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Author Topic: cryptocurrency  (Read 9856 times)

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fallacy

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cryptocurrency
« on: December 26, 2017, 10:14:32 pm »
I just spent $5,000 for 6.5 coins of Ethereum. Anyone else gambling with the Crypto for some easy money.;)

I will update this post when I sell the stuff one way or another to see how I did. Let the dice roll!

Malenko

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Re: cryptocurrency
« Reply #1 on: December 26, 2017, 10:17:16 pm »
should have spent that money on photobucket so your lame avatar would be there instead of the account notice.
No matter one's station in life, the Dance of Death unites us all.

BadMouth

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Re: cryptocurrency
« Reply #2 on: December 27, 2017, 06:54:33 am »
My father sells silver to people when the TV is telling people it's crazy high and then the same people sell it back to him at a lower price when the TV tells them the bottom has fallen out.

  That's kind of what you're doing here.

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Howard_Casto

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Re: cryptocurrency
« Reply #3 on: December 27, 2017, 12:12:38 pm »
Yeah the problem with perceived value as opposed to actual value is, sooner or later, people will wise up and the market will adjust. 

Ken Layton

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Re: cryptocurrency
« Reply #4 on: December 27, 2017, 12:34:16 pm »
Bitcoin is a ponzi scheme.

yotsuya

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Re: cryptocurrency
« Reply #5 on: December 27, 2017, 09:03:12 pm »
My father sells silver to people when the TV is telling people it's crazy high and then the same people sell it back to him at a lower price when the TV tells them the bottom has fallen out.

  That's kind of what you're doing here.

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Re: cryptocurrency
« Reply #6 on: December 29, 2017, 02:42:34 pm »
An interesting read on how cryptocurrency is most likely unsustainable: http://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/

Skimmed it a while back so I may have missed if they bothered to take Moore's law into consideration.
NO MORE!!

fallacy

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Re: cryptocurrency
« Reply #7 on: January 04, 2018, 10:48:52 pm »
That went up quick, my new predication is that number will be 9 something thousand by Jan 18.

Loafmeister

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Re: cryptocurrency
« Reply #8 on: January 04, 2018, 11:32:56 pm »
Sell now and be happy with what you've got.

fallacy

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Re: cryptocurrency
« Reply #9 on: January 08, 2018, 12:24:58 am »
So far looking like I am on point with my Jan 18 prediction.

danny_galaga

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Re: cryptocurrency
« Reply #10 on: January 08, 2018, 05:57:25 am »

Lock it in buddy!


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fallacy

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Re: cryptocurrency
« Reply #11 on: January 08, 2018, 09:25:30 am »
Donít panic and Ö

yotsuya

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Re: cryptocurrency
« Reply #12 on: January 08, 2018, 09:58:13 am »
Yeah, I dunno --- this reminds me of the early 2000s, when investors were funneling money into dotcoms and stuff because it was the "wave of the future".

I mean, how do you explain stuff like this: https://www.msn.com/en-us/money/markets/a-parody-cryptocurrency-just-broke-dollar2-billion-for-its-market-cap/ar-BBI4k9P?li=BBmkt5R&ocid=spartandhp

If you can profit from it, great, but I'd be cautious.
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fallacy

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Re: cryptocurrency
« Reply #13 on: January 08, 2018, 11:06:29 am »
I'm not stupid this ---steaming pile of meadow muffin--- is a complete joke. But I asked myself... "Self" do I think this stupid ---steaming pile of meadow muffin--- is going to continue through the month of January, February (at the very least) and my answer was yes 90% sure it will. This is a weird time and there is some easy money to be made here; probably wont see something like this for another 15 years.

dkersten

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Re: cryptocurrency
« Reply #14 on: January 08, 2018, 06:37:09 pm »
It's a completely speculative market with no basis behind it, essentially gambling.  But hey, if you can afford to lose it, go for it.  I only wish I had played with mining a decade ago.

I am not sure if I am horrified or laughing hysterically over the fact that one of the first bitcoin transactions was 20k bitcoin for 2 pizzas... At ~ $15k for a bitcoin lately he only paid $300 million for those pizzas...

