Start with crypto now - Should or not?

[Monomial]

36 minutes ago, Colabamumbai said:

Bitcoin started in 2009. 90% of bitcoins are owned by 2% of people. I research before I talk. 

 

21 minutes ago, speedtripler said:

proof ?

 

 

Not hard to figure out. Satoshi's paper was published in 2009. As for Bitcoin distribution, the ledger is public by design, so just look on any site that publishes this information, such as:

 

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

 

It's pretty interesting to look at some of these Bitcoin accounts and look at how long they have been idle and/or accumulating. There are several in the hundreds of millions of dollars that are just accumulating BTC and have never spent any of it. You have to wonder who these people are, and if there is a bigger strategy. Putting that kind of money at such risk just seems silly.

 

[beautifulthailand99]

7 hours ago, Skeptic7 said:

Yes definitely...go ALL in! Let it ride! Take a flyer on something that is...

 

...a digital, shit-filled bubble mania which...

1. has NO intrinsic value

2. has HIGH volatility

3. Is highly unstable

3. IS gambling, not an investment

4. Is purely SPECULATIVE

Cryptos...

Understood...NOT

Private...not

Free transactions...not

Tax free...not

EZ to use...not

Widely accepted...not

Even Minimally accepted...not

Safe...not

Secure...not

Intrinsic value...NONE (this bears repeating)

To sum it up...an overblown, over-inflated, over-ripe shit filled balloon that is going to explode. Sure...a lucky minority will make or have made BANK...while the vast majority are about to get hosed. 

Even Thailand makes a lot more sense than Bitcoin - at least spirit houses look nice and do no harm.....and where would the ghosts go without them. Bitcoin is an IT experiment launched into the wild and gone rogue - if there is a place for cryptos in the future and I'm sure there is it will be the conversion of that experiment into corporatised , controlled entities that can't be used for nefarious purposes. Seriously if you have profits take them while you can and if you're not in steer well clear. Trust me I'm a boomer......

[beautifulthailand99]

6 hours ago, Calach said:

 

There was an hysterical FUD article some days ago in the Telegraph from a journalist who went ballistic on crypto, claiming that he "had been closely following the market for years now". I wonder what resolve it must take for one guy to watch a +2000% build up with disdain.

 

We're having quite a bunch of "experts" in a domain they despise to distribute definitive opinions on what they mostly ignore. The thing is we know this market better than them, it's actually even more insane than they think, but we have the humility to not pretend to know what will happen and to consider all possible eventualities.

 

Ultimately what matters is not being right on forums, it's making money with this opportunity of a lifetime and managing risk. 

The largest bubble in world history will look HUGE ....Bitcoin may have been the launch vehicle to the promised land but is blowing up on the way .... get out whilst there is still time. 

[Sirbergan]

2 minutes ago, Monomial said:

 

 

Not hard to figure out. Satoshi's paper was published in 2009. As for Bitcoin distribution, the ledger is public by design, so just look on any site that publishes this information, such as:

 

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

 

It's pretty interesting to look at some of these Bitcoin accounts and look at how long they have been idle and/or accumulating. There are several in the hundreds of millions of dollars that are just accumulating BTC and have never spent any of it. You have to wonder who these people are, and if there is a bigger strategy. Putting that kind of money at such risk just seems silly.

 

 

What do you mean by accumulating? Bitcoin is not a Proof Of Stake coin. Do you even know the cap of bitcoin, 21 million coins? I'm not a Bitcoin advocate, as it's flawed right now, but at least do some research before you post.

 

BTC can be mined, not accumulated. If you want to mine, it'll take a lot of computing power.

[speedtripler]

2 minutes ago, Monomial said:

 

 

Not hard to figure out. Satoshi's paper was published in 2009. As for Bitcoin distribution, the ledger is public by design, so just look on any site that publishes this information, such as:

 

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

 

It's pretty interesting to look at some of these Bitcoin accounts and look at how long they have been idle and/or accumulating. There are several in the hundreds of millions of dollars that are just accumulating BTC and have never spent any of it. You have to wonder who these people are, and if there is a bigger strategy. Putting that kind of money at such risk just seems silly.

 

This is not proof of the 2% claim

I know some of the address owners in the rich list personally going back a long time 

 

If you think btc is unfair,  Jeff bezos, Bill Gates and Warren buffet own more wealth than over half of the American public 

 

 

 

[beautifulthailand99]

4 hours ago, Days Off said:

This is great stuff...nobody is qualified to give an opinion...but here’s my opinion...

 

The cryptos are no different than real estate was in Florida 15 years ago.  When everybody and their brother wants a piece of the pie you know it’s a sign that the easy money has already been had.  

 

At this point the play is going to be finding solid companies that can actually make profitable use of the technology, not the coins themselves.

 

Good luck...you’re going to need it.

The difference though is with real estate you won something and have legal title....Bitcoin - whoosh - it can be stolen easily and is just computer digits in the ether. Ethereum was aptly named.

