Bitcoin

GophersInIowa

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Anyone into it? Anyone really understand it? I hear people talking about it from time to time but don't really get it.
 

John Galt

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It's a digital currency based on blockchain technology. Blockchain is real and has the ability to change finance and a host of industries with regards to how payments are processed. Bitcoin has limited if any value - the idea was to create a currency that couldn't be manipulated over time. While the thought process makes sense - don't let the Federal Bank and politicians continue to tax you through inflation - it's anyone's guess as to the long-term value. It skyrocketed in 2017, and then came crashing back down last year.
 

justthefacts

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Bitcoin has the exact same value every other currency in the world has: what the market assigns. In the case of the US dollar, much of the market-assigned value is based on the fact that it is backed by the credit of the US. In the case of Bitcoin, its value is based on the fact it isn't subject to the whims of a nation-state.

I still believe there's a long-term market for a non-fiat currency. The issue now is that there isn't enough of an infrastructure in place to really use bitcoin without it having to be converted into dollars. But that's the type of snowball effect that could take off at some point: infrastructure gets built, more people use it, more infrastructure gets built to serve the growing need, more people use it, etc.

The interesting thing about bitcoin vs blockchain is that bitcoin is one of the few existing blockchains that really behaves like blockchain is supposed to. Most blockchains are centralized and administered by companies. That defeats the purpose and makes blockchain just a really inefficient database.
 

balds

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If you want an interesting way to play Blockchain technology, do some research on Overstock.com (OSTK). I'm not invested, but am very intrigued. Seems like a company that will go to 100 plus (or much, much higher), or zero (currently 15.89).
 
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Wally

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Bitcoin going to the moon.

$54k next stop $1,000,000
😍😍😍😎😎😎
 

justthefacts

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Bitcoin has the exact same value every other currency in the world has: what the market assigns. In the case of the US dollar, much of the market-assigned value is based on the fact that it is backed by the credit of the US. In the case of Bitcoin, its value is based on the fact it isn't subject to the whims of a nation-state.

I still believe there's a long-term market for a non-fiat currency. The issue now is that there isn't enough of an infrastructure in place to really use bitcoin without it having to be converted into dollars. But that's the type of snowball effect that could take off at some point: infrastructure gets built, more people use it, more infrastructure gets built to serve the growing need, more people use it, etc.

The interesting thing about bitcoin vs blockchain is that bitcoin is one of the few existing blockchains that really behaves like blockchain is supposed to. Most blockchains are centralized and administered by companies. That defeats the purpose and makes blockchain just a really inefficient database.

Since Jan 8, 2019 BTC is up 1362%.
 

LesBolstad

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Its not to late, hopefully...

It's not. Crypto is an asset class similar to gold. It's a hedge against the unlimited printing of fiat currency- anyone know of a place that's going on? I recommend 3-5% of your portfolio be crypto,
to make it easy just buy equal portions of: Bitcoin BTC, Ethereum ETH, Cardano ADA, Polkadot DOT

You can thank me later.
 

Wally

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It's not. Crypto is an asset class similar to gold. It's a hedge against the unlimited printing of fiat currency- anyone know of a place that's going on? I recommend 3-5% of your portfolio be crypto,
to make it easy just buy equal portions of: Bitcoin BTC, Ethereum ETH, Cardano ADA, Polkadot DOT

You can thank me later.
I put 10% of my IRA in GBTC when BTC was about $12k

What about DOGE, all in?
😎

What platform do you buy crypto in?
Robinhood?
 

Pompous Elitist

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Speculation, and dependent on the psychological phenomenon of “not wanting to miss out“ which has driven price rises in everything from tulips to Las Vegas McMansions. Others see this phenomenon and latch on for the ride up as others buy in, rinse/repeat.

In the end, what is the intrinsic value of anything. Some see crypto as a way of sidestepping regulation, fiat currency, and the reach of regulators which I’m not so sure about.

If the fiat currency/dollar/banking scheme become non-viable we’ve got bigger problems.
 

forever a gopher

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LesBolstad

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I put 10% of my IRA in GBTC when BTC was about $12k

What about DOGE, all in?
😎

What platform do you buy crypto in?
Robinhood?

Nice buy of GBTC. Hang on to that.
I use Kraken for trading.
I don't trust funds for crypto; that defeats the purpose of owing them in a way. I don't trust the government to keep their hands out of crypto; like gold/silver you are better off holding the physical stuff; or in the case of crypto owning private keys for your holdings that are impossible to be confiscated.
 

justthefacts

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I know little about crypto. But isn’t there an inherent transaction time problem with blockchain transactions? To those that actually know something, is this believed to be a surmountable problem? If they can’t greatly up the speed of transactions, it would seem likely to remain a niche form of currency.

https://towardsdatascience.com/the-...e-for-visa-like-transaction-speed-5cce48f9d44

This is definitely a problem, and is the entire reason Litecoin exists. It is something that's being worked on, though. I'm not sure I buy the theoretical limit of 4.6 transactions per second. I think we're already surpassing that.
 

justthefacts

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I would like to buy Flow, but you can't in the United States. If you live somewhere else, buy Flow
 

chri1673

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I put 10% of my IRA in GBTC when BTC was about $12k

What about DOGE, all in?
😎

What platform do you buy crypto in?
Robinhood?

