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Thread: Anyone with experience with Cryptocurrancies?? XRP BTC LTC ETH

  1. #16
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    Quote Originally Posted by Scootertrash View Post
    How do we know that "The Banks" aren't the ones who created and control cryptocurrencies? Ignore the man behind the curtain........

    I admit I don't know much about cryptocurrencies, I'll have to do some reading in my spare time.
    I'll warn you now. It's confusing to read the explanation of how it works and it defies logic. I kept asking myself "how is this even legal?" ......I'm still asking myself this. Then again, after reading The Creature From Jeckyll Island, I'm not sure how the Federal Reserve/ Central Bank are legal either considering the stunts they pull and how they shuffle non-existent dollars about while creating $3-$10 out of every $1 in actual value. Great book.


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    Last edited by ironchop; 01-08-2018 at 11:03 PM.

  2. #17
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    i stay away and keep investing in the regular stock market...making more a day then i make at work in a week...screw trends!

  3. #18
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    Quote Originally Posted by oldskool83 View Post
    i stay away and keep investing in the regular stock market...making more a day then i make at work in a week...screw trends!
    Seems like the same thing no? I think Bitcoin opened on the stock exchange in December.
    F**K ZUCK!

  4. #19
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  5. #20
    Arky-X is offline Just Too Addicted Arm chair racerJust too addicted
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    I work in the electric utility industry and the catch phrase at a recent conference was "blockchain."
    I am still trying to grasp the concept behind it but blockchain is a technology (sort of encryption) that Bitcoin uses. Each transactions is built upon the last going all the way back to the original owner of the Bitcoin. So each transaction requires verification of each block and each block has a certain number of zeros at the beginning which in computing is very difficult or computing intensive. So much that it uses servers upon servers to verify.....hence the electricity concern. Bitcoin miners, which do the verification, are setting up shops in countries with cheap electric rates so they can verify transactions on these blockchains and then they get paid for that computing power. Essentially, they are paid in Bitcoin but it cost them $ in electricity to run the servers so they have to decide if it is worth the moo-lah.

    Sorry for the sucky, condensed explanation behind the Bitcoin technology but I don't fully understand it myself. I was trying to relate it to power consumption (someone Google "blockchain" and get back to me.) Based on this though, as long as there are transactions, there will be more Bitcoins produced (mined) because you get paid for verifying transactions. I still don't know who has oversight over this because someone has undone Bitcoin hacks before. I don't know who "they" are.

    I remember hearing about the online games Everquest and Second Life where someone had a rare sword (EQ) or a designer pair of shoes (2nd Life) and decided to sell them on eBay. There were buyers willing to pay thousands of dollars for these virtual objects so they could virtually possess these in the game. It blew my mind of the value of this virtual object. Of course, the paper $$ we have is not much different. Supposedly, the economy determines its value (or is it the banks?)

    Fabio, be interested to hear your take on this. I've read your comments on how the world views value on things such as energy and oil but if we could remove that valuation we could break out of that way of thinking. It's hard to do when we keep going back to valuing something, even cryptocurrency, in US dollars.

    Sorry for hijacking your thread DirtCrasher........

  6. #21
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    fabiodriven is offline Aspiring romance novel cover model, and the Official 3WW slayer of thieves and swindlers. Catch me if you can
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    I'm flattered my name would be brought up so thank you. I've been quiet on this subject because I simply haven't been able to wrap my mind around the entire concept just yet and I'm very cautious and skeptical of much of the information I encounter, so it takes me a while to build up enough knowledge on a subject to stand firmly in one place or the other.

    About a month ago I watched a flurry of videos attempting to learn exactly what bitcoin mining is. I had already heard of bitcoin and knew the basic concept, but overall I know very little of what bitcoin actually is and how it works. The videos on mining showed people's different setups that run full-time "mining" these bitcoins and as stated the mining operations require a ton of electricity.

    I've been watching this thread and learning and if I learn enough to form an opinion perhaps I will share it.
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  7. #22
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    Bitcoin has all the making of a complete scam. Is anyone familiar with the Emporers Invisible Cloathes story? http://www.pitt.edu/~dash/type1620.html

    The best way I've heard it put is by that long haired redheaded dude. Everyone knows that scarcity is what makes something worth money. Basically, bitcoin took nothing and made it scarce, so that nothing is now worth something. I believe soon it will go back to its former value, i mean how can you have a currency you are afraid to spend because you think it's value will go up soon?

    With all that said, DC, I'm am very jealous of you. I didn't quite understand the opening but I took it as you have some bitcoins. That is an incredible stroke of genius or luck, either way I hope you make out well on them.
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  8. #23
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    I highly recommend that anyone interested in the subject start by watching this. If you understand it all the first time you should be hailed as some sort of genius which I am reminded daily that I'm not. Watching this and then trying to discuss it with my wife reminds me of quantum physics in that I want to say that I get it in my head, but if you ask me to explain it verbaly I'll look like an idiot.

    https://www.netflix.com/mx-en/title/80154500

    After seeing the article on the Israeli ruling today I can't help but believe that this stuff will only retain its value until either the majority of countries ban it for retail use, or there are so many other crypto currencies out there that the market becomes super saturated and melts to nothing.

