Bitcoin

Rigjockey

In Gord We Trust!
Supporter
#82
Not too bad, The price has hit $17,000.

Thinking about it and I now see how it is a speculators market.
There are other crypto currencies out there. Priced much lower and it would be a good time to get in on them.
The only question is what one?
 

Rigjockey

In Gord We Trust!
Supporter
#84
Bitcoin took a big dive last night. IMO. That was to be expected. I just wonder who are those that jumped out at 17,000?
It is fluctuating now as one would expect. Up and down like a *****s panties on payday. LOL

I see a lot of post in the comments section on articles about Bitcoin saying it is a Ponzi scheme. Either they do not understand Bitcoin and or they clearly do not know what a ponzi scheme is. It is the new buzzword ever since Burnie Mad(e)off with peoples money.

A Fonzi scheme..Ahhhhh:thumbsup::rolllaugh:( I stole that from Modern Family):D
 

ironpony

Professional Pot-Stirrer
Supporter
#85
Bitcoin took a big dive last night. IMO. That was to be expected. I just wonder who are those that jumped out at 17,000?
It is fluctuating now as one would expect. Up and down like a *****s panties on payday. LOL

I see a lot of post in the comments section on articles about Bitcoin saying it is a Ponzi scheme. Either they do not understand Bitcoin and or they clearly do not know what a ponzi scheme is. It is the new buzzword ever since Burnie Mad(e)off with peoples money.

A Fonzi scheme..Ahhhhh:thumbsup::rolllaugh:( I stole that from Modern Family):D
The term is pump 'n dump.
 

Rigjockey

In Gord We Trust!
Supporter
#87
I was kind of surprised but not really. I thought after bitcoin started trading on the Nasdaq futures market it would really take off. It didn't.
Most experts said it would kind of reign it in a bit.
It kind of just stayed in the same area for the most part.:dunno: Meh.
 

krelithous

Well-Known Member
Supporter
#88
I was kind of surprised but not really. I thought after bitcoin started trading on the Nasdaq futures market it would really take off. It didn't.
Most experts said it would kind of reign it in a bit.
It kind of just stayed in the same area for the most part.:dunno: Meh.
One of the problems with bitcoin is that there will be some kind of crypto currency but which one:headscratch2:
 

dave350

Well-Known Member
#91
One of the problems with bitcoin is that there will be some kind of crypto currency but which one:headscratch2:
The federal reserve is working on a digital currency as well as other central banks around the world. I heard a blurb on Bloomberg the other day that the Senate has been discussing making Bitcoin and others like it illegal. Central banks aren’t going to allow competing currency’s. Governments survive on inflationary monetary policies so they will not stand for competition.
 

Rigjockey

In Gord We Trust!
Supporter
#93
The federal reserve is working on a digital currency as well as other central banks around the world. I heard a blurb on Bloomberg the other day that the Senate has been discussing making Bitcoin and others like it illegal. Central banks aren’t going to allow competing currency’s. Governments survive on inflationary monetary policies so they will not stand for competition.
China has banned the Bitcoin and it took a dive for about a minute.
Cryptocurrency does have the potential to disrupt the central banks. I hardly think it is an actual threat yet.

Just on a side note. I hear people say, What makes the Bitcoin have any value, it is not backed by anything?
What make the dollar bill in your pocket worth anything, It is not backed by anything? It is not backed up by gold anymore. It is simply a Fiat currency.

Like I say I am not a balls to the wall believer that this Bitcoin thing will pan out. I am just gambling here for some fun.
 

ironpony

Professional Pot-Stirrer
Supporter
#94
China has banned the Bitcoin and it took a dive for about a minute.
Cryptocurrency does have the potential to disrupt the central banks. I hardly think it is an actual threat yet.

Just on a side note. I hear people say, What makes the Bitcoin have any value, it is not backed by anything?
What make the dollar bill in your pocket worth anything, It is not backed by anything? It is not backed up by gold anymore. It is simply a Fiat currency.

Like I say I am not a balls to the wall believer that this Bitcoin thing will pan out. I am just gambling here for some fun.
A US dollar is backed by "the full faith of the US government." As long as the government meets its debt obligations (financed by treasury bonds,) and the rest of the world continues to accept that US debt obligations will be faithfully redeemed, the dollar has value. That value is set against other currencies and is regulated by the Federal Reserve Board - which acts as the central bank of the US. The world has do much faith in the stability of the US dollar, that it is the preferred reserve currency of the rest of the world.

On the other hand, bitcoin only has value as long as there is some other mook willing to buy it from you at the price specified at the moment of the transaction. Its an unregulated security... so if you get screwed, its your problem.
 

Rigjockey

In Gord We Trust!
Supporter
#95
A US dollar is backed by "the full faith of the US government." As long as the government meets its debt obligations (financed by treasury bonds,) and the rest of the world continues to accept that US debt obligations will be faithfully redeemed, the dollar has value. That value is set against other currencies and is regulated by the Federal Reserve Board - which acts as the central bank of the US. The world has do much faith in the stability of the US dollar, that it is the preferred reserve currency of the rest of the world.

On the other hand, bitcoin only has value as long as there is some other mook willing to buy it from you at the price specified at the moment of the transaction. Its an unregulated security... so if you get screwed, its your problem.
The same can be said about any dollar, It is only worth anything if people are willing to accept it and use it, Otherwise it is worthless.

Like if you were in Canada and a store refused to accept your greenback ( and some do) That piece of paper is completely worthless.
 

dave350

Well-Known Member
#96
I hardly think it is an actual threat yet.
It’s not. And that’s why govts aren’t moving in yet.

What make the dollar bill in your pocket worth anything, It is not backed by anything? It is not backed up by gold anymore. It is simply a Fiat currency.
It’s not worth anything at all. You’re correct. But central banks have a monopoly on currency for a reason, so they can inflate. They’re not going to tolerate competition. They do what they can to squash gold standard advocates. Don’t misunderstand me, I’m for competing currency’s. I think central banks are the largest of our problems.

I am just gambling here for some fun.
I understand and I’m not criticizing your decision. I hope you make a ton of money and I’ll be the first to borrow some. Ask @Blood. ;) I listen to the coverage during the day, it’s pretty interesting.