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Started By
Message
Bitcoin - shave and a haircut
Posted on 9/14/17 at 1:57 pm
Posted on 9/14/17 at 1:57 pm
This has all the look and feel of the tech bubble back in the day. Convince me this isn't the largest pyramid scheme in the history of mankind.
11
Posted on 9/14/17 at 1:59 pm to tigerpawl
Bitcoin could end up being a lot of things. But if you understand Technology it's impossible to be a pyramid scheme.
Posted on 9/14/17 at 2:41 pm to LSURep864
Exactly what a Bitcoiner would say
Posted on 9/14/17 at 2:47 pm to tigerpawl
Hit a high of $4925 2 weeks ago. 
Posted on 9/14/17 at 2:49 pm to tigerpawl
Just spend 5 minutes reading bitcoin hack articles and tell me you have full faith in the system.
I think gen2 cryptos will be fine but as the original developers have said, gen1 bitcoin is not secure/safe.
I think gen2 cryptos will be fine but as the original developers have said, gen1 bitcoin is not secure/safe.
Posted on 9/14/17 at 3:40 pm to notsince98
Bitcoin has literally never ever been hacked. Exchanges have. Clearly you read articles and not your own research.
Posted on 9/14/17 at 3:41 pm to tigerpawl
Are you going to start another thread next month when Bitcoin is at a new all time high?
Posted on 9/14/17 at 3:46 pm to LSURep864
quote:
Bitcoin could end up being a lot of things. But if you understand Technology it's impossible to be a pyramid scheme.
A. There are tons of different "coins" using blockchain technology, what separates any of them from sham or legitimate. How do you determine legitimacy of a particular coin?
B. Cryptocurrency have no intrinsic value other than the value people place on them. Where does it derive its value from?
C. Is a "currency" or is an investment? It can't be both.
Posted on 9/14/17 at 5:49 pm to LSURep864
Over $500 million worth of bitcoin has already been stolen. Down vote all you want but that is a fact.
Posted on 9/14/17 at 6:36 pm to notsince98
(no message)
This post was edited on 1/10/21 at 6:31 pm
Posted on 9/14/17 at 6:46 pm to The Baker
quote:
Ah... if only we were smart enough to use currency that can't be stolen... :roll eyes:
Unless it's cash, my bank protects me from theft/fraud
Posted on 9/14/17 at 6:48 pm to southernelite
quote:
Unless it's cash, my bank protects me from theft/fraud
PRINT THE FIAT!!!!
Posted on 9/14/17 at 6:51 pm to dkreller
Posted on 9/14/17 at 7:15 pm to tigerpawl
hey OP
this time last year BTC was $600, its now $3200
get back to me with the math on that, thanks in advance
this time last year BTC was $600, its now $3200
get back to me with the math on that, thanks in advance
Posted on 9/14/17 at 7:25 pm to southernelite
quote:
A. There are tons of different "coins" using blockchain technology, what separates any of them from sham or legitimate. How do you determine legitimacy of a particular coin?
Volume of use, speed of transaction, security of the coin, anonymity of the transaction, and lots of coins have other uses like cloud storage. Lots of countries have paper currencies yet some are worth more than others.
quote:
B. Cryptocurrency have no intrinsic value other than the value people place on them. Where does it derive its value from?
Same could be said of any currency. The processing power it takes to mine a Bitcoin costs over $1k while it costs about $0.12 to print a $100 bill. Bitcoin is shielded from inflation unlike fiat currencies. Other coins can be used for services like I mentioned in A.
quote:
C. Is a "currency" or is an investment? It can't be both.
Why not? Tons of people trade currencies. If a coin offers a benefit, I don't see why it can't be a currency and an investment.
Posted on 9/14/17 at 7:28 pm to TomRollTideRitter
The Poly board weighs in: LINK
Posted on 9/14/17 at 7:34 pm to TomRollTideRitter
quote:
The processing power it takes to mine a Bitcoin costs over $1k while it costs about $0.12 to print a $100 bill
So? Just because it cost money to "mine" it doesn't mean that it's worth that.
Posted on 9/14/17 at 7:35 pm to TomRollTideRitter
Again, there are so many coins and pretty much anyone can create one. So why is bitcoin the one? Why is any coin the one?
Currently bitcoin can't come close to processing the number of transactions as Visa. There's a long way to go.
Currently bitcoin can't come close to processing the number of transactions as Visa. There's a long way to go.
Posted on 9/14/17 at 7:36 pm to southernelite
(no message)
This post was edited on 1/10/21 at 6:31 pm
Posted on 9/14/17 at 7:40 pm to southernelite
(no message)
This post was edited on 1/10/21 at 6:31 pm
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