A good friend of mine is playing with bitcoin, he is about $3500 in and about $32k up.  He can afford to lose the $3.5k, but I keep telling him to cash out his investment and play with the casino's money.  On the other hand, he bought a PC game about 6 months ago thinking it was cool he bought it in bitcoin, and 4 months later realized the amount of bitcoin he spent was now worth over $500... Of course he didn't spend $500 on it, but the perception is that he did, just like the pizzas cost that other guy $300 mil.  I think it's because in my perspective, the U.S. dollar is the basis for everything material.  The 2 dollars per hour I was making 35 years ago is, in my mind, the same as 6 dollars today.  But at the same time, a $50 video game 30 years ago is not worth $150 today.  It's a paradox, lol.

I have a hard time seeing crypto currencies as anything more than poker chips. 

fallacy

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Re: cryptocurrency
« Reply #15 on: January 08, 2018, 07:40:47 pm »
You see your friend making 35k because he sat at his computer and clicked purchase now but you have no interest in putting some inÖ? Hell why donít you just give your friend some money and tell him to invest in some coins he likes for you and have him tell you what he put it into a few months later so you donít have to worry about it:P I am finding a lot of people really just canít handle it.


Mr. Peabody

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Re: cryptocurrency
« Reply #16 on: January 08, 2018, 08:43:39 pm »
Bitcoin is a ponzi scheme.

Human endeavour is.

Howard_Casto

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Re: cryptocurrency
« Reply #17 on: January 08, 2018, 09:45:42 pm »
should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it. 

Malenko

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Re: cryptocurrency
« Reply #18 on: January 08, 2018, 09:53:24 pm »
should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway :)
No matter one's station in life, the Dance of Death unites us all.

dkersten

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Re: cryptocurrency
« Reply #19 on: January 09, 2018, 11:11:39 am »
You see your friend making 35k because he sat at his computer and clicked purchase now but you have no interest in putting some inÖ? Hell why donít you just give your friend some money and tell him to invest in some coins he likes for you and have him tell you what he put it into a few months later so you donít have to worry about it:P I am finding a lot of people really just canít handle it.
Last night I found out he dropped $30k on Tron when it was 3 cents.  He cashed out the other day at 24 cents. 

Sure, it was easy money, he clicked, slept on it a few weeks, and made nearly a quarter million dollars.  But he also had the $30k to risk.  I just dropped a half mil on a house, and I am almost tapped out.  if I risk $30k right now and it goes sideways, which there is about a 95% chance it can, I can't build my home theater or finish my basement.  Gambling isn't a big priority for me right now. 

I might still risk a few thousand.. That's what I would spend on a weekend in Vegas and I haven't been able to take a vacation in a while, so why not, it's better odds than anything in Vegas right now..  Perhaps I can ride the FOMO wave for a few weeks, cash out for a few thousand more, and pay off a car or something. 

You are right, I don't have the stomach for anything significant.  Bitcoin is up nearly 1600% since the start of 2017.  If I had dropped $10k on Bitcoin last January, I can pretty much guarantee I would have pulled out before it hit $50k, let alone $160k.  And then I would have been pissed at myself for not staying in.  I don't want to end up being the guy who bought the 200 million dollar pizza.

lilshawn

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Re: cryptocurrency
« Reply #20 on: January 09, 2018, 01:07:31 pm »
I dabbled in bitcoin when it first came out sometime in 2009.

I installed all the stuff to mine but for some reason never got any work to crunch. the program was just trying to get work chains but never received any.  I left it for a few days and saw some old block data was received and the system was still trying to download new work. no positive activity so I abandoned it. Of course now, I wish I had stuck with it and fixed the issue... but at the time it seemed like a way to needlessly consume my time and computing power for seemingly nothing.

hindsight is 20/20 eh?

fallacy

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Re: cryptocurrency
« Reply #21 on: January 09, 2018, 01:09:13 pm »
There you go nothing worse than FOMO, I am not hearing good things about Tron, but I also know just based on greed and the market cap for crypto currency rising Tron can Easley jump up to $1 in a few months, your friend thinks that as well and wants to go big. If you have a few thousand you should have him Tron you as well.


Ow wait he cashed out with TRON from .03 to .24 in one day?
« Last Edit: January 09, 2018, 01:23:48 pm by fallacy »

pbj

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Re: cryptocurrency
« Reply #22 on: January 09, 2018, 01:10:16 pm »
100% guaranteed your friend is only telling you about the wins.  Gamblers never admit the losses.


dkersten

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Re: cryptocurrency
« Reply #23 on: January 09, 2018, 01:47:02 pm »
100% guaranteed your friend is only telling you about the wins.  Gamblers never admit the losses.
And that is why I am not jumping at the chance to invest tens of thousands in it.  He only told me about the extra $25k he dumped into Tron (in U.S. Currency) AFTER he made a killing.  If he had lost it, I never would have known.

