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A currency where most of the holders are in it purely for speculation could be prone to wild dips? What!?
FYI, futures in bitcoin are soon to be available, so it can be shorted. But I'm sure that timing is just coincidental.
Now we have institutional money buying Bitcoin Futures....Are they going to issue Crypto ETF's next?
finance rags all said Obama was a genius for not letting the Billionaires lose their bad bets.
To be honest, I like Bitcoin and the freedom it represents from government control.
Why should government be able to tax work or commerce at all? They should not. Land is the best object of taxation, and cannot be hidden. So Bitcoin helps https://en.wikipedia.org/wiki/Georgism
And fiat currency is hardly any better than Bitcoin in terms of being imaginary.
Patrick saysTo be honest, I like Bitcoin and the freedom it represents from government control.
Why should government be able to tax work or commerce at all? They should not. Land is the best object of taxation, and cannot be hidden. So Bitcoin helps https://en.wikipedia.org/wiki/Georgism
And fiat currency is hardly any better than Bitcoin in terms of being imaginary.
Agreed, I like it too. Still it's in a bubble ;)
errc saysBitcoin is headed for six figures valuation
I'm genuinely not being a smart ass. Why?
They are in limited supply, while the demand is increasing
Who's crazy now?
They should not. Land is the best object of taxation, and cannot be hidden. So Bitcoin helps
You can counterfeit a dollar bill but you can't counterfeit a bitcoin. Think about it.
anon_3e01a saysYou can counterfeit a dollar bill but you can't counterfeit a bitcoin. Think about it.
If it was created by humans it most certainly can be counterfeited. Or even easier, stolen. It’s already happened.
When someone can answer why bitcoin can’t go to $2, I’ll think about investing. Until then I’ll stick with things that have a history of consistent returns.
Again, invest in this stuff all you want. I won’t stop you and I don’t think my postings here have been negative towards those that have decided to invest. I’m just looking for someone to tell me why this is sustainable. Why there is “demand” for “it.” No one has explained this. I don’t think anyone can truthfully.
http://www.zerohedge.com/news/2017-08-25/bitcoin-really-anonymous-irs-moves-track-cryptocurrencies-new-chain-analysis-tools "According to a contract recently obtained by the Daily Beast, the IRS can now track bitcoin and other cryptocurrency addresses. They can do this to route out potential tax evaders."
Again, I'm being serious. I really do enjoy investment advice, but I simply don't understand anything about this. I know how to get it. I know how to sell it. But why? Why is this worth $17k and why won't it be worth $1 in 2 hours time? Until someone can explain that to me, I'm willing to watch people make millions, while I continue on my path to retire at 50. Which I'm cool with.
Here's a BS Test for Bitcoin
If just ONE government shuts down a major bitcoin exchange... Will the price go sky high or will it collapse?
If the latter, the libertopian/technoutopian dreams are shown to be mirages since many see a currency "safe from gov't/corporate" meddling.
I just bought some Bitcoin..$10.00 worth from curiosity. It was the easiest thing in the world.
WookieMan, I'm a pat.net oldtimer and appreciate your presence here.
At this point, miners are spending thousands of dollars in "real" fiat US currency to set up farms to mine Bitcoins.
What is bitcoin doing for me that I can't already do?
WookieMan saysWhat is bitcoin doing for me that I can't already do?
Cash dollars (literal paper money) has much of the same function of bitcoin locally. But bitcoin has the advantage of being instantly transmissible around the world without physical delivery of anything.
Cash dollars (literal paper money) has much of the same function of bitcoin locally. But bitcoin has the advantage of being instantly transmissible around the world without physical delivery of anything.
Yea but Western Union has done that forever, no?
Patrick saysWookieMan saysWhat is bitcoin doing for me that I can't already do?
Cash dollars (literal paper money) has much of the same function of bitcoin locally. But bitcoin has the advantage of being instantly transmissible around the world without physical delivery of anything.
Yea but Western Union has done that forever, no?
errc saysYea but Western Union has done that forever, no?
There are records of Western Union transactions.
Maybe the people who use bitcoin do not want to leave any traces of their transactions that could be connected back to themselves.
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#finance
(ok, really #humor)