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Old 04-29-2021, 06:02   #16
Badger52
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Quote:
Originally Posted by The Reaper View Post
I believe he is referring to speculation.

TR
Ahh, thanks. The distinction is clearer now.
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Old 04-29-2021, 07:32   #17
TJ11B
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Originally Posted by NurseTim View Post
Has anyone ever heard of GSX cryptocurrency? It’s supposed to be backed by by real gold.


My wife is interested in it. We are not very tech savvy and I don’t have my nose buried in my phone 24/7.

We dipped our toe into cryptocurrency back when bitcoin hit 20K. It wasn’t bitcoin that we bought, it was some other kind and after we bought, a month or two later it went tits up. The guy that turned us on to it tried to tell us there was something wrong but we didn’t understand or didn’t react quickly enough. We lost the investment.

Now my wife wants us to invest. But I am very hesitant, my gut tells me cryptocurrency is a scam. At least with real currency, there is something tangible, albeit worthless. With cryptocurrency, there is nothing tangible. It is like our bank accounts, just “1’s” and “0’s” arranged in a certain way to represent value, nothing tangible.

Any help would be appreciated
I personally stay away from the crypto primarily because of the reasons others have stated above and also due to the fact that the tax implications of buying/selling it haven't really been worked out that I'm aware of. That being said, I have traded options in tickers related to BTC mining ops e.g., MARA, RIOT with success. GL out there.
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Old 04-29-2021, 20:27   #18
tom kelly
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The Cartels:

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Originally Posted by PSM View Post
Money laundering. The cartels love it.
Cartels such as the FBI, CIA, and other 3 letter Government Agencies. Anybody remember Ross Ulbrict, the Silk Road Black Pirate web site, for Illicit drug sales and murder for hire fame. Ross is currently serving 2 Life Sentences in a FCI. The FBI shut down his web site & confiscated his bit coin accounts. He fought the law and the law won".....
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Old 04-30-2021, 07:50   #19
Ret10Echo
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It is interesting.


Quote:
Officials in China’s capital of Beijing are conducting examinations of data centers involved in “cryptocurrency mining” to “better understand their impact on energy consumption,” according to a Reuters report.

Although the report refers to cryptocurrency at large, it is well known that China-based companies contribute the majority of bitcoin mining hash rate, controlling over 70% of the network’s total hash rate and consuming a significant amount of energy, according to this map from the Cambridge Bitcoin Electricity Consumption Index.

Per the report, “The Beijing Municipal Bureau of Economy and Information Technology on Tuesday sent an ‘emergency notice’ to the city’s data centre operators to report if they’re involved in bitcoin and other cryptocurrency mining businesses. If so, they need to report the amount, and share, of power consumed by cryptocurrency mining.”
Article HERE at Bitcoin Magazine

Mining BTC has become a resource intensive effort which moved it from a simple laptop effort to these networked pool of processing power.

Nationa state actors will also influence the viability. Much like TK's reference to Silk Road, if the national systems and markets do not allow for crypto payments then it would have to go to the gray or black market....

International government entities such as the G20 are trying to get regulations established to oversee and control the cryptos, which could potentially break the market.

Bubbles burst...and when what you have is a password to a crypto wallet and not a stack of something tangible well... Good luck
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Old 05-07-2021, 06:24   #20
JJ_BPK
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Along with its base instability, the other monkey(S) that sit in the corner is the multitude of little thiefdoms that want to control the world.

Remember, if they can't tax it they don't like it..

Quote:
Cryptocurrency investors should be prepared to lose all their money, Bank of England governor says
Published Fri, May 7 20216:03 AM EDTUpdated 50 Min Ago

LONDON — Cryptocurrencies “have no intrinsic value” and people who invest in them should be prepared to lose all their money, Bank of England (BOE) Governor Andrew Bailey said Thursday.

Digital currencies like bitcoin, ether and even dogecoin have been on a tear this year, reminding some investors of the 2017 crypto bubble in which bitcoin blasted toward $20,000, only to sink as low as $3,122 a year later.

Asked at a press conference about the rising value of cryptocurrencies on Thursday, Bailey said: “They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.”

“I’m going to say this very bluntly again,” he added. “Buy them only if you’re prepared to lose all your money.”

Bailey’s comments echoed a similar warning from the U.K.’s Financial Conduct Authority (FCA).
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