Explain Bitcoin Please

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Byran

climber
Half Dome Village
Nov 29, 2017 - 10:56pm PT
You pay your capital gains taxes on the profits you made trading bitcoin, then your money is "in the system" legally, and then you can buy your house. How is any of this different than buying/selling gold or stocks?

Edit: if you're talking about large values of bitcoins that were acquired illegally (selling drugs or contraband) then the money will still need to be laundered the same way a briefcase full of cash would. The best way to think of bitcoins is that they are "digital cash". It's not some magic currency that gets you out of paying taxes or let's you deposit huge sums of drug money into your Wells Fargo account.
mcreel

climber
Barcelona
Nov 29, 2017 - 11:19pm PT
Pie in the sky?



Bitcoin is not a unique thing, there are other cryptocurrencies. Precisely the volatility of bitcoin reduces it's usefulness as a medium of exchange, it becomes more of a speculative investment. If someone invents a cryptocurrency that has a value stability mechanism built in, then it could cause an implosion of bitcoin. Actually, this recent bubble is bound to pop at some point, regardless. I will bet internet bragging rights that bitcoin will loose 20% of value in a single day some time in the next 4 months.

EDIT: oops! That happened yesterday, hah, hah!
xCon

Social climber
909
Nov 30, 2017 - 09:36am PT
Nasdaq is planning to launch contracts for bitcoin futures in the first half of 2018, according to The Wall Street Journal, which will enable investors to predict and put money on the future price of the currency. The Wall Street Journal also reports that broker Cantor Fitzgerald will be launching bitcoin derivatives on its own exchange in the first half of next year as well, making for yet another brokerage to help make bitcoin a more mainstream financial instrument.

https://www.engadget.com/2017/11/29/nasdaq-bitcoin-futures-early-2018/

https://www.wsj.com/articles/nasdaq-plans-to-launch-bitcoin-futures-in-first-half-2018-1511968313?mg=prod/accounts-wsj
High Fructose Corn Spirit

Gym climber
Dec 1, 2017 - 08:00am PT
No community, certainly not the bitcoin ecosystem, is immune from the bad actor...



https://www.youtube.com/watch?v=T1He1UFYIiY

Who said diversity is the spice of life? lol

...

Bitcoin is a fraud...
"worse than tulip bulbs,"

JPMorgan CEO Jamie Dimon, Sept 2017
High Fructose Corn Spirit

Gym climber
Dec 5, 2017 - 07:46am PT
Exciting!

Winklevoss twins become the first bitcoin billionaires

http://www.businessinsider.com/bitcoin-price-november-4-winklevoss-twins-first-bitcoin-billionaires-2017-12

...


Shall we?

Let's all watch the future history of Dingus's $5.25 investment in btc in 2014.

https://blockchain.info/address/1JGpHgrLoWweBFx4GLHxwTnG77CrmKj9Hj

$112.85 this morning.

Exciting!


...

PS

In afore link, if you click on the green button, the units expressed in BTC will change to units in dollars. Sort of a hidden feature.
Reilly

Mountain climber
The Other Monrovia- CA
Dec 5, 2017 - 09:18am PT
OK, ‘Buttonwood’ of The Economist splains it succinctly:

https://www.economist.com/news/finance-and-economics/21731827-getting-out-such-illiquid-asset-can-be-harder-getting-bitcoins

“It is easy to muddle two separate issues. One is whether the “blockchain” technology that underpins bitcoin becomes more widely adopted. Blockchains, distributed ledgers that record transactions securely, may prove very useful in some areas of finance, and beyond. The second is whether bitcoin will become a widely adopted currency in everyday life. Here the evidence is weak.

A currency is also a unit of account for debt. Paul Mortimer-Lee of BNP Paribas, a French bank, tartly remarks: “Imagine if you had financed your house with a bitcoin mortgage.” This year your debt would have risen tenfold. “



“The top is hard to call. At some point, the urge to turn all those digital zeros into cars and iPhones will prove too great. Getting out of an illiquid asset—as this week, when exchanges struggled to cope with trading volumes—can be harder than getting into it. Some remember Nathan Rothschild’s remark about the secret of his wealth: “I always sold too soon.” “
Reilly

Mountain climber
The Other Monrovia- CA
Dec 6, 2017 - 07:29pm PT
Digital currency exchange NiceHash says bitcoin worth nearly $64 million hacked
http://www.reuters.com/article/us-cyber-nicehash/digital-currency-exchange-nicehash-says-bitcoin-worth-nearly-64-million-hacked-idUSKBN1E10AQ

Man, them crooks be lovin them sum Bitcoin!
They can steal ‘em and then hide ‘em in plain sight!
A win-win for the morally challenged.
Dingus Milktoast

Trad climber
Minister of Moderation, Fatcrackistan
Dec 6, 2017 - 07:30pm PT
Who you gonna call when your bitcoin "exchange" goes bust?

