Explain Bitcoin Please

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locker

climber
Nov 10, 2017 - 12:00pm PT


Bitrip(uoff) is probably closer to correct...
Happiegrrrl2

Trad climber
Nov 10, 2017 - 03:56pm PT
If nobody mentioned it, there was a segment about Bitcoin on "Fresh Air" last night. I only heard the last of it, but am assuming there was enough on the "basics of Bitcoin" to get a decent idea.

https://www.npr.org/2017/11/09/563050434/once-an-underground-currency-bitcoin-emerges-as-a-new-way-to-track-information
Bargainhunter

climber
Nov 10, 2017 - 04:31pm PT
Personal anecdote:

I bought my first bitcoin the day after Thanksgiving in 2013. It cost ~$1200.

Turns out, I had purchased at a peak and it proceeded to rollercoaster downward, then back up but mostly downward to the $300-400 range. The volatility was extreme, sometimes changes of 25% in a single day. Great if it's going up but not so great the other way.

I bought more during this time (hey, it's on a discount!), lots more, but ultimately got spooked by the volatility, and cashed out a year later with a hefty but tolerable losses, as I understood I was just speculating on a weird security and was basically gambling, not investing. I was aware all along that the money could vaporize at a moment's notice.

If I had held onto my original bitcoin in 2013 bought around $300, I would have seen more than 20x increases today. I could have retired early.

Back in 2013, I gifted my sister 0.10 bitcoin for her birthday, then worth $95. It's now worth $660+.

Pretty wild to think of the early adopters making millions just by the simple click of a few buttons, if one's timing was lucky, getting in on bitcoin when it was worth a few dollars, or pennies...
MH2

Boulder climber
Andy Cairns
Nov 10, 2017 - 04:51pm PT
Pretty wild to think of the early adopters making millions

The creator, whatever name he, she, or they go by, did well, too.


Far as we know.



Reminds me of what a computer scientist friend of mine said years ago about the promise of things to come: "Some people in my field play a game of 'fleece the venture capitalist.'"
Reilly

Mountain climber
The Other Monrovia- CA
Nov 10, 2017 - 05:36pm PT
A young programmer I know retired, verrrry comfortably, at the ripe old age of 28. But he actually wrote code that people paid for because they saw actual value in it.
MH2

Boulder climber
Andy Cairns
Nov 10, 2017 - 06:17pm PT
he actually wrote code that people paid for


Sort of like Microsoft did, huh?



Reilly

Mountain climber
The Other Monrovia- CA
Nov 10, 2017 - 06:21pm PT
Kinda, but he wrote stable code. 🤓
Reilly

Mountain climber
The Other Monrovia- CA
Nov 16, 2017 - 08:50am PT
Lest we forget:

Special Report: Twice burned - How Mt. Gox's bitcoin customers could lose again
http://www.reuters.com/article/us-bitcoin-gox-specialreport/special-report-twice-burned-how-mt-goxs-bitcoin-customers-could-lose-again-idUSKBN1DG1UC

24,000 suckers stiffed! Financial Darwinism, baby!
healyje

Trad climber
Portland, Oregon
Nov 16, 2017 - 01:06pm PT
https://hackernoon.com/the-crypto-civil-war-40ee1ee9314f
Winemaker

Sport climber
Yakima, WA
Nov 16, 2017 - 06:26pm PT
^^^^^ This is a nerd's wet dream, a computer game that can actually make you rich. So what happens when the interwebs go down? It's amazing how much we have come to depend on the internet in such a short time. All my business transactions go through it; I'd be f*#ked without it. All the more reason for net neutrality.
Dingus Milktoast

Trad climber
Minister of Moderation, Fatcrackistan
Nov 16, 2017 - 08:31pm PT
All my business transactions go through it; I'd be f*#ked without it. All the more reason for net neutrality.

I mean no disrespect winemaker but free things have no value; like free wine. The fact all your business runs through the internet defies net neutrality.

Supply and demand, my friend, isn't it? The more you value it the more you will pay for it, whatever is is. Free things, you pay nothing for. Business doesn't work on free.

DMT
Winemaker

Sport climber
Yakima, WA
Nov 17, 2017 - 07:06am PT
You misunderstand me DMT, or perhaps I wasn't clear. All my communications re lab results and billing go through the internet. Snail mail would be possible but slow. Fax could work, but who has one now? Texting is okay for quick response, but not for technical stuff. Do you think Amazon might depend a bit on the interweb?

The internet isn't free. I pay $200/year for a web site and a domain name. Explain to me how the internet has not become very important, no, essential, for commerce worldwide. More and more entertainment is web based, as cable customers abandon the ship. It's critical that the net be neutral and not controlled by two or three companies who can pick and chose who they will speed stifle for their own benefit.

I wish I had some options as to a service provider, but have only a single choice. Since this is essentially a monopoly there must be certainty that my ISP not favor certain businesses or political views, that the internet be open and neutral.

Don't talk down to me without knowing what I do or how I do it. I pay $70/month for internet access; some of that money goes to infrastructure support via the provider.

And there's nothing wrong with free wine.

Edited to add:

DMT, a number of people on this site have gotten free wine from me just by asking. I used to have a policy that whenever someone asked they got a bottle via UPS. Reilly, I think you asked once and I messaged you for your address, but got no reply.
Reilly

Mountain climber
The Other Monrovia- CA
Nov 17, 2017 - 07:36am PT
Wino, with all due respect, what does yer love of the intardnet got to do with Bitcoin?
Yer use of the net is legit.
Winemaker

Sport climber
Yakima, WA
Nov 17, 2017 - 07:44am PT

Reilly, not a love story. What I was suggesting is that
So what happens when the interwebs go down?
bitcoins don't exist without the net. The way hundreds of millions of dollars of perceived value can simply vanish with the click of a button as it did with Mt. Gox is, or should be, scary stuff.
Reilly

Mountain climber
The Other Monrovia- CA
Nov 17, 2017 - 08:26am PT
Ah, pre-coffee reading comp fail. My bad. ;-) Well, the world’s whole financial system is dependent on the web with the critical difference being all other transactions are (theoretically) backed up ad nauseum. Oh, there is that one other little difference - those transactions are real. OK, real as long as you think a credit default swap is real. :-)
Dingus Milktoast

Trad climber
Minister of Moderation, Fatcrackistan
Nov 17, 2017 - 10:00am PT
I didn't talk down to you.

Speed costs money, how fast do you want to go?

DMT
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