Re: Bitcoin plummets
[Re: trapper les]
#7468637
01/21/22 10:38 PM
01/21/22 10:38 PM
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Joined: Jan 2008
Posts: 9,249 Alaska and Washington State
waggler
trapper
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trapper
Joined: Jan 2008
Posts: 9,249
Alaska and Washington State
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If some of you think crypto currency is hard to understand, just try figuring out NFT's (Non Fungible Tokens). The only people they seem to make sense to are 18 year old guys who aren't old enough to remember some good Ponzi schemes. But then, maybe I'm missing something.
"My life is better than your vacation"
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Re: Bitcoin plummets
[Re: white17]
#7468668
01/21/22 11:06 PM
01/21/22 11:06 PM
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Joined: Dec 2021
Posts: 828 Indiana
CaseXX
trapper
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trapper
Joined: Dec 2021
Posts: 828
Indiana
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Like I said when I saw the crypto. quotes and tried to justify them even with u.s. dollars it switched my flip. I knew it was something I wanted nothing to do with. In my mind at least, it went from quantum physics to string theory quick. And I wasn't even thinking about NFT's I'm sticking to land. Something I can pass to my descendants I'll leave the Einstein & Hawking stuff up to them.
Rules: Col. Jeff Cooper #1for a gunfight Gibbs. #9 always carry a knife
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Re: Bitcoin plummets
[Re: trapper les]
#7468721
01/22/22 12:02 AM
01/22/22 12:02 AM
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Joined: Jun 2015
Posts: 4,982 rogers city mi.
jeff karsten
trapper
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trapper
Joined: Jun 2015
Posts: 4,982
rogers city mi.
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Has anyone ever sold or used these investments or is everyone just holding on I understand inflation and the dollar not backed by gold devaluing it But bitcoin is still valued in dollars so where is there any difference from other investments
olden tyred
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Re: Bitcoin plummets
[Re: white17]
#7468746
01/22/22 01:24 AM
01/22/22 01:24 AM
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Joined: Mar 2011
Posts: 25,424 williams,mn
trapper les
OP
trapper
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OP
trapper
Joined: Mar 2011
Posts: 25,424
williams,mn
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One of the problems, IMO, is that it is far too volatile to use as a medium of exchange. There are also capital gains tax ramifications to using it in that manner.
But the biggest problem, IMO is its vulnerability to government.
China has already restricted ownership. Russia is considering restrictions, and the US won't be far behind.
I actually think some restrictions could be beneficial to bitcoin.
I think Tesla changed its mind about accepting bitcoin but indicated they would accept either Dogecoin or Ethereum. I can't recall which Tesla will accept Dodgecoin
"Those who hammer their guns into plowshares will plow for those who do not."
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Re: Bitcoin plummets
[Re: CaseXX]
#7468755
01/22/22 01:44 AM
01/22/22 01:44 AM
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Joined: May 2010
Posts: 10,522 MN
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,522
MN
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Only months ago people were calling Bitcoin at 38k "tulip mania", now Bitcoin at 38k is a death spiral. I love it.
Whatever gets the clicks I suppose. Pump n Dump by any other name would yada yada yada. See what I did there? Tulip-Rose, I crack myself up. Little smiley thingy. I have generic silver in my collection that has lost more value from a percentage standpoint from its high than BTC. It's like any other investment/stock.
The investment company takes their fee/cut. The rest goes to the person that is selling it. Or in a lot of instances with Bitcoin, the person who mined. How does that work? I pay $25k to someone for a sequence of 1's and 0's which I now have the deed to... And they now have $25k in taxable income. Now if I can walk into a car dealer and exchange my Bitcoin for a new car... Now we're talking... A medium of exchange for tangible goods. I just have a hard time grasping how it has value. Mike It has value is its incorruptible like every fiat currency in the world.Whether it will be a viable medium of exchange remains to be seen, it is still in its infancy. White governments are more vulnerable to bit coin than the other away around, or at least that is how this contrairian sees it. The only way gubbiments will be able to stop it is to completely shut down the interweb. I can't answer BTC questions. Others on here are better informed on that subject.
