Do you own any Bitcoin?
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Dmb5450
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I love the cryptocurrency movement I think it’s going to take off. I read somewhere that people that have been make predictions and have been pretty spot on said bitcoin can go to 500k each. A year ago I saw predictions that 8-10k by the end of 2017. Looks like it is spot on again!
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custmsprty
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Bitcoin drops $1,000 dollars in 48 hours 
custmsprty
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I'm predicting when the US Government gets done regulating crypto currencies in the not so distant future they will be illegal for US citizens to own. Only time will tell. Remember, their was a time when it was illegal for us to own gold bullion.
To quote:
Yes, in this country, from 1933 to 1974 it was illegal for U.S. citizens to own gold in the form of gold bullion, without a special license. On January 1, 1975, these restrictions were lifted and gold can now be freely held in the U. S. without any licensing or restrictions of any kind.
To quote:
Yes, in this country, from 1933 to 1974 it was illegal for U.S. citizens to own gold in the form of gold bullion, without a special license. On January 1, 1975, these restrictions were lifted and gold can now be freely held in the U. S. without any licensing or restrictions of any kind.
Dmb5450
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I don’t see gold bullion and cryptos being comparable. I believe the reason for the gold ban was out of perceived necessity. During the great depression people pulled their gold out of banks. At that time 40% of the printed money had to be backed by bullion, if people held their gold the government couldn’t print money and saw this as a state of emergency. FDR enacted this ban to help the nation ( I believe that’s how everything played out) if the government today tried to ban gold, they better have a darn good reason. Since bitcoin is decentralized it isn’t backed by anything no inflation or deflation will occur. If the government tries to ban cryptos it can’t be for any logical reason other than fear and greed. The few smart people in America will see right through this.
You are correct, they will mess with cryptos, but they better be careful. With the 10000000 bigger issues we have making bitcoin a priority will show the governments true fear. This will make it very clear that the government has little faith in their corrupt fiat currency and clear that they know that people are getting wise to the scam they run. I would then expect the fiat stocks to fall as a result, this would impact world wide. News of the US government trying to defend their monetary system against bitcoin would be laughable. So the government needs to tread carefully.
Also, I think some legal issues would arise. The government has sold confiscated bitcoin to the US people in auctions. If they ban an item they sold publicity only a few years prior people are going to go nuts, again proving how little confidence they have in their own fiat system.
Bitcoins are sold in physical locations and taxed as much as 20%, how do you justify allowing the selling of a product then making it illegal? The government tries that with alcohol during prohibition, we all know that worked out really well. While I know the government can do these things, they make heroin illegal but that doesn’t stop heroin from existing. The government cannot delete bitcoin, it will always be here. With bitcoin being stored by a code on an external device I have no idea how they will know who has bit coin and how much. Bitcoin is constantly being created, they can’t stop this from happening the block chain is ever expanding its decentralized.
End rant
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Dmb5450
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Forgot to post this...
https://www.bloomberg.com/news/arti...pened-in-shadows-of-finance-now-banks-want-in
Banks know if you can’t beat em, join em.
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https://www.bloomberg.com/news/arti...pened-in-shadows-of-finance-now-banks-want-in
Banks know if you can’t beat em, join em.
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custmsprty
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Are any of those the same banks that led to the financial crisis of 2007-2008? Are any of those hedge funds etc? As for me, I'd hardly use the banks of an example of financial fiscal responsibilty after the US taxpayers had to bail them out before.
Honestly, I didn't take the time to read your last post because here's the deal, US Government will ban it for national security reasons. Because it's a "crypto currency". It can be used to fund terrorism and that is how it will be persued. Executive action. Bam, done, overnight.
Dmb5450
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I hear what your saying, after the bailout and never seeing a cent repaid I don’t trust the banks, all I’m saying is that they see a way to make money from the cryptos. Once the people with all the power and say want something to stay it’s not going anywhere. The best part is once banks are on board they can’t do squat to control any of the currency. I don’t care if the banks are for cryptos or not. My point was that the banks and government are scared. Gone are the days of charging me 200 dollars interest a month then giving me 1 cent a month for having a few grand in a savings account. Gone are the days of being charged a fee to send money. To be honest most of my investments are in fiat money. I’m fine averaging a safe 8-12% a year return. That’s my retirement for the future. I know how the system works and don’t like it, but I need the system to plan my future. If bitcoin goes to 30k one day I’m selling half of my stash, putting it in fiat money, and living on the interest on a private island somewhere.
