Cryptocurrency

RyanGo

RyanGo

New Member
Now the price of BTC is growing every day and I'm very happy about it. I already invest in BTC and advise everyone to start doing this. I started investing with a credit card card. This is easy enough. Look here: BitcoinBestBuy
 
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  • eLad

    eLad

    Legendary Member
    Orange Room Supporter
    Seven Lies Bitcoin Fans Tell Themselves (And Anyone Else Who Will Listen)

    The recent extraordinary runup and commensurate volatility in the price of Bitcoin has intensified global attention on the cybercurrency. For good or ill, Bitcoin is now a topic of interest to the mainstream press, as Bitcoin newbies near and far take notice.

    Such newbies and reporters alike have nowhere to turn for information on Bitcoin than the established cadre of Bitcoin fans (some would say fanatics) who helped to drive its price to the stratosphere in the first place.

    Just one problem: many of these fans are spouting misinformation – and worse, they believe their own nonsense.

    For you fanatics (you know who you are) as well as the broader newbie audience suddenly interested in Bitcoin, here are some of the lies Bitcoin fans tell themselves – and how to avoid getting snookered yourself.

    Lie #1: Bitcoin is Like Something Else

    This fallacy is so prevalent, frankly, because Bitcoin really isn’t much like anything else. There are some similarities between Bitcoin and, say, the US dollar or gold or even tulips, but the differences far outweigh the similarities.

    Drawing a false comparison between dissimilar things is an example of the false analogy, false comparison, or false equivalence fallacy, and there’s even a Wikipedia page that explains it.

    Here is a common example: when I say that criminals use Bitcoin for illicit transactions, a common response is ‘well, criminals use US currency for illicit transactions as well, so you shouldn’t single out Bitcoin.’ This line of reasoning is fallacious, because Bitcoin and US currency are too dissimilar to draw such a conclusion.

    Lie #2: Bitcoin is Secure

    Bitcoin is a cryptocurrency and ‘crypto’ means secure, right? Not so fast. Bitcoin has proven appallingly easy to steal, and even easier to lose.

    Security, after all, is like a game of whack-a-mole. Hit one vulnerability on the head and another pops up. There are still far too many moles all too happy to stick their heads through holes in the Bitcoin threat surface for my liking.

    Lie #3: Bitcoin is Money

    Take a $20 bill and put it under your mattress. Wait ten years and retrieve it. What is it worth? $20, of course. Sure, inflation will have likely reduced its value somewhat, but $20 will always be $20. Such is the nature of money.

    Not so with Bitcoin. It’s more of a commodity that acts as a speculative vehicle, while exhibiting few of the properties of money.

    At this point, Bitcoin fans are likely to point to the handful of merchants around the globe who accept Bitcoin as though it were money. My response: refer to Lie #1. The differences between Bitcoin and money far outweigh the similarities, so any equivalence is a false one.

    Lie #4: Bitcoin has Intrinsic Value Outside of its Minability

    I analyzed the question of Bitcoin’s intrinsic value in a previous article, concluding that its only intrinsic value (that is, value outside of its market value) is due to the fact that people have to mine it.

    From the crickets I heard in response to that article, I surmised that people either didn’t understand my argument or didn’t want to believe it. So here’s a simple way of explaining this point.

    Figures vary widely due to shifting hardware and electricity costs as well as economies of scale, but the cost of mining one Bitcoin is somewhere in the neighborhood of $800 to $1,500. Furthermore, all the Bitcoins now or in the future exist because someone mined them.

    So when you buy a Bitcoin from a miner, you are essentially paying them to mine it – and it’s only worth the trouble for them if you’ll pay them more than it cost them.

    Now, let’s say you want to sell that Bitcoin. Your asking price is what someone is willing to pay, which is what we call the market value. But even if no one wanted to buy your Bitcoin, it would still cost the original miner so much to mine it. That’s its intrinsic value.

    Note that mining Bitcoin is very different from mining gold, say. Gold’s intrinsic value goes well beyond its minability, as it is desirable for many other reasons outside of its market value. Comparing Bitcoin mining to gold mining is, you guessed it, an example of Lie #1.

    Lie #5: Bitcoin is Not in a Bubble

    A Bitcoin’s intrinsic value is around $1,000 while its market value bounces around between $15,000 and $20,000 (or some other crazy number depending on when you’re reading this). The difference is pure speculation – one fool’s bet that a greater fool will be willing to buy that Bitcoin for more than the first fool paid for it.

    Every move to the upside is more evidence of the bubble. Every profit-taking dip to the downside is yet more evidence there’s a bubble. Comparing the Bitcoin bubble to the dot-com bubble or the tulip bubble to draw conclusions about the behavior of bubbles is – once more – an example of Lie #1.

