Bitcoins

Quote:

---

Originally Posted by RedClifford

What a constructive and necessary post this is.
i thought about investing in Bitcoins a couple years ago, wish I did now.

---

His reply answered hos question if members know what Bitcoins are. This shows he does, I do not though.

Isn't there a Bitcoin ATM somewhere in America? I swear I read something about it recently however I doubt it'll dispense the amount of money you've got haha.

It does make me sad knowing my friend got into mining bitcoins in like 2009 but we both didnt keep it up

we could have been millionaires

but tbh it's the same as saying "how rich would you be if you bought apple stocks"

Quote:

---

Originally Posted by Futz

It does make me sad knowing my friend got into mining bitcoins in like 2009 but we both didnt keep it up

we could have been millionaires

but tbh it's the same as saying "how rich would you be if you bought apple stocks"

---

Don't you need super computers to even make a profit on mining bitcoins anyway?

Quote:

---

Originally Posted by Kardan

Don't you need super computers to even make a profit on mining bitcoins anyway?

---

not when it started - it was relatively easy to get bit coins

there was a guy who bought a pizza with 10,000 bit coins back when they were new, if he sold them today that would be $7,000,000

now you need a super computer to make a profit because the electricity/bitcoin output is terrible unless you have a super computer

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

Quote:

---

Originally Posted by Payasam

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

---

Took the words out of my mouth

Quote:

---

Originally Posted by Payasam

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

---

Bitcoins are worthless in a sense, however as I understand it they are actually protected from being printed ad infinitum like the government's and central banks do with our money. The US Dollar isn't backed by anything either, there's nothing to stop the US Government printing like crazy (which causes inflation) to pay off it's debts - which it does anyway, just look at inflation in America and here. The only thing holding the Dollar and other fiat currencies up is mere belief - that's all.

Bitcoin seems interesting to me but I am wary of it, much better to stick to silver and gold which will always always always always retain value because they are a true currency that cannot be printed or created out of nothing.

Quote:

---

Originally Posted by -:Undertaker:-

Bitcoins are worthless in a sense, however as I understand it they are actually protected from being printed ad infinitum like the government's and central banks do with our money. The US Dollar isn't backed by anything either, there's nothing to stop the US Government printing like crazy (which causes inflation) to pay off it's debts - which it does anyway, just look at inflation in America and here. The only thing holding the Dollar and other fiat currencies up is mere belief - that's all.

Bitcoin seems interesting to me but I am wary of it, much better to stick to silver and gold which will always always always always retain value because they are a true currency that cannot be printed or created out of nothing.

---

You "mine" bitcoins, but the problem is there will only ever be so many - the equation of mining means they will eventually NEVER make any more. The biggest problem for me is that (despite what supporters like to claim) the entire currency is valued on drugs. Without this purpose, it would be worthless.

Surely an issue with gold and silver is that it will eventually be gone?

Quote:

---

Originally Posted by Payasam

You "mine" bitcoins, but the problem is there will only ever be so many - the equation of mining means they will eventually NEVER make any more. The biggest problem for me is that (despite what supporters like to claim) the entire currency is valued on drugs. Without this purpose, it would be worthless.

---

Ah I see, well that's good - as with below.

Quote:

---

Originally Posted by Payasam

Surely an issue with gold and silver is that it will eventually be gone?

---

That is a strength for a currency, not a weakness.