[Monomial]

3 minutes ago, Sirbergan said:

 

What do you mean by accumulating? Bitcoin is not a Proof Of Stake coin. Do you even know the cap of bitcoin, 21 million coins? I'm not a Bitcoin advocate, as it's flawed right now, but at least do some research before you post.

 

BTC can be mined, not accumulated. If you want to mine, it'll take a lot of computing power.

 

What kind of a non sequitor post is that? Who cares how you get it. Bitcoin can be mined, purchased, stolen, etc. If you have a point that makes sense, then say it.

 

I'm quite certain I know significantly more about Bitcoin than you do...

 

[Sirbergan]

2 minutes ago, beautifulthailand99 said:

The difference though is with real estate you won something and have legal title....Bitcoin - whoosh - it can be stolen easily and is just computer digits in the ether. Ethereum was aptly named.

This is why most people with a substantial portfolio buys a Nano ledger S or similar

[speedtripler]

1 minute ago, beautifulthailand99 said:

The difference though is with real estate you won something and have legal title....Bitcoin - whoosh - it can be stolen easily and is just computer digits in the ether. Ethereum was aptly named.

it cant be stolen easily if you take even the most  basic precautions .........

if watching  a 10 min youtube video on how to create a secure wallet 

is too much for some people they shouldnt be investing in cryptocurrencies 

or probably anything else...... 

[Monomial]

5 minutes ago, speedtripler said:

This is not proof of the 2% claim

 

 

 

 

Why? It is clear from the stats that 87.28% of the coins are allocated to 0.55% of the addresses. Some of those are clearly wallets owned by major exchanges. Now those exchanges may have liabilities to individuals, but they own the coins.

 

[beautifulthailand99]

Just now, speedtripler said:

it cant be stolen easily if you take even the most  basic precautions .........

if watching  a 10 min youtube video on how to create a secure wallet 

is too much for some people they shouldnt be investing in cryptocurrencies 

or probably anything else...... 

Not when a hooded man with a gun to your head breaks in and asks to transfer your 'coins'  you don't.....

https://www.theregister.co.uk/2018/01/29/oxfordshire_robbery_reportedly_connected_bitcoin/

 

[speedtripler]

Just now, Monomial said:

 

Why? It is clear from the stats that 87.28% of the coins are allocated to 0.55% of the addresses. Some of those are clearly wallets owned by major exchanges. Now those exchanges may have liabilities to individuals, but they own the coins.

 

 

coinbase ,binance ,bitfinex ,poloniex ,bittrex and okcoin  and the gbtc to name just a few  are exchanges with tens of millions of accounts 

 

there is no possible  way to ascertain 2% of people own 90% of the bitcoins 

[lkn]

37 minutes ago, Sirbergan said:

FIAT is flawed beyond belief!

And yet it works infinity times better than bitcoin for both purchasing stuff and as a store of value :)

[Sirbergan]

5 minutes ago, Monomial said:

 

What kind of a non sequitor post is that? Who cares how you get it. Bitcoin can be mined, purchased, stolen, etc. If you have a point that makes sense, then say it.

 

I'm quite certain I know significantly more about Bitcoin than you do...

 

Then you should know it can't be stolen if you store it in a secure offline wallet, like Nano Ledgers S

[Monomial]

10 minutes ago, speedtripler said:

If you think btc is unfair,  Jeff bezos, Bill Gates and Warren buffet own more wealth than over half of the American public 

 

 

 

 

Who said it was "unfair"?

 

You asked for proof of the 2% claim, and it is everywhere. For some reason, you are balking at basic math. I would love to hear why you don't think over 90% of the coins are allocated to less than 2% of the addresses.

 

 

[speedtripler]

1 minute ago, beautifulthailand99 said:

Not when a hooded man with a gun to your head breaks in and asks to transfer your 'coins'  you don't.....

https://www.theregister.co.uk/2018/01/29/oxfordshire_robbery_reportedly_connected_bitcoin/

 

How would a hooded man with a gun know you own any bitcoins ? 

[Sirbergan]

Just now, lkn said:

And yet it works infinity times better than bitcoin for both purchasing stuff and as a store of value :)

Back in the days, everyone thought swapping 10 hens for 1 pig was not gonna change too.

[beautifulthailand99]

Just now, speedtripler said:

How would a hooded man with a gun know you own any bitcoins ? 

 because you've boasted about it on forum  or in IRL  - that said a tenuous point I concede !

[Monomial]

1 minute ago, speedtripler said:

 

coinbase ,binance ,bitfinex ,poloniex ,bittrex and okcoin  and the gbtc to name just a few  are exchanges with tens of millions of accounts 

 

there is no possible  way to ascertain 2% of people own 90% of the bitcoins 

No, as I said. Individuals on those exchanges do NOT own the coins. They are owned by the exchange, who has liabilities to their individual investors. It is like saying a hedge fund does not own stock because individuals invest in the hedge fund.

 

The 2% claim is completely sound. You are trying to push an ideological argument rather than a factual one.

 

[Sirbergan]

5 minutes ago, lkn said:

And yet it works infinity times better than bitcoin for both purchasing stuff and as a store of value :)

Times are a'changing

[speedtripler]

2 minutes ago, Monomial said:

No, as I said. Individuals on those exchanges do NOT own the coins. They are owned by the exchange, who has liabilities to their individual investors. It is like saying a hedge fund does not own stock because individuals invest in the hedge fund.

