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Moof
Big Wall climber
Orygun
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Nov 27, 2017 - 04:23pm PT
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FOMO - Fear of missing out
Bitcoin has been getting hyped as the latest get rich quick scheme. We are getting closer and closer to taxi drivers and shoe shine buys shilling for it.
It is not being used as a currency, but as an asset. An asset unbacked up by anything other than hype. I've yet to hear a single person claim to have bought it for the actual purpose of making a monetary transaction easier or more efficeint. Instead everyone is in Get Rich Quick mode.
Just a matter of time till some sanity hits it. Might be in a day, might be in a year. All I know is that I am pretty happy with my portfolio as it already stands, and it does not include bitcoin.
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Wayno
Big Wall climber
Seattle, WA
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Nov 27, 2017 - 04:48pm PT
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At least one of the local pot shops here in Seattle accepts credit cards. They use some kind of bitcoin transaction. It seems the banks have some issues with the "legal" pot business. Interesting discussion.
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Jon Beck
Trad climber
Oceanside
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Nov 27, 2017 - 07:18pm PT
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The Da Vinci was the last one in private hands.
The last remaining Leonardo da Vinci painting in private hands is expected to fetch £75million at auction - 60 years after it was sold for £45. "Salvator Mundi" - or "Saviour of the World" - was painted by the Italian artist in around 1500, the same period he created The Mona Lisa.Oct 11, 2017
Bitcoin is baffling.
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Winemaker
Sport climber
Yakima, WA
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Nov 27, 2017 - 07:31pm PT
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Yeah Wayno, there are problems between the Feds and banks for 'illegal' at the federal level transactions. Since pot is still illegal federally banks have some real issues dealing with the state legal pot business; money laundering springs to mind. That's why the pot shops can't take anything but cash or now, I guess, bitcoins. The Silk Road drug site was a prime example of why bitcoins exist; untraceablity.
DMT, you are correct. The sale of that painting for more than $400 million was simply money laundering by Russian oligarchs. As were many of the Trump condo sales. Rinse, repeat.
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Roger Brown
climber
Oceano, California
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Nov 27, 2017 - 08:19pm PT
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Today I watched the u-tube stuff and I think get it! No wonder the 1070 Founders Edition were over $1200.00 on Amazon when they sold out. My, just released, 1070ti Founders shipped from Nvidia today for their price. They had a limit of 2. I just wanted 1 to upgrade my simulator. I wonder how many folks sold the farm to build chain blocks for pay in Bitcoins? $10,000 a Bitcoin......."POP"
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Reilly
Mountain climber
The Other Monrovia- CA
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Nov 27, 2017 - 09:40pm PT
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Wayno, as Wino noted the banks are hamstrung, not that only taking cash is
exactly breaking the hearts of the pot shops. They can then buy Bitcoins
with whatever they have left over that their accountants tell them is safe
to launder.
BTW, you seen that Yuge pot operation up by Aeneas Lake? They had major
money fronting them - everything is brand new and first class. Some forensic
accounting is indicated IMHO.
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stevep
Boulder climber
Salt Lake, UT
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Nov 28, 2017 - 08:42am PT
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Today I watched the u-tube stuff and I think get it! No wonder the 1070 Founders Edition were over $1200.00 on Amazon when they sold out. My, just released, 1070ti Founders shipped from Nvidia today for their price. They had a limit of 2. I just wanted 1 to upgrade my simulator. I wonder how many folks sold the farm to build chain blocks for pay in Bitcoins? $10,000 a Bitcoin......."POP"
It's not just the bitcoin farmers using GPUs. They are also proving very useful in machine learning/AI. Between the two uses, ATI and Nvidia are very busy. If you wanted an actual good investment, that would be one.
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cavemonkey
Ice climber
ak
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Nov 28, 2017 - 09:02am PT
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`snore`
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fear
Ice climber
hartford, ct
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Nov 28, 2017 - 09:27am PT
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All I know is that I am pretty happy with my portfolio as it already stands, and it does not include bitcoin.
Wise... although some fortunes were made in tulips too. I'd wager we're staring at a collapse of monumental proportions of wall street paper which might drive these tech-finance vehicles to the moon. Just get off before it hits the sun.
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Reilly
Mountain climber
The Other Monrovia- CA
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Nov 28, 2017 - 09:35am PT
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As opposed to Bitcoin tulip futures and other financial instruments actually have utility. The tulip futures did share some of Bitcoin’s negative attributes: lack of liquidity and almost a total lack of transparency. Even the popularly maligned collateralized debt obligation instruments offer those attributes in addition to bona fide utility.
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High Fructose Corn Spirit
Gym climber
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Nov 28, 2017 - 09:41am PT
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I'd wager we're staring at a collapse of monumental proportions of wall street paper which might drive these tech-finance vehicles to the moon.
Just get off before it hits the sun.
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Wayno
Big Wall climber
Seattle, WA
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Nov 28, 2017 - 10:05am PT
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BTW, you seen that Yuge pot operation up by Aeneas Lake? They had major
money fronting them - everything is brand new and first class. Some forensic
accounting is indicated IMHO.
