Has anyone ever tried free Bitcoin

jhblaze1 said:
this...and if/when the gov't decides it's a competing currency it will be shut down.

anyone who buys bitcoin with USD is a retard. If you're computer savvy enough to know how to mine them and your life is really that boring then go for it and then sell them to idiots.
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This is completely wrong.

“…blockchain is a little bit like the cell phone. Did criminals gain an advantage when they could communicate by cell phone? Well of course they did. But so did the rest of the planet.”

Interest in virtual currencies as a global means of exchange has never been higher. Daily trading volume across the currencies has broken $5 billion dollars. The liquidity and global nature of the market sparked US lawmakers to host a hearing, where experts closely examined the technology’s relation to national security concerns.
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https://blog.chainalysis.com/congress-testimony/

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Win said:
This 450 million bitcoin hack happened back in 2011. I've shied away from bitcoin ever since.

https://en.wikipedia.org/wiki/Mt._Gox
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Chainalysis says they found the missing bitcoins



Either they really found them, or it's a false flag and they might have a clue and want to scare the thief to make some kind of action with the coins that will help them.


As far as anything FREE, I would stay far away from it.
 
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I think there are compelling reasons for these types of currencies. Just look at Zimbabwe.

160504154606-one-trillion-dollar-large-169.jpg
 
Is anything ever free? Sounds shady already.

I wouldn't go for it.


Also I have one of those 100 trillion dollar notes on my cubical wall. Makes me a multi trillionaire right?
 
There's a lot of serious people pushing cryptocurrencies and some good companies working to make them viable. Word on the street is that Amazon is making a big announcement about it at the end of October, and that will trigger movement. The nice thing about cryptocurrency is that there are no middlemen, fees, taxes, borders, exchange rate, .gov intervention, you name it... It will eventually replace currency as we know it.
 
Mike S said:
The nice thing about cryptocurrency is that there are no middlemen, fees, taxes, borders, exchange rate, .gov intervention, you name it... It will eventually replace currency as we know it.
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I think it will replace currency as we know it, but by then many of the points in the first half of your statement quoted above will no longer be true. There is no way that the governments of the world will allow alternative currencies to flourish and replace their own corrupt currencies and systems as that would be a concession of power. Once they've become the mainstream norm cryptocurrencies will absolutely result in increased taxation and .gov intervention.
 
cryptocurrancys are the future. Why hold gold when it has been staying around $1000-$1400 for the past few years when you could have bought into BTC, ETH or even LTC at the beginning of this year and made 5x your money. Sure the cryptocurrancys are a bid shady but almost every coin out there can be stored in the e-wallet for the developer who created the coin. if you keep your security key to yourself then no one can steal your coins from that wallet. You can even store BTC on a paper wallet, meaning you print out a piece of paper that has 2 QR codes on it. One code used to deposit money onto that piece of paper and the other code used to spend the money on it. You do some research and there is a lot of speculation that BTC will be worth over $20k a coin by 2020. There are also plenty of Alt coins being created with great platforms that will grow 100x in a few years.
 
drgrant said:
Except that if something like USD or the Euro fails theres a bunch of powerful people who stand to lose a lot of money- there's a built in institutional resistance/incentive for it not to fail. Shitcoin is 50% douchebags with cheeto dust on their shirt in moms basement and a handful of poor bastards stuck in Venezuela who are stealing government electricity to mine shitcoins to help their family survive, and the entire thing hinges on some algorithm that some anonymous dude wrote on the internet, well, that and the exchanges. That's literally the one thing its good for- is subverting the government, but given the idea its transient in stability. I'd have more faith in this kind of thing if say, the swiss ran a cryptocurrency and tried to stabilize it, but no country has the balls to ensure that kind of anonymity, not even switzerland anymore. (IIRC they caved right after 9/11 with allowing .gov access to records under some circumstances. )

Shitcoin is a great idea, poorly executed. Nobody ever pondered the stability of it. Even gold is probably more stable than that shit in terms of deviation over time.

-Mike
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The other thing to remember - and this was the final straw for me, was that the government announced it was going to start taxing bitcoin transactions. Once I added up the cost of electricity, time, bullshit from the Shitcoin "community" - and added in that the government was now threatening to take a slice - it made absolutely no sense to stay involved with Shitcoin in any way shape or form.

I constantly hear the Shitcoin defenders say " it's anonymous" [rofl] . Yeah - ok. So a digital currency - which can only be traded by being part of blockchain and by doing transactions over the internet - is "anonymous".


CASH is anonymous. So is gold. Anything with a digital trace is NOT.

