Jump to content
IGNORED

What do you think about BitCoin


xyluz

Recommended Posts


  • Group:  Senior Member
  • Followers:  6
  • Topic Count:  47
  • Topics Per Day:  0.01
  • Content Count:  565
  • Content Per Day:  0.11
  • Reputation:   527
  • Days Won:  0
  • Joined:  05/23/2010
  • Status:  Offline

What do you think of bitcoin Or crypto currencies generally?

Link to comment
Share on other sites


  • Group:  Worthy Ministers
  • Followers:  56
  • Topic Count:  1,664
  • Topics Per Day:  0.20
  • Content Count:  19,763
  • Content Per Day:  2.39
  • Reputation:   12,160
  • Days Won:  28
  • Joined:  08/22/2001
  • Status:  Offline

Hi Xyluv, somebody has started a thread about this about a week ago,I think it's in the general section.

Link to comment
Share on other sites

  • 2 weeks later...

  • Group:  Seventh Day Adventist
  • Followers:  6
  • Topic Count:  11
  • Topics Per Day:  0.00
  • Content Count:  1,786
  • Content Per Day:  0.33
  • Reputation:   717
  • Days Won:  0
  • Joined:  07/24/2009
  • Status:  Offline

You can buy the bit coin, but can you get your money back when you want it. If it goes down and you try to sell, you may find yourself with a bunch of nothing, backed by no one, and little sympathy for your loss by any one....:0(

Edited by Hobie_
spelling
  • Thumbs Up 1
Link to comment
Share on other sites


  • Group:  Seventh Day Adventist
  • Followers:  6
  • Topic Count:  11
  • Topics Per Day:  0.00
  • Content Count:  1,786
  • Content Per Day:  0.33
  • Reputation:   717
  • Days Won:  0
  • Joined:  07/24/2009
  • Status:  Offline

On ‎12‎/‎28‎/‎2017 at 12:15 AM, naominash said:

I think it's a fad. 

You are hitting the nail on what it is, but the criminal element is using it, which makes it even worse..

Link to comment
Share on other sites

  • 3 weeks later...

  • Group:  Members
  • Followers:  3
  • Topic Count:  4
  • Topics Per Day:  0.00
  • Content Count:  40
  • Content Per Day:  0.02
  • Reputation:   34
  • Days Won:  0
  • Joined:  01/19/2018
  • Status:  Offline

I personally have made a significant amount of money on crypto currencies. And YES you can cash out on your coins for whatever currency you desire. NO it is not a fad, it is an actual technology being used to store, transfer and exchange wealth. I also think it is the beginnings of a one world currency, not bitcoin directly but the idea of it.

  • Well Said! 1
Link to comment
Share on other sites


  • Group:  Worthy Ministers
  • Followers:  9
  • Topic Count:  92
  • Topics Per Day:  0.03
  • Content Count:  2,156
  • Content Per Day:  0.67
  • Reputation:   1,716
  • Days Won:  0
  • Joined:  05/19/2015
  • Status:  Offline
  • Birthday:  11/10/1961

Bitcoin isn't mainstream enough for me to consider it "real" money. There's no way I'd invest in it at this point, especially with South Korea, China, Germany, and probably others getting ready to either regulate or ban it. Saw an article this week that the Securities Exchange Commission in the US has gotten interested too, so I'm going to just watch. I've learned never to gamble money you can't afford to lose . . . 

Link to comment
Share on other sites

  • 3 years later...

  • Group:  Advanced Member
  • Followers:  1
  • Topic Count:  18
  • Topics Per Day:  0.00
  • Content Count:  268
  • Content Per Day:  0.04
  • Reputation:   82
  • Days Won:  0
  • Joined:  04/30/2005
  • Status:  Offline
  • Birthday:  02/25/2004

There are pros ands cons to bitcoin and other blockchain-based digital ledger technologies. I will begin to elaborate by saying that the first pro is that it is distributed and therefore cannot be easily manipulated by a centralized governing authority. The first con is that the general public does not have a grasp on what it is and could be easily duped to lose what they might have.

Link to comment
Share on other sites


  • Group:  Diamond Member
  • Followers:  13
  • Topic Count:  51
  • Topics Per Day:  0.02
  • Content Count:  2,366
  • Content Per Day:  0.79
  • Reputation:   2,149
  • Days Won:  9
  • Joined:  01/10/2016
  • Status:  Offline

On 12/17/2021 at 5:40 AM, NickyLouse said:

There are pros ands cons to bitcoin and other blockchain-based digital ledger technologies. I will begin to elaborate by saying that the first pro is that it is distributed and therefore cannot be easily manipulated by a centralized governing authority. The first con is that the general public does not have a grasp on what it is and could be easily duped to lose what they might have.

I think if you bought it at 20,000 and sold at 64,000 you did pretty good and if you bought a 64,000 I hope you dont need that money soon. But as far as use as a currency? It has advantages and pitfalls. Worst pit fall like every currency  the filthy rich can manipulate it's value and keep leaching everyone's bank accounts. 

  • Thumbs Up 1
Link to comment
Share on other sites


  • Group:  Advanced Member
  • Followers:  1
  • Topic Count:  18
  • Topics Per Day:  0.00
  • Content Count:  268
  • Content Per Day:  0.04
  • Reputation:   82
  • Days Won:  0
  • Joined:  04/30/2005
  • Status:  Offline
  • Birthday:  02/25/2004

22 minutes ago, Reinitin said:

I think if you bought it at 20,000 and sold at 64,000 you did pretty good and if you bought a 64,000 I hope you dont need that money soon. But as far as use as a currency? It has advantages and pitfalls. Worst pit fall like every currency  the filthy rich can manipulate it's value and keep leaching everyone's bank accounts. 

It is not easily manipulated since it is a distributed network that relies on a consensus for new blocks to be written. However, if more than 51% of the miners collude to manipulate the blockchain, then they could rewrite the history of the blockchain. As mining becomes less and less profitable, you could see some powerful people take over the mining and be able to rewrite the blockchain, which could steal from people's accounts.

As for being a worldwide payment system, blockchain has a problem with speed that will grow exponentially slower as it tries to become adopted as a payment system. There are complicated second layers such as Lightning Network that are trying to address that problem, but are running into problems of their own.

The other looming issue is quantum computing that will affect not only passwords of blockchain accounts (and all current bank accounts), it also has the potential to annihilate the mining by solving all of the remaining coins almost immediately and making future transactions exceedingly expensive (since nobody will be willing to do it).

 

  • Thumbs Up 1
Link to comment
Share on other sites


  • Group:  Worthy Ministers
  • Followers:  23
  • Topic Count:  28
  • Topics Per Day:  0.01
  • Content Count:  6,159
  • Content Per Day:  2.06
  • Reputation:   2,512
  • Days Won:  8
  • Joined:  01/20/2016
  • Status:  Online

On 12/25/2017 at 11:34 AM, Hobie_ said:

You can buy the bit coin, but can you get your money back when you want it. If it goes down and you try to sell, you may find yourself with a bunch of nothing, backed by no one, and little sympathy for your loss by any one....:0(

Bitcoin is backed exactly like that fiat currency in your pocket right now, only government cannot inflate Bitcoin nor can they stop it. 

Link to comment
Share on other sites

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...