Crypto coins

[JoJo]

 I know very little about crypto currency's but what I do know is that copper, silver and gold have been used for currency for thousands of years because they were useful. Copper made swords, pots and other utensils as did silver. Gold made jewelry and other fine things. 
 A country's wealth was determined by how much of these metals the country had. Paper money was backed by silver or gold until recently then it is backed by a countries promise.
 In my opinion Bitcoin has no value what so ever. You can't make anything out of it and no country has given a promise to back it. It is a pyramid scheme. At least the pet rock (remember them) could be used to crush nuts at holiday time.
 To make a false story believable you use a tiny bit of truth in it.

Just my opinion   

[grizz]

I know very little about crypto currency's but what I do know is that copper, silver and gold have been used for currency for thousands of years because they were useful. Copper made swords, pots and other utensils as did silver. Gold made jewelry and other fine things. 
 A country's wealth was determined by how much of these metals the country had. Paper money was backed by silver or gold until recently then it is backed by a countries promise.
 In my opinion Bitcoin has no value what so ever. You can't make anything out of it and no country has given a promise to back it. It is a pyramid scheme. At least the pet rock (remember them) could be used to crush nuts at holiday time.
 To make a false story believable you use a tiny bit of truth in it.

Just my opinion   

I agree but people are making money off the stuff, I just cant figure out how? What factors determine the value?

[Grudgie]

Most of gold's value comes from the fact that it is a liquid medium of exchange. Otherwise it is shiny rock that can be shaped into pretty objects, or devices that can conduct electricity. Banks do not horde gold for its industrial demand lol.

Bitcoin and other crypto currency just happen to be another medium of exchange that many people find more useful than gold.

I agree but people are making money off the stuff, I just cant figure out how? What factors determine the value?

I have been investing in crypto currency since last year and have made around a 3500% roi since then. Only a few crypto tokens are actually 'currency' of which Bitcoin is the leader. Many more are utility tokens. For example, one crypto coin I own is basically like a stock. It allows you to vote for company management and receive revenue. The price of crypto is determined like anything else, supply and demand.

[Grudgie]

Let me put it this way.

Bitcoin is to Gold, as Email is to Letters

If I received an email from someone, I wouldn't say, "This email has no value to me because it isn't made of paper". That would be silly. The value of a paper letter is that it conveys meaning abstractly. An email acomplishes this as well.

It's the same with Bitcoin and gold.

[Nemo]

Problem is that when you turn off the electricity bitcoin becomes unusable.  Its a bit difficult to put a bitcoin in my jar under the second post from the left on the back fence.

Nemo

[grizz]

Let me put it this way.

Bitcoin is to Gold, as Email is to Letters

If I received an email from someone, I wouldn't say, "This email has no value to me because it isn't made of paper". That would be silly. The value of a paper letter is that it conveys meaning abstractly. An email acomplishes this as well.

It's the same with Bitcoin and gold.

If your ROI is ~3500% how do you cash out?

How did you buy in?

[Grudgie]

Let me put it this way.

Bitcoin is to Gold, as Email is to Letters

If I received an email from someone, I wouldn't say, "This email has no value to me because it isn't made of paper". That would be silly. The value of a paper letter is that it conveys meaning abstractly. An email acomplishes this as well.

It's the same with Bitcoin and gold.

If your ROI is ~3500% how do you cash out?

How did you buy in?

I bought in through a company called Coinbase. They take a flat 1% fee over spot. I haven't cashed out and I don't plan on it in the near future. If I do cash out it would be through Coinbase again. Or I would buy gold with BTC and sell the gold for dollars.

[Grudgie]

Problem is that when you turn off the electricity bitcoin becomes unusable.  Its a bit difficult to put a bitcoin in my jar under the second post from the left on the back fence.

Nemo

If electricity goes out your Bitcoin will be safe on the blockchain. In 10 years or less when the power grid is decentralized, this won't be a concern at all.

[JohnyMac]

I am not for or against BitCoin; However, there are other examples of BitCoin in our past. Some to look into are:

Tulip Mania,
South Sea Company,
Railway Mania,
Florida Land Boom/1920's,

...to name a few from our past then of course in our lifetime we have had the:

Dot-Com,
Housing,
Et cetera bubbles.

 

[Grudgie]

I agree Johnny Mac. Crypto is in a dotcom style bubble for sure. The crash will be painful. Crypto has had 4 major bubbles in the past. We are still on the way towards mainstream adoption.

