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Thread: Bitcoin.....

  1. #31
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    Tesla supposedly made $101 million off their sale of Bitcoin.
    If all is true that is being reported, it says Tesla made more money selling bitcoin in the first quarter than cars.
    That's a lot of money for something that is supposedly one giant fraud.


    Just like with the stock market, money can be made on this. I know, because I too, have made some myself.

    To say...invest in stocks, land, and whatever else, and to say cryptos are for fools just because it doesn't fall in with a particular line of thinking, is shortsighted and dumb.

    Ten years ago electric vehicles were laughed at. Now every carmaker out there is making them.
    You go into certain countries in the world, and they take many different currencies for payment.
    A transvestite may become the next governor of California. Impossible 50 years ago.
    So who really knows...



    Good luck with the stock market. It's a much more stable situation than cryptos...wink, wink...

  2. #32
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    Like I said before, crypto is no more than a virtual casino chip whose value can swing wildly based on a single tweet by someone like Musk.
    That being said, there's nothing wrong with gambling as long as you're willing to accept the potential consequences.
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  3. #33
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    Quote Originally Posted by grand1001 View Post
    Tesla supposedly made $101 million off their sale of Bitcoin.
    If all is true that is being reported, it says Tesla made more money selling bitcoin in the first quarter than cars.
    That's a lot of money for something that is supposedly one giant fraud.


    Just like with the stock market, money can be made on this. I know, because I too, have made some myself.

    To say...invest in stocks, land, and whatever else, and to say cryptos are for fools just because it doesn't fall in with a particular line of thinking, is shortsighted and dumb.

    Ten years ago electric vehicles were laughed at. Now every carmaker out there is making them.
    You go into certain countries in the world, and they take many different currencies for payment.
    A transvestite may become the next governor of California. Impossible 50 years ago.
    So who really knows...



    Good luck with the stock market. It's a much more stable situation than cryptos...wink, wink...
    Musk claims they haven't sold bitcoin.

    Money can be made on ANYTHING...is it supported by fundamental analysis or sheer speculation? Your comment suggests the latter, but I welcome your discourse on how a non-governmental supported currency has lasting value to the masses...

  4. #34
    Verified Hobbyist BCD mathguy's Avatar
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    Quote Originally Posted by grand1001 View Post
    I wouldn't write it off as fraudulent just yet because some guy who uses the name "Math" says it is.
    Wow, grand, don't take it so personally. That was caustic and unnecessary. What does the name "Math" have to do with anything? I wasn't trying to be insensitive or negative. I'm sorry if it came off that way.

    Quote Originally Posted by grand1001 View Post
    To say...invest in stocks, land, and whatever else, and to say cryptos are for fools just because it doesn't fall in with a particular line of thinking, is shortsighted and dumb.
    No one said that though. However, the other issue is you're presenting it as an analogue to other commodities investments and it's not the same.

    It's more like investing in a "concept" (a concept that may or may not be viable on a large scale).

    Quote Originally Posted by grand1001 View Post
    You go into certain countries in the world, and they take many different currencies for payment.
    The main issue is that you are comparing governmentally backed, endorsed, controlled currencies with an entirely different privatized concept in currency (which has many other technical issues as well).



    I agree with both Slit and Ben but why attack me for it?

    I didn't say it was a "fraud". I did say I could see it being a system which can be manipulated or hacked at some point. And the very nature of how cryptocurrency is "created" is unstable, potentially creates moments of hyperinflation, and works against the notion of preserving the value of a currency.

    I am more of the opinion that Slit said above about it being like a form of gambling. That's not necessarily "bad" if you want to do it or enjoy it and have the money. However, I do agree that it has no backbone and no real value. Not in it's current state anyway. I also doubt it ever could be without some governmental support. That's just my take. IJS. No harm no foul.
    -MG

  5. #35
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    Bitcoin fell as much as 29% overnight based on China re-stating something it has said for years: it will not support crypto.

    Currently priced just under $40k.

    There simply is no fundamental support for crypto as currently configured. Can you make money off it? Of course.

    My guess is eventually governments will form their own crypto, and that will provide the central support that is lacking. Of course, that likely means the private versions become worthless other than novelty value. China is supposedly developing digital yuan.

  6. #36
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    Quote Originally Posted by grand1001 View Post
    You go into certain countries in the world, and they take many different currencies for payment.
    I do not think that is accurate...have you tried to pay the IRS in pesos?!

    I would agree that certain private businesses will accept multiple currencies, but they adjust pricing in order to account for the loss on conversion. But they do because it is still profitable. And they lijely only accept easily exchanged, major currencies. Otherwise they get raked on the exchange. A completely different scenario.

  7. #37
    Verified Hobbyist BCD mathguy's Avatar
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    The bottom line is really that you can't have a non-centralized, privatized, currency.

    You need government endorsement & a controlled centralized banking authority that monitors interest rates, printing of new currency, recycling/destroying old currency, and so on....

