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Was anyone else long on Bitcoin Cash before today?

Discussion in 'General' started by Knotcher, Nov 12, 2017.

  1. sdiver

    sdiver Well-Known Member

    But crypto removes the most important aspect of why US has value.
     
  2. Mongo

    Mongo Administrator

    I think that was my point. It has nothing backing it and hence no value. You can't use it in day to day transactions so it's useless and essentially worth nothing more than the electrons it's made up of.
     
  3. Knotcher

    Knotcher Well-Known Member

    I wouldn't compare any cryptocurrency to the USD. There are however, numerous national currencies that are smaller in market cap than bitcoin and not nearly as robust as the USD. Crypto solves for some problems that USD, Euros, etc. have but not nearly enough to be a viable replacement.

    That being said, I am speculating based on the demand for better currencies in other parts of the world. I have no more intention of using it for money than I do any other commodity.

    There is one, so far, that I think does have underlying tech that will be disruptive as it enable effectively instant transfers of any amount with zero fees.
     
  4. Knotcher

    Knotcher Well-Known Member

    So gold, then, but more liquid.
     
  5. Mongo

    Mongo Administrator

    I can find people willing to trade me goods for gold all day long. Can't find anyone to trade me goods for a USB thumb drive :D
     
  6. Knotcher

    Knotcher Well-Known Member

    Haha, different circles!
     
  7. Trunxgp1224

    Trunxgp1224 Well-Known Member

  8. SPL170db

    SPL170db Trackday winner


    Not sure. Based on the fact that it was only running whilst they were connected to the infect website (if I read it correctly) I can't imagine that it was huge amount.
     
  9. Trunxgp1224

    Trunxgp1224 Well-Known Member

    Good point, otherwise everyones data usage would be through the roof and the scheme would be found much faster.
     
  10. Used2Bfast 2

    Used2Bfast 2 Still in the saddle

    Exactly. So it IS less of a currency then green backs. Much smaller pool of willing users.
     
  11. Knotcher

    Knotcher Well-Known Member

    I would wager that most on here, mongo included, agree that it has value. There is just likely widespread disagreement on how much.

    After all, if you were offered 10 Bitcoin for 5 thousand dollars you'd likely take that deal.
     
  12. Venom51

    Venom51 John Deere Equipment Expert - Not really

    No I wouldn't.
     
    BigBird likes this.
  13. BigBird

    BigBird blah



    Sent from a smatrphone
     
  14. Knotcher

    Knotcher Well-Known Member

    That would be foolish.
     
  15. DucatiBomber

    DucatiBomber DJ Double A

    Curious what are the neighborhoods like where they went in?
    We have two Bitcoin atm’s in pittsburgh now.
    Not exactly the best of neighborhoods (I’m being very polite lol)


    Ride safe,
    AAron
     
  16. Venom51

    Venom51 John Deere Equipment Expert - Not really

    Depends on how you look at it. I could get rich playing the lottery too but I'd just rather keep the 2 dollars I already have.
     
    BigBird likes this.
  17. 05Yamabomber

    05Yamabomber Dammit Haga

    Looks like there are actually more than 5. They are in "Urban" areas, and also college areas. As expected.
     
  18. SPL170db

    SPL170db Trackday winner


    If I was planning to immediately turn around and use them on something that you can actually purchase with Bitcoin perhaps, but not to sit on as an investment.

    What the hell can you buy with that stuff anyway? Blackmarket drugs, electronics and some other random doohickies?
     
  19. Knotcher

    Knotcher Well-Known Member

    That's what I mean. You'd take the deal because you believe it has value.

    You can buy anything in the Microsoft online store with them, for one.
     
  20. Mongo

    Mongo Administrator

    Nope. I do not think it has any real world value. All of the small country currencies I can take to a bank and exchange for real money, can't do that with bitcoin. It's essentially the same as having a domain name - if someone want's to buy it then it has value. If no one wants it there is no value. It's not a real tangible object you can take to buy beer, you can't trade it at most financial institutions for local money, so it's not currency.

    I wouldn't take any bitcoin offered at anything above what I'd be willing to bet on football or the like. It'd be an amusement but never a real investment any more than I invest the money I put in a slot machine.
     

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