Bitcoin's and the future of online banking - Page 34

I was about to make a 2-3k cash out from ignition last month when it was like under 2k and I said to myself I was going to do it with bitcoin. Played live poker and forgot about it and now I fucking missed it. FCKkkk. I am getting some damn bitcoins eventually. But when???

First of all its kinda funny how this thread makes the good old lp community come together again nice to see!

btc is gonna continue this drop throughout the night and also tmrw I guess, support is down there somewhere but I am pretty sure its gonna drop below 3k surely, 2,8k eventually, <2,5k maaaaybe

luckily my poor self has his roll on an exchange and was able to switch to USDT a little after the crash began

Ill just hold onto them and switch back double? the amount of my initial btc balance later

I just want a simple way to buy it. my only options are thru a filipino site, then probably sending it thru the ether to an exchange, i hope there was an easier way since unlike poker, this shits a bit trickier to fund with a cc. im thinking got to neteller for funding and buy it using that? other options like mining btc is really stupid here where electricity prices are bullshit

On September 14 2017 23:09 JohnnyBologna wrote: I was about to make a 2-3k cash out from ignition last month when it was like under 2k and I said to myself I was going to do it with bitcoin. Played live poker and forgot about it and now I fucking missed it. FCKkkk. I am getting some damn bitcoins eventually. But when???

Now would be an ok time to get in. Once this retracement is done, I could see BTC hitting 10k in the next 6 months or so. Might want to wait another day though, as China might not be finished dumping when they wake up.

I bought back in a bit at 3300, going wait a bit longer to buy back the rest.

bitcoin will never go bigger than a currency used to buy shit on blackmarket.

No countries will permit it long term.

You speculators are nuts.

Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume.

If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress.

Lol wobbly, fiat government prints them out of thin air. Bitcoin is decentralize.

On September 15 2017 02:05 wobbly_au wrote: You speculators are nuts. Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume. If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress.

Wait you think fiat has intrinsic value? Are you fucking retarded? I bet you think fiat is backed by gold or something right? Have fun when USD turns into Zimbabwe dollars.

On September 13 2017 19:45 devon06atX wrote: Show nested quote + On September 10 2017 20:03 bigredhoss wrote:   On September 10 2017 17:13 devon06atX wrote: Family member is interested in investing $2000 in bitcoin How would she go about doing this? (just pointing me to a site where you guys think is a good one to buy would be super helpful) Do you guys think it's wise at this point? Really clueless tbh I don't know much about BTC but you need more info for anyone to possibly answer this. Like what % of her portfolio is 2k, what is her investment horizon, etc. Why does she want to buy BTC if she doesn't know anything about it or even how to buy it? She doesn't have a portfolio. She has disposable income and was wondering about the process of buying/selling. I told her I'd look into it. I figured you guys could explain much better than a google search. Was wondering what site people use/find the most trustworthy. Quick tips. Exchange vs peer to peer. Basically whatever. I realise now that asking if people thought it was a good idea to buy at this point is pretty silly haha

Well, if she has cash and owns some stuff she has a portfolio. I can't help with the buying part since I bought what BTC I have with Circle a while ago, and they no longer facilitate BTC transactions. Someone mentioned Coinbase but IIRC their fees suck. Also it's generally a bad idea to keep coins on an exchange as there is significant counterparty risk.

When you say she has no portfolio I'm taking it to mean she has no traditional investment-type assets (stocks/bonds/etc.). I'm not a financial adviser, but if that's the case I can't imagine it's wise to start putting her paychecks into any cryptocurrency before (at the very minimum) maxing out any 401k, Roth/SEP IRA, or any other applicable tax-advantaged investment options. Even if she's young and has a high risk tolerance, there's a limit to how much risk she should be taking. And obviously any crypto is subject to ridiculous volatility.

I don't have a strong opinion on BTC but I tend to agree with wobbly. I'm not confident BTC is a bubble, but if I had to guess its most likely long-term value I'd say it's 0. The question is whether it will hit 10k, 20k, etc. before going to 0. IMO it's most likely best to either hold a small % of your net worth in cryptos, or try trading the news cycles/trends/whatever if you follow it closely enough to believe you have an edge.

