After the Bitcoin Boom

[TC6969]

It does work. I did it.

So prove it.

There must be some sort of documentation involved.

lets see something.

[Tenzing_Norgay]

It does work. I did it.

So prove it.

There must be some sort of documentation involved.

lets see something.

You want me to send you my Coinbase.com account log-in? Not sure how we're going to handle the two-factor authentication...? I guess you'll have to call me for the Authenticator app pin.

[Wasabi]

Gotta say, I made a few bucks on it but only played with a few. Would I trust it with real investments? No but hey, I like to hit the casino once in a while. Yes, I cashed in via Coinbase too. I work in technology and know a lot of guys who cashed in mostly from mining. Just because you don't understand it doesn't mean it's bogus. I do agree a lot of morons probably lost their ass though putting money they can't afford to lose in it. Saw a bunch of that in my futures broking days too. Bitcoin is just one of many cryptocurrencies out there.

[flcracker]

Does this mean that it will be cheaper to get set up to mine bitcoins now? Or will the increasing cost of hardware and electricity continue to make it more and more difficult to "create wealth" out of bits and bytes?

[Tenzing_Norgay]

Does this mean that it will be cheaper to get set up to mine bitcoins now? Or will the increasing cost of hardware and electricity continue to make it more and more difficult to "create wealth" out of bits and bytes?

The lower the price of BTC, the more expensive it becomes to mine. Kinda like drilling for new oil when it's selling for $20/barrel. Not (completely) worth it. But, if it starts cranking again, you'll be in good shape.

[jjk308]

You aren't creating any real wealth. Whatever you crank out is worth only what the next fool will pay for it.

https://www.cnbc.com/2018/02/07/most-cr ... -says.html

And complaints about countries stupid or corrupt enough to let inflation of their currency get out of hand aren't valid as the same thing has happened, far more frequently, to cryptocurrency. Most never even get a start and the miners are stuck with them.

Here's just a list through the A's The rest are at https://bitcoinexchangeguide.com/deadcoins/

DeadCoins.com – List Of All Failed Cryptocurrency Coin Tokens?

• 2chcoin 2CH
• 66coin 66
• 8coin
• 99cents
• Acros ACRO
• AeroCoin
• Aiden ADN
• Aircoin AIR
• Alcohoin ALC
• Alicoin ALI
• AlienCoin ALN
• AllAgesCoin
• Allahcoin
• Alphacoin ALF
• AlphaOmegaCoin AOC
• Altrocoin
• AmericanCoin AMC
• AmeriCoin
• AminaCoin
• AmKoin AMK
• Apecoin APE
• AphroditeCoin APH
• Appcoin APP
• AppleByte ABY
• Arkhash ARK
• Armoredcoin
• AssPennies ASS
• AstroCoin ASR
• AustraliaCoin AUS

Anyway I'm sure the established ones will stagger on for a while, just because too many have too much invested in them and there are way too many impulsive gamblers around. But that doesn't make them an "investment", just a gamble that a bunch of those impulsive gamblers will all want to buy at once and run the price up so you can sell at a profit. But if you have any cryptocurrency it's time to unload it.

Meanwhile, I've got some magic beans for sale......

[dammitgriff]

Well, jjk, I’ve got some really bad news about the historical fate of fiat currencies...
Not a single one has ever been a successful store of wealth.
The U.S. dollar is just about worthless compared to real assets. It only buys 4 cents worth of goods compared to its purchasing power in 1913.
I’m planning on pulling as much pretend wealth out of my 401K as I can and rolling it over to a Roth Gold IRA in about a month. I’d do it now but my company is restructuring our 401K’s and hiring a new company to manage them.
When the next recession hits, I’m hoping my wealth will be safe and sound in a vault outside the U.S. banking system, not tied to the markets and exposed to 50% or greater losses.
I suspect cryptocurrencies will experience a massive inflow of capital as millennial-aged investors abandon the centrally-controlled banks and markets they support.

[jjk308]

Well, jjk, I’ve got some really bad news about the historical fate of fiat currencies...
Not a single one has ever been a successful store of wealth.
The U.S. dollar is just about worthless compared to real assets. It only buys 4 cents worth of goods compared to its purchasing power in 1913.
I’m planning on pulling as much pretend wealth out of my 401K as I can and rolling it over to a Roth Gold IRA in about a month. I’d do it now but my company is restructuring our 401K’s and hiring a new company to manage them.
When the next recession hits, I’m hoping my wealth will be safe and sound in a vault outside the U.S. banking system, not tied to the markets and exposed to 50% or greater losses.
I suspect cryptocurrencies will experience a massive inflow of capital as millennial-aged investors abandon the centrally-controlled banks and markets they support.

Crypto currencies have ALL of the defects of fiat currencies with the added defect of not having a powerful government supporting them.
I agree that fiat currencies are bad. But cryptocurrencies are much worse.

[dammitgriff]

The powerful government support is why they always exhibit a 100% failure rate...and our greenbacks are not immune to collapse.
Hard times ahead for most Americans, sadly.

[Jeepsnguns]

Meanwhile, I've got some magic beans for sale......

I've actually been looking to purchase some magic beans, whats your going price?