# A question concerning Bitcoin



## sideKahr

I'm sure we have all heard the old saw:

Gold is the money of Kings.
Silver is the money of Gentleman.
Barter is the money of Peasants.
Debt is the money of Slaves.

Where does Bitcoin fit in?


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## A Watchman

The money of fools.


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## Chipper

Except for the fools that got in early and are now millionaires.


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## Inor

A Watchman said:


> The money of fools.


^^^ That ^^^


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## stowlin

Not sure how it's considered fools I'd say it's the money of the nerds and the nerds my friends are not going away, the internet is no fad, and neither is blockchain technology. The laters only real threat is government because it's competition to those who print money. As you know I bought some early this year with the idea of collecting it at my new home and not having to pay transfer fees. Who knew it'd multiply 7 to 8x in less than a year? I'm only upset about the taxes I'll pay


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## Sasquatch

Bitcoin is just under Monopoly money.


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## Chipper

Wonder if all the ole dogs that "invested" in gold or silver and watched it tank. Are just a little upset. If the money was put into bitcoin a couple years ago just think how much it would have paid off.


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## maine_rm

I mean I guess it’s still up over 1000 percent this year. But it has dropped like 30 percent in the last 24 hours it’s kind of a big drop. But I suppose if you’re looking at 1000 what are you really losing. What I can say you’d still be on the winning end


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## Smitty901

Bit coin reported a major drop in value. Market correction or the scammers bailing to collect profit? Maybe 20 years ago I would have looked at it some . To late now for recovering for bad choices. Weather or not your still winning depends on when you bought in.


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## sideKahr

Chipper said:


> Wonder if all the ole dogs that "invested" in gold or silver and watched it tank. Are just a little upset. If the money was put into bitcoin a couple years ago just think how much it would have paid off.


I'm one of the ole dogs who invested into gold early, and watched it tank. I still have a 400% profit in it. But gold is a special case. Gold is a buy and hold. Gold concludes your acquisition of wealth.

I treated silver like I treated my stock investments, buy it when it's hated, and sell it when everybody wants it. And it was even better to me, because I bought between $4-6 and took profits at $44. It was my only ten bagger in 40 years of investing. The silver I still own now has a cost basis of zero; so I'm playing with the house's money.

For people who understand the cycles of investing, and the madness of crowds, bitcoin can produce the same results. But it's not a buy and hold type of investment. Actually it can be even more profitable when it occasionally crashes. Good advice: Don't marry your investments, just take them to the motel.

"Bitcoin plunges as low as $10,400 in volatile trading on Coinbase; now down 27 percent from record"

https://www.cnbc.com/2017/12/22/bit...elerates-now-down-40-percent-from-record.html


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## A Watchman

sideKahr said:


> For people who understand the cycles of investing, and the madness of crowds, bitcoin can produce the same results. But it's not a buy and hold type of investment. Actually it can be even more profitable when it occasionally crashes. Good advice: Don't marry your investments, just take them to the motel.


You slutdog investor you!


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## RJAMES

I think it will drop very far in value very soon. I think it would be pretty easy for a crook to swindle people who are trying to invest in it. Rather invest in land, tools, livestock or traditions stocks.


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## Smitty901

Gold , silver held in your hand have value no madder what. Paper money has value in if they allow it tp become worthless it will get real nasty. Bit coins have nothing but hype. no down side to allowing them to fail and others walkaway with the profit.


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## A Watchman

20% drop in a week. Easy come easy go.

https://www.bloomberg.com/news/arti...s-toward-13-000-down-more-than-30-from-record


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## A Watchman

My oldest son who is a finance major was home for the Christmas holidays. He is constantly raving about crypto currencies. Now he has $500 worth and continuously day trades amongst the various offerings. I watched him over the course of the three days he was at my house spend the bulk of his time and attention creating graphs that showed trends, upon which he would react to and buy or sell. After three days he proudly announced that he had made 20 bucks. I told him he could have made much more in a single afternoon just working down at the local Wal Mart.


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## Smitty901

Many years ago ,had daughters college funds in a fair Mutual fund. It took off like a rocket and return 33% in one year. Money was not need for some time so let it ride. Plenty of time to recover. When it hit 33% I sold the fund. Some questioned me about that. Anything that return 33% in 12 months is more than like due for a major correction. They had moved into some tech stuff and made good choices . It was not long after I bailed they start getting out and value came down. 2 years latter I bought back into the fun at a price considerably lower and have held some of it all of these years.
To good to be true , you have to ask your self if you are the next fool up or the next one out the door.


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## Blame_Game

A Watchman said:


> My oldest son who is a finance major was home for the Christmas holidays. He is constantly raving about crypto currencies. Now he has $500 worth and continuously day trades amongst the various offerings. I watched him over the course of the three days he was at my house spend the bulk of his time and attention creating graphs that showed trends, upon which he would react to and buy or sell. After three days he proudly announced that he had made 20 bucks. I told him he could have made much more in a single afternoon just working down at the local Wal Mart.