    Lie #6: You’ve Made Money on the Bitcoin You’re Holding

    Never lose sight of the difference between ‘paper profits’ and real profits. You have to sell your Bitcoin to get real money in order to realize a profit.

    If Bitcoin were money itself then perhaps this wouldn’t be the case. Refer to Lie #3 in case you’re unclear on this point.

    The more people decide to take their profits, the lower the price will drop. Since Bitcoin is in a bubble, it’s only a matter of time until its market value resets to a number closer to its intrinsic value. Unless, of course, you believe Lie #5.

    Lie #7: I’m Full of Crap.

    Not just me, of course, but any Bitcoin naysayer. Rest assured, whenever I poke my stick at Bitcoin, I get my share of flamers – people with no better argument than a personal attack on myself.

    Such reasoning is itself fallacious, of course. It’s known as an ad hominem attack, and this fallacy also has its own Wikipedia page.

    You might think I’d be upset with such ad hominem attacks. In reality, I welcome them, so bring them on.

    The reason is simple: people mount ad hominem attacks because they have no better argument. Every time I get a flame, I say to myself, ‘here’s someone who cares deeply about their own point of view, but could not come up with a single non-fallacious argument to justify their perspective.’

    In other words, they’re lying to themselves. Are you?

    Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, none of the organizations mentioned in this article are Intellyx customers. Image credit: BTC Keychain.

    Jason Bloomberg is president of industry analyst firm Intellyx. Follow Jason Bloomberg on Twitter or LinkedIn.

    Seven Lies Bitcoin Fans Tell Themselves (And Anyone Else Who Will Listen)
     
    Booyakasha

    Booyakasha

    Well-Known Member
    Seven Lies Bitcoin Fans Tell Themselves (And Anyone Else Who Will Listen)

    The recent extraordinary runup and commensurate volatility in the price of Bitcoin has intensified global attention on the cybercurrency. For good or ill, Bitcoin is now a topic of interest to the mainstream press, as Bitcoin newbies near and far take notice.

    Such newbies and reporters alike have nowhere to turn for information on Bitcoin than the established cadre of Bitcoin fans (some would say fanatics) who helped to drive its price to the stratosphere in the first place.

    Just one problem: many of these fans are spouting misinformation – and worse, they believe their own nonsense.

    For you fanatics (you know who you are) as well as the broader newbie audience suddenly interested in Bitcoin, here are some of the lies Bitcoin fans tell themselves – and how to avoid getting snookered yourself.

    Lie #1: Bitcoin is Like Something Else

    This fallacy is so prevalent, frankly, because Bitcoin really isn’t much like anything else. There are some similarities between Bitcoin and, say, the US dollar or gold or even tulips, but the differences far outweigh the similarities.

    Drawing a false comparison between dissimilar things is an example of the false analogy, false comparison, or false equivalence fallacy, and there’s even a Wikipedia page that explains it.

    Here is a common example: when I say that criminals use Bitcoin for illicit transactions, a common response is ‘well, criminals use US currency for illicit transactions as well, so you shouldn’t single out Bitcoin.’ This line of reasoning is fallacious, because Bitcoin and US currency are too dissimilar to draw such a conclusion.

    Lie #2: Bitcoin is Secure

    Bitcoin is a cryptocurrency and ‘crypto’ means secure, right? Not so fast. Bitcoin has proven appallingly easy to steal, and even easier to lose.

    Security, after all, is like a game of whack-a-mole. Hit one vulnerability on the head and another pops up. There are still far too many moles all too happy to stick their heads through holes in the Bitcoin threat surface for my liking.

    Lie #3: Bitcoin is Money

    Take a $20 bill and put it under your mattress. Wait ten years and retrieve it. What is it worth? $20, of course. Sure, inflation will have likely reduced its value somewhat, but $20 will always be $20. Such is the nature of money.

    Not so with Bitcoin. It’s more of a commodity that acts as a speculative vehicle, while exhibiting few of the properties of money.

    At this point, Bitcoin fans are likely to point to the handful of merchants around the globe who accept Bitcoin as though it were money. My response: refer to Lie #1. The differences between Bitcoin and money far outweigh the similarities, so any equivalence is a false one.

    Lie #4: Bitcoin has Intrinsic Value Outside of its Minability

    I analyzed the question of Bitcoin’s intrinsic value in a previous article, concluding that its only intrinsic value (that is, value outside of its market value) is due to the fact that people have to mine it.

    From the crickets I heard in response to that article, I surmised that people either didn’t understand my argument or didn’t want to believe it. So here’s a simple way of explaining this point.