I hate the system but I’m not stupid, if cryptos tank or become illegal I can still sell at a much larger amount then I bought for and I come out ahead. Cryptos are the new internet or the Apple comeback. Everyone said if I just had put 1 grand in Apple, amazon, Facebook, Snapchat, etc I would be rich. I’m rolling the Roulette wheel and taking a gamble.
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custmsprty
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Everyone said if I just had put 1 grand in Apple, amazon, Facebook, Snapchat, etc I would be rich. I’m rolling the Roulette wheel and taking a gamble.
These are real companies, making or delivering products, except snapchat which is down 50% since it's ipo so I wouldn't use them as an example. And I bought 200 shares of Facebook at $19.80 years ago in my roth so yeah, I'm pretty happy right now. Same with Apple, I bought it and have held it for 15 years and I'll be in it for alteast another 12-15 years. I hope all works out for you with bitcoin. Me, I'll never be in or out and will never regret it.
Bitcoin is like a pyramid scheme, if you were in it at the beginning your good to go, if you bought it this past Monday, well let's just say you got screwed.
Dmb5450
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I bought over a year ago, but will buy more if it drops below 6k. With schools such as MIT giving out cryptocurrency to students, It’s a darn clever pyramid scheme that fooled a lot of people. I know it’s a risk I won’t care if I lose the money, I knew that going in. Thanks for the well wishes in the venture, if it does work out I’ll buy you some wax ��. I always love reading your comments custm!
Dmb5450
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For anyone following bitcoin that didn’t hear, SegWit2X was called off causing the recent drop in value. Bitcoin will not be splitting on the 16 as originally planned. Unfortunately I don’t think values will drop as low as I said in a prior post.
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Just FYI, the MIT Bitcoin Club gave out the currency (as an experiment), not MIT itself.
Dmb5450
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Correct, I wasn’t very clear. Since the group is apart of MIT, I grouped them together.
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AZpolisher15
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When you buy bitcoin with US dollars, who ends up with the US dollars?
Why wouldn't they buy bitcoin with the US dollars they receive?
Why wouldn't they buy bitcoin with the US dollars they receive?
Calendyr
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All I can say is that there is a Cryptocurrency craze right now. Everyone is talking about it and it getting pushed hard in the news. So it is definatelly not the time to buy. I wish I had purchased some when I first looked at it a while ago. At that time Bitcoin was sitting at 500$. That would have been a good time to buy. Now that it has hyper inflated, and that everyone wants some, there is a very high risk of it dropping in value. So I am not planning on buying any. If I miss the boat, so be it.
Dmb5450
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I agree the prime buying time is gone. However, I think bitcoin is due for a correct soon. It will drop a few grand and quickly return to the normal value then some. This has been the trend for the past few months. If your feeling adventurous, buy during the dip and sell during the peak.
The media attention for bitcoin has helped me a lot. I know people aren’t doing their homework. They see bitcoin on the news and see its up 400% from less than a year ago. They think cool I’ll get rich quick. Random people drop a grand and the value flys up. Remember bitcoin is limited to total amount in circulation, around 16.5 million now. Estimates of around 4 million coins have been lost from early years and Satoshi Nakamoto having around 1 million that only leaves 11.5 million coins. That means as long as media entices people to buy the price will keep going up. When coins hit a new high people sell, causing a large drop. I buy more knowing the price will correct its self. I have a set amount of coins that I’m holding another amount that I buy and sell with as price fluctuates. I’m just waiting for media to start telling people to buy ethereum and litecoin!
Google trends seem to indicate that that the more searches for bitcoin translate to higher coin prices.
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Dmb5450
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If I understand your question, the person who owned the bitcoin and then sold it to you gets the money
All bitcoins are issued to the coin miners. The miners can chose to save or sell those coins. Saving the coins has potential for growth. Selling allows for real money now. Though bitcoin is being used more and more for purchasing. I can’t go to my grocery store and buy food with bitcoin. To turn the mined coin into commonly accepted money, you need to sell that coin to someone else willing to give fiat currency. So having only money in crypto doesn’t help at this point in time.
So those coins mined are able to be saved or exchanged. So when you buy a bitcoin with cash, you are buying it from someone who owned it but initially it was obtained from a miner. Hopefully that makes sense.
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