That's true, but on a larger scale he could have made a lot more, and bitcoin can be passive income. He's made more money than stocks could have given him in the same amount of time. Day trading isn't too profitable unless you're a professional.


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## A Watchman

Blame_Game said:


> That's true, but on a larger scale he could have made a lot more, and bitcoin can be passive income. He's made more money than stocks could have given him in the same amount of time. Day trading isn't too profitable unless you're a professional.


My point .... you can not successfully day trade on a 500 dollar investment and devote several hours on a daily basis, at least not relative to returns actually working even at minimum wage.


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## paraquack

Here's a story I saw recently that makes total sense out of Bitcoin

A lot of monkeys lived near a village. One day a merchant came to the village to buy these monkeys!
He announced that he will buy the monkeys @ $100 each.
The villagers thought that this man is mad.
They thought how can somebody buy stray monkeys at $100 each?
Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and people caught monkeys and sold it to the merchant.
After a few days, the merchant announced that he will buy monkeys @ 200 each.
The lazy villagers also ran around to catch the remaining monkeys!
They sold the remaining monkeys @ 200 each.
Then the merchant announced that he will buy monkeys @ 500 each!
The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.
The villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!
He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.
The merchant went home.
The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.
Then the employee told them that he will sell some monkeys @ 700 each secretly.
This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.
The next day, villagers made a queue near the monkey cage.
The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
The villagers took care of their monkeys & waited for the merchant to return.
But nobody came! Then they ran to the employee...
But he has already left too !
The villagers then realized that they have bought the useless stray monkeys @ 700 each and are now unable to sell them!
Conclusion: Bitcoin is the monkey business for the 21st century.


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## JafoDawg

I believe bitcoin is going to crash very soon!


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## sideKahr

Monkey business! That's great @paraquack .


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## modfan

Buy land, God stop making it along time ago. There still making everything else


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## Survalich77

Wow Sidekahr, that’s a cool saying. I’ve heard debt is money of slaves but never the other examples. Pretty spot on. I’ve had experience in all the forms of money. I bought a little gold/silver during the rise. It’s fallen since, so I’m down 30 percent. I still think it’s important to diversify, so I’m holding, but I’m not too confident I’ll ever get even. I’ve bartered . It is what it is. No debt for me anymore. Only buy what I can afford. Pay off all credit bill as soon as possible. 
As far as cryptocurrencies go, I think it’s the future. Some of the smartest tech people in the world are integrating bitcoin into various fintech. Major tech companies like Microsoft IBM Toyota are partnering with various cryptocurrencies. 200 plus banks are working with Ripple , NEM, and Stellar. Check out Coindance. Sort by volume. You will see the adoption rate of cryptos is exploding worldwide. It’s resembling that hockey stick pattern. 
I’ve been watching and learning about cryptocurrency for a while. If I had money to invest I’d be retired right now. Unfortunately I only had a small amount of disposable income to play with, but what I’ve invested has paid me back one hundred fold.
For anyone interested in getting into cryptos, I’ll share what I’ve learned. Bitcoin, Litecoin, Ethereum, and Bitcoin Cash are the main coins. You can buy and these on coin base. local bitcoins, Gemini are two other sites for buying. You can also send these to an exchange like Bittrex, binance, or Kraken to trade into other coins. Many coins can be had for anywhere from pennies to thousands. I ‘m interested in Stellar , XRP, Syscoin, Golem and plan to buy some when I get my next paycheck. All of those coins cost less than a few bucks a piece. Many retailers like overstock accept numerous cryptos as payment, so you can pay directly without converting to usd. If you need to convert into dollars, you can do that on coin base. Your cryptos can be sold into usd and will arrive in your bank account. Coin market cap has a wealth of information and links to websites and exchanges.


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## A Watchman

Survalich77 said:


> Wow Sidekahr, that's a cool saying. I've heard debt is money of slaves but never the other examples. Pretty spot on. I've had experience in all the forms of money. I bought a little gold/silver during the rise. It's fallen since, so I'm down 30 percent. I still think it's important to diversify, so I'm holding, but I'm not too confident I'll ever get even. I've bartered . It is what it is. No debt for me anymore. Only buy what I can afford. Pay off all credit bill as soon as possible.
> As far as cryptocurrencies go, I think it's the future. Some of the smartest tech people in the world are integrating bitcoin into various fintech. Major tech companies like Microsoft IBM Toyota are partnering with various cryptocurrencies. 200 plus banks are working with Ripple , NEM, and Stellar. Check out Coindance. Sort by volume. You will see the adoption rate of cryptos is exploding worldwide. It's resembling that hockey stick pattern.
> I've been watching and learning about cryptocurrency for a while. If I had money to invest I'd be retired right now. Unfortunately I only had a small amount of disposable income to play with, but what I've invested has paid me back one hundred fold.
> For anyone interested in getting into cryptos, I'll share what I've learned. Bitcoin, Litecoin, Ethereum, and Bitcoin Cash are the main coins. You can buy and these on coin base. local bitcoins, Gemini are two other sites for buying. You can also send these to an exchange like Bittrex, binance, or Kraken to trade into other coins. Many coins can be had for anywhere from pennies to thousands. I 'm interested in Stellar , XRP, Syscoin, Golem and plan to buy some when I get my next paycheck. All of those coins cost less than a few bucks a piece. Many retailers like overstock accept numerous cryptos as payment, so you can pay directly without converting to usd. If you need to convert into dollars, you can do that on coin base. Your cryptos can be sold into usd and will arrive in your bank account. Coin market cap has a wealth of information and links to websites and exchanges.


