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GregM

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Keith30309 Grand Master

+ Keith30309

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Frankly, lottery tickets are more predictable but it's fun to watch your balance bounce around like a ping pong ball in a paint can shaker.

I think the real value is in learning about risk and putting your tolerance for it into perspective. There was a big dust-up this weekend and it's really fun to watch.

(Side note: this kid on Seekingarrangement tried to get me to invest in a cryptomining scheme he had. I had to break the bad news that it was an extraordinarily bad idea unless he was planing on moving to Mongolia - which does me zero good because he was a cutie. ;) )

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GregM Mentor

+ GregM

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I look at this as not being much different than the stock market, I'm just diversifying my portfolio. There are some big biz that accepts bitcoin so I wouldn't completely poo poo it.

 

Hugs,

Greg

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Lance_Navarro Proficient

+ Lance_Navarro

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Crypto currency is neither a pyramid nor a ponzy scheme. It's value is based on the faith and trust that it's users have in the system, pretty much like all other forms of currency. Of course things like regulation, especially in China, could heavily effect it's value, but in this technological age, I believe it's usefulness and value will continue to grow. The value of it grows because there are a limited number of Bitcoin available. I had someone that paid me in bitcoin for staying at my apartment. He gave me $700 on Sept 18th, which is now worth almost $1300. I also went ahead and bought $100 in Litecoin and plan to buy a couple hundred more if it drops back down to close to $55 again.

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njr47 Proficient

njr47

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Lance Navarro is not only handsome but quite smart (I know; have been with him twice). But I think he is unduly optimistic about the unlikelihood of bitcoin fraud. Not only is bitcoin ridiculously volatile, but----human nature being what it is---creative minds are devising new ways of using it to defraud people. See this link, for just one example: https://phys.org/news/2017-05-bitcoin-popular-exploited-theft-fraud.html

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quoththeraven Grand Master

+ quoththeraven

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I don't think that fraud and manipulation are as much an issue as money laundering and purchasing of illegal items. The encryption system is more secure than using a credit card.

It's also attractive to hackers and today's version of boiler room operators.

 

The ability to launder money and facilitate illegal transactions may well cause it to be outlawed eventually.

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Lance_Navarro Proficient

+ Lance_Navarro

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Lance Navarro is not only handsome but quite smart (I know; have been with him twice). But I think he is unduly optimistic about the unlikelihood of bitcoin fraud. Not only is bitcoin ridiculously volatile, but----human nature being what it is---creative minds are devising new ways of using it to defraud people. See this link, for just one example: https://phys.org/news/2017-05-bitcoin-popular-exploited-theft-fraud.html

 

Ahhhh, thanks hun, and also thanks for sharing that link. It's certainly something to keep in mind. I won't say who it is, but a certain escort who's on this forum from time to time invested into bitcoin early and is now traveling the world and may actually retire.

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HornyRetiree Mentor

+ HornyRetiree

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Ahhhh, thanks hun, and also thanks for sharing that link. It's certainly something to keep in mind. I won't say who it is, but a certain escort who's on this forum from time to time invested into bitcoin early and is now traveling the world and may actually retire.

aaaaaaaaaaaaaaaaaaah - where was I back when they started at 10 cents per?? $0.10 to $10,000.00 is a respectable return:)

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quoththeraven Grand Master

+ quoththeraven

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Same as Wall Street ... oops ... outside voice

It's not perfect, but Wall Street is regulated and has failsafes Bitcoin doesn't have. For example, when a Bitcoin exchange goes out of business, there's no insolvency process or other recourse. There's no solvency requirement as exists in the exchanges.

 

There's a difference between thinking the risk is worth it (for one thing, the slight differences in value between different Bitcoin exchanges is ripe for exploitation) and thinking that imperfectly regulated markets (which is all of them, because no system is perfect) can legitimately be equated with markets that were specifically designed to be completely unregulated. The latter is either wishful thinking or a cheap shot.

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GregM Mentor

+ GregM

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My local paper said it hit 17K.

 

Just over $16k for Bit and almost $130 for Lite. Those are the two I'm in right now. I'm still up. I'm trying to find a comfortable program to use for Ripple. Any suggestions?

 

Hugs,

Greg

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bashful Grand Master

+ bashful

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Just over $16k for Bit and almost $130 for Lite. Those are the two I'm in right now. I'm still up. I'm trying to find a comfortable program to use for Ripple. Any suggestions?

 

Hugs,

Greg

 

No, no suggestions. I'm not in to any of that as I'm basically risk adverse, unless you count my penchant for spending extra money at the casino. The winnings for a while funded my hiring.

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P Gren Veteran

P Gren

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It's not perfect, but Wall Street is regulated and has failsafes Bitcoin doesn't have. For example, when a Bitcoin exchange goes out of business, there's no insolvency process or other recourse. There's no solvency requirement as exists in the exchanges.

 

There's a difference between thinking the risk is worth it (for one thing, the slight differences in value between different Bitcoin exchanges is ripe for exploitation) and thinking that imperfectly regulated markets (which is all of them, because no system is perfect) can legitimately be equated with markets that were specifically designed to be completely unregulated. The latter is either wishful thinking or a cheap shot.

2008 economic collapse, in terms of Wall Street regulation, not much has changed ... I'm digressing from the Bitcoin discussion. On morning radio Bitcoin seems its gone up about 1000% since this time last year. There is a Netflix (which with Trump killing of net neutrality expect those monthly charges to go way up) documentary on Bitcoin that is worth watching.

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