could have held and only made 30 mill. What a moron.
World class.
rofl

Dodgy penny share spanker type throws out the ubiquitous story about how someone may or may not have made $200m in order to justify the billions being lost by people who really could never afford to risk the money but gamblenout of desperation.

Then gets attacked by someone who shares the exact same opinion.

It’s penny share world central. Dodgy vendors, twisted stories, skewed stats, desperate gamblers, semi-literates, self appointed-out of the blue leading authorities, easily manipulated market, fake websites and every spanker in town on board selling sustems to make everyone rich. And lots and lots of blind rage as people try to defend and justify doing their bks on a blind punt they knew nothing about.

The sad fact is that just like every retail bubble like this the number of people who actually make money on the way up is way smaller than people think when it comes to realised gains.

At a certain point in the upward cycle there are actually large numbers of people with enormous gains but very, very few cash in at this point. It’s simply the genetic nature of the person who will take the punt in the first place to end up holding for even more. Or for them to switch from being a punter to a devout follower who is fighting evil. Or they’ve become Warren fking Buffet and are out there as mega businessmen buying toys and gobsting to the world about their amazingness. Either way they simply do not sell.

Then when the value starts falling they will buy more because it’s cheap and that is the death move. That’s the single event that signs their death warrant outside of that religious conversion and their road to economic martyrdom. The market then falls further but as well as losing unrealised gains on their original position they now are compounding the decline with the losses from the new positions. Ergo, having bought in a 1 they now have a break even at 100 and then the market drops through 100.

The number of people who have both the nature to get on board early enough to have fantastic returns but simultaneously also has a completely different nature that enables them to sell before the top or after the top is tiny, tiny, tiny.

It is also why so many real stories about the few people who did make a lot of money have such a high tendency to be based around accidental events such as finding forgotten holdings, acquiring the holding through a random event. Even then, those people have the nature to cash in at the point of discovery not run a position so it depends on where the market is at the point of discovery. Ergo, it is pure luck, not judgement.

And if you want to see who has really been making the money then it’s the people running the frauds and the people selling the tools that the consumers need or desire.

Edited by DonkeyApple on Saturday 8th December 11:03

DanGPR

933 posts

115 months

Saturday 8th December 2018
quotequote all
tertius said:
Err, maybe spend a bit of time looking into how market capitalisation is calculated.
Hey, I just created 1,000,000 Pistonheadcoins, you want to buy one for £10?

Oh look, now I have £10m worth of Pistonheadcoins.

bloomen

2,681 posts

103 months

Saturday 8th December 2018
quotequote all
DanGPR said:
Hey, I just created 1,000,000 Pistonheadcoins, you want to buy one for £10?

Oh look, now I have £10m worth of Pistonheadcoins.
Which amply proves his point. Market cap is mirage.

When 700 billion market cap is 'lost' the only thing that's lost is the market cap, not actual money. Impossible to know how much real money was involved.

selmahoose

3,906 posts

55 months

Saturday 8th December 2018
quotequote all
rufusgti said:
Now I've been on PH for a long time so I've seen some bitter old bds posting some really negative and sour tripe.
Sometimes it only takes a wee apocryphal tale to spark them off. Me, I think it's possibly a form of jealousy. Certainly a lack of sense of proportion....

....but hey! It's nearly Xmas! And it's Saturday! And I've a wee bet to win coming up next week!!



Edited by selmahoose on Saturday 8th December 13:45