Posted by
Message
tigerpawl
LSU Fan
Can't get there from here.
Member since Dec 2003
11415 posts

Bitcoin - shave and a haircut
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.

Image: https://i.gyazo.com/5ac2d714142aab4fd9a3a9e867d354c9.png


LSURep864
LSU Fan
Greenville,SC
Member since Nov 2007
6443 posts

re: Bitcoin - shave and a haircut
Bitcoin could end up being a lot of things. But if you understand Technology it's impossible to be a pyramid scheme.


AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
16089 posts

re: Bitcoin - shave and a haircut
Exactly what a Bitcoiner would say


Replies (0)
Replies (0)
309
DWaginHTown
USA Fan
Houston, TX
Member since Jan 2006
8237 posts

re: Bitcoin - shave and a haircut
Hit a high of $4925 2 weeks ago.


Replies (0)
Replies (0)
60
notsince98
Missouri Fan
KC, MO
Member since Oct 2012
7802 posts

re: Bitcoin - shave and a haircut
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.


LSURep864
LSU Fan
Greenville,SC
Member since Nov 2007
6443 posts

re: Bitcoin - shave and a haircut
Bitcoin has literally never ever been hacked. Exchanges have. Clearly you read articles and not your own research.


The Boat
Duke Fan
Nazi Germany
Member since Oct 2008
90865 posts

re: Bitcoin - shave and a haircut
Are you going to start another thread next month when Bitcoin is at a new all time high?


southernelite
McNeese State Fan
Dallas
Member since Sep 2009
49707 posts

re: Bitcoin - shave and a haircut
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.


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
7802 posts

re: Bitcoin - shave and a haircut
Over $500 million worth of bitcoin has already been stolen. Down vote all you want but that is a fact.


The Baker
This is fine.
Member since Dec 2011
12030 posts

re: Bitcoin - shave and a haircut
quote:

Over $500 million worth of bitcoin has already been stolen. Down vote all you want but that is a fact.



Ah... if only we were smart enough to use currency that can't be stolen... :roll eyes:



southernelite
McNeese State Fan
Dallas
Member since Sep 2009
49707 posts

re: Bitcoin - shave and a haircut
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


dkreller
LSU Fan
Offshore
Member since Jan 2009
23010 posts

re: Bitcoin - shave and a haircut
quote:

Unless it's cash, my bank protects me from theft/fraud

PRINT THE FIAT!!!!


southernelite
McNeese State Fan
Dallas
Member since Sep 2009
49707 posts

re: Bitcoin - shave and a haircut




Replies (0)
Replies (0)
00
rocket31
Toledo Fan
Member since Jan 2008
33478 posts

re: Bitcoin - shave and a haircut
hey OP

this time last year BTC was $600, its now $3200


get back to me with the math on that, thanks in advance


Replies (0)
Replies (0)
132
TomRollTideRitter
Alabama Fan
Member since Aug 2016
6777 posts

re: Bitcoin - shave and a haircut
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.


tigerpawl
LSU Fan
Can't get there from here.
Member since Dec 2003
11415 posts

re: Bitcoin - shave and a haircut
The Poly board weighs in: LINK


Replies (0)
Replies (0)
00
southernelite
McNeese State Fan
Dallas
Member since Sep 2009
49707 posts

re: Bitcoin - shave and a haircut
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.




southernelite
McNeese State Fan
Dallas
Member since Sep 2009
49707 posts

re: Bitcoin - shave and a haircut
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.


The Baker
This is fine.
Member since Dec 2011
12030 posts

re: Bitcoin - shave and a haircut
quote:

Just because it cost money to "mine" it doesn't mean that it's worth that.
That wasn't his point.


Replies (0)
Replies (0)
80
The Baker
This is fine.
Member since Dec 2011
12030 posts

re: Bitcoin - shave and a haircut
quote:

So why is bitcoin the one? Why is any coin the one?
Why is USD the one and not MXN or CNY or EUR?

Different coins have different utilities. Some are junk like the Zimbabwe dollar.

Why don't you go read up a little bit before lecturing to people who have put in the study time?
This post was edited on 9/14 at 7:41 pm


Page 1 2 3 4 5 6
Jump to page
first pageprev pagePage 1 of 6next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram