Bitcoin exchange loses more than $60 million in digital heist

[Flagg]

Originally Posted by JGC2

Yeah, he's been getting roasted online for this, and as many have pointed out probably half his executives own Bitcoin. I don't know why he's so salty - the Fed will never bail out Bitcoin the way it continually has JP Morgan over the last 9 years.

I agree on ETH and NEO. I also like the pending DOVU concept backed by Jaguar. For the free market capitalists out there, it's the first blockchain concept that has prioritized defining data owners, data producers, and data consumers in the correct manner.

I'll be sure to check out DOVU/Jaguar.

I'm meeting with a large bank CIO tonight and a cryptocurrency exchange marketplace founder next week. I'll report back with anything interesting.

[Flagg]

Originally Posted by Box

Bitcoin is like any other gamble... its only worth what people want it to be worth.

I see it on the same level as baseball cards.
You can go on-line and find Rickey Henderson rookie cards being offered for as much as 14,000 dollars or as little as 7 bucks and to the unaided eye they look identical.
If you got one in 1980 it cost you 25 cents and you got 14 other cards and a piece of gum.

Then you can take that 14,007 dollars worth of Topps baseball cards into the bank and they will give you nothing more than a funny look when you try to cash them in.
Bit coin is the same type of money as Topps baseball cards - only valuable to the people that trade it.

Fold a 100 dollar bill in half... it is still worth 100 dollars.
Fold a 14,000 Rickey Henderson rookie card in half, it loses approximately 13,999.50 of its value.
...but people still trade baseball cards as though it is real money and they are speculating on the stock market.

That doesn't mean these things are bad investments... it just means that they are not legal tender for all debts public and private.

Buy 'em, sell 'em, tade 'em with your friends....

I think your analogy is valid if you add two things:

1) Mickey Mantle and Hank Aaron rookie cards are still being created via G Flop drip feed

2) That $100 bill can only buy a fraction of the energy and housing than it did a generation ago.

Purchasing power of the means of exchange is worth considering.

US Dollar is stable, but in long term decline(globally)

Cryptocurrencies are unstable and highly volatile but trending up in purchasing power.

I take the diplomatic approach and say I like both, vast majority in cash, small minority % in crypto.

Together and in a basket they could make a potentially very effective liquid hedge.

[Flagg]

Originally Posted by JGC2

Yeah, the same should be said for any currency. Despite the gubment saying USD is legal tender, it only maintains its value as such as long as people agree it should.

I would agree with your baseball card analogy more if blockchain weren't a technology first and a "currency" second. Nothing about a Rickey Henderson card will change the way I get my groceries, fill my gas tank, or send data from point A to point B. Blockchain will change all those as well as thousands of other monotonous daily tasks.

Interestingly, Somaliland is making advances in blockchain-backed peer to peer payments. They collectively stopped recognizing the shilling as legal tender and started using phone-based payment services like Zaad and e-Habab. It's working because it's easy and convenient.

http://www.bbc.com/future/story/2017...-going-extinct

That's what I think makes this different.

Amazon, Apple, Microsoft, etc all the early gen internet brand names are mostly western constructs.

Blockchain will unlock the developing world.

In the Caribbean wherever regional banks are pulling out, blockchain based cryptocurrency is seeing staggering month over month growth north of 30%.

That's why I'm liking Ethereum and NEO and any others that gain strong traction in the developing world. Like Digicell for mobile coms.

[cbtengr]

Originally Posted by Box

Bitcoin is like any other gamble... its only worth what people want it to be worth.

I see it on the same level as baseball cards.
You can go on-line and find Rickey Henderson rookie cards being offered for as much as 14,000 dollars or as little as 7 bucks and to the unaided eye they look identical.
If you got one in 1980 it cost you 25 cents and you got 14 other cards and a piece of gum.

Then you can take that 14,007 dollars worth of Topps baseball cards into the bank and they will give you nothing more than a funny look when you try to cash them in.
Bit coin is the same type of money as Topps baseball cards - only valuable to the people that trade it.

Fold a 100 dollar bill in half... it is still worth 100 dollars.
Fold a 14,000 Rickey Henderson rookie card in half, it loses approximately 13,999.50 of its value.
...but people still trade baseball cards as though it is real money and they are speculating on the stock market.

