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Re: Bitcoin plummets [Re: trapper les] #7468609
01/21/22 10:10 PM
01/21/22 10:10 PM
Joined: Mar 2007
Posts: 35,196
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,196
McGrath, AK
Exactly right !


Mean As Nails
Re: Bitcoin plummets [Re: trapper les] #7468637
01/21/22 10:38 PM
01/21/22 10:38 PM
Joined: Jan 2008
Posts: 9,249
Alaska and Washington State
W
waggler Offline
trapper
waggler  Offline
trapper
W

Joined: Jan 2008
Posts: 9,249
Alaska and Washington State
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"
Re: Bitcoin plummets [Re: trapper les] #7468643
01/21/22 10:43 PM
01/21/22 10:43 PM
Joined: Mar 2007
Posts: 35,196
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,196
McGrath, AK
Ya got that right !! Quantum physics is child's play compared to NFT's


Mean As Nails
Re: Bitcoin plummets [Re: white17] #7468668
01/21/22 11:06 PM
01/21/22 11:06 PM
Joined: Dec 2021
Posts: 828
Indiana
C
CaseXX Offline
trapper
CaseXX  Offline
trapper
C

Joined: Dec 2021
Posts: 828
Indiana
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
Re: Bitcoin plummets [Re: trapper les] #7468721
01/22/22 12:02 AM
01/22/22 12:02 AM
Joined: Jun 2015
Posts: 4,982
rogers city mi.
J
jeff karsten Offline
trapper
jeff karsten  Offline
trapper
J

Joined: Jun 2015
Posts: 4,982
rogers city mi.
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
Re: Bitcoin plummets [Re: white17] #7468746
01/22/22 01:24 AM
01/22/22 01:24 AM
Joined: Mar 2011
Posts: 25,424
williams,mn
trapper les Offline OP
trapper
trapper les  Offline OP
trapper

Joined: Mar 2011
Posts: 25,424
williams,mn
Originally Posted by white17
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."
Re: Bitcoin plummets [Re: trapper les] #7468753
01/22/22 01:39 AM
01/22/22 01:39 AM
Joined: Jan 2008
Posts: 4,797
M.T.V. Alaska
Y
yukonjeff Offline
trapper
yukonjeff  Offline
trapper
Y

Joined: Jan 2008
Posts: 4,797
M.T.V. Alaska
Americans better hope Bitcoin fails, because if it replaces the dollar as the worlds currency, we will all be living in a third world country.

Re: Bitcoin plummets [Re: CaseXX] #7468755
01/22/22 01:44 AM
01/22/22 01:44 AM
Joined: May 2010
Posts: 10,522
MN
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,522
MN
Originally Posted by CaseXX
Originally Posted by DecoyMacoy
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.

Originally Posted by Mike in A-town
Originally Posted by elkaholic
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.
Originally Posted by white17
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.
Re: Bitcoin plummets [Re: trapper les] #7468757
01/22/22 01:55 AM
01/22/22 01:55 AM
Joined: Dec 2006
Posts: 11,331
Oregon
beaverpeeler Offline
trapper
beaverpeeler  Offline
trapper

Joined: Dec 2006
Posts: 11,331
Oregon
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!
Re: Bitcoin plummets [Re: trapper les] #7468764
01/22/22 02:13 AM
01/22/22 02:13 AM
Joined: Aug 2011
Posts: 45,578
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 45,578
james bay frontierOnt.
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.
Re: Bitcoin plummets [Re: Mike in A-town] #7468803
01/22/22 07:37 AM
01/22/22 07:37 AM
Joined: Oct 2020
Posts: 1,103
KY
I
ILcooner Offline
trapper
ILcooner  Offline
trapper
I

Joined: Oct 2020
Posts: 1,103
KY
Originally Posted by Mike in A-town
Originally Posted by elkaholic
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

Re: Bitcoin plummets [Re: trapper les] #7468830
01/22/22 08:29 AM
01/22/22 08:29 AM
Joined: May 2010
Posts: 10,522
MN
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,522
MN
Tesla does not currently take bitcoin, that doesn't mean individual dealerships dont


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin plummets [Re: elkaholic] #7468835
01/22/22 08:34 AM
01/22/22 08:34 AM
Joined: Dec 2008
Posts: 3,477
MN
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walleye101 Offline
trapper
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Joined: Dec 2008
Posts: 3,477
MN
Originally Posted by elkaholic
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.

Re: Bitcoin plummets [Re: trapper les] #7469004
01/22/22 11:54 AM
01/22/22 11:54 AM
Joined: Mar 2011
Posts: 25,424
williams,mn
trapper les Offline OP
trapper
trapper les  Offline OP
trapper

Joined: Mar 2011
Posts: 25,424
williams,mn


"Those who hammer their guns into plowshares will plow for those who do not."
Re: Bitcoin plummets [Re: trapper les] #7469009
01/22/22 11:58 AM
01/22/22 11:58 AM
Joined: Dec 2006
Posts: 29,944
williamsburg ks
D
danny clifton Offline
"Grumpy Old Man"
danny clifton  Offline
"Grumpy Old Man"
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Joined: Dec 2006
Posts: 29,944
williamsburg ks
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)
Re: Bitcoin plummets [Re: trapper les] #7469024
01/22/22 12:21 PM
01/22/22 12:21 PM
Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
G
Gary Benson Offline
trapper
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G

Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
So when mining bitcoin........is it found in the same proximity as gold? ................... smirk


Life ain't supposed to be easy.
Re: Bitcoin plummets [Re: trapper les] #7469037
01/22/22 12:49 PM
01/22/22 12:49 PM
Joined: Dec 2006
Posts: 828
Star City Arkansas
Owen Offline
trapper
Owen  Offline
trapper

Joined: Dec 2006
Posts: 828
Star City Arkansas
Did you ever think that the price dropping may have something to do with the Fed Reserve looking to roll out a digital currency soon. https://www.theblaze.com/news/the-federal-reserve-moves-forward-with-digital-currency-initiative


Old enough to know better, but dumb enough to still try.
Re: Bitcoin plummets [Re: trapper les] #7469041
01/22/22 12:55 PM
01/22/22 12:55 PM
Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
G
Gary Benson Offline
trapper
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G

Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
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.
Re: Bitcoin plummets [Re: Owen] #7469077
01/22/22 01:44 PM
01/22/22 01:44 PM
Joined: Mar 2011
Posts: 25,424
williams,mn
trapper les Offline OP
trapper
trapper les  Offline OP
trapper

Joined: Mar 2011
Posts: 25,424
williams,mn
Originally Posted by Owen
Did you ever think that the price dropping may have something to do with the Fed Reserve looking to roll out a digital currency soon. https://www.theblaze.com/news/the-federal-reserve-moves-forward-with-digital-currency-initiative

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."
Re: Bitcoin plummets [Re: trapper les] #7469079
01/22/22 01:47 PM
01/22/22 01:47 PM
Joined: Mar 2011
Posts: 25,424
williams,mn
trapper les Offline OP
trapper
trapper les  Offline OP
trapper

Joined: Mar 2011
Posts: 25,424
williams,mn
Originally Posted by trapper les

I think it will go away.


"Those who hammer their guns into plowshares will plow for those who do not."
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