On September 15 2017 02:35 Trav94 wrote: Show nested quote + On September 15 2017 02:05 wobbly_au wrote: You speculators are nuts. Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume. If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress. Wait you think fiat has intrinsic value? Are you fucking retarded? I bet you think fiat is backed by gold or something right? Have fun when USD turns into Zimbabwe dollars.

Good old LP. No I think you are fucking retarded.

Im not saying fiat is awesome and the best way for money system to work, but bitcoin is much much worse as it doesnt have government backing. It will NEVER work.

Bitcoin theoretically is good, but as soon as it reaches some momentum world governments will shut that shit down.

On September 15 2017 02:43 wobbly_au wrote: Show nested quote + On September 15 2017 02:35 Trav94 wrote:   On September 15 2017 02:05 wobbly_au wrote: You speculators are nuts. Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume. If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress. Wait you think fiat has intrinsic value? Are you fucking retarded? I bet you think fiat is backed by gold or something right? Have fun when USD turns into Zimbabwe dollars. Good old LP. No I think you are fucking retarded. Im not saying fiat is awesome and the best way for money system to work, but bitcoin is much much worse as it doesnt have government backing. It will NEVER work. Bitcoin theoretically is good, but as soon as it reaches some momentum world governments will shut that shit down.

Ahh. I got you. The state will save us. I see the light now.

Wobbly is right that governments will try to shut it down, BTC is an existencial threat to governments If anything is surprising that they haven't acted upon it, however governments are really slow an inefficient and what Wobbly doesnt see is that if BTC has enough momentum it isnt going to be easy to stop even for governments al lyou can do is forbid exchanges in traditional financial institutions and that might kill it if its early prize-wise but they cant stop P2P transactions so if they react too slow it will be too late to do anything meaningful about it.

So far there has been many battles between the internet and governmts and both have have had victories and this is the ultimate battle and probably the most important financial paradigm since the fiat took over gold.

I think anyone making certain claims of the outcome of this battle is an idiot, personally I am not a trader I am a holder but I plan to get off the train and lock my profits before this war begins.

I've always found people who call bubbles either dishonest or simply ignorant.

Peter Schiff "called" the 08 real state bubble but did he profit from it? no, he is simply a doomsday caller pushing for gold, there were a few guys who shorted the shit out of it and those are the few ones who have my respect, the same happens with BTC, if you are a bubble caller and are not making money about it you are simply talking out of your ass

I agree govt's will try to shut BTC down. But there isn't much they can do other then try to regulate exchanges. Even then, they can only fuck with centralized exchanges. Decentralized exchanges already exist, and are going to be more popular.

Even if govt's regulate and try to smother Bitcoin, there are coins out there like Monero that have been proven to be completely anonymous and untraceable (Unless you're moving large amounts between fiat and Monero or something).

At the end of the day, Bitcoin itself may not be the future. But crypto itself has a very very good chance of being the future. The only way it dies is if the big nations of the world turn into North Korea and attempt to imprison or execute users and dissenters. That's unlikely to happen, at least anytime in the immediate future.

On September 15 2017 02:55 Trav94 wrote: Show nested quote + On September 15 2017 02:43 wobbly_au wrote:   On September 15 2017 02:35 Trav94 wrote:   On September 15 2017 02:05 wobbly_au wrote: You speculators are nuts. Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume. If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress. Wait you think fiat has intrinsic value? Are you fucking retarded? I bet you think fiat is backed by gold or something right? Have fun when USD turns into Zimbabwe dollars. Good old LP. No I think you are fucking retarded. Im not saying fiat is awesome and the best way for money system to work, but bitcoin is much much worse as it doesnt have government backing. It will NEVER work. Bitcoin theoretically is good, but as soon as it reaches some momentum world governments will shut that shit down. Ahh. I got you. The state will save us. I see the light now.

I’m not pro state. I’m libertarian, I think decentralized currency is great, I also think it won’t happen in our life time. You are being a difficult idealogue.

