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Bitcoin

Dub

Hibernian, Hibernian Ra Ra Radge
Bounce Radge
Bitcoin is really not much different than paper currency. Back in the day real money was a tangible assset in gold and silver. Somewhere along the line they backed the currency with paper notes, which in reality are worthless pieces of paper. So Bitcoin have skipped the paper and kept it digital.
So. who has the gold reserves for bitcoins?
 

hibadelic

Radge-a-Casblanca
Admin
So. who has the gold reserves for bitcoins?
Interestingly, bitcoin, although not backed by gold, has more in common with gold than traditional currencies in that it is limited. Just as no-one can create more gold, no one can create new bitcoins.

The value of gold is based on little other than its scarcity and history. Longer term, perhaps bitcoin could be a digital store of wealth more akin to gold than a standard currency.
 

SuperTortolano

Bounce Radge
So. who has the gold reserves for bitcoins?
That's about the best way to transfer your Bitcoin to cash. There's two major bullion dealers over my side of the pond that take Bitcoin for bullion. I transferred a Bitcoin for gold back when Bitcoin was $5000. Could have had a lot more had I waited, but hey hum. Still waiting on this bull market in the precious metals market to begin. Platinum seems like a good buy.
 

aggie

Justified Radge
Bounce Radge
I really wish I could make sense of this. Sounds like I could make a bit of money.


Sent from my iPhone using Tapatalk
 

SuperTortolano

Bounce Radge
My bank closed my account over Bitcoin. Banks and the government don't like it one "bit". I was transferring money from my bank to a company called Circle, then buying the, directly that way. Now Circle as even stopped Bitcoin. Bank wanted to know where my money was going etc. Told them Bitcoin and a few weeks later I had a month to clear my account and SD box.
 

HaarlemShuffler

Coffee Shop Radge
Bounce Radge
[MENTION=11151]SuperTortolano[/MENTION] It's a dull yin. But chin up, least you still got your shoootah...
 

hibadelic

Radge-a-Casblanca
Admin
I really wish I could make sense of this. Sounds like I could make a bit of money.
Some people will make money, some will lose it. Buying in now is very risky as it's quite clearly a bubble being funded by speculators. Who knows when the speculators will stop investing or the big investors will start pulling out? Additionally, it's now on the mainstream radar so there is also the risk that governments start to talk about regulation, which would potentially kill it.
 

Wannabehibee

Bounced Out!
That's about the best way to transfer your Bitcoin to cash. There's two major bullion dealers over my side of the pond that take Bitcoin for bullion. I transferred a Bitcoin for gold back when Bitcoin was $5000. Could have had a lot more had I waited, but hey hum. Still waiting on this bull market in the precious metals market to begin. Platinum seems like a good buy.
About time silver started making a comeback - those coins are burning a hole in my pocket!! :)
 

BurbankHibee

Micro$oft Hating Radge
Bounce Radge
My bank closed my account over Bitcoin. Banks and the government don't like it one "bit". I was transferring money from my bank to a company called Circle, then buying the, directly that way. Now Circle as even stopped Bitcoin. Bank wanted to know where my money was going etc. Told them Bitcoin and a few weeks later I had a month to clear my account and SD box.
What bank was it if you don't mind me asking.
 

SuperTortolano

Bounce Radge
What bank was it if you don't mind me asking.
It was 5/3 Bank. Think they are based out of Ohio. The bank manager from my local branch was actually tried to fight my corner, but corporate had the fraud department looking in to it and wanted my account closed. The experience spooked me, didn't like it one bit. At the end of the day it's your money to do with what you want.

- - - Updated - - -

About time silver started making a comeback - those coins are burning a hole in my pocket!! :)
Tell me about it, this bear market in metals is due an upturn. Hoping spring we see a move upwards. Shocked to see platinum so low right now.
 

Westside Green

Bounce Radge
[FONT=q_serif]Just for those who know about as much as me.

Bitcoin was hit by a double whammy this week. On Tuesday, Jamie Dimon of JP Morgan declared that Bitcoin is a fraud that will “blow up”. Then, just this morning, a Bitcoin exchange in China announced that it would shut its doorsin response to verbal pressure from regulators and an uncertain regulatory environment.[/FONT]

[FONT=q_serif]Don’t ya just love it when bad news breaks on Bitcoin? I sure do! It creates a buying opportunity. After all, just look at what happened after the last five bouts of bad news:[/FONT]
[FONT=q_serif]
[/FONT]

