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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    35.4%
  2. Passing Fad

    64.6%
  1. EddieWasSnubbed

    EddieWasSnubbed Contributing Member

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    What are you guys using to have such quick transactions? And how does one get into that?


    Help a n00b out, here...
     
  2. Yung-T

    Yung-T Member

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    Only using ETH for transactions currently, btc is far too slow and high fees.
    So buy ETH for fiat on coinbase or wherever you always do and then send to exchanges.
     
    CCity Zero, jbasket and Hakeemtheking like this.
  3. Commodore

    Commodore Contributing Member

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    the increasing power provided to the network is a symptom of its value, not the cause of it (although it's somewhat of a feedback loop, more mining power begets more security begets a more valuable currency begets more mining power)

    at some point an equilibrium is reached where the value of mining a bitcoin does not justify a marginal cost of adding more mining power to the network

    but we are in a phase of parabolic bitcoin adoption (hyperbitcoinization), the price has much higher to go, so the power provided isn't likely to level off any time soon

    I predict some smaller central banks in places like Africa will see an opportunity to be early adopters of bitcoin as a store of value, and that will create a snowball effect of central banks rushing to add bitcoin to their holdings.
     
    #3483 Commodore, Jan 3, 2018
    Last edited: Jan 3, 2018
  4. CCorn

    CCorn Member

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    People have been pumping TRX for days. I’ve contemplated putting a small investment in it.
     
    CCity Zero likes this.
  5. pd_

    pd_ Member

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    Any good ICOs coming out this year that you guys know of or like?
     
  6. Yung-T

    Yung-T Member

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    Do it, incredible team.
     
    CCity Zero likes this.
  7. Yung-T

    Yung-T Member

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  8. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    Getting in at 0.02 is legit lmao.
     
  9. Yung-T

    Yung-T Member

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    That's crypto, for the sake of us all hope that 2018 is somewhat similar to 2017. Not much time left for those insane gains.
     
  10. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    Yep, I think that its inevitable that lots of coins plummet to zero while others stay relatively stable at some point as the word gets out more and governments start taxing every trade.

    I think day traders will decrease and holding investments will increase as every trade becomes a taxable transaction.

    This will lead to more stable prices IMO. We’ll see.

    I certainly hope you are right and cardano becomes a staple that overtakes ethereum.

    My only fear is that it just seems like a blueprint the more I read about it. Maybe it will go to another galaxy at a successful launch like you mentioned.
     
  11. Space Ghost

    Space Ghost Contributing Member

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    And here lies the flaw in Bitcoin....currently. A block is mined every 10 minutes whether there is 1Mhash/s or 1 million Mhash/s of processing power. So yes, its ok to assume the amount of power needed will likely mirror the value. If Bitcoin hits $500k, then of course the amount of processing power will go up with it too, not because its required, but because that many more people are participating to get a cut of the mined reward.

    And this is where the flaw of Bitcoin becomes exposed. The cost of power in Los Angeles does not cost the same as it does in China. Bitcoin will continue to consolidate its mining power based on the cheapest places on earth to get power and to those who have the means to build these massive farms. And when its set and done, who do you think controls electricity? The government or those who are in political power. By this time, Bitcoin will have become so consolidated that it will be very difficult to get meaningful changes on the network.
     
  12. Amir's Johnson

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    If it wasn't for this thread, I wouldn't have known about XLM early on. Thank you
     
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  13. Commodore

    Commodore Contributing Member

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    difficult to change the network is a feature, not a bug

    Bitcoin already does what it needs to do to have value: uncensorable transactions, immutable ledger, finite supply.

    Ultra secure, ultra sound money for final settlement, the most important transactions in the world. It doesn't need to be as fast/cheap as VISA, that's not the point of it.

    Any changes to the protocol must not endanger those properties in any way.

    It's very similar to TCP/IP. IPV4 is set in stone, it's proven impossible to get people to upgrade to IPV6. So people have come up with second layer solutions to get around this, without disrupting the core functions of IPV4.

    Bitcoin is doing much the same.
     
  14. AB423

    AB423 Member

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    Is there a way I can transfer my LTC from Coinbase instead of cashing it out and buy other crypto with it?
     
  15. CCity Zero

    CCity Zero Member

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    I've doubled my portfolio in like a week or even with me making some stupid ****ing mistakes as a noob (learned the hard way on why btc is never used fortunately only lost Maybe $20-40...). Now with stupid mistakes out of the way and even including those... And becoming a research crazy (and help from. Yung-T and co). Doubled, like no ****, never seen anything like this.

    Haha let's just say TRX and XLM have been very forgiving to me and going to ride this all the way,.especially now that I've learned a lot of the tricks/ropes. If there's a correction dip on xlm I'm going to invest more, and more in TRX (obviously only what I can lose in case I'm wrong). But XLM I got in at 20.cent mark and. TRX 2.5-3.cents. I own other coins but those are my favorites since still something you can get a lot of for not much.

    And sorry on mentioning xlm/trx so much, just stoked atm

    Thanks again everyone!!
     
  16. CCity Zero

    CCity Zero Member

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    Transfer to GDAX if you're fully verified (it should be free) then to binance or whatever exchange you want. I prefer Binance, hence trx but there's plenty of good ones.

    Or the LTC straight to Binance or exchange. Just have to withdraw from CB and enter correct address from your other exchange (under deposit options And ltc currency, Make Sure Address and Currency is correct!). Then when it's there few mins to hour or whatever you exchange to new coin you want.
     
    #3496 CCity Zero, Jan 3, 2018
    Last edited: Jan 3, 2018
    AB423 likes this.
  17. CCity Zero

    CCity Zero Member

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    Yeah, I hope some we have go to the moon and we make bank :)
     
  18. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    My path has been similar to yours. Some noob mistakes early on but after researching a ton and talking to friends that have crypto knowledge, I have gotten some pretty good gains.

    DNT, ADA, and XLM have been nice to me so far.

    Theres no way getting free money can be this easy. These things have to pop at some point. Right, right?? Lmao
     
  19. CCity Zero

    CCity Zero Member

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    Hahaha, exactly, this is just wild!!! ADA and DNT are 2 others I am going to put some in just to have diverse portfolio, I mean this is wild, just waiting on mini dip with ADA but that one is going awesome
     
  20. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    Makes me wish I would have pumped half my worth in ada or xlm, fortune favors the bold.

    But greed is toxic and hindsight is 20/20 lol.

    Gotta keep things in perspective and keep hitting singles and doubles. The homerun play when you’re only a month into crypto is foolish (but some people do it and luck out lmao)
     
    CCity Zero likes this.

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