BITCOIN

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pf-flyer
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BITCOIN

Post by pf-flyer » December 22, 2020, 4:55 am

Does anybody on Udon Map have any experiences good or bad with Bitcoin? Thanks


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anefarious1
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Re: BITCOIN

Post by anefarious1 » December 22, 2020, 1:28 pm

I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.

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pf-flyer
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Re: BITCOIN

Post by pf-flyer » December 22, 2020, 2:03 pm

I have been researching Bitcoin and other digital currencies in general because I have noticed a lot of worldwide known companies accept Bitcoin. After all your money in the bank is just numbers in a digital database. I am of the opinion that as time goes on cash will decrease as use of digital currency increases. I realize that there will always be cash or some type of bartering system in place. One of my concerns is the impact of the inflation and devaluation of the various cash based currencies verses digital currencies such as Bitcoin. I really do not know what to think about that at this point in time. The world wide impact of Covid-19 has on the world wide economies in light of ongoing unsustainable government spending and more entitlements and government handouts on the horizon is one of the incentives why I have been looking into digital currencies and investigating what trends are occurring and why they are occurring. I would appreciate any thoughts or opinions. Thanks
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anefarious1
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Re: BITCOIN

Post by anefarious1 » January 9, 2021, 9:01 pm

FYI: Bitcoin has now surpassed the value of Thailand's entire M2 money supply of 22.8 trillion Thai Baht. Only 12 or so countries command a larger M2 money supply at this point.

Source: https://fiatmarketcap.com/

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AlexO
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Re: BITCOIN

Post by AlexO » January 9, 2021, 10:28 pm

anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
No expert, but just explain why you have to use conventional currency to buy into this 'kid on' currency. Why not just have another pretend currency to start off with. Monopoly money would seem to be a good starter.

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papafarang
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Re: BITCOIN

Post by papafarang » January 10, 2021, 7:05 am

AlexO wrote:
January 9, 2021, 10:28 pm
anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
No expert, but just explain why you have to use conventional currency to buy into this 'kid on' currency. Why not just have another pretend currency to start off with. Monopoly money would seem to be a good starter.
But we now live with fiat currency, which itself is monopoly money Backed by nothing , I have no idea how it all works , just wished I bought 300 bit coins 10 years ago :lol:
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Re: BITCOIN

Post by BKK-Udon » January 10, 2021, 4:10 pm

pf-flyer wrote:
December 22, 2020, 4:55 am
Does anybody on Udon Map have any experiences good or bad with Bitcoin? Thanks
I had done a bunch of research and had decided to buy bitcoin through Mt Gox, the biggest exchange at the time. One of the few times procratination has helped me out as Mt Gox suddenly shut down before I got my money in. It was such a near loss, I lost my faith and never went near digital currency again. Too bad, as Bitcoin was like $50 back then.

https://www.investopedia.com/terms/m/mt-gox.asp

There sure have been a lot of hacks and major losses over the years, but high returns usually come with high risks. Is the all time high a good place to buy in?

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Re: BITCOIN

Post by deankham » January 10, 2021, 6:41 pm

I'm hoping someone will tell me that 'they have', but I've yet to meet anyone who bought bitcoin, then sold them and converted it into Cash for a huge profit.

I know a few theoretical bitcoin millionaires but so far none that managed to realise this wealth. Hopefully they come good and remember me when my pension and old school assets are worth nothing.

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Re: BITCOIN

Post by dunroaming » January 10, 2021, 8:04 pm

anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
So basically you own a bit of a con sorry coin

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Re: BITCOIN

Post by anefarious1 » January 10, 2021, 8:32 pm

dunroaming wrote:
January 10, 2021, 8:04 pm
anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
So basically you own a bit of a con sorry coin
So basically you don't own any of the "con sorry coin" and here you are trying to pretend that you're happy you never bought.

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Re: BITCOIN

Post by dunroaming » January 10, 2021, 10:59 pm

anefarious1 wrote:
January 10, 2021, 8:32 pm
dunroaming wrote:
January 10, 2021, 8:04 pm
anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
So basically you own a bit of a con sorry coin
So basically you don't own any of the "con sorry coin" and here you are trying to pretend that you're happy you never bought.

"Pretend" not at all never trusted bitcoin from day 1 happy if people make money but like Ponzi schemes someone has to lose.How else can they justify the huge changes in prices inflation if it looks like and walks like then it is

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Re: BITCOIN

Post by glalt » January 11, 2021, 10:20 am

I have been called a Luddite concerning Bitcoin. I simply never understood how Bitcoin could ever become valuable when it starts from nothing and is created through computers. Currency is backed by the government that issues it. If the government is good, their currency is good. I can put that currency under my mattress or bury it for that matter and use it whenever I need it without a computer and huge passwords. Some third world countries inflated their currency to the point that you need a shopping bag full of their money to buy a loaf of bread.

I had a friend in the US who would cash his paycheck and only accept silver coins. He didn't trust paper money. He had a huge safe at his home. When the government quit minting silver coins he was buying silver coins from other people. Silver then exploded in price. He was a VERY wealthy man. All the people who had made fun of him had to listen to him saying "I told you so". He was still wealthy when he died.

My Thai wife was a bit like that. Over all the years we have been married, I bought her a baht of gold, usually twice a year. She found some farm land that she wanted. No way was I going to finance that venture. She sold her gold and bought the land. I'm still not sure if that was a good idea or not. She is now land rich and cash poor. She works her little butt off farming and with crop prices so low, I'm not sure if she is breaking even. She has had some very good offers for pieces of her 65 rai but no way will she sell any land. She says that land is her security for when I am dead and gone.

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Re: BITCOIN

Post by anefarious1 » January 11, 2021, 9:34 pm

dunroaming wrote:
January 10, 2021, 10:59 pm
anefarious1 wrote:
January 10, 2021, 8:32 pm
dunroaming wrote:
January 10, 2021, 8:04 pm
anefarious1 wrote:
December 22, 2020, 1:28 pm
I own 0.17849822 bitcoin. Not a big believer, but figured what the heck. Some say it will go to 1 million per "coin" due to eroding trust in central banks as well as unsustainable government finances and the resulting dilution of fiat money. If companies start moving into Bitcoin en masse then perhaps it will continue to explode. Already looks like individuals can easily buy in with Paypal recently making it very easy.
So basically you own a bit of a con sorry coin
So basically you don't own any of the "con sorry coin" and here you are trying to pretend that you're happy you never bought.

"Pretend" not at all never trusted bitcoin from day 1 happy if people make money but like Ponzi schemes someone has to lose.How else can they justify the huge changes in prices inflation if it looks like and walks like then it is
Bitcoin is volatile and speculative for sure. But look a fiat currency. You currently have $18 trillion of negative yielding sovereign debt while trillions more are being printed all around the world. Staying in fiat money guarantees loss of wealth and that could easily start to accelerate due to the SH*T the world is currently in. Contrast with Bitcoin which is capped a 21 million coins. Like gold, it is a way to exit the the completely broken monetary system. As long as the world is flooded with money and safe assets offer poor compensation, Bitcoin will be relevant.

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Re: BITCOIN

Post by AlexO » January 12, 2021, 1:27 am

So who decided, and what rule was used to decide 21 million coins was the maximum. As DR says PONZI in capitals.

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Re: BITCOIN

Post by AlexO » January 13, 2021, 9:39 am

Just watch this, 'https://www.youtube.com/watch?v=bBC-nXj3Ng4' and then make up your mind about Bit Coin and all the other cryptocurrencies in existence. Basically confirming that the people with a really big computer could bring the whole thing down (while making a shed full of money).

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