Phx-Suns.Net

I'm happy for people who have made money on individual crypto gambling. But that's very different from saying the US government should invest billions of dollars in it.

TOO wrote: ↑

Sun Jul 28, 2024 9:15 am

Superbone wrote: ↑

Sun Jul 28, 2024 8:55 am

Kryptonic wrote: ↑

Sun Jul 28, 2024 8:00 am

Mori Chu wrote: ↑

Sun Jul 28, 2024 7:47 am

Ugh, this is such an unbelievably bad idea.

► Show Spoiler

It's funny... every time I want to bet against bitcoin it pulls off some insane rally and proves me wrong.

My crypto stake is currently worth double.

Sell it for real money.

Not yet.

Superbone wrote: ↑

Sun Jul 28, 2024 9:33 am

TOO wrote: ↑

Sun Jul 28, 2024 9:15 am

Superbone wrote: ↑

Sun Jul 28, 2024 8:55 am

Kryptonic wrote: ↑

Sun Jul 28, 2024 8:00 am

Mori Chu wrote: ↑

Sun Jul 28, 2024 7:47 am

Ugh, this is such an unbelievably bad idea.

► Show Spoiler

It's funny... every time I want to bet against bitcoin it pulls off some insane rally and proves me wrong.

My crypto stake is currently worth double.

Sell it for real money.

Not yet.

70k, bounce

Can somebody explain the actual,value of BitCoin?

I tried to understand by talking to one investor. He bought it because he expects to sell it at a profit. And why would a future buyer pay more than the first buyer? Because of the expectation that he can turn around and sell it for an even higher price, and so on, and so on, and so on.

Does there come a point at which they provide a value to their owners other than the expectation that the price will continue to rise? It feels like the tulip bulb craze.

It was originally intended as a currency, but it has essentially become a speculative asset like a stock or baseball card without much intrinsic value.

Mori Chu wrote: ↑

Sun Jul 28, 2024 6:22 pm

It was originally intended as a currency, but it has essentially become a speculative asset like a stock or baseball card without much intrinsic value.

If it is a speculative bubble, which is what it looks like to me, then the day will come when the pool of speculators is exhausted and the value disappears overnight. Try not to be holding it when that happens.

Of course, it will probably reach its peak value just before that happens, so if you can time it right, beau coup bucks.

Cap wrote: ↑

Sun Jul 28, 2024 6:00 pm

Can somebody explain the actual,value of BitCoin?

I tried to understand by talking to one investor. He bought it because he expects to sell it at a profit. And why would a future buyer pay more than the first buyer? Because of the expectation that he can turn around and sell it for an even higher price, and so on, and so on, and so on.

Does there come a point at which they provide a value to their owners other than the expectation that the price will continue to rise? It feels like the tulip bulb craze.

To piggyback off what Mori said…. The reason it has a value is because it can be used as a currency but there are also only so many coins in circulation. Over time it’s been adapted and accepted as currency by people and because of that it’s being recognized more and more by banks and investment firms.

Kryptonic wrote: ↑

Sun Jul 28, 2024 6:37 pm

Cap wrote: ↑

Sun Jul 28, 2024 6:00 pm

Can somebody explain the actual,value of BitCoin?

I tried to understand by talking to one investor. He bought it because he expects to sell it at a profit. And why would a future buyer pay more than the first buyer? Because of the expectation that he can turn around and sell it for an even higher price, and so on, and so on, and so on.

Does there come a point at which they provide a value to their owners other than the expectation that the price will continue to rise? It feels like the tulip bulb craze.

To piggyback off what Mori said…. The reason it has a value is because it can be used as a currency but there are also only so many coins in circulation. Over time it’s been adapted and accepted as currency by people and because of that it’s being recognized more and more by banks and investment firms.

It can be used as a currency as long as people are willing to accept it. People will be willing to accept it as long as they can turn around and sell it to speculators (or if they’re speculators themselves). But if it’s a bubble that pops, it will become a worthless currency.

Cap wrote: ↑

Sun Jul 28, 2024 6:46 pm

Kryptonic wrote: ↑

Sun Jul 28, 2024 6:37 pm

Cap wrote: ↑

Sun Jul 28, 2024 6:00 pm

Can somebody explain the actual,value of BitCoin?

I tried to understand by talking to one investor. He bought it because he expects to sell it at a profit. And why would a future buyer pay more than the first buyer? Because of the expectation that he can turn around and sell it for an even higher price, and so on, and so on, and so on.

Does there come a point at which they provide a value to their owners other than the expectation that the price will continue to rise? It feels like the tulip bulb craze.

To piggyback off what Mori said…. The reason it has a value is because it can be used as a currency but there are also only so many coins in circulation. Over time it’s been adapted and accepted as currency by people and because of that it’s being recognized more and more by banks and investment firms.

It can be used as a currency as long as people are willing to accept it. People will be willing to accept it as long as they can turn around and sell it to speculators (or if they’re speculators themselves). But if it’s a bubble that pops, it will become a worthless currency.

100%…. I don’t have a lot in it and honestly would rather buy gold or more nvidia than put more money into crypto.

