Video Outliers: Living, Breathing, & Betting on Bitcoin

[Jonathan Fairfield]

 

 

 

[PerkinsCuthbert]

Nice sunglasses.

[ToS2014]

I know of a lot of peeps that have made significant returns on the magical and invisible currency.  I might be old school but I'll stick to what I can see and touch.  What does a 20 bit bitcoin look like again?

[phycokiller]

3 hours ago, ToS2014 said:

I know of a lot of peeps that have made significant returns on the magical and invisible currency.  I might be old school but I'll stick to what I can see and touch.  What does a 20 bit bitcoin look like again?

a bitcoin looks like $4800 in your bank account, just a number on a computer screen, or do you have a look in the bank vault every time you visit the bank to check that its real?

[tryasimight]

2 hours ago, phycokiller said:

a bitcoin looks like $4800 in your bank account, just a number on a computer screen, or do you have a look in the bank vault every time you visit the bank to check that its real?

No I don't...absolutely no need to do that. I can walk into my bank anytime I want and withdraw all or some of my money and go to the local shop and buy food I can eat. Can you do that with bitcoin...on demand?Any where? Instantaneously?

I've been in the computer game since the mid 1980's and agree the algorithm is fascinating....but that is all it is..a computer program that will get hacked and will fail...the amount of funds allegedly involved makes the outcome inevitable.

Of course early investors will scream they have lost millions but the reality is they lost a 100 bucks and everyone else lost millions.

 

I get many emails daily saying how Bitcoin is old hat and to how get into the new cryptocurrency.

One thing I have learnt over the years is that if the emails are free...I am the product.

 

 

There is another thread  running about  a guy trying to sell/close his business...apparently the same guy who bragged about making millions a couple of months ago from bitcoin mining...draw your own conclusions.

[hawker9000]

A lot of people will look at the lifetime bitcoin<>usd chart and conclude it's a can't-miss investment.  Others will look at it and say "that's a bubble if I ever saw one".  I think it's pretty clever the way the "inventor", whoever it is, engineered a scheme which allows for an ever-decreasing supply of new coins at ever increasing difficulty (expense) that depends on no central authority or facility and only on a population of "miners" who are incentivized to keep maintaining the integrity of the blockchain even after the last coin is mined (which they say will be sometime along about 2040).

 

[Thaijack2014]

It is true that you can't go out there and buy something in the local store with Bitcoin. But one should consider that most people don't even know what it is. I probably heard of Bitcoin in the past and thought it to be too complicated. One year ago I didn't know anything about it. And now, a year later, I'm typing this on a 16000 Baht laptop (second hand, I admit) which I bought from the profit I made with bitcoin two month ago before the China and JP Morgan news.

I make money online and use for everything my bitcoin. I buy and sell bitcoin on coin.co.th a Thai Bitcoin exchange. They don't have the best rates, but ok rates. This exchange is great in a way that it is simple and you can do all kinds of banking: online, mobile phone, ATM and over the counter to buy or sell your bitcoin.

 

Mind you: I'm not working, it is just some profit of my savings, which I don't get from a bank but some other companies. Not 1% per year, but roughly between 200 and 400% per year. All thanks to bitcoin.

[phycokiller]

On 10/11/2017 at 1:15 AM, tryasimight said:

No I don't...absolutely no need to do that. I can walk into my bank anytime I want and withdraw all or some of my money and go to the local shop and buy food I can eat. Can you do that with bitcoin...on demand?Any where? Instantaneously?

I've been in the computer game since the mid 1980's and agree the algorithm is fascinating....but that is all it is..a computer program that will get hacked and will fail...the amount of funds allegedly involved makes the outcome inevitable.

Of course early investors will scream they have lost millions but the reality is they lost a 100 bucks and everyone else lost millions.

 

I get many emails daily saying how Bitcoin is old hat and to how get into the new cryptocurrency.

One thing I have learnt over the years is that if the emails are free...I am the product.

 

 

There is another thread  running about  a guy trying to sell/close his business...apparently the same guy who bragged about making millions a couple of months ago from bitcoin mining...draw your own conclusions.

In Thailand I can get bitcoin transferred into my bank account in a few minutes for usually a better then market price, if I take a little longer I can get a better price, so I dont see that as an issue. As far as it being hacked, I dont really see that happening. Sure the site I use to transfer to my bank could be hacked but its been around for 5 years or so with no issues and I dont have anything stored there so I dont see that as an issue. As far as bitcoin itself being hacked, I think the chance of that is about the same as someone hacking the bank you use and removing the funds. They both use the same crypto. If anyone cracks that bitcoin will be the least of our worries

[Thaijack2014]

On 11-10-2017 at 6:40 AM, hawker9000 said:

A lot of people will look at the lifetime bitcoin<>usd chart and conclude it's a can't-miss investment.  Others will look at it and say "that's a bubble if I ever saw one".  I think it's pretty clever the way the "inventor", whoever it is, engineered a scheme which allows for an ever-decreasing supply of new coins at ever increasing difficulty (expense) that depends on no central authority or facility and only on a population of "miners" who are incentivized to keep maintaining the integrity of the blockchain even after the last coin is mined (which they say will be sometime along about 2040).

 

Hi, I'm sorry, but the last Bitcoin will be mined between 2106 and 2140, not 2040 if ever. By that time the difficulty will be so high that the cost of mining this one last bitcoin might be in the thousands.