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Mike S said:
There's a lot of serious people pushing cryptocurrencies and some good companies working to make them viable. Word on the street is that Amazon is making a big announcement about it at the end of October, and that will trigger movement. The nice thing about cryptocurrency is that there are no middlemen, fees, taxes, borders, exchange rate, .gov intervention, you name it... It will eventually replace currency as we know it.
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Everybody wants to believe in fantasyland.
 
Unless someone creates bitcoins backed by physical gold or other physical collateral which can be exchanged for the coins credibly, it's just another dubious fiat currency.
 
drgrant said:
Except that if something like USD or the Euro fails theres a bunch of powerful people who stand to lose a lot of money- there's a built in institutional resistance/incentive for it not to fail. Shitcoin is 50% douchebags with cheeto dust on their shirt in moms basement and a handful of poor bastards stuck in Venezuela who are stealing government electricity to mine shitcoins to help their family survive, and the entire thing hinges on some algorithm that some anonymous dude wrote on the internet, well, that and the exchanges. That's literally the one thing its good for- is subverting the government, but given the idea its transient in stability. I'd have more faith in this kind of thing if say, the swiss ran a cryptocurrency and tried to stabilize it, but no country has the balls to ensure that kind of anonymity, not even switzerland anymore. (IIRC they caved right after 9/11 with allowing .gov access to records under some circumstances. )

Shitcoin is a great idea, poorly executed. Nobody ever pondered the stability of it. Even gold is probably more stable than that shit in terms of deviation over time.

-Mike
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I don't think you know what you are talking about. Your loser in his moms basement cliche does nothing to help your credibility in this regard either. It's sort of funny how you mention Venezuela yet still say you'd have more faith in a government run crypto currency. Because governments never have stability issues in their money. Like Venezuela. Wait.........



calsdad said:
The other thing to remember - and this was the final straw for me, was that the government announced it was going to start taxing bitcoin transactions. Once I added up the cost of electricity, time, bullshit from the Shitcoin "community" - and added in that the government was now threatening to take a slice - it made absolutely no sense to stay involved with Shitcoin in any way shape or form.
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Uhh, the government taxes everything. That was the last straw? How have you managed to avoid all the other things that are taxed?

I constantly hear the Shitcoin defenders say " it's anonymous" [rofl] . Yeah - ok. So a digital currency - which can only be traded by being part of blockchain and by doing transactions over the internet - is "anonymous".


CASH is anonymous. So is gold. Anything with a digital trace is NOT.
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Do you use cash and gold for all your transactions? I doubt it. So there isn't a practical difference there. Well, except it has the ability to be much more anonymous than regular digital banking.

And cash and gold can be traced too, making it not anonymous. Unless you are melting down all your gold I guess.



Everybody wants to believe in fantasyland.
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What would you call the fiat currency known as the dollar? It's back by nothing but faith. Literally. Not a fantasy land?

Had you invested in bitcoin years ago you could cash out today and converted it into gold if you wish. 10 times more than your initial investment.
 
Apathesis said:
Coinbase doesn't even have a customer service number.
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Their customer service is their ONE IT GUY in his living room in Florida and if you can't get a hold of him, the president of the company's personal cell phone. I only know this because a coworker had to pay a ransomware thing months ago through them.
 
Bonesinium said:
Is all your money in cash? If not, bad news. All your 'money' is susceptible to the same thing. Sorry.
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Agree with you. Which ia why i take out money every pay check. I honestly do not like the idea of banks but it is the easiest way to pay bills. I have been looking into buying gold and silver but the wife is not on board with that yet. May buy little bars/coins without telling her.

But to your comment...are bitcoins insured in anyway?
 
StevenMcgrubber said:
But to your comment...are bitcoins insured in anyway?
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Insured? Like banks where the government insures the deposits with tax payer money and knows how much you have in the bank? Bitcoin is untraceable, unreversable and WTF would you want the government involved and insuring it? I think the whole point has been missed
 
StevenMcgrubber said:
Is there a way to protect your digital money with a digital gun?

I do not want currency where hackers can just open my wallet take money and walk off smiling while i stand on the digital street in a ball crying for the online police to chase the hackers down but they fled in the millennium falcon
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I would guess pretty much all your money is "digital." That bank account you have? Digital. Your credit cards - digital (though you aren't liable). Your 401K etc? All digital.

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new guy said:
For $4k I can get 1 bitcoin in my digital wallet or 3 ounces of gold in my hand.
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and today that gold is worth about the same. and Bitcoin is worth close to $6k each.
 
PennyPincher said:
I would guess pretty much all your money is "digital." That bank account you have? Digital. Your credit cards - digital (though you aren't liable). Your 401K etc? All digital.

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and today that gold is worth about the same. and Bitcoin is worth close to $6k each.
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$7500 today
 
some pretty high level financial experts have INDEED called bitcoin a ponzi scheme. So i am staying away.

That said, some out there are making money on it! bitcoin price is way up.

