Bitcoin and other cryptocurrencies

dyyyy

Well-Known Member
for your bank account, either you invest it in stock or in crypto. provided that you have such an amount.
not exactly
a consumer product is something that is 'consumed' or expires
a painting is something that keeps its value and can be traded again a 100 years later
granted a painting needs maintenance.

same as a piece of real state or a piece of land
is it a consumer product ?

same as gold
Is gold a consumer product ?
it has a value due to its rarity and demand

same as bitcoin
there's demand thus there's value.
You're talking about mathematical numbers but it real life gold is a material that is used, after all the tradings in the end some people actually use this gold as ornaments,
With bitcoin it could have been a currency but since the pct of people who actually use it is too low, the 99% are buying to later sell it, so this 5,000$ is just something you will get from the next one you sell it to, its only value is to be sold until at the end whne no-one buys it the last users (the leaf in the pyramid scheme) pay the price
 

Totenkopf

New Member
misleading ????!!! how so?? you just said 3 years compound =12% genius. that would = to what i said 'if you are lucky you would get 3% a year.'
hmm 3 years * 3% = 9 ,if it is steady, add the compound part that would = 12%
i wonder how you are making your money and you cannot even understand what i wrote.
hold your horses mate, you said you would be lucky to make 3%. I am financially illiterate and I make slightly more than that by investing in low risk blue chip stocks.

You are clearly more savvy than me with this stuff. So, what exactly do you own when you own a crypto coin compared to me owning a part of business?

Do you own a unique token or something? you would make your money as long as there are people willing to pay for your mined coins?
 

Steven Gerrard

Active Member
Orange Room Supporter
You're talking about mathematical numbers but it real life gold is a material that is used, after all the tradings in the end some people actually use this gold as ornaments,
With bitcoin it could have been a currency but since the pct of people who actually use it is too low, the 99% are buying to later sell it, so this 5,000$ is just something you will get from the next one you sell it to, its only value is to be sold until at the end whne no-one buys it the last users (the leaf in the pyramid scheme) pay the price
Hence, the ponzi scheme attached to bitcoin

Bitcoin = Man made

Gold = Nature

Gold is robust and lindy (been in this world for millions of years and used by humans for thousand of years)

I have gold in my portfolio, very happy with that it's my hedge incase the world implodes lol.
 

changetheword

Well-Known Member
Hence, the ponzi scheme attached to bitcoin

Bitcoin = Man made

Gold = Nature

Gold is robust and lindy (been in this world for millions of years and used by humans for thousand of years)

I have gold in my portfolio, very happy with that it's my hedge incase the world implodes lol.
Which platform do you use to buy/sell Gold?
 

Mrsrx

Not an expert!
Staff member
Which platform do you use to buy/sell Gold?
Any trading platform should have some products like this (quick search on degiro if you are in europe) forget the price itself the price action mimics the price of gold (if gold is up 1% it will be up 1% regardless of the value of the ETC):
1626450765945.png
1626450797989.png
 

Mrsrx

Not an expert!
Staff member
misleading ????!!! how so?? you just said 3 years compound =12% genius. that would = to what i said 'if you are lucky you would get 3% a year.'
hmm 3 years * 3% = 9 ,if it is steady, add the compound part that would = 12%
i wonder how you are making your money and you cannot even understand what i wrote.
3 years of 3% compounds to 9.3% far from the 12%
 

Mrsrx

Not an expert!
Staff member
Appreciate the info. Thank you!
I use robinhood
Are those Gold?
View attachment 24305


GLD and IAU seem to be but read the descriptions of these products before you buy to make sure everything is good. Ishares is a subsidiary of Blackrock and SPDR is very well known aswell. I like Ishares generally as info is easy to find on their website. Yahoo Finance in the details tab gives you a short brief on what the product is.
 

changetheword

Well-Known Member


GLD and IAU seem to be but read the descriptions of these products before you buy to make sure everything is good. Ishares is a subsidiary of Blackrock and SPDR is very well known aswell. I like Ishares generally as info is easy to find on their website. Yahoo Finance in the details tab gives you a short brief on what the product is.
Thanks a bunch, will get ready :)
 