Not Robinhood (or Paypal). Not your keys not your coins:

"With Robinhood, you don’t really buy any crypto. You’re really just buying IOU’s that track the value of that cryptocurrency. That’s how Robinhood is able to do zero commission crypto trading. They’re not real. And if you don’t really own any cryptocurrency, you can’t withdraw it."

()

Plus we have seen Robinhood does not handle Market volatility very well so if Bitcoin crashes who knows what happens with their platform. And you will always have to convert it back to FIat currency which defeats the purpose for a lot of people.

For US citizens the largest are probably Coinbase or Kraken. Binance is the largest worldwide but the version we can us (binance.us) is very limited compared to it. Coinbase is a bit easier to navigate but Kraken has lower transaction fees.

Kraken also allows margin trading which to me is a plus.

If you are serious about owning bitcoin or other cryptos i would definitely recommend doing your due diligence and learn how to remove yours to a wallet and off of whichever exchange you buy it on.

If technology isnt really your thing and you just want exposure or your funds are looked in an IRA, I dont think there is anything wrong with GBTC.
 

Wally

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If technology isnt really your thing and you just want exposure or your funds are looked in an IRA, I dont think there is anything wrong with GBTC.

I'm lazy and the Boss doesn't get to concerned if it appears more legitimate ie GBTC. She might get concerned about me buying a bunch of Crypto. Got to keep Mama happy.
😎
 

Costa Rican Gopher

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I'm no expert, but have been dipping my toes in the water. I feel like Bitcoin, Etherium, Bitcoin Cash & Litecoin all have extra appeal due to the fact that PayPal offers them. The simplicity of purchase via Paypal is attractive for casual traders & should help guarantee they continue to rise. Choosing a Crypto exchange, opening a wallet, funding it, the fluctuating exchange rates, etc. are all a bit complex & foreign to the average Joe.

Aside from the ones listed that Paypal offers, I'm transferring some money around to buy 'Theta' right now. My buddy who follows Crypto can't stop gushing about it & insists it's going to be bigger than Bitcoin. I'll throw a few bucks on it to follow along.
 

Wally

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Bitcoin Hits $61.7k as Weekend Winning Streak Continues
😻😻😻
 

Costa Rican Gopher

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I'm no expert, but have been dipping my toes in the water. I feel like Bitcoin, Etherium, Bitcoin Cash & Litecoin all have extra appeal due to the fact that PayPal offers them. The simplicity of purchase via Paypal is attractive for casual traders & should help guarantee they continue to rise. Choosing a Crypto exchange, opening a wallet, funding it, the fluctuating exchange rates, etc. are all a bit complex & foreign to the average Joe.

Aside from the ones listed that Paypal offers, I'm transferring some money around to buy 'Theta' right now. My buddy who follows Crypto can't stop gushing about it & insists it's going to be bigger than Bitcoin. I'll throw a few bucks on it to follow along.

Theta was just under $6.80 when I posted this. Currently at $14.18. Not bad uptick over 11 days. $20 by the end of the week? Some are predicting into the $100's by the end of 2021.

https://coinmarketcap.com/currencies/theta/
 

justthefacts

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Theta was just under $6.80 when I posted this. Currently at $14.18. Not bad uptick over 11 days. $20 by the end of the week? Some are predicting into the $100's by the end of 2021.

https://coinmarketcap.com/currencies/theta/

Just transferred some LTC to Theta. Was a bit of a pain since I'm in the US. Had to setup a Theta wallet and then use simpleswap.io

Should have acted on your tip last week. Looks like an interesting concept.
 

Angry

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I’m glad some gopherholers are going to come up from crypto.
 

MplsGopher

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I assume by this point, mining is all just plug and play?

Buy an expensive rig, pay for a butt-load of electricity, get coins. Guessing the software is open source and flip a switch, at this point.

Probably already formulas that tell you what the coins need to be worth to justify the costs?
 

WhoFellDownTheGopherHole?

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I didn't get into crypto until about 5 weeks ago, and now I've barely slept since.

Anyone have extensive thoughts on Ether vs Cardano? Sounds like Ethereum's next upgrade isn't going to deliver much for those waiting on the decline of gas fees. But will Cardano be the superior loser that Beta was to VHS?
 

Costa Rican Gopher

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Just transferred some LTC to Theta. Was a bit of a pain since I'm in the US. Had to setup a Theta wallet and then use simpleswap.io

Should have acted on your tip last week. Looks like an interesting concept.
Little correction today with Theta, as most cryptos seems to be down. I'm hearing it was "institutional investors" that jumped in yesterday & spiked the price. Today is probably just profit takers. I've got more money snaking through the system & intend to buy more Theta, hopefully during the correction.

I'm following your Flow tip, btw. Last I checked it was at around $28. I might pick some up if it dips to $25. It's been up over $40 a couple times since you mentioned it. We missed the big spike in February when it jumped from $8.
 
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Costa Rican Gopher

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If you want an interesting way to play Blockchain technology, do some research on Overstock.com (OSTK). I'm not invested, but am very intrigued. Seems like a company that will go to 100 plus (or much, much higher), or zero (currently 15.89).

Nice call here too, as Overstock is at $62 right now & was hovering around $14 when you mentioned it.

The four that posters here listed to watch Bitcoin, Overstock.com, & Theta have all done VERY well, with Flow right there on the launching pad. I may have to start following these sooner.
 

howeda7

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Some rumors that India may try banning bitcoin. Not sure how that would work, but it will likely take a dive if they try.
 
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