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Full Version: Bitcoin.

From: HTG (HOUTEXGOLFER) [#1]
 5 Dec 2017
To: ALL

This article came up today:

Bitcoin is soaring — here's how to buy.


https://finance.yahoo.com/news/how-to-buy-bitcoin-180337499.html

Some may find it instructive. I admit I still don't understand much about Bitcoin and the other such currencies, mostly because I have no interest in participating.

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From: Ahhhhhhnold (ARNOLD POLIMER) [#2]
 5 Dec 2017
To: HTG (HOUTEXGOLFER) [#1] 5 Dec 2017

Watch out...BTC futures begin trading on the Chicago ME later this week, could get crazy

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From: KSUCAT (KSUCAT32) [#3]
 5 Dec 2017
To: ALL

I watched a documentary on Bitcoin on Netflix the other day and still don't completely understand it. Here is the scary part I am not sure anyone completely understands it. Very interesting documentary though, watch it if you get a chance. That being said I wish I would have bought a bunch of it when I first heard of it years ago...somehow I don't think I am alone in feeling that way.

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From: coach (MUSTANGGOLF) [#4]
 5 Dec 2017
To: KSUCAT (KSUCAT32) [#3] 5 Dec 2017

My problem is if I did buy it.. and I read about it some time ago... I would have been a dummy and sold it by now.

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From: KSUCAT (KSUCAT32) [#5]
 5 Dec 2017
To: coach (MUSTANGGOLF) [#4] 5 Dec 2017

Or lost your digital wallet that had your codes in it!

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From: Mainuh [#6]
 5 Dec 2017
To: KSUCAT (KSUCAT32) [#3] 6 Dec 2017

quote: KSUCAT (KSUCAT32)
I watched a documentary on Bitcoin on Netflix the other day and still don't completely understand it. Here is the scary part I am not sure anyone completely understands it. Very interesting documentary though, watch it if you get a chance. That being said I wish I would have bought a bunch of it when I first heard of it years ago...somehow I don't think I am alone in feeling that way.




I just heard on the radio the other day that the "Winkellvoss" (sp?/ facebook guys ) bought 10K worth now valued at @ 1 billion.

rob

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From: CROTHERS1 [#7]
 5 Dec 2017
To: HTG (HOUTEXGOLFER) [#1] 5 Dec 2017

A couple of years ago at Christmas time my stepson asked me what I thought about Bitcoin purchases when it had dropped to about $300 (after the Bitcoin theft from a bank).

I told him I thought he was nuts to even consider it. Two thoughts, first, don't ask me what I know about Bitcoins........I apparently don't know crap. Second, I hope he doesn't remember what I said.

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From: Robert (J_CLIMACUS) [#8]
 5 Dec 2017
To: Mainuh [#6] 6 Dec 2017

quote: Mainuh
I just heard on the radio the other day that the "Winkellvoss" (sp?/ facebook guys ) bought 10K worth now valued at @ 1 billion.

rob


I think you misheard that. Their initial investment was $11 million and not $10K. Bitcoin just passed the $10K mark.

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From: No Dogma (RTEE2) [#9]
 5 Dec 2017
To: Robert (J_CLIMACUS) [#8] 5 Dec 2017

If someone had invested 10k in 2010, they'd now have over a billion. If I had done that, I'd share my wealth by buying you a new tweed jacket, and maybe even a used Prius!

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From: Robert (J_CLIMACUS) [#10]
 5 Dec 2017
To: No Dogma (RTEE2) [#9] 5 Dec 2017

quote: teensy weensy (RTEE2)
If someone had invested 10k in 2010, they'd now have over a billion. If I had done that, I'd share my wealth by buying you a new tweed jacket, and maybe even a used Prius!


It would have to be one or the other. I don't think I could handle both!

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From: No Dogma (RTEE2) [#11]
 5 Dec 2017
To: Robert (J_CLIMACUS) [#10] 6 Dec 2017

:)

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From: mcsandy [#12]
 5 Dec 2017
To: ALL

Young guy at work was telling me how his neighbour, also 25 had thousands "invested". Told him when the common man gets in, it's time for the crash. Gave him as many examples from this book as I could remember. Only read it once 20 years ago. Forgot to even mention the dot.com bubble.

https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds

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From: No Dogma (RTEE2) [#13]
 5 Dec 2017
To: mcsandy [#12] 5 Dec 2017

Bitcoin may go to a million per, or it may go to zero. Know one knows, although PwC now accepts payment for fees in Bitcoin.

Whatever happens to Bitcoin, blockchain technology is going to be as big a disruptor as the Internet.

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From: Luvpings [#14]
 6 Dec 2017
To: No Dogma (RTEE2) [#13] 6 Dec 2017

I know almost zero about this, but seems to me that all the hype is in buying and selling the BitCoin, not actually using it for currency. I don't buy a $10 bill in hopes I can sell it next week for $100, so why would someone want to pay more than face value for any currency..except for hype? Will it always be this way?

I have not seen anyone paying green fees or buying a Whatburger #1 meal with BitCoin. I wonder why not if it is truly currency.

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From: Molecular Man (MOLECULARMAN) [#15]
 6 Dec 2017
To: mcsandy [#12] 6 Dec 2017

The common man hasn't gotten in yet.

There is a barrier to entry, in that you have to understand what and where to buy, how to use a wallet..etc..

The vast majority of people still have no idea what cryptocurrency is. It's been rare that I've talked with someone that even knew what Bitcoin was. The most I've gotten is "You know, I think I've heard of it".

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From: No Dogma (RTEE2) [#16]
 6 Dec 2017
To: Luvpings [#14] 6 Dec 2017

You bring up a good point. There is discussion whether Bitcoin is a store of value or a medium of exchange. While there are places that take it - I know people who conduct a significant part of their transactions using crypto - the number is still too small for it to be as useful as fiat currency. At this time.

But don't forget that this is very early days. The Bitcoin network was released in 2009, not even a decade ago.

Mass adoption of cryptocurrency will take some time. Other uses of the blockchain technology will be integrated into our lives much sooner.

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From: Luvpings [#17]
 6 Dec 2017
To: No Dogma (RTEE2) [#16] 6 Dec 2017

So when it becomes a "flat currency"...the the actual bitcoin itself will no longer be flipped for a profit?

If I understand correctly, there are a limited number of bitcoins available...and that they have to be "mined" to create more. And that mining is cost prohibitive anymore. Does that sound right? And if so, I could never see the day when my employer pays me in BitCoin. There just would not be enough Bitcoin for it to be the prevalent. OR...will the value of current bitcoins continue to go into the Billions or Trillions so that the average transaction will be a very small fraction of one bitcoin...like 0.0000000000008 of one BitCoin to buy a hot dog and drink at Costco?

I have tried reading up bit, b