I'm not familiar with that one specifically but there are several huge farms in the area that seem well funded. Interesting because a lot of locals don't want the shops in their towns but the farms seem to be o.k.. They do employ a lot of locals and the climate is great for outdoor operations. One local grower told me that quite a few growers from the "Humboldt era" relocated here years ago and when it became legal already had something going. I would say that ninety percent of the properties I looked at in the last seven years had evidence of some kind of grow operation.
Sorry for the thread drift.
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Reilly
Mountain climber
The Other Monrovia- CA
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Nov 28, 2017 - 10:12am PT
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Further thread drift - according to ‘The Economist’:
But according to Paolo Bianco of Airbus...2018 will be the last year to start investing in quantum technologies. Arrive any later, he says, and “any early-player advantage would evaporate “.
Don’t say I didn’t warn you. GET YER QUBITS NOW! 🤓
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MH2
Boulder climber
Andy Cairns
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Nov 28, 2017 - 10:13am PT
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Grow operation? Seems on-topic.
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High Fructose Corn Spirit
Gym climber
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Nov 28, 2017 - 02:22pm PT
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Going very mainstream?
Japanese bitcoin exchange bitFlyer is coming to the U.S
Like most exchanges bitFlyer will have tiered verification levels. The first level asks for personal information like your name and address and email and cell phone verification, and in return you can deposit and withdraw up to $2,000 in bitcoin per day and trade up to $3,000 in bitcoin per day. The second tier asks for additional information like bank account verification and proof of identity via photo ID, and allows users to deposit and withdraw up to $50,000 in bitcoin per day and trade an unlimited amount of the cryptocurrency.
https://techcrunch.com/2017/11/28/japanese-bitcoin-exchange-bitflyer-is-coming-to-the-u-s/
Bitcoin seems to be making history.
How much is a piece of history worth?
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Mike Honcho
Trad climber
Glenwood Springs, CO
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Nov 28, 2017 - 03:06pm PT
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At least one of the local pot shops here in Seattle accepts credit cards. They use some kind of bitcoin transaction. It seems the banks have some issues with the "legal" pot business. Interesting discussion.
I work in the Cannabis Industry here in Colorado. I've never heard of credit cards being accepted but a very few of the 100's of dispensaries now can accept a debit card, not credit card though. and like I said, that's super rare.
Everything is paid for in cash, the millennials who sell that sh#t all start at 15bux an hour with mad tip jars. On payroll day, the owner/manager just goes around with a suitcase full of cash and gets money orders for all the employees.
edit- I've heard on more than several occasions that if you pull the same amount of cash on the same day at the same place too many times, the Credit Union(and I've only heard of credit unions doing this), can trace the ATM and if they find out it's at a dispensary they'll block you from using that particular ATM!! ALL dispensaries have very popular ATM's in there.. sort of weird, but I don't smoke it pot, so not really a problem for me.
Caylor
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Moof
Big Wall climber
Orygun
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Nov 28, 2017 - 03:45pm PT
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Wise... although some fortunes were made in tulips too. I'd wager we're staring at a collapse of monumental proportions of wall street paper which might drive these tech-finance vehicles to the moon. Just get off before it hits the sun. Bigger fool theory. If you are lucky you can time markets and profit from bubbles.
I have poor luck. If I market timed I would most likely lose my shirt. If I bought Bitcoin tomorrow it would probably crash to zero an within a week.
My strategy is to buy the whole damn market via a total market index fund, and dilute that with a little total bond market index funds. I buy and hold, period. I don't have the time, energy, or luck to be able to be a betting man on Wall Street.
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J Wells
Trad climber
Boulder, CO
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Nov 28, 2017 - 03:59pm PT
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Bitcoin has no intrinsic value itself: you can't eat it, build with it, sleep in it, etc.
The value of a currency with no intrinsic value is based on the confidence that another party will accept it in exchange for something with intrinsic value. No confidence, no value.
This was posted earlier:
https://www.technologyreview.com/s/609408/quantum-computers-pose-imminent-threat-to-bitcoin-security/
So how long will confidence in bitcoin last given security concerns? And what about governments? Will they let it grow large? You don't have to have an opinion on governments to know they hold the power right now and bitcoin could be a threat to their power.
Of course, we shouldn't have confidence in any fiat currency. Almost all of them have gone to zero in real terms over any longish timeframe.
The value of blockchain/distributed apps (other than currency) is another discussion.
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Winemaker
Sport climber
Yakima, WA
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Nov 28, 2017 - 04:00pm PT
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Bigger fool theory. If you are lucky you can time markets and profit from bubbles.
My (ex) wife had a small IRA when we got married, about $5k. She let me put it in a stock account and trade it. I bought into a startup biotech company and it sort of floated up and down, then one afternoon at work I checked the price; holy shit!!!!! That $5k was now, in the space of about 5 hours, $110k!!! There was some rumor floating around about one of their potential products. I sold it the next day for $80k before the whole thing crashed, which it proceeded to do over a few days. It can happen, but certainly not often.
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