Anybody familiar with BitCoin

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Aug 10, 2012
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Bought some bitcoin for the first time last week @ 246. It's a binary trade. It's either worth 0 or far more than it's currently trading at. It's cost prohibitive to mine it at these levels and typically (not always) buying things below replacement cost is a good idea. I'm in it for the long haul so we'll see what happens.

I also think cryptocurrency is better understood by people outside the US. We have the luxury of a stable government, low corruption, stable financial system, etc so owning anything but dollars doesn't make sense to people. Many other places in the world can't say the same.
 

snuffy

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Bought some bitcoin for the first time last week @ 246. It's a binary trade. It's either worth 0 or far more than it's currently trading at. It's cost prohibitive to mine it at these levels and typically (not always) buying things below replacement cost is a good idea. I'm in it for the long haul so we'll see what happens.

I also think cryptocurrency is better understood by people outside the US. We have the luxury of a stable government, low corruption, stable financial system, etc so owning anything but dollars doesn't make sense to people. Many other places in the world can't say the same.[/QUOTE]
That is the most logical explantion I have heard for bitcoin since people have started talking about it.
 
Sep 8, 2007
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Read a thread on reddit about it being at $1,000 today. Wondered if any of you were still in?

I always found this thread and the discussions fascinating.
 

Jostate

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You know those old guys who are kinda angry and scared about new technologies or the changing world in general?

That's what bitcoin does to me.
 

Orangendn

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Nov 17, 2004
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That is one thing about bitcoin. Could be $1000 this morning (it is) but back to $700-800ish by 5 o'clock this evening. Still too risky for serious "irreplaceable" funds (401K) with several bitcoin exchanges closing around the world in the last 5 to 3 years. But if you have a few hundred/thousand laying around that you would not miss if you lost it all go for it.
 

Boomer.....

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Feb 15, 2007
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Bitcoin is splitting in 2

Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by Tuesday morning's deadline.

As such, the digital currency has officially forked and is splitting in two: bitcoin cash and bitcoin.

"There seems to be some technical issues that might be slowing it down, but yes, the fork has happened," Peter Borovykh of Blockchain Driven, a blockchain technology company, told Business Insider.

Erik Voorhees, the CEO of ShapeShift, a digital trading company, announced the fork on Twitter at about 9:30 a.m. ET.

"Fork has happened," he wrote. "Now awaiting first block from bitcoin cash. Regardless of opinions, this is very exciting/fascinating day in cryptoland."

Miners have been able to mine for bitcoin cash since Tuesday morning. But bitcoin cash has yet to be mined. Miners are the folks who use special software to solve complex computer problems, which unleash cryptocurrencies into the market.

"It seems as if people overestimated the mining power, or the support from miners, hence it is taking far longer than most expected," said Iqbal Gandham, the UK managing director at eToro.

Charles Morris, however, a chief investment officer of NextBlock Global, an investment firm with digital assets, told Business Insider that at this point it is nearly certain that bitcoin cash blocks will soon be mined. Thus, finalizing a complete split.

Bitcoin was the first digital currency built on blockchain technology, in which transactions are independently verified by the network without the need of a middleman like a bank. Bitcoin cash is built on the same blockchain network as bitcoin, but the new software increases the size of the "blocks" that make up the network to allow it to process more information.

Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds.

Bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network.

On one side are the so-called core developers. They are in favor of smaller bitcoin blocks to protect it against hacks. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable.

Until last week, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, was slated to become the standard.

Then bitcoin cash came along. The solution is a fork of the bitcoin system: It's a new software that has all the history of the old platform — bitcoin cash blocks, however, will be 8 megabytes.

Bitcoin cash came out of left field, according to Morris.

"A group of miners who didn't like SegWit2x are opting for this new software that will increase the size of blocks from the current 1 megabyte to 8," Morris told Business Insider.

To be sure, only a minority of bitcoin miners and bitcoin exchanges have said they will support the new currency.

Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin. But that doesn't mean the value of investors' holdings will double.

Because bitcoin cash will initially draw its value from bitcoin's market cap, it will most likely cause bitcoin's value drop by an amount proportional to its adoption. Bitcoin was already trading down by 5.78% at $2,715 on Tuesday following word that bitcoin cash had gone live. Morris told Business Insider that bitcoin cash was trading in the futures market for about $200 to $400 last week, suggesting that's the range it would fall in during regular trading.

Kraken, a bitcoin exchange, tweeted Tuesday morning that it was experiencing delays getting bitcoin cash to show on user's accounts.

"Please note," the exchange said, that bitcoin cash "balances have not been credit yet." It added that it was "working to credit as soon as possible."

Numerous exchanges have said they won't back bitcoin cash.

"In the event of two separate blockchains after August 1, 2017 we will only support one version," David Farmer, the director of Biz Ops at Coinbase, a cryptocurrency exchange, wrote in a blog post. "We have no plans to support the bitcoin cash fork."

Coinbase has served nearly 9 million customers across 32 countries, according to the firm's website. The firm has enabled the exchange of over $20 billion worth of digital currency.

But just because some big players won't get behind it doesn't necessarily mean bitcoin cash will be a dud or that it couldn't eventually usurp the original bitcoin. Miners may rally behind bitcoin cash if it turns out to be the better digital currency.

"Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network," Borovykh of Blockchain Driven said. "Due to, at least temporary, solution of the scalability issues, bitcoin cash could attract more new capital to the entire crypto space, thus helping increase overall market cap."

Arthur Hayes, the CEO of BitMex, a bitcoin derivative exchange, told Business Insider he thought a fork would benefit the cryptocurrency in the long run, despite short-term volatility and confusion.

"There are people with billions of dollars of skin in the game and they will ultimately go with the superior bitcoin network and the market will follow," Hayes said.
 

Binman4OSU

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Aug 31, 2007
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An Intern at Space X made a claim this week to the press that Elon Musk was actually Satoshi Nakamoto the inventor of bitcoin.

Musk responded to the claims denying it.

In 2016 an Australian named Craig Wright claimed he was the inventor of bitcoin.


The identify of who invented bitcoin under the name Satoshi Nakamoto is still unclear with at least 4 people (5 now if you include Musk) who have been suspected of being the infamous Satoshi Nakamoto
 
Oct 30, 2007
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It's crazy to think that this thread was started back in 2013 and early that year you could buy bitcoin for under $50 per coin. A $10K investment back then would be over $1.8 million today.

I thought it would fizzle out long before now. I still think it will eventually, but it's had a not more staying power than I thought it would.
 

ksupoke

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It's crazy to think that this thread was started back in 2013 and early that year you could buy bitcoin for under $50 per coin. A $10K investment back then would be over $1.8 million today.

I thought it would fizzle out long before now. I still think it will eventually, but it's had a not more staying power than I thought it would.
At $9300 it is literally 25% of the ‘experts’ read - manipulators, target for March from just 3 months ago. There are a lot of horror stories from the last 3-4 mos, people taking 2nd mortgages getting in at 14-15k and now 30% in the hole. It’s not now nor is it likely to ever be a currency and as a store of wealth it’s becoming somewhat questionable. As it is highly manipulated by just a few it is one you buy and hold or watch it like a hawk. Remember also, it’s not as easy to buy as most think and if you buy through 3rd parties or want to drop it in your fidelity ira, you’re looking at 100% premiums. Better have balls like an orangutan or a stomach of steel if you’re getting in now.
One more thing and this is a doozy - a full 30% of all bitcoins purchased have disappeared.
 
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ksupoke

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