DMT
beaner

Social climber
Maine
Dec 6, 2017 - 07:36pm PT
bitcoin is bad news

http://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/

Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power. As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a wrinkle designed to control the currency’s supply.

Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.

The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.
Reilly

Mountain climber
The Other Monrovia- CA
Dec 6, 2017 - 09:11pm PT
^^^^ All so a bunch of crooks can launder their ill gotten gains.
Mtnmun

Trad climber
Top of the Mountain Mun
Topic Author's Reply - Dec 6, 2017 - 10:00pm PT
Locals told me Bitcoin is building a huge computer plant next to the new Google and Tesla Plants East of Reno.
nah000

climber
now/here
Dec 6, 2017 - 10:58pm PT
Who you gonna call when your bitcoin "exchange" goes bust?

same folks you call when you get ripped off by enron, by bear stearns, by lehmann brothers and etc.

ie. theft is theft whether it's crypto or not. and just like in the regular market, it's caveat emptor as it's usually the little guy left holding any bags that get emptied.



They can steal ‘em and then hide ‘em in plain sight!
A win-win for the morally challenged.

i'm confused... you talkin' about bitcoin or are you reading the panama papers more closely? or maybe the current president's words regarding federal debt from just a little over a year ago: "First of all, you never have to default because you print the money"



in general: you folks who rightfully point out the challenges that face bitcoin [and there are a plethora] without seeing the failings of the current system, are just pots blind to the absence of their color...



speaking of legitimate bitcoin challenges: great post beaner. interesting stuff.
Reilly

Mountain climber
The Other Monrovia- CA
Dec 6, 2017 - 11:42pm PT
Bitcoin to start futures trading, stoking Wild West worries
http://www.reuters.com/article/us-bitcoin-futures-analysis/bitcoin-to-start-futures-trading-stoking-wild-west-worries-idUSKBN1E10J7

I’m gonna laugh my azz off when all these lazy azz hipsters loose their azzes.
High Fructose Corn Spirit

Gym climber
Dec 7, 2017 - 01:44pm PT
Dingus,
your $5.25 investment in btc in 2014 is now worth $154.
You may just get to retire early! lol

https://blockchain.info/address/1JGpHgrLoWweBFx4GLHxwTnG77CrmKj9Hj

Incredible!

...


Here's the site I've used for several years now...
http://bitcoinity.org/markets

Check out the 2yr scale... amazing! If only we had a time machine, eh?

You may want to bookmark it - to keep an eye on this incredible phenomenon taking place. There was this guy, Andresen, something like that, who several years ago I remember gave a lecture and uploaded to YouTube claiming that, in his opinion, bitcoin was sound enough in its fundamentals that it could hit $10k per btc. Proven right, he was.

I can only imagine the conflict speculators must be feeling today!!!
ruppell

climber
Dec 7, 2017 - 05:39pm PT
On Nov 7 when this thread was started bitcoin was selling for $7118 dollars a coin. It's now trading, a month later, at $17118 dollars a coin.

That's a 240 percent return in a month if you trade it. I need to take out a loan and quit my day job. lol
Rolfr

Sport climber
La Quinta and Penticton BC
Dec 7, 2017 - 06:21pm PT
Another 60 million dollar hack on bitcoin today. Let’s see the value tomorrow?
https://finance.yahoo.com/news/more-60-million-worth-bitcoin-080857336.html
High Fructose Corn Spirit

Gym climber
Dec 7, 2017 - 06:27pm PT
Rolfr, if someone cannot control his wallet, he tends to lose what's in it.
If btc, particularly large amts, are in cold storage, in other words, off-line, as they should be, they wouldn't be at risk.

$60M, particularly from this source, isn't even a pixel in the big picture of the CURRENT bitcoin ecosystem.
fear

Ice climber
hartford, ct
Dec 7, 2017 - 06:49pm PT
That's a 240 percent return in a month if you trade it. I need to take out a loan and quit my day job. lol

It's almost too good to be true......

At least tulips were pretty until the moles ate your bulbs.

Jody

climber
Occupied Territory
Dec 7, 2017 - 06:53pm PT
I didn't read ALL the posts in this thread but after reading some of the explanations here and elsewhere on the web I STILL don't have a clue. What the Sam Hill is bitcoin mining anyway?
fear

Ice climber
hartford, ct
Dec 7, 2017 - 07:02pm PT
It was a way for me to heat my office to unpleasant levels whilst also driving my electric bill through the roof a few years ago. Unfortunately I dumped my tulips way too early before Gox imploded.
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