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Bitcoin and other forms of digital currency


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They did release the source code so they are now open source.  And they are being very open about their goal of making money...which is why they pay employees partially in ripples and have such top-level investors.  We have a problem with that on this site? 

 

Think of it as a Western Union of digital currency with its own currency to boot.

 

As far as going bankrupt, I'm not advocating plowing your net worth into this.  

 

The difference to me is that I have purchased something tangible. Lego may be profiting from it but they gave me a physical object at an agreed upon price. Of course the similarity is also that in paying that price, I have agreed they can make whatever % of profits they want. But they did have to physically produce something.

The problem I have with Ripple (vs BitCoin) is that the system is fixed to generate endless money for their investors. The investors appear to be big banks (remember they are the greedy bastards that largely caused the recent economic turmoil). They are passing themselves off as a new digital currency that benefits everyone when the ripple effect is that eventually all that virtual currency will "ripple" down to them by charging a transaction fee. To avoid this system from collapsing, they'll have to sell (or in their words, trade) their XRP for real money and there-in lies my problem with it. Who benefits? Sure a few people who speculate and work hard to earn the "free XRP dollars" will probably make a little money but the real winners are the "investors" who sit back and sell a fictional currency for real currency.

BitCoin never favoured a single group of investors. It favoured anyone who might be willing to take a risk and invest. And without "fees" attached to a typical BitCoin, all money in the system stays in the system.

 

Even PayPal and my local bank offer me some services for the outrageous fees.

** Disclaimer: If you do make money off it or think you can, by all means, give it a shot. It is your money after all! I will continue to put my money into Lego and traditional investments. **

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Maybe you should read about bitcoin and then realize it isn't necessarily a gamble at all. 

 

The smart ones are converting bitcoins to USD as soon as they receive them. The losers are converting their hard earned USD to bitcoin. Come back in a year and tell me how your "investment" works out. This scenario has been played out many times throughout human history and we all know the ending (except for the starry eyed gamblers who insist this time is different). 

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The smart ones are converting bitcoins to USD as soon as they receive them. The losers are converting their hard earned USD to bitcoin. Come back in a year and tell me how your "investment" works out. This scenario has been played out many times throughout human history and we all know the ending (except for the starry eyed gamblers who insist this time is different). 

 

This..... unless peopel invested in BitCoin at the start.... it is now useless....

 

I had the option to buy alot 3 years ago for ''cheap'' USD, but i passed, while now I am pretty unhappy I know the end is coming so its no point buying them at all.

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  • 3 weeks later...
  • 1 month later...
  • 5 months later...

Bitcoin is supposedly about to enter another significant price increase...Canada just make it legal tender...the US is auctioning a bunch of it off TODAY (Friday 6/27)...it's about to be traded on the NASDAQ...and more retailers continue to accept it.  At its current price of $570 most would argue that it's "Cheap" and a lot of analysts are expecting a price around 3-5k by the end of this year and some are calling for a 800-900 price by the end of July (That's only one month!).  There hasn't been a better time to get into Bitcoin and if you're interested in diversifying your portfolios you can start at Bitcoin.com

 

Happy Investing!

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In other news, I reserved a bunch of domains representing 'brickcoin', probably about a year ago.  I had/have some really good ideas for this but just lack the time and the programmer knowledge to get the idea off the ground.  If anybody might be interested, get in touch.

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Hanging right on the cusp of $600...

 

Brickcoin seems like fun, I played with colored coins (a side chain of the bitcoin block chain) and made Legocoin to play with.  I thought it was fun.  I wish we could use some tipping software on here to send people Bitcoin tips for good advice/posts...Emazers would be swimming in bits!

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Everyone knows of the Mythbusters. Well here on their YouTube channel, Tested, a couple of the guys tried buying a single Bitcoin from one of the only Bitcoin ATMs in existence. A rather amusing romp on how from the time they tried 'purchasing' one, to trying to find a place open that actually accepts it as currency, to the end of the day where they tried getting physical cash back, all the while the value of the Bitcoin kept dropping the entire time. They did make a couple of mistakes around the end which was rectified here in this article on their website. Still, talk about a clusterfluff.

 

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Guest TabbyBoy

I've been looking deeply into Bitcoin over the last couple of days and it is very tempting. I love the idea of a universal payment system with minimal fees and no bank or corrupt government to poke their noses in. Canada making it legal tender and rumours of Amazon accepting it are making it tempting. Especially with only 21,000,000 max will ever be minted (mined). Once I've topped up my ISA next month, any excess GBP is becoming XBC. It can't be worse than CITY or CHIMA, surely.

What would make you feel worse, losing $600 from one Bitcoin in two years or missing out on a $60,000 windfall if you didn't have the balls to take a risk? We're taking risks right now, aren't we?

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I've been looking deeply into Bitcoin over the last couple of days and it is very tempting. I love the idea of a universal payment system with minimal fees and no bank or corrupt government to poke their noses in. Canada making it legal tender and rumours of Amazon accepting it are making it tempting. Especially with only 21,000,000 max will ever be minted (mined). Once I've topped up my ISA next month, any excess GBP is becoming XBC. It can't be worse than CITY or CHIMA, surely.

What would make you feel worse, losing $600 from one Bitcoin in two years or missing out on a $60,000 windfall if you didn't have the balls to take a risk? We're taking risks right now, aren't we?

Hate to break it to you, if the Bitcoin flops...you can't build it.  LOL

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At least you're getting your Carbohydrates! Lego just doesn't smell the same since the old cellulose acetate days, does it?

Speaking of LEGO smell...it does have a distinct one if kept in bulk.  As for cellulose acetate, I am actually quite familiar.  My father used to work for Dupont and the Celanese corporation.  I grew up around chemicals....

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Speaking of LEGO smell...it does have a distinct one if kept in bulk.  As for cellulose acetate, I am actually quite familiar.  My father used to work for Dupont and the Celanese corporation.  I grew up around chemicals....

Did that give you your reddish hue, or is it something more sinister...

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I don't get the virtual currency idea. I'm not techy, so I don't really understand it or get it. I like cold hard cash and precious metals. Virtual currency doesn't seem real and tangible....like it's just made up out of air and it seems super unstable.

I'm a bit of a 'techy' and I think the Bitcoin is BS far as a form of currency goes.
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