Bandar

Well-Known Member
Orange Room Supporter
It has no real value, those who think these bits not backed by anyone can replace money have no idea how money works. If governments and their economy are not behind money then money has no values, money and currency is a representation of a whole country production. Your best example is Lebanese money, the economy collapses then the money collapses, same happend with the rouble, and all types of money in the world. who is behind the bitcoin scam and which country and ecnomoy will stand behind bitcoin when your bits disappear one day...
If bitcoin is the future of money then why is denominated in USD, and is sold and bought in USD like any other consumer product and why buy something with it, they just take its value in USD on the market and calculate the price as if you were paying in USD

money represents a social agreement on the value of a more or less arbitrary object to purchase labor, commodities, services, etc. bitcoin is backed by the social agreement between those who buy, hold, speculate, and use it. that's not to say that it is stable by any means - btc will not be truly stable probably for many many years, not until those who use it begin to outweigh those who speculate on it.

lebanon's currency is worthless because society has agreed that it is worthless, because lebanon's government cannot guarantee that it is worth anything - it does not have any precious metals, commodities, production capabilities, or anything else to back up the cash. on top of that, and probably more importantly, it is clear to any potential trade partners that our central bank and government will engage in irrational and downright criminal fiscal/monetary policy that would rapidly devalue any LBP they hold, adding unacceptable risk to the currency for any serious business. that's why LBP is worthless, because "ehh bro dont worry walaw" only works on other lebanese people, but it falls flat for any serious (read: not lebanese) people.

if you sold all your LBP for bitcoin 2 years ago you would have made a very wise investment.

also you don't seem to understand the technology, the bits can't "disappear" unless the internet itself disappears.
 

Bandar

Well-Known Member
Orange Room Supporter
Paintings are not money they are consumer products that are sold in USD or other currencies, same as Bitcoin, so thanks for proving my point
you can buy USD with AED and you can buy CAD with JPY. what's your point lol
 

Danny Z

Legendary Member
also you don't seem to understand the technology, the bits can't "disappear" unless the internet itself disappears.
This is not about technology you don’t seem to understand money at all. when the value disappears and is wiped out because companies don’t take bitcoins, no government is going to step on to bail holders of crypto out. There is nothing that backs crypto except few idiots like you who thin it has value no, not a single company prices their products un bitcoins, they Price them in USD and if they take crypto it is at and equivalent of USD and Euro at the time of transaction because they can immediately sell it on the market and take real. money for it.
the only reason currencies are trusted is because governments stand behind them when a bond is printed by a central bank or the fed the holder of the bond will get his money bank and interest because the country who isuued the bank backs this bond and provides the trust in the bond hence the currency,when they default like Lebanon did then the trust is gone and the currency tumbles. Also when the country has no economy and its currency can’t be used to buy goods from this country then it tumbles, Bitcoin is not a currency and there is no trust by whoever issued who is not even know, you can get a loan in cryptocurrency , there is interest rate on it, there is no control on inflation by raising or lowering rate, it just a consumer good people buy and sell and fluctuates as it just based on speculation, but Is I’ll stop wasting time on this and on you. You have no understanding of money to start with.
 

Danny Z

Legendary Member


GLD and IAU seem to be but read the descriptions of these products before you buy to make sure everything is good. Ishares is a subsidiary of Blackrock and SPDR is very well known aswell. I like Ishares generally as info is easy to find on their website. Yahoo Finance in the details tab gives you a short brief on what the product is.
GLD has a bigger daily volume, IAU has smaller fees. It eventually the price should end up being the same thanks to arbitrage, each is backed by real gold as the ETF issuers have real gold in their coffers to back the ETF, both ETFs have fees Like any other ETF. holding gold in bullions is more expensive than the fees as it needs storage and buying and selling real bullions have higher transactional fee as you need to move real gold from a coffer to another. ETFs only move certificates around. Crypto sends empty bits and people think they have money until one day it all crumbles and they end up with an SD card.
 

Mrsrx

Not an expert!
Staff member
GLD has a bigger daily volume, IAU has smaller fees. It eventually the price should end up being the same thanks to arbitrage, each is backed by real gold as the ETF issuers have real gold in their coffers to back the ETF, both ETFs have fees Like any other ETF. holding gold in bullions is more expensive than the fees as it needs storage and buying and selling real bullions have higher transactional fee as you need to move real gold from a coffer to another. ETFs only move certificates around. Crypto sends empty bits and people think they have money until one day it all crumbles and they end up with an SD card.
Wouldnt worry much about the volume as both are pretty liquid so would go for the cheaper one.
Ayya SD card you will end up with a bankrupt Coinbase account max.
 