[grizz]

Problem is that when you turn off the electricity bitcoin becomes unusable.  Its a bit difficult to put a bitcoin in my jar under the second post from the left on the back fence.

Nemo

If electricity goes out your Bitcoin will be safe on the blockchain. In 10 years or less when the power grid is decentralized, this won't be a concern at all.

What does that mean?

[pkveazey]

I only have one question, and I'm not trying to be a smartass, and that question is if Bitcoins and or Crypto Coins are better than money, why would anyone sell you a bitcoin for money and why would they want your money? OK, two questions. Who gets the money? Does your money go into some internet access account that is secret to only you and how do you get it out if the Internet goes down? OK, three questions. Who handles the transaction and do they do it for free? I've been curious about Bitcoins and Cryto Coins but I'm still buying physical Silver because its portable and if everything quits, I still have something of value to trade. I do understand that bitcoins are supposed to be hidden and the Government doesn't know who has what and where it is located. Nothing goes unnoticed by big brother. I've already heard news reports about the Government trying to get involved in controlling and/or accessing Bitcoin accounts. At this point, I'm staying away from nontangable money.

[Grudgie]

Problem is that when you turn off the electricity bitcoin becomes unusable.  Its a bit difficult to put a bitcoin in my jar under the second post from the left on the back fence.

Nemo

If electricity goes out your Bitcoin will be safe on the blockchain. In 10 years or less when the power grid is decentralized, this won't be a concern at all.

What does that mean?

When solar panels become widespread, more and more homes will produce their own electricity. This mitigates the single points of failure that our current system is prone to.

[Grudgie]

I only have one question, and I'm not trying to be a smartass, and that question is if Bitcoins and or Crypto Coins are better than money, why would anyone sell you a bitcoin for money and why would they want your money?

In free markets, people are usually willing to exchange anything for a price. If not, the price adjusts until someone is. It's price discovery.

Who gets the money? Does your money go into some internet access account that is secret to only you and how do you get it out if the Internet goes down?

I don't know what the 'if the internet goes down' part means. People trade cash for crypto currency all the time.

Who handles the transaction and do they do it for free?

Ledgers of who owns what are constantly maintained on thousands of computers across the world. The incentive for people to do this is mining in the case of Bitcoin. Bitcoin miners are rewarded with created Bitcoins for their computer power. There are other methods than mining such as staking that other crypto coins utilize.

I do understand that bitcoins are supposed to be hidden and the Government doesn't know who has what and where it is located. Nothing goes unnoticed by big brother. I've already heard news reports about the Government trying to get involved in controlling and/or accessing Bitcoin accounts. At this point, I'm staying away from nontangable money.

If your Bitcoin address is known, it can be traced on the blockchain. Everyone can see what gets sent where and who owns what. Some cryptos like Monero and Dash are 'anonymous' crypto currencies that can not be traced.

[grizz]

I just created and currently selling GrizzCoins

These will be more valuable than bitcoins but you need to buy NOW

One GrizzCoin = $1 - How many do you want, I have plenty in stock 

PM for details

[Nemo]

He and I are now partners. (whether he likes it or not)  They are GrizMo coin.  Gotta say this will be big.  We are letting you guys in on the ground floor.

Nemo

[JoJo]

 In my opinion and only my opinion I feel crypto currency was invented to protect the wealth of certain groups of people. People like drug lords, drug dealers, white collar crime and those who want to move large amounts of money without the governments knowing. It was and I still believe it is a criminal organization.     

[grizz]

He and I are now partners. (whether he likes it or not)  They are GrizMo coin.  Gotta say this will be big.  We are letting you guys in on the ground floor.

Nemo

Grizz 99%
Mo 1%
 

[grizz]

In my opinion and only my opinion I feel crypto currency was invented to protect the wealth of certain groups of people. People like drug lords, drug dealers, white collar crime and those who want to move large amounts of money without the governments knowing. It was and I still believe it is a criminal organization.   

Its all part of the clinton foundation, GrizzMoCoins are much more secure 

[Nemo]

Grizz 99%
Mo 1%
 

Hey Hey, we worked out the 60/40 deal.  Remember, I do the work and bank runs and get the big part?  Remember that?

Nemo 

[grizz]

Grizz 99%
Mo 1%
 

Hey Hey, we worked out the 60/40 deal.  Remember, I do the work and bank runs and get the big part?  Remember that?

Nemo 

ok but only because I like the dancing bacon 

[Nemo]

If you didn't like dancing bacon you would be disconnected from the internet forever.

Nemo

[Nemo]

What have we been talking about?

