Was anyone else long on Bitcoin Cash before today?

Bitcoin will collapse due to the amount of energy required to continue it's mining and the transactions along with ever impending Government interference. I just can't get into it even as geeky as I am.

 

they're already talking about mining overtaking cars in the next few years and trumping green efforts of clean energy. what a cluster fuck. the technology itself has valuable impact potential into other things, and from what little research i've done, there's already better ones than bitcoin. its just getting all the attention right now. my idea is to start throwing a little play money in coins that either large established companies start scooping up (look at what happened to IOTA this week after Microsoft announced), or stuff that looks like it could be useful in real world ways... credit card companies to spend your wallet real time, things that improve processing in other industries, etc... speculating on pyramid type investment bubbles is absurd to me. get it while the gettins good tho i guess.

until a stabilized value for a core basket of goods is normalized for whatever coin... bitcoin or ethereum or other... none of them will have any real world long term wealth benefit or use as currency. its just a cash grab right now.

personally also... i'd be looking to get around the coinbase public microscope shit too if it were me. i have a few ideas, but yea... they're gonna start taking their share.

 

An ad for a car on CL listed payment as "Cash, PayPal, BitCoin".. it was a $10k ElCamino .

 

After seeing this thread, I came across Banking on Bitcons on Netflix that was pretty useful in the purpose and reason behind the Bitcon.

Kinda helpful upon returning to this thread. Also useful in explaining the original purpose behind Bitcon. Then government regulations entered the picture

 

why buy an el camino today when you can get 3 a week from now? and so on goes the speculation until nobody's actually using it for its intended purpose.

 

Bitcoin is making a lot of millionaires right now, and will put a lot of people in the poor house.

A friend of mine bought 30,000 bitcoin in 2015, which was just under $100k I think. That's almost a half billion today. The crazy fuck says he's letting it ride...

 

If it shits the bed, that is crazy....if it doubles..he is a Billionaire...(personally, I would cash the fk out and be happy as fk).

 

I am skeptical of the ability to cash out large volumes right now.

 

How greedy can people get? Jesus…

 

I wonder about that also. I don't know how the market works, but it seems too good to be true.

That's fuck you money. If it could be turned into cash I don't understand why everyone with a good amount wouldn't just bail today and fly around in private jets for the rest of their lives.

 

It's VaporCash.

 

Because they have no banks willing to convert it into USD would be my bet. Plus the first one to do so would trigger a run and cause a collapse. You are a half billionaire in Bitcoin but still a pauper in the real world. As long as you are sticking to bitcoin transactions you could live like a king. Unfortunately the writing is on the wall as the volatility is working against it and now those who were previously taking Bitcoin will stop dong so due to uncertainty.

 

Face it, you know about as much about Bitcoin as Satoshi knows about racing motorcycles

 

How much was he worth if he was willing to gamble $100,000?

 

That's how I've felt about it. However, my firm is in the FX trading business, so we're forced to get involved. I'm curious to see what will happen once the CBOE and CME futures go live in the next few weeks.

 

Bitcoin is just like fantasy football. Not reality.

 

Satoshis

 

Is that like a dime or a quarter?

 

The satoshi represents one hundred millionth of a bitcoin. The general unit structure of bitcoins has 1 bitcoin (BTC) equivalent to 1,000 millibitcoins (mBTC), 1,000,000 microbitcoins (μBTC), or 100,000,000 satoshis.

 

That math doesn't add up. 30,000 at $100k is about $3/Bitcoin. In 2015 it was ranging between $200-300.

Still a nice return, no doubt!