    Figures vary widely due to shifting hardware and electricity costs as well as economies of scale, but the cost of mining one Bitcoin is somewhere in the neighborhood of $800 to $1,500. Furthermore, all the Bitcoins now or in the future exist because someone mined them.

    So when you buy a Bitcoin from a miner, you are essentially paying them to mine it – and it’s only worth the trouble for them if you’ll pay them more than it cost them.

    Now, let’s say you want to sell that Bitcoin. Your asking price is what someone is willing to pay, which is what we call the market value. But even if no one wanted to buy your Bitcoin, it would still cost the original miner so much to mine it. That’s its intrinsic value.

    Note that mining Bitcoin is very different from mining gold, say. Gold’s intrinsic value goes well beyond its minability, as it is desirable for many other reasons outside of its market value. Comparing Bitcoin mining to gold mining is, you guessed it, an example of Lie #1.

    Lie #5: Bitcoin is Not in a Bubble

    A Bitcoin’s intrinsic value is around $1,000 while its market value bounces around between $15,000 and $20,000 (or some other crazy number depending on when you’re reading this). The difference is pure speculation – one fool’s bet that a greater fool will be willing to buy that Bitcoin for more than the first fool paid for it.

    Every move to the upside is more evidence of the bubble. Every profit-taking dip to the downside is yet more evidence there’s a bubble. Comparing the Bitcoin bubble to the dot-com bubble or the tulip bubble to draw conclusions about the behavior of bubbles is – once more – an example of Lie #1.

    Lie #6: You’ve Made Money on the Bitcoin You’re Holding

    Never lose sight of the difference between ‘paper profits’ and real profits. You have to sell your Bitcoin to get real money in order to realize a profit.

    If Bitcoin were money itself then perhaps this wouldn’t be the case. Refer to Lie #3 in case you’re unclear on this point.

    The more people decide to take their profits, the lower the price will drop. Since Bitcoin is in a bubble, it’s only a matter of time until its market value resets to a number closer to its intrinsic value. Unless, of course, you believe Lie #5.

    Lie #7: I’m Full of Crap.

    Not just me, of course, but any Bitcoin naysayer. Rest assured, whenever I poke my stick at Bitcoin, I get my share of flamers – people with no better argument than a personal attack on myself.

    Such reasoning is itself fallacious, of course. It’s known as an ad hominem attack, and this fallacy also has its own Wikipedia page.

    You might think I’d be upset with such ad hominem attacks. In reality, I welcome them, so bring them on.

    The reason is simple: people mount ad hominem attacks because they have no better argument. Every time I get a flame, I say to myself, ‘here’s someone who cares deeply about their own point of view, but could not come up with a single non-fallacious argument to justify their perspective.’

    In other words, they’re lying to themselves. Are you?

    Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, none of the organizations mentioned in this article are Intellyx customers. Image credit: BTC Keychain.

    Jason Bloomberg is president of industry analyst firm Intellyx. Follow Jason Bloomberg on Twitteror LinkedIn.

    Seven Lies Bitcoin Fans Tell Themselves (And Anyone Else Who Will Listen)
    Urban Dictionary: nocoiner
     
    Joe tayyar

    Joe tayyar

    Legendary Member
    Orange Room Supporter
    Litecoin better than bitcoin :cool:

    I hope u are riding it@Booyakasha
     
    Booyakasha

    Booyakasha

    Well-Known Member
    Yes sir :) have diversified the portfolio and got into a bunch of ICOs.
    You should check out Ripple. Betting big on this one and riding it to the moon o_O
    @joe tayyar man did you see Ripple??? If you haven't don't miss it, solid solid fundamentals!
     
    Joe tayyar

    Joe tayyar

    Legendary Member
    Orange Room Supporter
    why is it better? how much to invest and how you invest???
    Because if you want to buy bitcoin its about 16000 now. While in this 16000 you can buy ripple lets say and it cost 1$. Same as many other cheap coins that you can buy in big volume. For example when litecoin was 53$ bitcoin was 9000$. Litecoin hit 400$ when bitcoin hits 20k. Percentage wise lite did much better than bit. Think about it like that.
     
    oldschool

    oldschool

    Active Member
    Can anyone tell me which website we can use from Lebanon?
     
