OT Bitcoin and quick wealth - Page 8

R3awak3n · #**106** 05-10-2021, 10:05 AM

Quote:

Originally Posted by Ozz

The problem is that crypto doesn't have much real-world "value"....it isn't anything tangible, and you can do very little with it.

The trading and prices are just speculation that at some point you will be able to something with it..

Right now it reminds be of Beanie Babies, Cabbage Patch Kids, or Pokemon cards....it has value cuz someone is willing to pay what you are asking....but you can't really do anything with it....other than say "Oh look have a gazillion dollars worth of Bitcoin!"

So, you know...it's a hustle!

sure I will agree with that but as long as you can convert it to dollars then it does have some value and yes it is all perceived value since everyone right now think its worth x amount. There are places already that take btc and other cryptos, I am sure more will follow suite. Until it becomes more stable though, its not a great form of currency.

sipmeister · #**107** 05-10-2021, 10:16 AM

Quote:

Originally Posted by Peter P.

how do I convert "my" bitcoin back to real money?

But how real is "real" money. Remember the blue pill?

Ozz · #**108** 05-10-2021, 10:19 AM

Quote:

Originally Posted by r3awak3n

sure i will agree with that but as long as you can convert it to dollars then it does have some value and yes it is all perceived value since everyone right now think its worth x amount. There are places already that take btc and other cryptos, i am sure more will follow suite. until it becomes more stable though, its not a great form of currency.

+1

chismog · #**109** 05-10-2021, 11:23 AM

Quote:

Originally Posted by Ozz

Right now it reminds be of Beanie Babies, Cabbage Patch Kids, or Pokemon cards....

Interestingly, the guy who started Beanie Babies owns some of the highest valued properties in Montecito.

No current stake in crypto for me.

jmoore · #**110** 05-10-2021, 01:03 PM

Quote:

Originally Posted by .RJ

Thats speculation, not investing.

At the start of the year I tossed some money into crypto and I've been pretty pleased at the returns - but it wasnt anything I couldnt lose in the long run if it all goes tits up. In retrospect I wish I'd gone in further seeing the gains, but, this will be a long term hold regardless, i'm either going to cash out big later or it will vanish into the wind.

Most of my long term $$ is wrapped up in 401k, index funds and house.

Same.

Last year I wanted to mess around and see if I could make any $ with penny stocks. I bought some DOGE at $0.05 and am doing well with that. I've had a few other go 8-10x and but most just float along or drop away. Looking back I should have bought way more DOGE, but it could easily flush down the toilet tomorrow. No big loss if it does. No huge gain on any of them.

I don't have the stomach to risk even a few thousand on this kind of stuff. A few hundred here and there is about all I can stomach.

thegunner · #**111** 05-10-2021, 01:39 PM

Quote:

Originally Posted by Ozz

The problem is that crypto doesn't have much real-world "value"....it isn't anything tangible, and you can do very little with it.

again, this is incorrect, you can build applications on top of blockchain / ledger tech. but it keeps getting repeated, why?

Ozz · #**112** 05-10-2021, 01:54 PM

Quote:

Originally Posted by thegunner

again, this is incorrect, you can build applications on top of blockchain / ledger tech. but it keeps getting repeated, why?

the blockchain tech is cool and has real world applications....

cryptocurrency is different...blockchain just keeps track of the who owns the cryptocurrency.....

thegunner · #**113** 05-10-2021, 01:56 PM

Quote:

Originally Posted by Ozz

the blockchain tech is cool and has real world applications....

cryptocurrency is different...blockchain just keeps track of the who owns the cryptocurrency.....

eth is the tech built for smart contracts on their ledger, i'm not sure why you want to decouple the two, it's not that simple.

.RJ · #**114** 05-10-2021, 02:04 PM

Quote:

Originally Posted by thegunner

again, this is incorrect, you can build applications on top of blockchain / ledger tech. but it keeps getting repeated, why?

people said the same thing about internet companies 20 years ago.

yes there was a lot of bull**** and no one knew who the winners would be, but, look where we are now.

retropean · #**115** 05-10-2021, 02:15 PM

Quote:

Originally Posted by thegunner

again, this is incorrect, you can build applications on top of blockchain / ledger tech. but it keeps getting repeated, why?

Ding ding ding this is why you don’t bother with these threads on the PL...

BobbyJones · #**116** 05-10-2021, 03:20 PM

Quote:

Originally Posted by R3awak3n

sure I will agree with that but as long as you can convert it to dollars then it does have some value and yes it is all perceived value since everyone right now think its worth x amount. There are places already that take btc and other cryptos, I am sure more will follow suite. Until it becomes more stable though, its not a great form of currency.

The important thing to note here is that regardless of "who takes it" as a form of payment still has the value pegged to the dollar. Couple that with extreme daily volatility and the apparent tax liabilities, and it's definitely not an attractive form of currency, just a novelty.

It would be interesting if someone like crazy Elon took Tesla all bitcoin, and valued a Tesla at a unit of Bitcoin, paid suppliers and employees in bitcoin.

Until then...

Ozz · #**117** 05-10-2021, 03:53 PM

Quote:

Originally Posted by thegunner

eth is the tech built for smart contracts on their ledger, i'm not sure why you want to decouple the two, it's not that simple.

Crypto needs blockchain....blockchain does not need crypto....the distributed ledger just assures that info has not been changed. Can be applicable to crytocurrency, contracts, info, etc....whatever you want really.

jimoots · #**118** 05-10-2021, 04:27 PM

Quote:

Originally Posted by Ozz

Crypto needs blockchain....blockchain does not need crypto....the distributed ledger just assures that info has not been changed. Can be applicable to crytocurrency, contracts, info, etc....whatever you want really.

People, at least at mainstream adoption level, aren’t going to run a decentralised blockchain ledger for the good of humanity. That’s why a crypto reward for maintaining the blockchain is baked in, and why Eth is slash is going to be fascinating to watch.

laupsi · #**119** 05-10-2021, 04:36 PM

Companies currently accepting Bitcoin can afford to lose based on their exposure. Current Risk/Reward makes sense. Ave personal investor, not so much. It’s not if, but when. When the bottom falls out, a lot of hurt is going to happen.

https://www.investopedia.com/terms/d...ket_bubble.asp

At least you one could smell, touch, see tulips.

mistermo · #**120** 05-10-2021, 04:40 PM

Quote:

Originally Posted by R3awak3n

how many languages do you speak fluently?

You may not interject. I do not need your english lessons or you to make me or anyone else feel dumb because of a stupid spelling mistake. This kind of stuff drives me crazy. English is not my first language and even if it was it does not matter so yeah, either you have something to add to the discussion or shut up.

Just say that the the concept of 'losing' has not entered your experience so you have no reason to know how to spell it. You are a winner and winner's needn't know how to spell 'lose'!

True story: I was 4th grade spelling champion. That distinction earned me the privilege of competing against the 5th and 6th grade champions. I made it to the end, but got buzzered when I mis-spelled the the word.........lose! Spelled it exactly like you did.