Bandar

Well-Known Member
Orange Room Supporter
This is not about technology you don’t seem to understand money at all. when the value disappears and is wiped out because companies don’t take bitcoins, no government is going to step on to bail holders of crypto out. There is nothing that backs crypto except few idiots like you who thin it has value no, not a single company prices their products un bitcoins, they Price them in USD and if they take crypto it is at and equivalent of USD and Euro at the time of transaction because they can immediately sell it on the market and take real. money for it.
the only reason currencies are trusted is because governments stand behind them when a bond is printed by a central bank or the fed the holder of the bond will get his money bank and interest because the country who isuued the bank backs this bond and provides the trust in the bond hence the currency,when they default like Lebanon did then the trust is gone and the currency tumbles. Also when the country has no economy and its currency can’t be used to buy goods from this country then it tumbles, Bitcoin is not a currency and there is no trust by whoever issued who is not even know, you can get a loan in cryptocurrency , there is interest rate on it, there is no control on inflation by raising or lowering rate, it just a consumer good people buy and sell and fluctuates as it just based on speculation, but Is I’ll stop wasting time on this and on you. You have no understanding of money to start with.
 

Bandar

Well-Known Member
Orange Room Supporter
bitcoin has real adoption problems and the way the currency is secured is energy inefficient, but the guy above really has no idea what he's talking about. The entire point of crypto is that it is decentralized, it is by design that you can't be "bailed out" with inflation. once again, bitcoin is already more trustworthy than LBP and the currency of many other shithole countries. it already has value on that basis alone.
 

Mrsrx

Not an expert!
Staff member
bitcoin has real adoption problems and the way the currency is secured is energy inefficient, but the guy above really has no idea what he's talking about. The entire point of crypto is that it is decentralized, it is by design that you can't be "bailed out" with inflation. once again, bitcoin is already more trustworthy than LBP and the currency of many other shithole countries. it already has value on that basis alone.
I agree with Danny regarding this. Oil for food(Saddam), IMF bundle(DSK) and gold standard(Qaddafi) all had tragic endings once they tried to gain backing to challenge the USD or used a different currency for state and oil transactions. Fiat currencies are protected by tanks and F-35s and a BS claim of gold and foreign currency reserves. BTC is not.
Bitcoin Miners are 72% in China and any chinese regulation can really kill bitcoin in minutes (search 51% attack) which makes bitcoin value inheritly unstable due to this. The LBP volatility is the same as the BTC one (gaining 1000s% in months then losing 50% on chinese news in a week).
You can play the volatility to make money for now but big banks are working on their own crypto currencies and Sweden is working on their national crypto krona(fact as i know people working on some of those projects). Do not put more than you can afford to lose in this. This is V1 of the tech. good POC but nothing more.
Inversing SHA-256 is a poor and stupid technical choice as it consumes energy without anything productive behind it.

edit correction 65% ( still over 51%)

Screenshot_20210718-164219.jpg
 

Bandar

Well-Known Member
Orange Room Supporter
I agree with Danny regarding this. Oil for food(Saddam), IMF bundle(DSK) and gold standard(Qaddafi) all had tragic endings once they tried to gain backing to challenge the USD or used a different currency for state and oil transactions. Fiat currencies are protected by tanks and F-35s and a BS claim of gold and foreign currency reserves. BTC is not.
Bitcoin Miners are 72% in China and any chinese regulation can really kill bitcoin in minutes (search 51% attack) which makes bitcoin value inheritly unstable due to this. The LBP volatility is the same as the BTC one (gaining 1000s% in months then losing 50% on chinese news in a week).
You can play the volatility to make money for now but big banks are working on their own crypto currencies and Sweden is working on their national crypto krona(fact as i know people working on some of those projects). Do not put more than you can afford to lose in this. This is V1 of the tech. good POC but nothing more.
Inversing SHA-256 is a poor and stupid technical choice as it consumes energy without anything productive behind it.

edit correction 65% ( still over 51%)

View attachment 24338
yeah i'm not a bitcoin maximalist or anything. i hold a bit of nano and that's all. i still support the crypto cause as i hate paying taxes to people who hate me, and that's what i do both in the USA and lebanon.
 
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