Nemo


http://www.foxbusiness.com/markets/2017/12/22/bitcoin-plunges-25-in-24-hours-in-cryptocurrency-market-rout.html

Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
December 22, 2017, Bitcoin Dow Jones Newswires
Bitcoin is creating a massive bubble: 'Wolf of Wall Street' Jordan Belfort

'Way of the Wolf' author Jordan Belfort says the way bitcoin is being traded is a massive bubble and scam.

The price of bitcoin tumbled sharply Friday in Asia, wiping one-fourth of its market value in the past 24 hours alone, as a wave of selling hit the broader cryptocurrency market just before the Christmas holiday weekend.

Bitcoin recently traded at $12,500, according to research site CoinDesk. The notoriously volatile digital currency started December at about $10,000 and traded close to $20,000 this past weekend, but has been in retreat since.

From its recent peak, the virtual currency has lost about $121 billion of its total market value in less than a week, or more than twice the market cap of Tesla.

It wasn't the only currency feeling the pain. Many so-called "altcoins"--shorthand for alternative versions of bitcoin--also declined. And of the 31 digital currencies that have at least a $1 billion market value, 29 were recently down, according to data provider CoinMarketCap.

Ether, the second-biggest digital currency by market value, dropped 26% over the past 24 hours. Another currency called litecoin was down 32%. Its creator, Charlie Lee, said earlier this week that he was selling all his holdings of the currency. Litecoin, whose price hit an all-time high of $375 on Tuesday, recently traded at $229.

Mr. Lee, a former Google engineer who created litecoin in 2011, also warned on Twitter that litecoin was getting "so much mainstream exposure" and that "every crypto bull run I've seen has been followed by a bear cycle."

Digital currencies exploded into the mainstream this year, garnering attention for huge price gains as well as significant swings and drawing scores of investors around the world. The market's price moves starkly contrast with how most traditional asset classes have fared so far this year, such as stocks and bonds, where volatility has been relatively low.

Bitcoin has fallen more than 30% over the past four days, its fifth such decline of that magnitude this year, according to Charlie Bilello, director of research at Pension Partners, an investment-advisory firm in New York. In the prior four instances, it took Bitcoin an average of 38 days to hit a new high.

Bitcoin trading volumes in recent months have been driven to a large extent by investors in South Korea, Japan and other parts of Asia, where digital currencies have gained greater recognition. Rising interest from institutional investors and Wall Street firms have also helped legitimize the currency and contributed to bitcoin's big gains.

Bitcoin futures prices on Cboe Global Markets and CME Group, both of which started trading the contracts earlier this month, were both more than 10% lower on Friday. They were recently pricing in a lower value for the digital currency in the first quarter of 2018 than its current value, a state known in futures markets as "backwardation" and a potentially bearish sign.

A popular alternative currency called Bitcoin Cash has also fallen 40% over the past 24 hours, according to CoinMarketCap. The bitcoin offshoot climbed in value earlier in the week after Coinbase, which operates one of the world's largest cryptocurrency trading platforms, said its users would be able to trade the currency on its systems.

Coinbase, however, has so far had to intermittently halt trading due to insufficient liquidity. The company is also investigating allegations that some of its insiders or their family and friends could have traded Bitcoin Cash ahead of its launch plans.

One outlier is ripple, the third largest digital currency by market value. It has surged 30% in the past 24 hours.

The explosive growth in cryptocurrencies has drawn plenty of skeptics, including central banks, government officials, top bankers and others who think bitcoin is in a bubble that won't end well when it bursts. The Daily Show, a popular late-night, satirical program, ran a segment last week investigating the market's rapid rise.

"There is no way all these people buying cryptocurrencies have any idea what the hell they're investing in," The Daily Show correspondent Ronny Chieng said on the show.

Paul Vigna contributed to this article.

Write to Steven Russolillo at steven.russolillo@wsj.com and Gregor Stuart Hunter at gregor.hunter@wsj.com

[Grudgie]

I don’t want to be a shill, but for anyone looking to x5 their money over the next 2-3 years, buy Bitcoin when it goes under $10k. Somewhere around $7k even better. The time to buy is when everyone wants to sell.

[Erick]

I don’t want to be a shill, but for anyone looking to x5 their money over the next 2-3 years, buy Bitcoin when it goes under $10k. Somewhere around $7k even better. The time to buy is when everyone wants to sell.

My thoughts exactly.

I missed the boat when I had money last year and it was low.
Am resolved not to buy it when its still close(-ish) to its bubble because then I am paying for someone else's profit.

Once it drops back down I may buy.