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Forums - PC Discussion - i just bought 100 dollars in bit coin stuff, now what?

SegataSanshiro said:
The fuck is a bitcoin?

It's a virtual currency that can be "produced" by individuals (the goal being to remove fiscal control from banks/governments), but takes insane amounts of energy to extract, from which it derives its value (offer side, demand of course is just determined by how many people are willing to participate.)

 

It's also fucked if quantum computing ever becomes a thing, but thankfully, we are at least 25 years (more likely, 50+) away from that becoming usable.



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palou said:
SegataSanshiro said:
The fuck is a bitcoin?

It's a virtual currency that can be "produced" by individuals (the goal being to remove fiscal control from banks/governments), but takes insane amounts of energy to extract, from which it derives its value (offer side, demand of course is just determined by how many people are willing to participate.)

 

It's also fucked if quantum computing ever becomes a thing, but thankfully, we are at least 25 years (more likely, 50+) away from that becoming usable.

It's also fucked when bit coin mining is no longer profitable as a cottage industry. The supply slowly dries out and it gets harder to add blocks. There must be some kind of minimum bitcoin value that also slowly goes at which it is porfitable to keep the system going. The system is designed to self destruct at some point :/



SvennoJ said:
palou said:

It's a virtual currency that can be "produced" by individuals (the goal being to remove fiscal control from banks/governments), but takes insane amounts of energy to extract, from which it derives its value (offer side, demand of course is just determined by how many people are willing to participate.)

 

It's also fucked if quantum computing ever becomes a thing, but thankfully, we are at least 25 years (more likely, 50+) away from that becoming usable.

It's also fucked when bit coin mining is no longer profitable as a cottage industry. The supply slowly dries out and it gets harder to add blocks. There must be some kind of minimum bitcoin value that also slowly goes at which it is porfitable to keep the system going. The system is designed to self destruct at some point :/

It assumes either endlessly, consistently increasing participation (lol) or endlessly, consistently improving hardware (more likely what they were going for, but I can't really see that happening either.)



Bet with PeH: 

I win if Arms sells over 700 000 units worldwide by the end of 2017.

Bet with WagnerPaiva:

 

I win if Emmanuel Macron wins the french presidential election May 7th 2017.

palou said:
SvennoJ said:

It's also fucked when bit coin mining is no longer profitable as a cottage industry. The supply slowly dries out and it gets harder to add blocks. There must be some kind of minimum bitcoin value that also slowly goes at which it is porfitable to keep the system going. The system is designed to self destruct at some point :/

It assumes either endlessly, consistently increasing participation (lol) or endlessly, consistently improving hardware (more likely what they were going for, but I can't really see that happening either.)

Grats on describing supply and demand. Why would you generate more of a currency for no reason? Oh that's right the Fed injects stimulus in their pockets because we need more inflation. Why are people okay with a tiny elite controlling all wealth yet the "illuminati" is scary. Bernanke was great at giving kickbacks through QE and socialized all their debt. But the DOW is equivalent to everyones well being apparently. Market has never been higher, so why are so many still poor after 08?



SickleSigh said:
palou said:

It assumes either endlessly, consistently increasing participation (lol) or endlessly, consistently improving hardware (more likely what they were going for, but I can't really see that happening either.)

Grats on describing supply and demand. Why would you generate more of a currency for no reason? Oh that's right the Fed injects stimulus in their pockets because we need more inflation. Why are people okay with a tiny elite controlling all wealth yet the "illuminati" is scary. Bernanke was great at giving kickbacks through QE and socialized all their debt. But the DOW is equivalent to everyones well being apparently. Market has never been higher, so why are so many still poor after 08?

A negative interest rate (which would be the result of a fixed quantity of currency in a growing economy) would mean that people that have already accumulated wealth get richer just by waiting. Normal inflation, on the other hand, forces the rich to spend their money, increasing "money flow" to the worker. Also, new money is usually introduced as cheap credit, which allows people currently lacking funds, but working, to buy stuff. 

I fully agree that the US has issues regarding inequality, getting rid of the fed is NOT the solution you're looking for. 



Bet with PeH: 

I win if Arms sells over 700 000 units worldwide by the end of 2017.

Bet with WagnerPaiva:

 

I win if Emmanuel Macron wins the french presidential election May 7th 2017.

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I don't have an answer but bitcoin is something to try at the very least. Dismissing something truly "revolutionary" in a society that uses that term for double stuffed oreos really has nothing to lose.



Wall street never learns
https://www.coindesk.com/options-exchange-cboe-launch-cryptocurrency-derivatives-2017/
It's going to be the new housing bubble. Get ready for another bailout.



http://www.cryptomines.xyz/news/bitcoin/markets-update-bitcoin-continues-to-orbit-above-3k/

 

i enjoyed the headline image with this article. Mario Galaxy!



Pray and do some black magic so it won´t lose value soon, or very soon. Those virtual currencies sometimes are a lot unstable



Diablos1979 said:
spurgeonryan said:

I bought three different Tech currency actually. Cannot remember the other names,  eupherem and something else. 


Then I went to the actual bit coin site and bought some more. 

Should I just keep buying this stuff monthly until it means something?  I have a bunch of Iraqi dinar too,  but that has failed to matter after nearly a decade. 

To bad, 7 years to late ;) If you would have bought 100 dollar worth of bitcoin in 2010, when it was just a few cents per coin you would have been rich now...

But you can still make it a good investment, important is to really know what the projects do you are investing in and if they show stability.
Also a fun option is to go to a cryptocurrency exchange, like Poloniex or bittrex and buy and trade with coins. If you follow the 'market' and buy and sell at the right time you can really make some good money.

Just don't blindly buy coins, there are scam coins which can really cost you your money.

I'd be interested in seeing the value of Bitcoin 7 years from now. It may continue on this growth trend for some time. It's doubled in just a few months now.