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Old 03-03-2022, 08:39 AM   #1
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New currency!

This certainly wonít spark much interest, but I have a curiosity about Bitcoin and Cryptocurrency that maybe someone whoís up on this can help with.

Is this new currency, that most people including myself doesnít understand, something that we should take more interest in? What is it and is it for individuals or only for the big players. Help me understand and convince me that itís important to pursue the knowledge.

Most everyone I ask about it doesnít understand anything about it. Or am I the only one with my head in the sand.
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Old 03-03-2022, 10:57 AM   #2
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Originally Posted by Country Road View Post
This certainly won’t spark much interest, but I have a curiosity about Bitcoin and Cryptocurrency that maybe someone who’s up on this can help with.

Is this new currency, that most people including myself doesn’t understand, something that we should take more interest in? What is it and is it for individuals or only for the big players. Help me understand and convince me that it’s important to pursue the knowledge.

Most everyone I ask about it doesn’t understand anything about it. Or am I the only one with my head in the sand.
I just finished listening to this episode of Star Talk with Neil deGrasse Tyson and his guest explains it quite well. Yes, it's complicated, but it seems cryptocurrency (Bitcoin is just one of the thousands of cryptocurrencies) is going to be the future, like it or not.

My best takeaway was when she compared it to going from a gold or silver standard to paper currency. "What do you mean you're going to replace my gold with paper. Are you nuts?" Yet here we are.
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Old 03-03-2022, 05:28 PM   #3
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I just finished listening to this episode of Star Talk with Neil deGrasse Tyson and his guest explains it quite well. Yes, it's complicated, but it seems cryptocurrency (Bitcoin is just one of the thousands of cryptocurrencies) is going to be the future, like it or not.

My best takeaway was when she compared it to going from a gold or silver standard to paper currency. "What do you mean you're going to replace my gold with paper. Are you nuts?" Yet here we are.
Iíll definitely take a look at that. Iím certain to come away knowing more than I know now and boy oh boy, will I look like a genius when asked about it.
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Old 03-03-2022, 05:50 PM   #4
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It is a nonexistent currency backed by nothing. I looked into it 4 years ago when it was 2700 a coin. It went within sniffing distance of 20,000 but someone brought a pin to the Bitcoin bubble party and poof, down it went. Stayed around 4-5k for awhile and I quit watching it. Recently I see it is in the 40-50k range. Itís a high risk gamble but it is used for quite a few transactions but without tracking. I never did figure out exactly how you buy it but it seems like coin base was one of the outlets and you need to set up a wallet and a password. Thatís as far as I got. Good luck to you.
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Old 03-03-2022, 06:29 PM   #5
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Crytocurrency is weird and will probably be regulated to a dollar standard, which is just as "not backed by anything" as Bitcoin.

If you want to spend time learning about something useful, take a look at blockchain. That should change the world in a very meaningful way. It can be used for a lot more than just currency.

And the Bitcoin blockchain is crap. The BTC blockchain is akin to doing a large search for something and starting at the beginning and not stopping until you get to the end, every time. It would take a supercomputer to maintain it if we used it for everything we use a credit card for. Luckily there are smart people working on a lot more efficient blockchains.
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Old 03-03-2022, 06:46 PM   #6
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You've no doubt heard of subatomic particles that exist only when in motion and that disappear at any attempt to observe them.
When all the servers finally go down there will be no cryptocurrency.
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Old 03-03-2022, 06:53 PM   #7
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Since a great deal of the activity in crypto is illegal or at least unethical (please notice I didn't say all) I believe it will eventually be regulated out of existence by the governments of the world. China is already a long way down that path and it seems others are headed there. Notice that for the second year there is a question on your US tax return about any crypto activity. Answer it falsely and you've committed a 5 year felony. Don't think for as minute that the government doesn't know how to hack the blockchain, they've already done it for ransomware payment. That said, there is probably some money to be made in crypto for the next few years. I wish I had bought some when I first heard about it.
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Old 03-03-2022, 10:26 PM   #8
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Crytocurrency is weird and will probably be regulated to a dollar standard, which is just as "not backed by anything" as Bitcoin.

