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Old 11-30-2017, 03:49 PM
Yorenec Yorenec is offline

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Default The cryptocurrency thread.

So I've been kicking around the idea of making this thread for the past weeks, and in anticipation of the event that will happen tonight I've decided to go ahead and do it.

This thread is for all of those who play in the cryptocurrency market or are interested in getting into it. Tell stories of your recent gains and losses, coins you're investing in, and talking about upcoming projects you're keeping an eye on.

I've only really been dabbling in it myself for the past year or so, but I've definitely made some steady gains and a decent supplement to my normal working income from it. Nothing that's made me rich, but I have been able to purchase a few things I've had my eye on or just have some spare rainy day/emergency cash.

As for the event I talked about, tonight, November 30th, The Big Bang Theory will be airing an entire episode dedicated to Bitcoin. Millions of people who have never heard of it will probably be looking into it following the episode, and it's quite possible there will be a huge surge in the price which would certainly be a great opportunity for those who have already invested.
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Old 12-07-2017, 06:44 AM
Kellick Kellick is offline

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Truth be told, as interesting as the prospect of investing in Bitcoin might seem, I've always been a bit wary of the entire thing.

No doubt this distrust stems from the fact I still don't entirely understand how the process of Bitcoin mining works (no matter how often I read on it or have someone explain it to me). Couple that with the fact every other week I hear about the price of Bitcoin has either shot up like a rocket or crashed (also like a rocket), and I'm a little bit iffy about the entire proposition.
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Old 12-07-2017, 06:52 AM
Taintedmage Taintedmage is offline

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I will never quite get why people use Bitcoin.

Standard currencies tend to be based on the strength of the economy and monetary supply. On the otherhand, people who invested in gold made sense. As gold is something which is valued throughout the world it's used as a way to avoid inflation. A crypto currencywhich is neither tied to a country and is mined just sounds like a disaster waiting to happen. The only thing I can think it being "tied" to is the market for illicit materials online as that seems to be what it is often traded with it.
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Old 12-07-2017, 07:35 AM
Shekinah Shekinah is offline

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Last I heard, Bitcoin plummeted due to the Silk Road shutting down. At least the stock market has some reliability to it.
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Old 12-07-2017, 08:23 AM
Yorenec Yorenec is offline

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Originally Posted by Shekinah View Post
Last I heard, Bitcoin plummeted due to the Silk Road shutting down. At least the stock market has some reliability to it.
It plummeted by about 3k. A big dip that myself and many others bought into. That was roughly a week ago and the price is now nearly double what it was. As it is now what I put in during that dip would give me almost triple my monthly salary if I sold it.
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Old 12-07-2017, 08:41 AM
Kakwakas Kakwakas is offline

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I've never been a fan of it. It's too unstable and isn't backed by anything.
Pretty sure I have a dozen or so sitting on a dead HDD in a box somewhere, though.
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Old 12-07-2017, 10:49 AM
Anansi Anansi is offline

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The whole 'isn't backed by anything' argument has always struck me as kind of weird. Most if not all currencies are ultimately backed by just another kind of currency.

The gold standard I find particularly preposterous. A lot of human civilization is built around arbitrary and even imaginary pillars, but the idea that everyone will always want gold, let alone that everyone will always want gold a particular and quantifiable amount, is one of the most absurd.

Economies are a lie! There is no stable currency! Wealth is an illusion! Sell gold!
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Old 12-07-2017, 11:07 AM
Taintedmage Taintedmage is offline

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While I say that gold itself is good for preventing inflation, gold backed currency is terrible. The reason it's terrible is simple, the amount of gold a bank has in stock is far less than the currency they produce. If there were to be a bank run for gold, that would be bad (same for savings TBH).

It's all about predictability. Currencies are based on their economies and are "less" unreliable, an economy can collapse.
Crypto currency is the leas reliable, no control on supply no guarantee of being accepted.
Gold is used in a whole host of products. If a single country's economy were to collapse, gold would still be valuable. It would take the system as a whole to collapse and then people rejecting gold for it to be worthless.
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