    Cryptocurrency originally came about as a way for people to anonymously & untraceablely purchase things online (so long as you also acquired it anonymously).

    The idea of crypto currency as a replacement for global currencies (i.e. money) is pretty out there and utterly insane in its current incarnation(s).
    --How is it going to work without a central bank controlled by an authority?
    --How will you control inflation or hyperinflation events?
    --How can a government currency be privately owned?
    --Furthemore, how do you manage these private currencies across different companies and technology platforms?


    My biggest fear with cryptocurrency is that it's fairly easy to see how we could cause a similar "pre-2k dot-com bubble bursting" when everyone and their mother wanted to invest money in *anything* that was an "online business"; but most of it was smoke & mirrors & most of those companies didn't have backbones. We know what happened right? We had the recession years, 1999--2002+, as the dot-com bottom fell out and millions lost money investing in these startups.
    -MG

  8. #38
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    Quote Originally Posted by mathguy View Post
    The bottom line is really that you can't have a non-centralized, privatized, currency.

    You need government endorsement & a controlled centralized banking authority that monitors interest rates, printing of new currency, recycling/destroying old currency, and so on....
    Your post reminds me of all the stories of the Mark being burned for heat and similar hyperinflation tales during the Weimar Republic.

    https://rarehistoricalphotos.com/ban...nflation-1923/

    Too many HUGE conflicts of interest when it comes to the private sector controlling monetary policy!

  9. #39
    Verified Hobbyist BCD Slitlikr's Avatar
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    The federal reserve has destroyed our fiat currency.
    Digital currency, not to be confused with crypto currency is the next step. Traceable pixels is what we're heading for.

    We need to get back to the gold standard.
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  10. #40
    Verified Hobbyist BCD mathguy's Avatar
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    Quote Originally Posted by Slitlikr View Post
    Digital currency, not to be confused with crypto currency is the next step.
    Exactly. +1

    Too many people are confusing cryptocurrency with digital currency.

    Yes, we absolutely are headed toward a form of digital currency. We already largely do this in one form or another; it just needs to be more standardized and fleshed out over time.

    As he said above, digital currency should not be confused with cryptocurrency. Crypto and digital currency are two entirely different things. Digital currency is viable and is already beginning to happen (though a true digital currency policy will take more time & implementation). Crypto is not a viable general currency replacement. It's not even meant for such a thing.
    -MG

  11. #41
    Verified Hobbyist BCD mathguy's Avatar
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    Quote Originally Posted by Ben Rhimene View Post
    Your post reminds me of all the stories of the Mark being burned for heat and similar hyperinflation tales during the Weimar Republic.

    https://rarehistoricalphotos.com/ban...nflation-1923/

    Too many HUGE conflicts of interest when it comes to the private sector controlling monetary policy!
    Yep that was so crazy dude! Can you imagine? People using money to light fires and crap? A whole wheel barrel full of money that wouldn't buy so much as a newspaper? Crazy.
    -MG

  12. #42
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    On a related note, I just read that the Fed is putting out a paper this summer on the concept of government crypto, and comments will be requested.

    Enjoy your Betamax while you can, kids. Once the government enters the market the legitimacy it brings will wipe the rest out.

  13. #43
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    Quote Originally Posted by grand1001 View Post
    Tesla supposedly made $101 million off their sale of Bitcoin.
    If all is true that is being reported, it says Tesla made more money selling bitcoin in the first quarter than cars.
    That's a lot of money for something that is supposedly one giant fraud.


    Just like with the stock market, money can be made on this. I know, because I too, have made some myself.

    To say...invest in stocks, land, and whatever else, and to say cryptos are for fools just because it doesn't fall in with a particular line of thinking, is shortsighted and dumb.

    Ten years ago electric vehicles were laughed at. Now every carmaker out there is making them.
    You go into certain countries in the world, and they take many different currencies for payment.
    A transvestite may become the next governor of California. Impossible 50 years ago.
    So who really knows...



    Good luck with the stock market. It's a much more stable situation than cryptos...wink, wink...
    You take out the EV credits from Q1 21 Tesla lost $$$.

    EV credits were $518 Mil and they only made per the 10Q $438 Mil which means they lost $80 Mil with out the EV Credits.

    Look out below. Way over valued and the competition is coming fast and hard!
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  14. #44
    Verified Hobbyist BCD RunTheCourse's Avatar
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    The good getting may be gone as Bitcoin is down to 33k (-23k in 3 months). As Ben says once regulators get involved the party is over. The only silver lining I see is if the government adopts crypto there will still be money made on some of the utilities of crypto
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  15. #45
    Verified Hobbyist BCD Ben Rhimene's Avatar
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    Quote Originally Posted by mathguy View Post
    Too many people are confusing cryptocurrency with digital currency.
    I am an expert on neither; my world revolves around the real thing.

    This might be a helpful (and short) primer for those interested in learning more about the differences:

    https://crypto-current.co/digital-cu...nology%2C DLT.

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