[FONT=q_serif]In each case, the Bitcoin exchange rate dropped—very briefly—and then climbed higher with renewed vigor. Heck it, doubled from $2400 to $4800 in just the past month! But here’s a the real question: Does either of these bad news events have legs? Does it spell the end of Bitcoin adoption and enthusiasm, at least for now?[/FONT]
[FONT=q_serif]After all, if it were discovered that the math behind Bitcoin were flawed, and that anyone could create forged coins, the empire would come tumbling down. In my book, this would constitute a crisis. But what about now? Do these two damning events—and a 35% correction in the past week—constitute a long-term crisis? To answer, we must first determine if public fears over these two events are credible…[/FONT]
[FONT=q_serif]China and JP Morgan: (a) A frightened authority (b) Simple Ignorance[/FONT]
[FONT=q_serif]Like most governments, the Chinese are concerned that the growing flight to Bitcoin is impacting liquidity of their national currency.[/FONT]
[FONT=q_serif][A superb presentation by Andreas Antonopoulos—Click it, after you read this article][/FONT]
[FONT=q_serif]. They are also concerned about the large number of Bitcoin exchanges that operate outside of a tight regulatory framework. They obscure the flow of money in and out of the country and they are a clear scapegoat for tax evasion or other criminal activity. Like any agency charged with financial regulation, the Chinese seek to reign in and regulate these maverick exchanges.[/FONT]
[FONT=q_serif]It is interesting to note that the Chinese government is not discouraging Bitcoin mining or even personal savings—only the proliferation of unlicensed exchanges and quasi-anonymous users. After all, More than 50% of all mining is done in China, and it helps to balance the loss of liquidity in the national currency.[/FONT]
[FONT=q_serif]Whether the popular adoption of Bitcoin is a good or bad thing for governments is a hot debate topic. (I feel strongly that a country’s loss of control of its own reserve and monetary policy is a good thing for citizens and government). But regardless of your position on my contrarian philosophy, here is a fact that is less controversial…[/FONT]
[FONT=q_serif]When governments attempt to restrict an activity that cannot be economically monitored or enforced -- or at least when they attempt to do it in a way that leaves no legal relief valve for hobbyists, business, commerce, research or NGOs -- they ultimately fuel the activity that they set out to stifle. Ultimately, if the public cannot discern a reasonable basis for government censorship or excessive restrictions, it leads to interest, innovation, adoption and the emergence of hot new markets.[/FONT]
[FONT=q_serif]Consider, again, the graph of Bitcoin price -vs- Bad news events at the top of this page.[/FONT]
[FONT=q_serif]On each date highlighted above, there was a damning piece of information that should cause early adopters to reconsider their enthusiasm for Bitcoin. In fact, the Hearn Dump really should have ended the whole party. A core developer sold off his entire BTC savings and claimed that the experiment was a failure. Hepublished an article with his reasons for believing that Bitcoin was dead.[/FONT]
[FONT=q_serif]But the graph demonstrates that each piece of “bad news” fueled a miniature rally. That's because Bitcoin has none of the elements of a pyramid scheme. It is not an MLM and it cannot be manufactured or controlled by any organization. Rather, it is an exercise in pure supply, demand and market recognition. It is pure adoption mechanism that leads to a two-sided network. It’s benefits multiply as more users join the party.[/FONT]
[FONT=q_serif]What about Jamie Dimon at JP Morgan? He says that Bitcoin will crash.[/FONT]
[FONT=q_serif]Bitcoin has had a rocky road these first 8 years. Major exchanges have been bankrupt or worse, enormous criminal conspiracies were among the early adopters, the SEC has prohibited the creation of an ETF based on cryptocurrency, rogue spin-off coins are driving a wedge among users, and there are serious problems related to scaling and governance. A casual observer might wonder who is in control and who can be held responsible? After all, the idea of an economic mechanism that is altered by democratic—but decentralized—factors is new and radical. How can Bitcoin evolve, adapt and grow in the absence of an authority at its heart?[/FONT]
[FONT=q_serif]This confusion arises from the newness and unfamiliarity of blockchain architecture. Skepticism is natural. Indeed, Bitcoin is guided by an authority, but it doesn't reside at the center of the network. It resides at the edges. This is the concept behind Proof-of-Stake and Proof-of-Work. Unlike a classic authority, your will matters just as much as anyone else’s. It is exceptionally democratic, self-enforcing, and resistant to gaming.[/FONT]
[FONT=q_serif]This is a difficult concept to wrap our heads around, because it is so different than we were taught and it is different than we have experienced for centuries. For this reason, Jamie Dimon’s statement that there is nothing behind Bitcoin presents a buy opportunity for individuals who were late to the table. Jamie may not yet understand intrinsic value, but we can educate ourselves. Bitcoin has more standing behind it than the US dollar.[/FONT]
[FONT=q_serif]... But don't take this as investment advice. Bitcoin should not be thought of as an investment. It is the future of money. Speculation (both day trading and long term buy-&-hold) act to retard the eventual adoption of Bitcoin as a serious monetary instrument. Although I have Bitcoin, I do not encourage people to think of it as an investment. It is more important that it be used for products, services, loans, to settle debts, escrow, interbank exchange, etc. When this fraction of Bitcoin activity exceeds the fraction driven by savers and speculators, the dominos will begin to fall rapidly.[/FONT]
[FONT=q_serif]My analysis hasn't changed in the 2 years since I wrote this article:
Bitcoin Adoption: A Series of Reactions, http://awildduck.com/?p=3121[/FONT]

