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Is anyone here into Cryptocurrency?

Discussion in 'Bar' started by SocialNumb, Jun 11, 2014.

  1. SocialNumb

    SocialNumb Damn Christians!

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  2. Plendakor

    Plendakor Member

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  3. Fragle

    Fragle Member

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    There are quite a few people who made a lot of money by buying bitcoins early when they were dirt cheap....
     
  4. UncleBob

    UncleBob Member

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    I messed around with trying a bit of mining BUT............I had no idea what I was really doing.
     
  5. ForHerDeadEyes

    ForHerDeadEyes Señor Member

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  6. BearOnGuitar

    BearOnGuitar Member

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    P2P money? Interesting concept, thanks for bringing that up.
     
  7. LeSedna

    LeSedna Mat or Mateo

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    got interested too late. I should have taken it seriously years ago considering how the bubble exploded.
     
  8. SocialNumb

    SocialNumb Damn Christians!

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    Lucky bastard. :lol:

    Can't be all that useless.

    http://www.washingtonpost.com/blogs...nascar-will-race-in-the-sprint-cup-at-sonoma/

    The dogecoin meme community sent this guy to nascar.

    I've been collecting all kinds just incase we get another bitcoin.

    http://www.abc.net.au/news/2014-06-...ase-new-rules-on-bitcoin-transactions/5511624

    More and more places are starting to take them too. There is even cryptocoin ATM's. :zombie:
     
  9. SocialNumb

    SocialNumb Damn Christians!

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    Good one. "Money doesn't grow on trees, it grows on tits" :headbang:
     
  10. AD Chaos

    AD Chaos MGTOW

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    #12 AD Chaos, Jun 12, 2014
    Last edited by a moderator: Nov 20, 2015
  11. He's Dead, Jim

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    I'm going to go ahead and not use disappearing internet currency from Magic: The Gathering Online Exchange (Mt. Gox)
     
  12. SocialNumb

    SocialNumb Damn Christians!

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    Care to expand on that Jim?

    Just curious.
     
  13. AD Chaos

    AD Chaos MGTOW

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  14. Loren Littlejohn

    Loren Littlejohn Lover of all boobage.

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    TBH I don't know enough about it to have an opinion. I know it's not a good idea to throw around money on something you don't understand though.

    Also: How the fuck do you even spend it OR cash it in?
     
  15. He's Dead, Jim

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    Despite all the money people waste on the stock market, most reasonable people will say that the value of a stock is represented in its price. That is to say, you can almost never "beat the market" by purchasing a cheap stock and having the price shoot up later. That may happen, but on average, you will neither lose nor gain more money in the stock market than you put in, because enough people have thought about this stuff for a long enough time that, on balance, X dollars = X dollars at the end of the day, taking interest rates and whatever else into account. In other words, gambling is a bad idea.

    BitCoin fanatics suggest that, in addition to being a unit of exchange, it's an asset that will gain value over time, which means that the law I just described applies to it. Along with the wholesale disappearance of Mt. Gox, I would suggest that BitCoin is eventually going to lose its value enough that the money people put in equals the money they get out- or worse, it will lose value as an investment. It's stupid to gamble on the stock market (that's why mutual funds exist), and it's stupid to play currency arbitrage with money that was invented by a bunch of internet nerds and not a responsible central bank.

    There are all sorts of horror stories about complete nincompoops who have done precisely this. A couple of months ago on reddit I saw a guy who admitted to spending his sister's inheritance money gambling on BitCoin.
     
  16. SocialNumb

    SocialNumb Damn Christians!

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  17. Flow Of Time

    Flow Of Time Member

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    I don't get all that mining stuff.. Someone cares to explain?
     
  18. SocialNumb

    SocialNumb Damn Christians!

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    The simplest way I can explain it is: It's like cracking a code/encryption, only they call them "blocks". You join a "pool" to get it done faster. More computers all cracking the code/encryption the faster it gets done. The "block" then rewards you with the coin/s and is divided among everyone involved.

    Hope that made sense.
     

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