Bitcoin

[bassfisher6522]

Here's something interesting about Bitcoin and it's rise. I just watched a documentary on it. It's also being traded on the stock market and the kicker is; it's value is higher than that of GOLD. Not sure how to evaluate 1 bitcoin value versus 1oz of gold.......but as of right at this moment, bitcoin is over $10,000 per coin....that's right. Gold is at $1300 an oz.

Bitcoin - on market watch. Bitcoin USD

Gold - on market watch. Gold Apr 2018


Here's a clip of the documentary....

 

[Tim Locke]

Bitcoins are worth whatever someone might pay for one at the instant. Under $10,000 this morning.

Gold does have some intrinsic value...you can make stuff with it.

 

[bassfisher6522]

Bitcoins are worth whatever someone might pay for one at the instant

True as that is with anything.

I'm not pro or con bitcoin.....I just found this documentary quite interesting as it reminded me of the .com boom and collapse.

 

[Trouble]

Interestingly, my grandson just a day or two ago was asking me about mining bitcoin.
For some reason I immediately thought about the history of the Gold Rush
Since he is our family's new prince of get rich quick schemes, I promptly confessed my ignorance and figured it would either be a boom or bust enterprise.

 

[Bif]

I must admit, I'm a tad ignorant on the whole bitcoin yadyada... but I see it as the 21rst century Cabbage Patch doll craze, folks were paying rediculous amounts for these things, as well as trading them as currentcy and getting in fisticuffs in parking lots.
I share Troubles view on it, likening to the gold Rush boom..
I may eat my words some day..... but at least I have my Cabbage Patch kids!

 

[Trouble]

You probably should have gone with ......
Beanie Babies

 

[Bif]

You probably should have gone with ......
Beanie Babies

Hindsight

 

[bassfisher6522]

Interestingly, my grandson just a day or two ago was asking me about mining bitcoin.

There's 2 aspects of Bitcoin.....Mining and Trading. My original post is all about the Trading part of it and the short falls of it. The documentary focus's on the startup companies in the trading of bitcoins. There wasn't much in it about mining bitcoin but it was mentioned.

 

[Norton]

Monopoly money.

 

[Regedit32]

The Bitcoin founders are following the same principal as if you were mining for real Gold, that being there is a FINITE supply of Gold on earth, and LIKEWISE there is a FINITE amount of Bitcoin, that being 21 million bitcoins.

Bitcoin can be broken down to the 100,000,000th of a coin using the Satoshi standard of 8 decimal places. So those digitally mining can gather 1/100,000000th of one of the 21 million bitcoin available. Hence you can enter the market per se for a relatively low amount with the goal of attempting to mine enough Satoshi to earn a full bitcoin.

Given there is a finite number of Bitcoin, and no suggestion the creator will change this set protocol, and the fact the Banking/Financial market all ready owns a lot of these bitcoins, I'm not so sure its truly a good investment plan for the average Joe Blogg.

In some countries you'd have better odds buying a lottery ticket of making it rich, and let's face it, lottery tickets are not an investment plan.

 

[Wolfie]

I think that once regulation goes viral, it will drop in value drastically? (started by South Korea recently):

https://www.bing.com/news/search?q=Bitcoin+In+South+Korea&qpvt=bitcoin+in+south+korea&FORM=EWRE

 

[Trouble]

I knew that sooner or later I would find another reason not to like BitCoin
https://www.howtogeek.com/341365/thanks-to-bitcoin-buying-a-pc-is-better-than-building-one-for-now/

 

[Norton]

The bit coin miners have pushed PC hardware beyond reasonable prices for the DIY guy's.
When will it end, When the bit coin craze is over?

 

[clifford_cooley]

When the bit coin craze is over?

Sadly it will not end as long as their BOT net is creating money for them.

 

[CUNL2]

If you don't hold it, you don't own it. Biggest scam ever, virtual money, whisked away by computer experts who set it up. Of course this is hacking, shame they seem so easy to hack. Think about it.

 

[Wolfie]

I knew that sooner or later I would find another reason not to like BitCoin
https://www.howtogeek.com/341365/thanks-to-bitcoin-buying-a-pc-is-better-than-building-one-for-now/

I think what will happen there is that gamers will end up buying a new gaming PC for a normal retail price just for the GPU, that may well put an end to the high single cost price of GPU's in the near future, it may well also leave a lot of people out of pocket when they have a stockpile of GPU's but cannot sell them due to the high price and they will come down in price anyway? (my opinion).

 

[Norton]

It could also be a collusion so folks start buying their PCs through the normal retail outlets instead of DIY.

 

[Wolfie]

I think that once regulation goes viral, it will drop in value drastically? (started by South Korea recently):

I am quoting myself here, India has now taken steps to oversee Cryptocurrencies and it won't be long before others follow suit. One company in the US has just been summoned to explain itself because of alleged manipulation of the currency on the markets, I am sure that others will follow?.