    Booyakasha

    Booyakasha

    Well-Known Member
    Because if you want to buy bitcoin its about 16000 now. While in this 16000 you can buy ripple lets say and it cost 1$. Same as many other cheap coins that you can buy in big volume. For example when litecoin was 53$ bitcoin was 9000$. Litecoin hit 400$ when bitcoin hits 20k. Percentage wise lite did much better than bit. Think about it like that.
    Lah ka Joe lah! It's not the price per 'unit' that matters. It's the market cap, and the market cap is defined by the valuation of the coin.
    Whether you invest 100$ in bitcoin now or 100$ in Litecoin it's still 100$ in both cases today.
    Now if Bitcoin is up 30% those become 130$ and if Litecoin goes up 20% those are 120$, regardless of the 'unit price'.
    It's a how much % will it appreciate based on its fundamentals (advantages vs. other coins, end use, scalability and adoption) and investment case - it's the same approach as single stock picking, it's not a question of volumes.

    why is it better? how much to invest and how you invest???
    Aoune32!, if you google it you'll find plenty of answers that cover your question: litecoin vs bitcoin - Google Search
    Among other things, the two have different algorithms, transaction speeds, fees, etc.
    Can anyone tell me which website we can use from Lebanon?
    No clue, it's a LONG and painful process to get verified on exchanges like GDAX, Bitfinex, etc. even outside Leb, I doubt it'll be easy to get in from Leb.
     
    Joe tayyar

    Joe tayyar

    Legendary Member
    Orange Room Supporter
    Lah ka Joe lah! It's not the price per 'unit' that matters. It's the market cap, and the market cap is defined by the valuation of the coin.
    Whether you invest 100$ in bitcoin now or 100$ in Litecoin it's still 100$ in both cases today.
    Now if Bitcoin is up 30% those become 130$ and if Litecoin goes up 20% those are 120$, regardless of the 'unit price'.
    It's a how much % will it appreciate based on its fundamentals (advantages vs. other coins, end use, scalability and adoption) and investment case - it's the same approach as single stock picking, it's not a question of volumes.


    Aoune32!, if you google it you'll find plenty of answers that cover your question: litecoin vs bitcoin - Google Search
    Among other things, the two have different algorithms, transaction speeds, fees, etc.

    No clue, it's a LONG and painful process to get verified on exchanges like GDAX, Bitfinex, etc. even outside Leb, I doubt it'll be easy to get in from Leb.
    Yeas booya im aware of the market cap, but what im trying to say that whenever people hear about crypto they ruch to bitcoin while there are many other promising coins that people can do money from, and people should dig more in other coins to knows whats best before investing.
    Im still digging anyway lol
     
    Aoune32!

    Aoune32!

    Well-Known Member
    Lah ka Joe lah! It's not the price per 'unit' that matters. It's the market cap, and the market cap is defined by the valuation of the coin.
    Whether you invest 100$ in bitcoin now or 100$ in Litecoin it's still 100$ in both cases today.
    Now if Bitcoin is up 30% those become 130$ and if Litecoin goes up 20% those are 120$, regardless of the 'unit price'.
    It's a how much % will it appreciate based on its fundamentals (advantages vs. other coins, end use, scalability and adoption) and investment case - it's the same approach as single stock picking, it's not a question of volumes.


    Aoune32!, if you google it you'll find plenty of answers that cover your question: litecoin vs bitcoin - Google Search
    Among other things, the two have different algorithms, transaction speeds, fees, etc.

    No clue, it's a LONG and painful process to get verified on exchanges like GDAX, Bitfinex, etc. even outside Leb, I doubt it'll be easy to get in from Leb.
    So a litecoin costs approx $360 US dollars currently. Say you buy three. Can this be a long term investment? Can you hold onto it in your wallet and then sell it if the price goes up?
    Sorry I read it just don't know much about it.
     
    The Jade

    The Jade

    Legendary Member
    So a litecoin costs approx $360 US dollars currently. Say you buy three. Can this be a long term investment? Can you hold onto it in your wallet and then sell it if the price goes up?
    Sorry I read it just don't know much about it.
    Yes, it's like any stocks or currency you buy.
    It's highly volatile though as the past months have shown.
     
    Aoune32!

    Aoune32!

    Well-Known Member
    Yes, it's like any stocks or currency you buy.
    It's highly volatile though as the past months have shown.
    It could be easy money kameina. I wouldn't bet with my house on it bas.
     
    The Jade

    The Jade

    Legendary Member
    It could be easy money kameina. I wouldn't bet with my house on it bas.
    Definitely.
    Lots of people made loads of money betting on crypto.
    But then again, you'll need to have a few thousands to spare here and there.
     
    Aoune32!

    Aoune32!

    Well-Known Member
    Definitely.
    Lots of people made loads of money betting on crypto.
    But then again, you'll need to have a few thousands to spare here and there.
    Do you just go and register?? Place your credit card in and buy how many litecoin you want?? Does it matter where in the world you are?? like is there different websites for different countries???
     
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