Bitcoin...Cryptocurrency

[Texastaxi]

I'm with the "how could nothing be worth something crowd".

There's a guy here at work that "mines" crypto currency.
He's got a building, in his back yard, full of computers, and fans, and AC units that run 24 hours a day. When they break some kind of algorithm, he gains a "coin" in his "wallet".
He said his electric bill, to operate that "mine" is about $1,600 a month, and he "mines" about $1,400 of coins a month.
His plan is to build a bigger "mine", so he will actually make money off of it. He's already got two partners, that have invested money and a third is in line.

He said it doesn't take much to start a "mine", but it takes a pretty big "mine" to actually make money. To me, it seems like if anyone can set this up, and generate "money" from nothing, it really can't be worth anything ... just like printing counterfeit bills.

Burnadell's emu/ostrich/chinchilla analogy is spot on, I think.

[tps7742]

I guess I am just old and set in my ways but I can't wrap my thoughts around the bitcoin craze. But I guess it's not much different than the fiat currency we use every day.

[RiverRat1]

The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.

But people said that when Bitcoin first ran up to $350. Then when it ran to $1,000 more people said the same..and on and on and on.

But now that nearly everyone who can/could/would buy already made their decision how much higher can it go? They need to make it even easier for common non investor street folk to buy partial coins to keep it moving IMO

[wes122984]

guys it isnt going away. blockchain is the new internet. banks and most all major financial companies are hiring blockchain developers like crazy. especially ethereum. soon the stock market as you know it will be run on the blockchain and traditional stocks will be tokens.

[In-Yo-Grill]

I'm with the "how could nothing be worth something crowd".

There's a guy here at work that "mines" crypto currency.
He's got a building, in his back yard, full of computers, and fans, and AC units that run 24 hours a day. When they break some kind of algorithm, he gains a "coin" in his "wallet".
He said his electric bill, to operate that "mine" is about $1,600 a month, and he "mines" about $1,400 of coins a month.
His plan is to build a bigger "mine", so he will actually make money off of it. He's already got two partners, that have invested money and a third is in line.

He said it doesn't take much to start a "mine", but it takes a pretty big "mine" to actually make money. To me, it seems like if anyone can set this up, and generate "money" from nothing, it really can't be worth anything ... just like printing counterfeit bills.

Burnadell's emu/ostrich/chinchilla analogy is spot on, I think.

Well...the gov't makes "money" from nothing all the time so that part doesn't phase me.

I believe the "value" here is in the technology. The blockchain technology seems like it will revolutionize security for all kinds of applications.

[In-Yo-Grill]

Between Bitcoin, Ethereum and Litecoin, you could make money every day trading.

[Kevin]

One of my good friends bought in at 200 years back. He just bought a Mercedes G-Wagon cash. Its like gambling sometimes, but this one paid off.

[Texastaxi]

Well...the gov't makes "money" from nothing all the time so that part doesn't phase me.

I believe the "value" here is in the technology. The blockchain technology seems like it will revolutionize security for all kinds of applications.

The government does a lot of things that the people can not.

[In-Yo-Grill]

The government does a lot of things that the people can not.

So far they can't control cryptocurrency. New York tried and failed miserably. Drove business' out of their state.

[rtp]

Between Bitcoin, Ethereum and Litecoin, you could make money every day trading.

This is what I have been doing since the beginning of August. I have made a fair amount of money. So far I have increased my money by 50%. Currently Im completely in cash waiting to see what this latest run-up does. I also bought into an ICO and so far it is up 10-20%. That investment is truly a very risky/high reward play.

[rtp]

I bet the IRS is having a grand time trying to figure out how to track the gains people are making on this stuff. I hope they never do.

[In-Yo-Grill]

I bet the IRS is having a grand time trying to figure out how to track the gains people are making on this stuff. I hope they never do.

Dilly, Dilly...

I'm extremely new to this but see the benefits of playing with some discretionary income. Few bucks here and there can pay for more toys and trips to use them.

So far it can't break the 10k ceiling. Been watching all morning.

[RiverRat1]

So far they can't control cryptocurrency. New York tried and failed miserably. Drove business' out of their state.

With any luck it will keep going and force governments around the world to stop scamming the general population.
We need something like this to shake things up. Tired of all governments just printing more money..then taxing us more also...then blowing it all on BS

[wloftis]

They need to make it even easier for common non investor street folk to buy partial coins to keep it moving IMO

Coinbase has done just that. Make an account and you can easily buy/sell through their website.

[Hank Hill]

I had a good laugh when Jamie Dimon - JP Morgan's CEO, said (@the $5000/bc mark) that people buying bitcoin were stupid because it was worthless and the only value was its ability to launder money. I thought right there, how dumb his own statement was - implying there isn't massive global value in a "legitimate" money laundering conduit.