# Bitcoin



## Teslan (Aug 20, 2011)

So I saw in another thread a couple people must sorta follow bitcoin. What do you folks think of that and the other cryptocurrency. I bought some bitcoin in October and then again last month. So I'm ahead. I use Coinbase. Made me mad the other day when bitcoin hit $19,000 for about 20 minutes. I wanted to sell the amount I had gained and the site was having trouble. The next time I was able to log in it was down to $17,000. But all in all it's done better so far then the interest in my savings account.  Which these days doesn't take much.

I'm starting to understand how Bitcoin works, but still don't have my head around it. And it still feels like gambling. Because I don't understand how it really goes up and down. It's interesting that Coinbase is now the number one app on the Apple App store. Which doesn't mean that everyone who downloaded it bought anything.

But tomorrow and next week bitcoin will now be able to do future trading. Which most of you folks are familiar with.

I'll add that I probably would have bought bitcoin a year ago. That would have been good. But I hadn't found a way I found comfortable with buying it. I didn't stumble upon coinbase until October.


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## somedevildawg (Jun 20, 2011)

I got paid for a gambling debt with a Bitcoin about two years ago, the debt was $600 and I received one Bitcoin......I sold it three weeks later, didn't understand it completely then and don't understand it completely now, but then again I rarely do but it was an opportunity lost.....shoulda kept on gambling with the winnings from gambling  my elders would not have been proud


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## stack em up (Mar 7, 2013)

I know of a guy who built a computer just to mine the bitcoins, claims it's making abu $60/day. Asked him how much did it cost to build and run, no answer....

To me I think it's just a fad. But to anyone who wants to play the game I wish good luck!


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## rjmoses (Apr 4, 2010)

stack em up said:


> To me I think it's just a fad. But to anyone who wants to play the game I wish good luck!


I tend to agree. I wonder if there isn't a scheme behind it to get the gullible's to buy in, then it'll crash.

Ralph


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## Teslan (Aug 20, 2011)

stack em up said:


> I know of a guy who built a computer just to mine the bitcoins, claims it's making abu $60/day. Asked him how much did it cost to build and run, no answer....
> 
> To me I think it's just a fad. But to anyone who wants to play the game I wish good luck!


i guess it's electricity that is the biggest expense. I don't know about $60 a day. Even if he makes $20 a day that's not bad per month. Besides that can go up and down depending on bitcoin price. I kinda wonder if it is one huge swindle also. It would be the biggest the world has ever seen or imagined if it is though.

However the dollar just might be also.


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## somedevildawg (Jun 20, 2011)

Right about that for sure......


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## IHCman (Aug 27, 2011)

Teslan said:


> i guess it's electricity that is the biggest expense. I don't know about $60 a day. Even if he makes $20 a day that's not bad per month. Besides that can go up and down depending on bitcoin price. I kinda wonder if it is one huge swindle also. It would be the biggest the world has ever seen or imagined if it is though.
> 
> However the dollar just might be also.


Doesn't the miner put out quite a bit of heat when its working? I read on an online outdoors forum here in ND that a guy said his garage gets up to 60 even when its below zero outside. That must really be burning some juice.


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## Teslan (Aug 20, 2011)

IHCman said:


> Doesn't the miner put out quite a bit of heat when its working? I read on an online outdoors forum here in ND that a guy said his garage gets up to 60 even when its below zero outside. That must really be burning some juice.


Yes I have read that. I've also read that with Bitcoin it can take a long time of processing to make even a fraction of a Bitcoin. I still don't understand the mining thing. But you can even buy computers built for it. I heard a story on NPR a few months ago that in some country in Africa (I forget the name) they have huge warehouses of racks of computers mining bitcoin. They put them there because the power is so cheap. Even though they have to cool the building.

I looked into it a bit figuring I might be able to throw a PC together, but just trying to figure out everything made me tired so I gave up and went to bale hay.


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## luke strawwalker (Jul 31, 2014)

Teslan said:


> (snip) .
> 
> However the dollar just might be also.


The fiat dollar IS also...

"Full faith and confidence" in the US gubmint?? That and a buck fifty will get you a cup of coffee... (if you're lucky).

When the dollar went off the gold standard, it is now backed by ***NOTHING*** Therefore it is now, intrinsically, only worth the paper it's printed on... that and the 'full faith and credit" of the US gubmint... (and we ALL know how trustworthy THAT bunch is...)

Bitcoin is the same-- NO intrinsic value of it's own, ONLY has value SO LONG AS OTHER PEOPLE are willing to trade "money" for it (for which they traded something that DID have intrinsic value-- their time, their products or productions or crops or whatever...)

Both will sooner or later implode when things get bad enough... (not IF,* WHEN*...)

Later! OL J R


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