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    News Center - Thread: Bit coins

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    1. #1
      DHoffmann's Avatar
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      Bit coins

      Who is pushing this?
      From what I know its dirty dirty money, created from the dark web for buying black market items and sex trade, child porn drugs and guns. Are people really serious about this??
      Getting closer and closer to a cashless society.

      Sent from my LGLS755 using Tapatalk

    2. #2
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      Anything that's mostly anonymous is going to be appealing to people involved in shady activities.

      Bitcoin is potentially also useful for international transactions in that it cuts out the middlemen who offer little value but still insist on taking a generous cut of every transaction. It's also appealing to people who don't trust governments to manage national currencies (and there are many reasons to distrust national governments).

      Whether bitcoin will prove to be a useful hedge against financial collapse remains to be seen as it has never really been tested. It's also something of a speculative product and, having risen from about $1,000 at the beginning of 2017 to nearly $20,000 later in the year it's easy to see why people want a piece of the action. What doesn't help is that some analysts believe it could hit $100,000 or higher while others say it will collapse to zero sooner or later. (Personally I think it's too speculative to put any meaningful cash into it, even if that does mean I miss out on further potential gains).

      I wouldn't say it's specifically dirty money pushing it, any more than I'd say dirty money pushes cash. It's just that people doing shady deals don't want to be traced and it's easier to transfer $1m worth of Bitcoin than it is to haul a stack of $100s around with you. As soon as the concept of "used, low denomination notes" comes into play then $1m in cash is the sort of thing it takes a suitcase to haul around, whereas $1m in Bitcoin could be sitting on a microSD card.
      "Do what thou will shall be the whole of the law" - Aleister Crowley

      "If you love me, obey my commandments" - Jesus Christ

      The Bible comes as a complete package. If we want to pluck verses out of context so make them mean what we want them to mean, if we want to ignore the passages that are inconvenient to our outlook, we should be intellectually honest enough to throw our Bibles in the trash and admit we are following Crowley and not Christ.

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    4. #3
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      I kept getting emails that I had to take my bitcoins. Never ordered any. Thought it was spam.

    5. #4
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      I don't have any bit coin investments and I don't see myself taking that chance any time soon either. If you like doing investments for entertainment and have money to lose then it's not a big deal. But how many of us have that luxury?
      "Christianity does not require more work but more trust." Pr. Jonathan Fisk
      "Bearing fruit does not make you a branch. A branch is a branch because it grows from the vine." Pr. Jonathan Fisk
      "A Christian's life is not defined by what the Christian does. It is defined by Christ and what He has done for us." Pr. Rolf David Preus

    6. #5
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      Quote Originally Posted by Lämmchen View Post
      I don't have any bit coin investments and I don't see myself taking that chance any time soon either. If you like doing investments for entertainment and have money to lose then it's not a big deal. But how many of us have that luxury?
      So people invest in this? To dislodge from the government? I knew what it was a while back before all the craze but its all over the place, even here with tapatalk and on facebook

      Sent from my LGLS755 using Tapatalk

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      Quote Originally Posted by DHoffmann View Post
      So people invest in this? To dislodge from the government? I knew what it was a while back before all the craze but its all over the place, even here with tapatalk and on facebook

      Sent from my LGLS755 using Tapatalk
      As with many investments people invest for a variety of reasons. Some people are speculating, merely hoping the price continues to rise. Some people are seeking to hide their financial activity from government. I'm sure some people use bitcoin and other cryptocurrencies to simply ease cross-border transactions. Still others are using it for a variety of nefarious purposes.
      "Do what thou will shall be the whole of the law" - Aleister Crowley

      "If you love me, obey my commandments" - Jesus Christ

      The Bible comes as a complete package. If we want to pluck verses out of context so make them mean what we want them to mean, if we want to ignore the passages that are inconvenient to our outlook, we should be intellectually honest enough to throw our Bibles in the trash and admit we are following Crowley and not Christ.

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    9. #7
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      Quote Originally Posted by tango View Post
      As with many investments people invest for a variety of reasons. Some people are speculating, merely hoping the price continues to rise. Some people are seeking to hide their financial activity from government. I'm sure some people use bitcoin and other cryptocurrencies to simply ease cross-border transactions. Still others are using it for a variety of nefarious purposes.
      The problem is that Bitcoin has been programmed to a certain amount and its practically government proof. Major changes in the world if this succeeds.


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      Quote Originally Posted by DHoffmann View Post
      The problem is that Bitcoin has been programmed to a certain amount and its practically government proof. Major changes in the world if this succeeds.


      Sent from my LGLS755 using Tapatalk
      Potentially major changes. One potential issue with bitcoin is the question of how one continues to trade them if the government decides to crack down hard on them. They have also been vulnerable to being hacked in the past, and every once in a while comes a story of someone who throws away an old hard drive only to later remember (once it's long since been tossed into a big hole in the ground) that the drive contained some silly amount of money in bitcoin.

      In many ways precious metals do much of what bitcoin does but have been proven to stand the test of time. The downsides of precious metals is that they take up a lot more space (particularly silver, less so gold), aren't very good for international transactions, and can't be traded in fully continuous quantities. If you want to buy something that's about $1300 you might use a 1-oz gold coin; something that's about $15 might be traded for a 1-oz silver coin (and likewise something for $4 might trade for a 1/4-oz silver coin) but if you want to trade more precisely it's not practical to trade something for 0.518273 ounces of silver. With bitcoin you can do that sort of thing.
      "Do what thou will shall be the whole of the law" - Aleister Crowley

      "If you love me, obey my commandments" - Jesus Christ

      The Bible comes as a complete package. If we want to pluck verses out of context so make them mean what we want them to mean, if we want to ignore the passages that are inconvenient to our outlook, we should be intellectually honest enough to throw our Bibles in the trash and admit we are following Crowley and not Christ.

    11. #9
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      I must be living in a cave. I have no idea what your talking about.

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    13. #10
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      Quote Originally Posted by jsimms435 View Post
      I must be living in a cave. I have no idea what your talking about.
      People are buying super mario brothers coins to overthrow the banks and destroy the government

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