Derivatives are a different matter. Used appropriately, they can be a very useful tool. On its face value socialism could be a useful tool. As it is, the ease it can be corrupted makes the scourge of humanity. When the derivative experience finally blows up in our face it will be the same scourge.#
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: Bitcoin plummets
[Re: trapper les]
#7468757
01/22/22 01:55 AM
01/22/22 01:55 AM
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Joined: Dec 2006
Posts: 11,331 Oregon
beaverpeeler
trapper
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trapper
Joined: Dec 2006
Posts: 11,331
Oregon
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When Oregon was still a territory beaver pelts were legal tender.
Can we please go back to that?
My fear of moving stairs is escalating!
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Re: Bitcoin plummets
[Re: trapper les]
#7468764
01/22/22 02:13 AM
01/22/22 02:13 AM
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Joined: Aug 2011
Posts: 45,578 james bay frontierOnt.
Boco
trapper
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trapper
Joined: Aug 2011
Posts: 45,578
james bay frontierOnt.
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You will need a wheelbarrow full to get a loaf of bread currently,but in the near future they will be much more valuable than money. A buddy of mine has a nice collection of HBC beaver tokens-each token is equivalent to 1 made beaver.Sort of like the oldstyle bitcoin.
The canoe brigades from fort temiskaming to matachewan in the 1880's in North eastern Ontario were paid in made martens.The bowsmen and steersmen got 25 made martens each and the middlemen got 20 each for the return trip.Goods were taken by Canoe brigades to Matachewan and fur was brought back to fort Temiskaming.The entire trip can still be navigated today by canoe.
Last edited by Boco; 01/22/22 02:14 AM.
Forget that fear of gravity-get a little savagery in your life.
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Re: Bitcoin plummets
[Re: Mike in A-town]
#7468803
01/22/22 07:37 AM
01/22/22 07:37 AM
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Joined: Oct 2020
Posts: 1,103 KY
ILcooner
trapper
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trapper
Joined: Oct 2020
Posts: 1,103
KY
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It's like any other investment/stock.
The investment company takes their fee/cut. The rest goes to the person that is selling it. Or in a lot of instances with Bitcoin, the person who mined. How does that work? I pay $25k to someone for a sequence of 1's and 0's which I now have the deed to... And they now have $25k in taxable income. Now if I can walk into a car dealer and exchange my Bitcoin for a new car... Now we're talking... A medium of exchange for tangible goods. I just have a hard time grasping how it has value. Mike I think tesla still takes bitcoin for car purchases
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Re: Bitcoin plummets
[Re: trapper les]
#7468830
01/22/22 08:29 AM
01/22/22 08:29 AM
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Joined: May 2010
Posts: 10,522 MN
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,522
MN
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Tesla does not currently take bitcoin, that doesn't mean individual dealerships dont
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: Bitcoin plummets
[Re: elkaholic]
#7468835
01/22/22 08:34 AM
01/22/22 08:34 AM
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Joined: Dec 2008
Posts: 3,477 MN
walleye101
trapper
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trapper
Joined: Dec 2008
Posts: 3,477
MN
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There are countries and even some companies that are allowing it to be used as payments.
I know at one time Tesla was considering allowing it to be used to buy cars. Not sure if that came to any fruition or not. It seems like that is something important to have figured out before calling something currency.
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Re: Bitcoin plummets
[Re: trapper les]
#7469009
01/22/22 11:58 AM
01/22/22 11:58 AM
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Joined: Dec 2006
Posts: 29,944 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,944
williamsburg ks
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Well, is it getting time to buy some or are people losing confidence in its value and its not coming back????????????
Last edited by danny clifton; 01/22/22 11:58 AM.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Bitcoin plummets
[Re: trapper les]
#7469041
01/22/22 12:55 PM
01/22/22 12:55 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
trapper
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trapper
Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
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We're practically there already. One could easily do without cash but it's nice to have some in the underwear drawer.
Life ain't supposed to be easy.
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Re: Bitcoin plummets
[Re: Owen]
#7469077
01/22/22 01:44 PM
01/22/22 01:44 PM
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Joined: Mar 2011
Posts: 25,424 williams,mn
trapper les
OP
trapper
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OP
trapper
Joined: Mar 2011
Posts: 25,424
williams,mn
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I think part of it has to do with different countries shutting down Bitcoin mining, and illegal Bitcoin mining.
"Those who hammer their guns into plowshares will plow for those who do not."
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