    We talk about paper money and how they can't print it fast enough and it's true, inflation is a side effect that proves it's ever diminishing value, but if the day ever comes that paper money is declared worthless the very land we stand on beneath whatever flag is flying over it is what will give value to the next currency. Bitcoin has neither a country, or a square inch of land to put up as collateral.

    The scarcity and alleged cap on Bitcoins gives it rarity, but you had that with the gold standard once upon a time. In the event of a global collapse of pare currency I have to assume that the reset currency would be physical precious metals at value to USD as high as $40,000 or an oz of gold according to some articles I've read.

    I mention "physical" because according to what I've read paper metals is as much of a scam as Bitcoin and is used by the "bad guys" (IMF, Fed, Illuminate, Burgermisters or whatever you want to call them) as a means to keep the value of the physical metals down to keep hoarders and those with access to it like China, India and Russia from becoming more dominate in global markets, i.e. protecting the petro dollar.

    Just learned something! I went to find a link on the USA stalling on returning Germany's gold and it seems they bumped up the deadline: http://www.kitco.com/news/2017-08-24...-Big-Deal.html That the gold actualy exists is good news, but the reasons that countries what to repatriate it isn't. See the quote from the second link



    https://gizadeathstar.com/2013/03/me...ion-bandwagon/

    "The old era in which central banking trust was ingrained in the system is gone now – and the ramifications are many even though they have not yet been felt. Central banks and bankers rely on joint programs and coordinated currency approaches. Without trust, strategies are difficult to create and programs are hard to implement.

    "This is not a hypothetical observation. As gold prices have moved up and Western currencies have looked increasingly subject to a currency competition, the pressure on politicians to assure gold reserves has increased. Couple this with the overseas storage of much gold reserves, and the situation becomes combustible.

    "In the case of Mexico, questions have been raised about the country's off-shore storage of precious metals and its ability to take possession if necessary. These concerns have been magnified by Germany's experience. Germany's Bundesbank intends to repatriate a large portion of gold reserves abroad and by 2020 seeks to have at least 50 percent of its total gold reserves at home.

    "This amount includes 300 tons from the Federal Reserve – which the US Fed may or may not have available. It is unclear, as the Fed refused to submit to an audit of Germany's gold. The apparent tension was compounded by the slowness of the repatriation. Germany will get its gold but not for seven years."

    Yes, you read that correctly: The Fed has refused to submit to an audit of Germany's gold, and in Mexico's case, the problem is compounded even more, for as the article notes, more than 95% of Mexico's gold is held by the Old Lady of Threadneedle Street, the Bank of England.


    If you told me I'd won my choice of 10 bit coins, $50,000USD in cash or 1 ounce of gold, but couldn't touch it for 10 years I'd take the gold in a heartbeat.
    F**K ZUCK!

  9. #24
    Arky-X is offline Just Too Addicted Arm chair racerJust too addicted
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    Ah, the German gold. Did the article mention that Jewish descendants of the Holocaust suing Germany because of the gold looted from their ancestors?
    There is also the theory that the Fed reserve of gold is shared with JP Morgan and others that have vaults in their basements and are physically connected. They can all claim it overstating the amount there. Really no different than loaning $9 for every $1 in savings, I guess.

  10. #25
    Arky-X is offline Just Too Addicted Arm chair racerJust too addicted
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    Sorry if I put you on the spot Fabio. Just trying to wrap my head around the valuation of crypto currency and some of the posts you've made about mankind valuing certain resources (oil). I know it is not a simple as that but this kind of highlights how everything goes back to the monetary value on stuff, even virtual or crypto stuff.

  11. #26
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    I like precious metal. I keep a few pounds of silver eagles around just in case.

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  12. #27
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    Quote Originally Posted by ironchop View Post
    I like precious metal. I keep a few pounds of silver eagles around just in case.

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    He who collects gold and silver should always keep a little lead around as well.
    F**K ZUCK!

  13. #28
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    Quote Originally Posted by El Camexican View Post
    He who collects gold and silver should always keep a little lead around as well.
    Covered that


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  14. #29
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    Quote Originally Posted by Arky-X View Post
    Ah, the German gold. Did the article mention that Jewish descendants of the Holocaust suing Germany because of the gold looted from their ancestors?
    There is also the theory that the Fed reserve of gold is shared with JP Morgan and others that have vaults in their basements and are physically connected. They can all claim it overstating the amount there. Really no different than loaning $9 for every $1 in savings, I guess.
    German, Swiss, the Vatican. The darkest spots in the universe can be found inside the hearts of men.
    F**K ZUCK!

  15. #30
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    fabiodriven is offline Aspiring romance novel cover model, and the Official 3WW slayer of thieves and swindlers. Catch me if you can
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    Quote Originally Posted by Arky-X View Post
    Sorry if I put you on the spot Fabio. Just trying to wrap my head around the valuation of crypto currency and some of the posts you've made about mankind valuing certain resources (oil). I know it is not a simple as that but this kind of highlights how everything goes back to the monetary value on stuff, even virtual or crypto stuff.
    No need for an apology at all.
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