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  #1  
Old December 1st, 2017, 06:39 PM
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Any Bitcoin people here?

Me - late adopter. Bought a month or so ago. Had looked into a few years before, never bought. Better late than never.

My broke-ass brother-in-law? He was very early adopter. Had 3,500 bitcoin, sold when they hit $5.00. That would be over 35M at today's prices. Ouch.
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  #2  
Old December 1st, 2017, 07:10 PM
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I bought ten bit coins in 2012 with several friends who thought it was cool. One guy seemed knowledgeable, so we each bought ten. Sold them last week when all the news was the bubble was about to burst. Just figured this week they would get a bit of legitimacy.
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  #3  
Old December 1st, 2017, 07:23 PM
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It bounced back awfully quick after nose diving from 11k to low 9k. Already above 10k, knocking on 11 again. Derivative trading should be starting in a few weeks, could be the beginning of the end of fiat money.
Any bets on John Mcafee having to make good on his pledge? https://cointelegraph.com/news/john-...s-his-dk-on-it


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  #4  
Old December 1st, 2017, 07:30 PM
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there's no way bitcoin is killing fiat money.

The energy required to process a single transaction is ridiculous. Blockchain is an interesting idea, but bitcoin itself is super inefficient.

Regardless, people are paying into it. I'm super-jealous of anyone who bought bitcoin even a couple of years ago!
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Old December 1st, 2017, 07:34 PM
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Quote:
Originally Posted by KGH View Post
Me - late adopter. Bought a month or so ago. Had looked into a few years before, never bought. Better late than never.

My broke-ass brother-in-law? He was very early adopter. Had 3,500 bitcoin, sold when they hit $5.00. That would be over 35M at today's prices. Ouch.
oh man..that hurts
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  #6  
Old December 1st, 2017, 07:35 PM
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Quote:
Originally Posted by sonoronos View Post
there's no way bitcoin is killing fiat money.

The energy required to process a single transaction is ridiculous. Blockchain is an interesting idea, but bitcoin itself is super inefficient.

Regardless, people are paying into it. I'm super-jealous of anyone who bought bitcoin even a couple of years ago!


You’re right in the near term, but most central banks are researching crypto currencies, so it’s not impossible downstream.


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  #7  
Old December 1st, 2017, 07:38 PM
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I thought it was a big gimmick. Figured my $100 was a losing lottery ticket. The government will now get about $40k in tax revenue.
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  #8  
Old December 1st, 2017, 07:40 PM
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Yeah, brother in law is another almost millionaire. I bought with money that I can let just sit. Hopefully it gains legitimacy, recent moves point to that.
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  #9  
Old December 1st, 2017, 07:57 PM
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IRS is knocking on CoinBase's Door asking for information of people who have over 20K worth of Bitcoins..
Bought mine long long time ago.. I hate to get a call from IRS..
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  #10  
Old December 1st, 2017, 08:36 PM
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Quote:
Originally Posted by Edmond View Post
IRS is knocking on CoinBase's Door asking for information of people who have over 20K worth of Bitcoins..
Bought mine long long time ago.. I hate to get a call from IRS..
First world problem, Ed. But good for you! Bought low-low, it sounds like. I would buy more today if I wasn’t illiquid and lond in crappy Land Rovers!

------ Follow up post added December 1st, 2017 08:36 PM ------

Quote:
Originally Posted by Factoid View Post
I thought it was a big gimmick. Figured my $100 was a losing lottery ticket. The government will now get about $40k in tax revenue.
And we will see another addition to your sig block? Congrats.
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  #11  
Old December 1st, 2017, 08:59 PM
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Lol, no the wife already allocated that money to our oldest daughters wedding.

I’m at the point now that I have to sell something to buy something.
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  #12  
Old December 1st, 2017, 09:04 PM
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Most of you guys know, but I'm sure there are many here that don't, the first legitimate purchase with bitcoin was some dude who bought two pizzas in Jacksonville Florida for 10,000 bit coin. I hope he wasn't married at the time. $10,000 x $11,000+ = $$$110,000,000. Who knew?
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Old December 1st, 2017, 09:09 PM
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I think it's important to make the distinction between blockchain and cryptocurrency.
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  #14  
Old December 1st, 2017, 09:45 PM
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I think it's more important that your wife doesn't know you blew $110,000,000 on a friggen pizza. Just sayin'.
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  #15  
Old December 1st, 2017, 11:34 PM
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Word from the few Bitcoin Miners in town is that by August 2018 Bitcoin will reach 16k..
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  #16  
Old December 1st, 2017, 11:56 PM
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I looked long and hard a bitcoin in '06. Problem I had at that time is the currency was mostly used to fund black market activities. Money laundering cigarette stamps I can live with, funding human trafficking and opioids/terrorism is another story. I'm more than happy to make a buck and I okay with betting against someone's stupidity but this black market shit is bad. It will cost me in my bank account but i'll be able to sleep at night.

I will say it appears to be moving in the right direction in terms of legitimacy but it has to be 100% above board before I'd invest in it.
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Old December 2nd, 2017, 04:55 AM
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Quote:
Originally Posted by lordhelemt View Post
I looked long and hard a bitcoin in '06. Problem I had at that time is the currency was mostly used to fund black market activities. Money laundering cigarette stamps I can live with, funding human trafficking and opioids/terrorism is another story. I'm more than happy to make a buck and I okay with betting against someone's stupidity but this black market shit is bad. It will cost me in my bank account but i'll be able to sleep at night.

I will say it appears to be moving in the right direction in terms of legitimacy but it has to be 100% above board before I'd invest in it.
Thought provoking. Agree up to a point. But if that was my litmus, I would be barter only. My purchase of a cell phone sleeve from Habibi’s mall kiosk, the fuel I put into the tank, the taxes I pay that are used to fund the bad guys du jour against the even worse guys du jour (we train Freedom Fighters!)... The same could be said for almost any medium of exchange. Video games with onboard virtual currencies that could be converted IRL were used for illicit activities. Not to mention Western Union, and cell-phone based currency trading platforms in many developing countries.

I believe blockchain, and BTC/BCH/etc. are becoming mainstream, and as that happens the pecentage used for illict activities will diminish, but not dissappear.
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  #18  
Old December 2nd, 2017, 08:15 AM
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Quote:
Originally Posted by Edmond View Post
Word from the few Bitcoin Miners in town is that by August 2018 Bitcoin will reach 16k..


John Mcafee has doubled down on his prediction of 1 million USD to 1 Bitcoin by 2020 or he’ll eat his own d*ck. That’s based on a valuation model with 10000 USD to 1 Bitcoin by 2017. His previous model was half that in the same timeframe.

Overstock has been accepting Bitcoin for a while now, Amazon is in the works, there are also other retailers jumping in as well.

The problem is, with it’s exponential appreciation, why would anyone want to pay in Bitcoin? I think treating it like gold, I.e., investing only 5-10% of your portfolio is wise. I do think it has room to grow.


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  #19  
Old December 2nd, 2017, 09:27 AM
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Looks like I may end up being someone’s brother in law.
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  #20  
Old December 2nd, 2017, 09:58 AM
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I owned one whole bitcoin at a point. Sold it for $400. What a jerk, I knew better.

I used to day trade/mine Doge Coin while bored at work a few years ago for fun. Just messing around day trading I was able to make a few hundred off a $100 investment. I cashed out when they sponsored the NASCAR driver and its value peaked.

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