 

The 2% claim is completely sound. You are trying to push an ideological argument rather than a factual one.

 

semantics 

the "bank" doesnt own the funds in everyones bank account 

although they are tasked with holding it ,temporarily

[Skeptic7]

23 minutes ago, DeeMak9 said:

 

- Gold has thousands of years of historical and perceived value 

So what?

 

- Gold has industrial and medical uses...cryptos do not

Simply wrong statement. They both do.

 

- Gold has unique properties and uses...cryptos do not

Again wrong statement. They do.

 

- And gold can be physically held...cryptos cannot

Again, wrong. I hold all my private keys offline.

 

To state it clearly, can you please stop replying here if you have no clue? Thank you very much.

No one here has a clue...including and maybe especially you. Your above post is your opinion. I totally disagree with the nonsensical and non-factual BS you just wrote...but have at it and good luck. Wish y'all crypto experts nothing but the best...but expect the worst. 

 

BTW...Why are you crypto geniuses and hundred-aires or millionaires so defensive? If you're so successful, seems you wouldn't be so intimated by differing views. 

 

Just sayin'! 

[Sirbergan]

4 minutes ago, Monomial said:

No, as I said. Individuals on those exchanges do NOT own the coins. They are owned by the exchange, who has liabilities to their individual investors. It is like saying a hedge fund does not own stock because individuals invest in the hedge fund.

 

The 2% claim is completely sound. You are trying to push an ideological argument rather than a factual one.

 

That's just wrong. I have sold coins on those exchanges, are you claiming the exchange bought them?

[speedtripler]

24 minutes ago, beautifulthailand99 said:

Even Thailand makes a lot more sense than Bitcoin - at least spirit houses look nice and do no harm.....and where would the ghosts go without them. Bitcoin is an IT experiment launched into the wild and gone rogue - if there is a place for cryptos in the future and I'm sure there is it will be the conversion of that experiment into corporatised , controlled entities that can't be used for nefarious purposes. Seriously if you have profits take them while you can and if you're not in steer well clear. Trust me I'm a boomer......

[Sirbergan]

1 minute ago, Skeptic7 said:

No one here has a clue...including and maybe especially you. Your above post is your opinion. I totally disagree with the nonsensical and non-factual BS you just wrote...but have at it and good luck. Wish y'all crypto experts nothing but the best...but expect the worst. 

 

BTW...Why are you crypto geniuses and hundred-aires or millionaires so defensive? If you're so successful, seems you wouldn't be so intimated by differing views. 

 

Just sayin'! 

We are defensive? Give me strenght

[watcharacters]

11 hours ago, jesimps said:

Cryptos are going through a correction because of their fast rise last year. Add to that the bad news (most of it blx) issuing from the media on a daily basis. I reckon it'll recover, but I think it still has someways to fall. I'm all in fiat at the moment but I'm thinking of re-entering at about 7,8k if it drops to there, which I think it will after this small rise. 

If you aren't sure, a good way is to buy in steps. Small buys over a period of time.

 

I could be wrong.

 

 

 

You didn't really address the current trend of some country initiating regulations over cryptocurrencies.

 

That to me is a big matter.

 

 

 

[Skeptic7]

4 minutes ago, Sirbergan said:

We are defensive? Give me strenght

Ridiculously defensive...seem threatened.

 

Strength?...555...u gonna need it. 

Edited February 3, 2018 by Skeptic7

[Sirbergan]

3 minutes ago, watcharacters said:

 

 

 

You didn't really address the current trend of some country initiating regulations over cryptocurrencies.

 

That to me is a big matter.

 

 

 

A lot of that is fake news, for instance India is not banning cryptos.

[beautifulthailand99]

8 minutes ago, Skeptic7 said:

No one here has a clue...including and maybe especially you. Your above post is your opinion. I totally disagree with the nonsensical and non-factual BS you just wrote...but have at it and good luck. Wish y'all crypto experts nothing but the best...but expect the worst. 

 

BTW...Why are you crypto geniuses and hundred-aires or millionaires so defensive? If you're so successful, seems you wouldn't be so intimated by differing views. 

 

Just sayin'! 

or wasting your time posting on an internet forum. Textbook case of showing you have too much spare time on your hands (guilty !).

[DeeMak9]

9 minutes ago, Skeptic7 said:

No one here has a clue...including and maybe especially you. Your above post is your opinion. I totally disagree with the nonsensical and non-factual BS you just wrote...but have at it and good luck. Wish y'all crypto experts nothing but the best...but expect the worst. 

 

BTW...Why are you crypto geniuses and hundred-aires or millionaires so defensive? If you're so successful, seems you wouldn't be so intimated by differing views. 

 

Just sayin'! 

 

Lol, if you got nothing to say, just say nothing. I did not write any opinions, those are facts. You probably wont stop posting because you are too stubborn to admit that in fact you have no clue what you are talking about. But have a good night sir.