Bitcoin will goto zero because the people who are buying are speculating and will run the first sign of trouble. Looo at the sell off after Chinese speculators were spooked by Chinese government. That is now a market is that largely closed off now. To buy and trade you have to upload government id, which makes bitcoin no longer decentralized in China.

There isn’t an infinite amount of countries in the world for bitcoin to expand to. China is already out, if USA ever clamps down it will be over.

The biggest issue for bitcoin from my limited perspective is that you can’t buy much with it, and the reason for that is because merchants won’t adopt fast enough. Any merchants with a slow turn round time on products or services or that hold inventory will not use bitcoin due to risk. If they use it they will be charging a premium.

Even if bitcoin solves that chicken and egg problem of getting merchants signed up and consumers to spend, the governments can easily break it again by stopping the merchants from accepting bitcoin, or taxing it or regulating it.

I sold my 10k worth of crypto when China banned ico and I got out with a decent profit before the massive crash, my view has been same from day one. Fundamentally bitcoin can’t work unless there is a ducking revolution.

Gl future speculators

On September 15 2017 02:55 Trav94 wrote: Show nested quote + On September 15 2017 02:43 wobbly_au wrote:   On September 15 2017 02:35 Trav94 wrote:   On September 15 2017 02:05 wobbly_au wrote: You speculators are nuts. Gamble it up just make sure you guys dont do it with significant part of your roll. Bitcoin has no intrinsic values, its much much much much much worse than fiat. 99% of people who hold bitcoin use it to speculate and not consume. If you are buying then it should be because you think 10 other people around you also think it will go up in value, ths is the definition of a bubble in progress. Wait you think fiat has intrinsic value? Are you fucking retarded? I bet you think fiat is backed by gold or something right? Have fun when USD turns into Zimbabwe dollars. Good old LP. No I think you are fucking retarded. Im not saying fiat is awesome and the best way for money system to work, but bitcoin is much much worse as it doesnt have government backing. It will NEVER work. Bitcoin theoretically is good, but as soon as it reaches some momentum world governments will shut that shit down. Ahh. I got you. The state will save us. I see the light now.

Lol I guess they are saving you from having more money to spend with fiat. Good way to save us. Lol believing the government financial policy and institutions.

I think certain people overvalue exchanges.

True value in a currency, whether fiat or not is the fact that you can buy shit with it. Usd isn’t great because you can goto forex exchanges and speculate its great because you can buy shit with it all over the world.

Governments can tax merchants, regulator or even outright ban crytopos from being accepted. That is a hurdle bitcoin cannot get over.

It will just be hyped and hyped and overhyped for its genius design until it goes to zero. The only way it would work would be if there were a people’s revolution and establishment was overthrown and power given back to the people in a decentralized way using the block chain.

Decentralized, immutable voting would need to be done before the money system is over thrown.

Wobbly how are people going to change the world if you get scare of the government. You cant have a revolution right away. It takes time to implement policy. The fiat currency will die one day when your usd dollars become super inflated like trav94 to some Zimbabwe dollars.

On September 15 2017 03:19 wobbly_au wrote: I think certain people overvalue exchanges. True value in a currency, whether fiat or not is the fact that you can buy shit with it. Usd isn’t great because you can goto forex exchanges and speculate its great because you can buy shit with it all over the world. Governments can tax merchants, regulator or even outright ban crytopos from being accepted. That is a hurdle bitcoin cannot get over. It will just be hyped and hyped and overhyped for its genius design until it goes to zero. The only way it would work would be if there were a people’s revolution and establishment was overthrown and power given back to the people in a decentralized way using the block chain. Decentralized, immutable voting would need to be done before the money system is over thrown.

How about we start buying stuff with silver instead of inflating dollars over time. Real assets holds their value. Or go back to the gold standard. Fiat is criminal if you understand currencies.

Agree mostly with wobbly, he saying the government will stomp it doesnt mean he is pro government.

what I disagree with him and many of you is in hard claims that the government WILL crush it or that they simply cant... both those scenarios can happen and none of them are near the 0%, (if we collapse all of possible outcomes into two categories).

I see more businesses accepting BTC and random ppl asking about crypto so there is going to be a lot more money put into btc and a lot more uses for them