Cap wrote: ↑

Sun Jul 28, 2024 6:46 pm

It can be used as a currency as long as people are willing to accept it. People will be willing to accept it as long as they can turn around and sell it to speculators (or if they’re speculators themselves). But if it’s a bubble that pops, it will become a worthless currency.

This is the issue in a nutshell. Some small percentage of vendors do accept Bitcoin payments. But if Bitcoin crashes or otherwise loses its value, they'll just stop accepting it. This is much different than, say, US Dollars, which would not stop being accepted even if their exchange rate changed. Buyer beware.

Cap wrote: ↑

Sun Jul 28, 2024 6:00 pm

Can somebody explain the actual,value of BitCoin?

I tried to understand by talking to one investor. He bought it because he expects to sell it at a profit. And why would a future buyer pay more than the first buyer? Because of the expectation that he can turn around and sell it for an even higher price, and so on, and so on, and so on.

Does there come a point at which they provide a value to their owners other than the expectation that the price will continue to rise? It feels like the tulip bulb craze.

OK. I asked the expert, my son. He's a crypto programmer. Here's his answer and he says to read the Bitcoin white paper which I will do as well:

"It is a technological innovation in cryptography, banking, and social coordination which is where its value comes from"

https://bitcoin.org/bitcoin.pdf

He also says to google the "lightning network".

More:

Also google the work that jack Dorsey, creator of twitter, is doing
All kinds of companies are springing up around bitcoin
It’s like if you could invest in the concept of the internet
It is the new foundational layer for money
And will change the way civilizations exchange goods forever

There you go, non-believers. Take it as you will.

I’ll pass for now. Sounds like a pyramid scheme to me.

Nodack wrote: ↑

Mon Jul 29, 2024 11:32 am

I’ll pass for now. Sounds like a pyramid scheme to me.

I'm sure you read all of the white paper and thoroughly vetted it before coming to that conclusion.

Investor ALert
Ponzi schemes Using virtual Currencies
https://www.sec.gov/files/ia_virtualcurrencies.pdf
The SEC’s Office of Investor Education and Advocacy is
issuing this investor alert to warn individual investors about
fraudulent investment schemes that may involve Bitcoin and
other virtual currencies.

Nodack wrote: ↑

Mon Jul 29, 2024 12:12 pm

Investor ALert
Ponzi schemes Using virtual Currencies
https://www.sec.gov/files/ia_virtualcurrencies.pdf
The SEC’s Office of Investor Education and Advocacy is
issuing this investor alert to warn individual investors about
fraudulent investment schemes that may involve Bitcoin and
other virtual currencies.

Good thing there are never Ponzi schemes and fraudulent investment schemes with REAL money!

Just sayin.

Superbone wrote: ↑

Mon Jul 29, 2024 7:33 am

More:

Also google the work that jack Dorsey, creator of twitter, is doing
All kinds of companies are springing up around bitcoin
It’s like if you could invest in the concept of the internet
It is the new foundational layer for money
And will change the way civilizations exchange goods forever

There you go, non-believers. Take it as you will.

Uh, yeah, none of that really addresses the question I asked.

Cap wrote: ↑

Mon Jul 29, 2024 3:25 pm

Superbone wrote: ↑

Mon Jul 29, 2024 7:33 am

More:

Also google the work that jack Dorsey, creator of twitter, is doing
All kinds of companies are springing up around bitcoin
It’s like if you could invest in the concept of the internet
It is the new foundational layer for money
And will change the way civilizations exchange goods forever

There you go, non-believers. Take it as you will.

Uh, yeah, none of that really addresses the question I asked.

You are on your own then, sir.

Now you Bit Coin fans have a good reason to vote for Trump.


https://www.cbsnews.com/news/trump-cryp ... 20Saturday.
Former President Donald Trump, who once called bitcoin "a scam," is now pitching himself as the pro-crypto presidential candidate. "You're going to be very happy with me," Trump said at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday.


https://www.cnn.com/2024/07/27/politics ... index.html
As president, Trump declared bitcoin “not money” and criticized it as “highly volatile and based on thin air.” He cautioned that crypto assets helped facilitate illegal underground markets.

The industry, in turn, has embraced Trump. Its leaders and investors have donated millions of dollars to his campaign and aligned political committees. They are cheerleaders for his candidacy to their sizable online audiences and provided him a platform Saturday to speak directly to the anticipated 20,000 of attendees at this year’s Bitcoin Conference.

“A lot of these people consider themselves single-issue voters,” said tech writer Jacob Silverman, author of the best-selling book “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.” “If Trump or anyone else says they’re pro-bitcoin, that matters to them.”


Trump’s Crypto Turnaround Heralds an Economic Nightmare
The former president is pitching a new grift.
https://foreignpolicy.com/2024/07/30/tr ... nightmare/

Trump shifts stance on cryptocurrency to win over new bloc of voters and mega-donors
https://www.pbs.org/newshour/show/trump ... ega-donors

A company owned by Donald Trump is selling a limited run of $500 sneakers naming the former president and current Republican nominee the “Crypto President” as he continues his outreach to cryptocurrency fans.
https://qz.com/donald-trump-crypto-bitc ... 1851609969