Investing in crypto currency is gambling.  Period.  Was it a fairly safe bet to invest in a 3 cent coin?  Relatively, yes.  A 3 cent coin that hadn't fluctuated much in value over the last year was not going to suddenly drop to zero.  Is Bitcoin that safe?  Hell no.  Are both safer than playing Blackjack in Vegas?  I would say yes, at least for the next couple months.

dkersten

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Re: cryptocurrency
« Reply #24 on: January 09, 2018, 01:51:54 pm »
Ow wait he cashed out with TRON from .03 to .24 in one day?
He bought at just under 3 cents and cashed out a few weeks later at about 24 cents.  It peaked at around 26 cents and dropped to 14 cents where it is right now.  He was lucky as hell that he happened to check his account when he did.

Its trending down right now, but I might jump in at around a dime and see where it goes..

fallacy

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Re: cryptocurrency
« Reply #25 on: January 09, 2018, 02:15:48 pm »
WOW! there is going to be such a big market crash twords the end of 2018 :laugh: I will be ready for it though.

Howard_Casto

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Re: cryptocurrency
« Reply #26 on: January 09, 2018, 02:48:45 pm »
should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway :)

True dat.

yotsuya

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Re: cryptocurrency
« Reply #27 on: January 09, 2018, 03:14:13 pm »
should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway :)

True dat.

Thirded
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fallacy

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Re: cryptocurrency
« Reply #28 on: January 09, 2018, 04:17:17 pm »
there we go.

lilshawn

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Re: cryptocurrency
« Reply #29 on: January 09, 2018, 05:42:14 pm »

Malenko

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Re: cryptocurrency
« Reply #30 on: January 09, 2018, 09:16:36 pm »
there we go.

how original! I havent seen that like a brazillion times, why not go even less used and have pickle rick?
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mimic

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Re: cryptocurrency
« Reply #31 on: January 09, 2018, 09:37:57 pm »
I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

fallacy

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Re: cryptocurrency
« Reply #32 on: January 09, 2018, 09:56:04 pm »
I have never done it myself but you can watch barnacules 4 year old video on it. Basically it is like a lottery that goes out, that is why the release so much currency a year. At the same time everyone is running this software for the lottery aslo kmown as mining your computer is also being used to maintain the network\otherwise know as being part of the decentralized network.

https://www.youtube.com/watch?v=JqnbtFHlOsA

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Re: cryptocurrency
« Reply #33 on: January 09, 2018, 10:18:39 pm »
I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears. 

fallacy

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Re: cryptocurrency
« Reply #34 on: January 09, 2018, 11:25:00 pm »
probably go back down the next 2 days but dang.

danny_galaga

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Re: cryptocurrency
« Reply #35 on: January 10, 2018, 03:33:05 am »
I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears.



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dkersten

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Re: cryptocurrency
« Reply #36 on: January 10, 2018, 10:44:46 am »
All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears.
No more than an old arcade cab with a CRT... And even a beefy mining rig wouldn't use more electricity than charging your electric car each day... But who cares about Polar Bears when you are busy standing up on your pedestal...

Mike A

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Re: cryptocurrency
« Reply #37 on: January 10, 2018, 11:06:39 am »
I think PBJ said it before. BYOAC'ers suck at analogies.

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Re: cryptocurrency
« Reply #38 on: January 10, 2018, 11:22:50 am »
Not in a macro sense. Just looked up the power consumption. The bitcoin decentralized network uses as much electricity as a small country. With mining doing less and less, I can't imagine how it is possible that a currency pitted against our power grid is sustainable, unless we invent cold fusion in the next couple years.

https://www.theguardian.com/technology/2017/nov/27/bitcoin-mining-consumes-electricity-ireland

No more than an old arcade cab with a CRT... And even a beefy mining rig wouldn't use more electricity than charging your electric car each day... But who cares about Polar Bears when you are busy standing up on your pedestal...

Each and every bitcoin transaction uses 300 kWh of electricity, If my math is right, that could power a CRT arcade machine for 900 hours. That is 37 days of continuous play. I am a wasteful guy, but damn, that is insanity.




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Re: cryptocurrency
« Reply #39 on: January 10, 2018, 01:17:41 pm »
Each and every bitcoin transaction uses 300 kWh of electricity

Not exactly correct, that should read "every bitcoin mined"

  
 

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