Author Topic: Cryptocurrency  (Read 8274 times)

Big Frank

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Re: Cryptocurrency
« Reply #10 on: January 23, 2018, 11:28:33 PM »
Another investment advisor said now is the time to buy bitcoin. Apparently it suddenly dropped 45% recently. His advice was to put 1-5% of your investments into it. If it crashes you won't lose the farm, and if it goes up you'll be compounding your interest when you keep it long term.
""It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a free Government, owes not only a proportion of his property, but even his personal services to the defence of it, and consequently that the Citizens of America (with a few legal and official exceptions) from 18 to 50 Years of Age should be borne on the Militia Rolls, provided with uniform Arms, and so far accustomed to the use of them, that the Total strength of the Country might be called forth at a Short Notice on any very interesting Emergency." - George Washington. Letter to Alexander Hamilton, Friday, May 02, 1783

THE RIGHT TO BUY WEAPONS IS THE RIGHT TO BE FREE - A. E. van Vogt, The Weapon Shops of Isher

Big Frank

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Re: Cryptocurrency
« Reply #11 on: January 25, 2018, 07:11:30 PM »
Today I read an article that was posted August 24, 2012, and last updated on October 17, 2016. Here are a few choice parts.

"BitCoin is a new-ish form of digital currency.  It allows people to perform financial transactions without the need for a bank or central authority and allows for a large amount of privacy.  Transactions are currently limited to ones performed online and only by individuals and organizations that accept BitCoin as payment."

"While BitCoin has been a great tool for getting around government and private industry control of our finances, cyber-criminals heavily abuse it. Just like most things designed to help people keep their virtual independence.  BitCoin has been used notoriously by cyber-criminals on the black market to buy and sell things like credit card numbers and bot installs.  It is also used as a tool for money laundering and keeping law enforcement guessing when it comes to funding Hactivism and “extra-legal” activity."

"However, it is important to realize that as we put more and more of our dependencies, our assets and ourselves in the digital hands of the internet, we are opening the door for cyber-criminals to walk in and take it all from under our noses."
""It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a free Government, owes not only a proportion of his property, but even his personal services to the defence of it, and consequently that the Citizens of America (with a few legal and official exceptions) from 18 to 50 Years of Age should be borne on the Militia Rolls, provided with uniform Arms, and so far accustomed to the use of them, that the Total strength of the Country might be called forth at a Short Notice on any very interesting Emergency." - George Washington. Letter to Alexander Hamilton, Friday, May 02, 1783

THE RIGHT TO BUY WEAPONS IS THE RIGHT TO BE FREE - A. E. van Vogt, The Weapon Shops of Isher

Big Frank

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Re: Cryptocurrency
« Reply #12 on: January 29, 2018, 12:26:43 AM »
I just checked the news and my email for the last time tonight and saw this. $534.8 million in cryptocurrency was stolen from Coincheck by hackers Friday.

https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html
""It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a free Government, owes not only a proportion of his property, but even his personal services to the defence of it, and consequently that the Citizens of America (with a few legal and official exceptions) from 18 to 50 Years of Age should be borne on the Militia Rolls, provided with uniform Arms, and so far accustomed to the use of them, that the Total strength of the Country might be called forth at a Short Notice on any very interesting Emergency." - George Washington. Letter to Alexander Hamilton, Friday, May 02, 1783

THE RIGHT TO BUY WEAPONS IS THE RIGHT TO BE FREE - A. E. van Vogt, The Weapon Shops of Isher

MikeBjerum

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Re: Cryptocurrency
« Reply #13 on: January 29, 2018, 07:39:55 AM »
When it comes to Cryptocurrency and financial advisers, I have learned two things:  1.  They know a lot about it; and 2.  They will not touch it.

A common list I have heard from our financial guy, the one handling all $2.93 or our retirement fund, and others I know or that advise others includes:

1.  It is not recognized by any government;
2.  It is intangible - only exists in electronic form;
3.  Is not backed by anything of value, or anything at all;
4.  While it all started based on a lack of trust of currency issued by governments, it's primary use now is money laundering;
5.  Its trading is easily masked or hidden;
6.  Due to #1, #4 & #5, anyone dabbling in it is suspect by government law enforcement and revenue services.

A high end financial adviser I golfed with last week said the following:  "Stay away from it, and if you do play with it, STAY AWAY FROM ME!"
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Cryptocurrency
« Reply #14 on: January 29, 2018, 09:19:42 AM »

4.  While it all started based on a lack of trust of currency issued by governments, it's primary use now is money laundering;

A high end financial adviser I golfed with last week said the following:  "Stay away from it, and if you do play with it, STAY AWAY FROM ME!"

Going to mention that last bit to my ahole brother in law.

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Re: Cryptocurrency
« Reply #15 on: Today at 07:37:58 AM »

crusader rabbit

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Re: Cryptocurrency
« Reply #15 on: January 29, 2018, 01:16:33 PM »

3.  Is not backed by anything of value, or anything at all;


In that respect, it is not unlike the U.S. Dollar. 

Value by fiat (or, value because someone says so) has never made sense.  Back money with gold, and you have money with actual value.

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Big Frank

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Re: Cryptocurrency
« Reply #16 on: January 29, 2018, 02:51:06 PM »
If you hire a hit-man on the dark web and pay with bitcoins I don't think it leaves any paper trail. Same thing with buying illegal drugs, weapons, child pornography, or anything else.

Even though the U.S. dollar is a fiat currency, it still has value, until it's replaced as the world’s reserve currency, which might eventually happen, or if states start to secede, which isn't likely. Hyperinflation is possible, with some prediction dates come and gone already, and some saying in another 10-20 years. The most likely reason for it that I can think of is if the mint started cranking out several times more money than they are now.
""It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a free Government, owes not only a proportion of his property, but even his personal services to the defence of it, and consequently that the Citizens of America (with a few legal and official exceptions) from 18 to 50 Years of Age should be borne on the Militia Rolls, provided with uniform Arms, and so far accustomed to the use of them, that the Total strength of the Country might be called forth at a Short Notice on any very interesting Emergency." - George Washington. Letter to Alexander Hamilton, Friday, May 02, 1783

THE RIGHT TO BUY WEAPONS IS THE RIGHT TO BE FREE - A. E. van Vogt, The Weapon Shops of Isher

Big Frank

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Re: Cryptocurrency
« Reply #17 on: February 02, 2018, 06:19:39 PM »
I just saw where bitcoin dropped 60% in the last 2 months. Don't put any money in it you can't afford to lose.
""It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a free Government, owes not only a proportion of his property, but even his personal services to the defence of it, and consequently that the Citizens of America (with a few legal and official exceptions) from 18 to 50 Years of Age should be borne on the Militia Rolls, provided with uniform Arms, and so far accustomed to the use of them, that the Total strength of the Country might be called forth at a Short Notice on any very interesting Emergency." - George Washington. Letter to Alexander Hamilton, Friday, May 02, 1783

THE RIGHT TO BUY WEAPONS IS THE RIGHT TO BE FREE - A. E. van Vogt, The Weapon Shops of Isher

billt

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Re: Cryptocurrency
« Reply #18 on: February 03, 2018, 09:57:08 AM »
All of this "Bitcoin" and "virtual cyber currency", appears to me to be far too volatile and dangerous for average guys like us who took a lifetime to build a simple modest retirement. Best to avoid, and instead be able to sleep well.

alfsauve

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Re: Cryptocurrency
« Reply #19 on: February 03, 2018, 10:33:13 AM »
Out of couriosity I went to Bitcoin.com to read up on it.  They don't inspire confidence as only one of the three training videos is actually completed. 
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