That doesn't mean these things are bad investments... it just means that they are not legal tender for all debts public and private.

Buy 'em, sell 'em, tade 'em with your friends....

A great analogy Box.

[Mustang Man]

If the CEO of big banks which should have never been bailed, plus the Federal Reseve, China and other elitists are against bit coin then I'm for them. What do they all have in common? They hate competetion. Bit Coin is a thorn in their side and I love it.

Also friendly reminder gold has only social value as well. What the heck can anyone do with gold other than look pretty and show off with it. I need a conductor I'll get copper, I need to make weapons, I'll use steel ect. ect.

[JGC2]

Originally Posted by Mustang Man

If the CEO of big banks which should have never been bailed, plus the Federal Reseve, China and other elitists are against bit coin then I'm for them. What do they all have in common? They hate competetion. Bit Coin is a thorn in their side and I love it.

Also friendly reminder gold has only social value as well. What the heck can anyone do with gold other than look pretty and show off with it. I need a conductor I'll get copper, I need to make weapons, I'll use steel ect. ect.

Exactly.

[JGC2]

Bitcoin at $17,000 today

[miclo18d]

Very volatile, you’ve got to be careful! You never know what’s going to affect the market! Today: 14805.00 US Dollar

FORT JACKSON, S.C. – Bitcoin futures today suffered from heightened volatility due to rumors of a possible two-day extension of MRE rations, soldiers on a field exercise reported.

“I thought that trading my jalapeño cheese for .00000387 Bitcoin was a good choice three days ago,” said Pfc. Josh Warner. “But now that there are rumors that we’ll have MREs instead of mermites tomorrow and the end of FIELDEX BBQ is cancelled because of a DUI from another unit, I’m realizing that the value of that MRE cheese would have tripled if I held onto it until tomorrow.”

The meteoric rise of cryptocurrencies has been difficult to study, many economists say, because of the volatile nature of Bitcoin and periodic illiquidity, especially when held in contrast to jalapeno cheese.

Though few privates at the field op had invested in Bitcoin, those who had saw the currency as “a sure bet.”

“Bitcoin is a smart, solid, investment,” said barracks broker Spc. Terry Copswell. “I recommend an investment portfolio heavy in rims, Ford Mustangs, Bitcoin, and starting your own multi-level marketing franchise. I think Warner made a good move. There’s always more MRE cheese out there somewhere, but who knows if you’ll be able to get into Bitcoin later.”

At the time of reporting, a light, demoralizing rain had begun to fall, and jalapeno cheese had soared to a stunning .0028 bitcoin, six pieces of snack bread, or two packages of skittles.

Futures on Copenhagen were unavailable, as supply had bottomed out.

[PSM]

[mermites]

Do they still use those?

[1stindoor]

hahaha....Copenhagen will always be a valuable commodity in the field. Given the Christmas season that just ended...what were the trading values looking like for Soldiers getting off of Staff Duty on Christmas?

[Penn]

Interesting article that explains blockchains impact on the future of nation states reliance on hard currency ending.

Paper https://ssrn.com/abstract=3059330 was published in the January issue of Risk Magazine &...

[Joker]

I own some BC as I want to know how it is mined, stored, moved, and used.

I agree with this take completely.

Bitcoin is the greatest scam in history

It’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

[PSM]

Originally Posted by Joker

I own some BC as I want to know how it is mined, stored, moved, and used.

I agree with this take completely.

Bitcoin is the greatest scam in history

It’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

My son bought $100 worth before he deployed because a sports streaming service he subscribed to only took bitcoin. It's worth a couple of thousand now. He hasn't been seduced. He's using it like a "kitchen garden" and is letting that first small investment pay for everything downstream. He's more frugal than we are.

[Penn]

All arguments aside as to the validity of BC ability to displace nation states fiat currency, its had quite a track since these threads began.

That said, the system has evolved and continues its growth. My focus is the transaction process, the miners, I own most of those, but I do not own any BC, but would like to explore how that is done. To that end have downloaded the apps for COINiD and the BC companies, but unable to buy, because I don’t understand the real time transfer process of how to pay and then protect your asset.

What am I missing?
Thank you in advance for your time.

[PSM]

My comment above yours, Penn, was over 2 years ago. He was here for Christmas and I asked him if he still had any. He'd forgotten about it and said he had $25 left. He checked and it's now worth $2500.