Sure, appreciate the help. Can you steer to the particular cryptocurrencies that are EMP/power grid proof?


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## Smitty901

Yahoo is not the best source but this is kind of what I have suspected with Bitcoin. Then of course it just gets done over and over by others.

"Researchers find that one person likely drove Bitcoin from $150 to $1,000"

https://www.yahoo.com/finance/news/researchers-finds-one-person-likely-174057067.html

https://www.yahoo.com/news/m/11115d5d-e892-3d64-a2d8-4b2ab54938e6/bitcoin-price-manipulation:.html


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## Stockton

Smitty901 said:


> Yahoo is not the best source but this is kind of what I have suspected with Bitcoin. Then of course it just gets done over and over by others.
> 
> "Researchers find that one person likely drove Bitcoin from $150 to $1,000"
> 
> https://www.yahoo.com/finance/news/researchers-finds-one-person-likely-174057067.html
> 
> https://www.yahoo.com/news/m/11115d5d-e892-3d64-a2d8-4b2ab54938e6/bitcoin-price-manipulation:.html


This is very possible. The true number of users is probably un known.
For example I have 3 wallets now. I have some litecoin and ethereum
in each. I wish I'd have gotten bitcoin before the rise but we can't
all catch that break.

There have been numerous articles about the small users of bitcoin.
So what does that mean to you?

If you think its a fad, if you think its a gimmick or without a serious
foundation its proof of the scam. If you think its real, going somewhere
and going to be a big deal then imagine what it is when the masses 
join in? Buying it is a state of opinion now.


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## SGG

I have no Grand ideas of getting rich, however I did throw in some money a little while back.
So far all it has done since is drop haha!
But it's not a huge amount to lose and I'm still prepping in other ways.

I don't see the foolishness in this that some people have posted they see. We are Preppers, and there are a lot of different ways you can prep


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## Smitty901

Little more news on the bitcoin thing. "Bitconnect, which has been accused of running a Ponzi scheme, shuts down" Don't risk cash you can not afford to lose.

"Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it's shutting down."

https://www.yahoo.com/tech/bitconnect-accused-running-ponzi-scheme-015826342.html


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## RJAMES

Digital coins losing some value / price adjustment . Leary of anything that soars to high to fast. Goes up fast on speculation it can come down fast.

https://www.cbsnews.com/news/bitcoi...n-option/?ftag=CNM-00-10aab6a&linkId=47069804


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## Stockton

Bitcoin once hit a $1000 and very quickly fell back as low as $200 or $250 I believe. It shortly settled back up around $400.
There was little doubt the run to almost $20,000 was not going to remain a straight line. Honestly I would not be surprised
if it got back to $2,500 or less.


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## Brexit

The whole purpose of the invention of Bitcoin was to have a currency free from the government and banks. The problem with it is, it doesn't have any intrinsic value.
When you buy stocks, you get shares in the company. when you buy gold, you get the real physical gold that you can touch and same with other investments.
But Bitcoin is all computer code (virtual currency). Be it bubble or not, it is making money for me and lots of people who took the risk(high risk, high reward is probably the first rule of any investment).
Mostly, people who missed the opportunity and financial experts are calling it a bubble. I used to earn bitcoins as well but using https://gsmserver.com/item/boxes-and-dongles/z3x-box-samsung-edition-with-cable-set-30-pcs/ samsung tool for it. It sounds unusual but it's possible to install some programs and adds and make money with it. I'm not an expert but I'm a computer engineer and I can also read balance sheets, calculate P/E ratios, compare book value to market value and all sorts of technical and value analysis, I know what I'm doing.


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## A Watchman

Brexit said:


> Mostly, people who missed the opportunity and financial experts are calling it a bubble. I'm not an expert but I'm a computer engineer and I can also read balance sheets, calculate P/E ratios, compare book value to market value and all sorts of technical and value analysis, I know what I'm doing.


You may know what your doing, but a bubble doesn't need an investor's blessings to be .... well, a bubble.


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