I guess this is the part i do not understand. If i go into a store and pay them a buck....i know i just paid $1. but...bitcoin changes in value minute to minute....so how do you actually know what something costs?
 
in 2014 i put up about $100 for a hand full of USB miners. Let the run for a while and got .168xxx of a bitcoin. It was worth about $100 back then, but to get the cash back i would have had to link coinbase with my bank account. Just wasn't worth it and forgot all about it.

Got a new phone last week and was getting all my apps running over the weekend. Holy crap $7600 for a bit coin????? I cashed out my .16something and cleared $1250 after fees.

I have no idea why a bitcoin would be worth so much - they were freaking useless.
 
Spanz said:
some pretty high level financial experts have INDEED called bitcoin a ponzi scheme. So i am staying away.

That said, some out there are making money on it! bitcoin price is way up.

I guess this is the part i do not understand. If i go into a store and pay them a buck....i know i just paid $1. but...bitcoin changes in value minute to minute....so how do you actually know what something costs?
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Most financial experts are financial morons, so I am not too interested in what they say. While it does have issues, it is not a ponzi scheme. That would mean bitcoin must forever get increasingly larger amounts of investors into it at the bottom to prop up everyone else, and as soon as the new investors dwindle, it plummets to 0. That's not the way it works. If no new people bought bitcoin today, it would stay the same until the existing bitcoin holders decided either they were still getting more interested in it, or were trying to get out of it for cash or some other cryptocurrency, and it would fluctuate accordingly.

To your second question, most sellers of products or services that accept bitcoin are using the current market price for bitcoin to determine how much bitcoin something costs. It's pretty simple... most of them just use a service that does this automatically for them. The bitcoin service takes the bitcoin payment, immediately converts it to cash at the current market value plus a fee of a percent or two, then leaves the cash in your account. Or, you can configure it to leave it all in bitcoin if you like, or maybe split it 50/50 or whatever you like. A real business that does lots of bitcoin transactions is likely going to want to convert to cash, simply because that's more stable and it could obviously be a problem if everything you took in for the last few months suddenly dropped 80% in value. But, one good strategy is to just leave it in bitcoin if the percentage of your business in bitcoin is already very small... say 1% of your business is in bitcoin, so what if it is volatile? It can't affect your business more than 1%. Might as well leave it in bitcoin and hope it will increase in value.

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RImike said:
Right now, the only people making money are the processor hardware companies that mine the currency.
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And those who convert it to cash, or buy other products with it after it has increased in value.
 
We bought a small amount (that we wouldn't care if we lost) for shits and giggles. Wishing I bought the same $$ worth of that small amount a couple years back. Still fun nonetheless.

Mike
 
Prepper said:
While it does have issues, it is not a ponzi scheme. That would mean bitcoin must forever get increasingly larger amounts of investors into it at the bottom to prop up everyone else, and as soon as the new investors dwindle, it plummets to 0. That's not the way it works. If no new people bought bitcoin today, it would stay the same until the existing bitcoin holders decided either they were still getting more interested in it, or were trying to get out of it for cash or some other cryptocurrency, and it would fluctuate accordingly.
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I gave almost the same response earlier on Facebook, replying to someone who called BTC a Ponzi scheme when a mutual friend said she'd used today's increases to buy something nice for herself.

"It might not be a better investment. It might not be a better currency. But what it is not, is a Ponzi scheme."
 
Bitcoin might not be a good long term investment.. There are a lot of factors for that. But you can't argue with the fact that it has done nothing but perform through the roof as an investment since its beginning. Lots of people have made a SHIT TON of money on it in the past year.

I had a small feeler 3k invested in Bitcoin a couple months ago when it was $1,033per it is now 11,099per.


If you invested $100 4-5 years ago you'd be worth 140million
 
That's with the benefit of hindsight. We put a grand in it for fun a couple days ago... it's already up like 20%. If it tanks, so be it, but it currently doesn't seem to show any sign of dropping and with all the talk about wider adoption by retailers and hedge-funds, Indian buyers etc, maybe we'll do OK. I intended to do this a couple years ago when I first heard a story on it... just for fun... but I forgot. So following McCaffee's rediculous projections it'll be at 1M by 2020. My wife and I decided we'd pull out 10% for every 1000% increase in price. So at 10K we'll recoup our initial investment, at 100K pull out 10k, and from there ride the lightning. No real rhyme or reason to that decision other than I'm not confident it can grow and grow and grow forever. That said, we put an amount of money in it that wouldn't be a disaster if we lost.

From what I've read it seems it would be unwise to bank a massive portion of your savings or retirement on it. And indeed I'm sure that is what some are doing, and that may bite them in the ass.

I may drop another grand on etheryum for shits and giggles, apparently it's a "better" currency.

Mike
 

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