1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Anybody use bitcoin?

Discussion in 'Economics and Financials' started by #1 fan, Aug 15, 2015.

  1. #1 fan

    #1 fan Well-Known Member

    2,161
    558
    113
    Dec 20, 2007
    miami
    Was looking to purchase bitcoin but wasn't sure the best way to do it. Would like to purchase with paypal if possible.

    Heard Coin Base is the most popular but curious to read other opinions/options.
     
  2. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

    52,625
    25,545
    113
    Nov 13, 2009
    Yes, but only when a Nigerian Prince needs the cash for a sure fire investment with ridiculous returns.
     
    ckparrothead likes this.
  3. #1 fan

    #1 fan Well-Known Member

    2,161
    558
    113
    Dec 20, 2007
    miami
    Assuming no Nigerian princes, anybody use it? (how the prince would turn the coin into cash is something I'm interested in as well)
     
  4. #1 fan

    #1 fan Well-Known Member

    2,161
    558
    113
    Dec 20, 2007
    miami
    Fwiw, I used coinbase and it went smooth. Although it took a couple of days to purchase the coin itself.
     
  5. Conuficus

    Conuficus Premium Member Luxury Box

    17,358
    17,130
    113
    Dec 8, 2007
    Well away from here
    You have companies that will buy or help broker your bit coin sale for cash.
     
  6. ckparrothead

    ckparrothead Draft Forum Moderator Luxury Box

    79,599
    159,162
    113
    Dec 1, 2007
    I should probably know this given what business I'm in but I have no ****ing idea what a bitcoin is or what to do with it. I only vaguely know it's controversial.
     
  7. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

    44,021
    21,680
    113
    Mar 22, 2008
    You should look into block-chain before anything:

    https://en.wikipedia.org/wiki/Block_chain_(database)
     
  8. Paul 13

    Paul 13 Chaotic Neutral & Unstable Genius Staff Member

    77,770
    38,264
    113
    Dec 3, 2007
    Black market currency that isn't insured by anything. yeah no. At least not in my current life :lol:
     
  9. ToddPhin

    ToddPhin RIP Phinsational Luxury Box Club Member

    41,365
    23,706
    113
    Jul 6, 2012
    NC
    only when I'm purchasing heroin.
     
    KeyFin and danmarino like this.
  10. rackhound

    rackhound Season Ticket Holder Club Member

    334
    332
    63
    Jan 4, 2008
    miamisburg ohio
    I use coinbase and its the easiest, but to purchase other crypto that coinbase doesn't offer (ripple) I use binance. Sorry about the super delayed response but I just saw this.
     
  11. KeyFin

    KeyFin Season Ticket Holder Club Member

    8,644
    10,845
    113
    Nov 1, 2009
    I just saw it too and personally, I'd say to stay away unless you're using it as currency for buying stuff online or doing shady stuff (as in cocaine, bazookas, etc. LOL). There's no regulation and the US is trying to heavily regulate it (yet they haven't figured out how yet)...so is every other government. Additionally, there are hundreds of thousands of coins out there that fluctuate madly day by day- it's almost like buying a lottery ticket in a way because the value isn't based on anything but speculation.

    Blockchain technology is a very good idea for lots of stuff, but it's also hard to invest in because there's so many companies pushing their tech that has zero proof of concept. Two months ago, everyone wanted to be a blockchain/bitcoin player and make millions on betting the winning pony, but hundreds of millions have been stolen and billions have disappeared in value. Although the tech is mostly legit, it was rushed to market in a frenzy and no regulation is a very, very bad thing. My personal opinion is that it's turned into the biggest Ponzi scheme in the history of the world.
     
    eltos_lightfoot likes this.
  12. eltos_lightfoot

    eltos_lightfoot Well-Known Member

    4,297
    720
    113
    Apr 14, 2008
    As an IT developer, it is hilarious how tech companies are using buzzwords to get moolah. A few years ago it was data science. Now it is blockchain. Blockchain is a technique. Nothing more. A way to hold a set of transactions accountable. Also known as an audit trail or transaction log but through math. It is useful in some ways. But is not going to become a religion, which is how it is being portrayed.

    And, yes, crypto is definitely a Ponzi scheme at this point.
     
    KeyFin and Ludacris like this.
  13. KeyFin

    KeyFin Season Ticket Holder Club Member

    8,644
    10,845
    113
    Nov 1, 2009
    Not exactly data science, but big data. "We are the big data experts that can get you game-chaining insights into your financial future." What they were really saying though is, "You're too stupid to look at your own data, so we'll tell you trends within your customer base." There was nothing game-changing about it....we've had statisticians like cBrad for thousands of years.

    The other one was/is IoT....the mysterious and powerful internet of things! Your smartphone can now intelligently control your toilet, so if you took a dump at home this morning and remember at the office that you forgot to flush....BaaaBaaaam.....say goodbye to the poo poo! I mean, there are great applications in manufacturing and similar industries, but for the average business it's just not an advantage. Your Kuerig machine doesn't have to talk to your smartphone to reorder K-cups when the drawer beside it is empty. If you're too lazy to look, then you don't deserve any java.

    The IoT will be extremely big in medicine though- they're building nano-robots that can track our vitals and perform basic internal repairs (think heart valve damage, for instance). Stuff like that is worth getting excited about, but it's not here yet.
     
    eltos_lightfoot likes this.
  14. cuchulainn

    cuchulainn Táin Bó Cúailnge Club Member

    14,209
    15,226
    113
    Sep 7, 2012
    Hattiesburg, MS
    Bump...

    Who else is into Crypto? I own some Bitcoin, XRP, and other's.

    Things are wild right now with Bitcoin reaching for all time highs, and other crypto following suit.

    "All boats rise when the tide comes in"
     
  15. cuchulainn

    cuchulainn Táin Bó Cúailnge Club Member

    14,209
    15,226
    113
    Sep 7, 2012
    Hattiesburg, MS
    Chris, you still out of crypto?
     
  16. cuchulainn

    cuchulainn Táin Bó Cúailnge Club Member

    14,209
    15,226
    113
    Sep 7, 2012
    Hattiesburg, MS
    How you looking this month? I'm made over $10K on BTC and XRP.
     
  17. rackhound

    rackhound Season Ticket Holder Club Member

    334
    332
    63
    Jan 4, 2008
    miamisburg ohio
    Im up over 40k this month:knucks:

    I moved my XRP to coinbase last year and bought the bitcoin lows in 2018 and again in march. Been picking up XRP for months.....I was 2nd guessing the xrp until the last couple days.:ffic:

    I had completely forgot about this conversation:couch:
     
    Last edited: Nov 24, 2020
    cuchulainn likes this.
  18. cuchulainn

    cuchulainn Táin Bó Cúailnge Club Member

    14,209
    15,226
    113
    Sep 7, 2012
    Hattiesburg, MS
    Yeah, it's nuts... BTC is still resisting $20K, but it's inevitable. Same with XRP breaking a $1... and XLM is still dirt cheap. Had sold half of my BTC to invest in other coins and now kicking myself. Lol...
     
    rackhound likes this.

Share This Page