If you want to spend time learning about something useful, take a look at blockchain. That should change the world in a very meaningful way. It can be used for a lot more than just currency.

And the Bitcoin blockchain is crap. The BTC blockchain is akin to doing a large search for something and starting at the beginning and not stopping until you get to the end, every time. It would take a supercomputer to maintain it if we used it for everything we use a credit card for. Luckily there are smart people working on a lot more efficient blockchains.
As mentioned, Bitcoin is but one of many. All cryptocurrencies are blockchain-based.

There is already much misinformation posted in this thread in just a few posts. No, most of it isn't illegal. No, it won't go away if computers crash. No, it isn't based on "nothing." It won't be based on the US dollar. It's literally an international currency.

Read up. You may be pleasantly surprised.

BTW, the podcast linked above also talks about NFTs, or non-fungible tokens. That one is harder to grasp.
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Old 03-04-2022, 12:05 AM   #9
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As mentioned, Bitcoin is but one of many. All cryptocurrencies are blockchain-based.

There is already much misinformation posted in this thread in just a few posts. No, most of it isn't illegal. No, it won't go away if computers crash. No, it isn't based on "nothing." It won't be based on the US dollar. It's literally an international currency.

Read up. You may be pleasantly surprised.

BTW, the podcast linked above also talks about NFTs, or non-fungible tokens. That one is harder to grasp.

Ok.
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Old 03-04-2022, 06:52 AM   #10
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Crypto coin of every kind is fraud. My opinion...shared by others who should know. See this LINK for information about how it is fraud.

Bernie Madoff went to jail for promoting a Ponzi scheme. Even worse! If you can afford HUGE computer systems and genius programmers you can 'MINE' crypto coin driving the price UP and UP. This increase in price is completely disconnected from value. It makes the 'MINERS' rich and most everyone else poor.

THIS OPINION IS WORTH WHAT YOU PAID FOR IT!
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Old 03-04-2022, 07:45 AM   #11
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Crypto coin of every kind is fraud. My opinion...shared by others who should know. See this LINK for information about how it is fraud.

Bernie Madoff went to jail for promoting a Ponzi scheme. Even worse! If you can afford HUGE computer systems and genius programmers you can 'MINE' crypto coin driving the price UP and UP. This increase in price is completely disconnected from value. It makes the 'MINERS' rich and most everyone else poor.

THIS OPINION IS WORTH WHAT YOU PAID FOR IT!
False.


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Old 03-04-2022, 08:26 AM   #12
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False.


So you say. Point us to documentation that might convince us you are correct!
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Old 03-04-2022, 09:47 AM   #13
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I certainly don't have the slightest "bit" of interest in the stuff, pun intended. It doesn't matter if its Dentalium, glass beads, a shiny metal, pretty rocks, or a strip of paper, the value of currency is whatever a group of people agree it is. All those things have made some people rich, and destroyed, or ended the lives of others. Crypto currency is no different. One aspect of it that puzzles me, is the buying and selling of virtual property, using virtual currency. Now THAT'S a weird one.

Just the other day I took a dollar bill out of my wallet and thought it's pretty amazing I can hand someone this piece of paper in exchange for something tangible like food or fuel. A piece of paper . . . .
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Old 03-04-2022, 11:01 AM   #14
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You've come to the wrong forum for advice on crypto. Most of the folks on here are a bit long in the tooth and have no idea what it is so they dismiss it out of hand as some new fangled fad that the kids are into. I have some and I've done quite well and whether folks like it or not, it's here/coming. Most major corporations are invested in it and most governments are working to figure out how to tax it, regulate it and destroy it like they've done to fiat currency. It's way to broad of concept to discuss here so pick up a book on it. I found "The only Bitcoin investing book you'll ever need" to be an ok primer, but there's lots of them. The hardest part for me was figuring which products to buy and how to buy them. There's not a single grocery store to pick up everything you want and all the different exchanges have different fees and requirements. Bitcoin has a high price tag and swings wildly, but you can buy tiny fractions. Get some on a down swing. Ethereum is another good choice. Lower buy-in, less volatile and is the basis for many other blockchains. There are several other crypto products you should consider, but perhaps dabble in these two first while you read up on everything crypto. Good luck and don't look to this forum for crypto advice.
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