[FONT=q_serif]Articles about Jamie Dimon and JP Morgan...[/FONT]

  1. Jamie Dimon: Bitcoin Is A Fraud
  2. John McAfee: I challenge Jamie Dimon’s bitcoin skepticism
  3. Crypto Is Here to Stay (Whatever Jamie Dimon Might Say)
[FONT=q_serif]Can we draw a conclusion? Certainly, we can. And, we can toss in a prediction. It’s not even a high risk prediction. The recent pullback has no fundamental basis. No legs at all. The two “bad news” are not just a[/FONT]
[FONT=q_serif]
[/FONT]

[FONT=q_serif]red herring—they present a buying opportunity. If I were allowed to give investor advice (I am not; and I don’t), I would express my opinion with more verve and obvious conviction.[/FONT]
[FONT=q_serif]Caveat Emptor (Everything comes with a disclaimer)…[/FONT]
[FONT=q_serif]I am a Bitcoin educator, proponent, early adopter and blockchain consultant. But here is the contradiction: Although I am also a Bitcoin investor, I discourage others from treating Bitcoin as an investment. Use it, but please don’t save it![/FONT]
[FONT=q_serif]Why do I discourage others from investing in Bitcoin?[/FONT]
[FONT=q_serif]It’s not that I don’t believe that Bitcoin will increase in exchange value. It will rise spectacularly, as adoption grows. But Bitcoin will not become ubiquitous and trusted until the majority of coins are recycled into the market for payments, settlement, loans, interbank transfers, escrow, contract settlement, etc. That is, its use for business and commerce must exceed the fraction of trades that are driven by savers and speculators. Until this happens, Bitcoin will remain volatile. It will be the subject of suspicion. It won’t be used for large settlements and it won’t become the money itself.[/FONT]
[FONT=q_serif]Speculation acts against fluidity. It won’t block the eventual acceptance of Bitcoin as a global currency. Hoarding is not a deal stopper. But It retards momentum and delays the inevitable.[/FONT]
 

hibadelic

Radge-a-Casblanca
Admin
I really wish I could make sense of this. Sounds like I could make a bit of money.
11 months since this. Had you chucked £1500 at it then, it'd be worth about £350 today
 

aggie

Justified Radge
Bounce Radge
11 months since this. Had you chucked £1500 at it then, it'd be worth about £350 today
Haha, wow. Guess it pays to be a total dolt sometimes!


Sent from my iPhone using Tapatalk
 

Jack

Bounce Radge
Anyone signed up for Initiative Q?

They're offering "free money" to early adopters.
Here's there website Initiative Q

You need to be invited by someone already in I'm not in!

I'm thinking this is something of a publicity stunt/pyramidish type scheme/if it sounds too good to be true it probably is!I

They're only asking for name and email address just now but how much longer before they innocently ask for more, or god forbid money???
 

Dub

Hibernian, Hibernian Ra Ra Radge
Bounce Radge
Anyone signed up for Initiative Q?

They're offering "free money" to early adopters.
Here's there website Initiative Q

You need to be invited by someone already in I'm not in!

I'm thinking this is something of a publicity stunt/pyramidish type scheme/if it sounds too good to be true it probably is!I

They're only asking for name and email address just now but how much longer before they innocently ask for more, or god forbid money???
I think @Brainwrong is able to invite people in.
 

Brainwrong

Spaktacuradge
Bounce Radge
Aye, here’s the blurb.

Sign up via this and I’ll add add you. I just have to auth it on my account.

Initiative Q is an attempt by ex-PayPal guys to create a new payment system instead of credit cards that were designed in the 1950s. The system uses its own currency, the Q, and to get people to start using the system once it's ready they are allocating Qs for free to people that sign up now (the amount drops as more people join - so better to join early). Signing up is free and they only ask for your name and an email address. There's nothing to lose but if this payment system becomes a world leading payment method your Qs can be worth a lot.

Here is my invite link: Initiative Q

This link will stop working once I’m out of invites. Let me know after you registered, because I need to verify you on my end.


Sent from my iPhone using Tapatalk
 

SuperTortolano

Bounce Radge
Thought I'd bump this old thread. I'm dipping my toe back in to the Bitcoin market. Short term it might go down a little and go sideways, but think it's going to start moving up fast in the second half of next year.
 

SuperTortolano

Bounce Radge
What makes you say that?
Every four years the amount of Bitcoin that can be mined halves. 2020 there will be another halving around about May. This generally doesn't increase an immediate spike, sometimes even a slight pull back, but then it lifts off. One major factor for me regarding the legitimacy of Bitcoin is who accepts it as payment. APMEX is probably the biggest gold and silver bullion dealer in the world and they accept Bitcoin for gold and silver.
 
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