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Old 12-14-2017, 05:41 PM   #1 (permalink)
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Coinbase

Anyone use it? Just downloaded it and now own my first chunk of the bitcoin pie (albeit a very meager slice).

I couldnít believe how easy it was. Too bad Iím on the tail end. I feel a crash coming any day now...but Iíve been saying that since it hit 10K too...
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Old 12-14-2017, 06:23 PM   #2 (permalink)
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You bought into it months after the train left. That's a poor choice.
You can get into ripple because it's very cheap and it's gaining traction right now.
However, you are essentially gambling with any sort of internet coin. There's no way to tell what will make it and what won't and it is EXTREMELY volatile.

There's a lot of buzz happening right now because they're all experiencing massive growth. You gotta remember that this is certainly not normal, and that they can and will lose value just as fast as they gained it.
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Old 12-14-2017, 07:54 PM   #3 (permalink)
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Originally Posted by martix_agent View Post
You bought into it months after the train left. That's a poor choice.
You can get into ripple because it's very cheap and it's gaining traction right now.
However, you are essentially gambling with any sort of internet coin. There's no way to tell what will make it and what won't and it is EXTREMELY volatile.

There's a lot of buzz happening right now because they're all experiencing massive growth. You gotta remember that this is certainly not normal, and that they can and will lose value just as fast as they gained it.
Agreed. Which is why I made a VERY small investment. Iím waiting for the bubble to pop, so we can get to a more realistic state, at which point Iíll buy in. I suppose I just wanted skin in the game for the hell of it.
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Old 12-14-2017, 08:01 PM   #4 (permalink)
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The bubble WILL burst. It's only a matter of when it will collapse. Everything has a ceiling and once it hits it, it has to come back down.
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Old 12-14-2017, 10:54 PM   #5 (permalink)
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If you don't understand crypto currency then don't mess with it. Unless you like gambling.
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Old 12-14-2017, 11:07 PM   #6 (permalink)
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Maybe I was giving mixed messages on the OP. I’ll give the benefit of the doubt to anyone investing in cryptos that they understand the implicit risk involved, but I digress. This thread was more aimed at my surprise at the intuitive UX of the Coinbase app, (not a celebration or indictment of the currencies traded on it) and if anyone has had experience in using it.
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Old 12-15-2017, 12:02 AM   #7 (permalink)
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The bubble WILL burst. It's only a matter of when it will collapse. Everything has a ceiling and once it hits it, it has to come back down.
Well yes the price will fall until it reaches an equilibrium point and then will come back up and continue to fluctuate. A "bubble" happens when something is artificially inflated or overbought. After the '08 collapse, houses weren't free, remember. Gold has collapsed hundreds of times, yet it's still worth a lot of money.

Bitcoin, and cryptocurrencies in general, have value and are not just fake hype. They represent a way to send millions of dollars across the world at relatively little cost and with extremely high security, reliability, and speed. Try sending $10k to your family in a foreign country by next week, go ahead try. You could send $10k worth of Bitcoin to them in minutes.

On top of that crypto is impossible for governments to tax, which makes libertarians very happy but it is also the #1 threat to crypto's existence.

Some people think Bitcoin is overvalued, and it probably is right now with the new influx of users (Coinbase was #1 app for a few days), but lots of people think it will become very valuable to the entire world. Right now only 10-20 million people are using Bitcoin depending on estimates and the amount of USD tied up in it is valued at $400B. For comparison, gold can be traded by nearly the entire planet and has a market value of $7.5T. Bitcoin is limited to 21M coins, however 4M are lost forever so the actual supply is only 17M. let's just say we increase from 10-20 million users to 100-200 million users, suddenly those 17 million coils are going to be spread real thin.
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Old 12-16-2017, 12:14 AM   #8 (permalink)
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Agreed. Which is why I made a VERY small investment. I’m waiting for the bubble to pop, so we can get to a more realistic state, at which point I’ll buy in. I suppose I just wanted skin in the game for the hell of it.
There is no realistic state. Bitcoin is not viable as a currency due to lack of inherent value and lack of ability of the network to process transactions at a rate that is remotely usable.

The bitcoin network can theoretically process a maximum of 7 transactions per second, but in practice tops off at 3 to 4 transactions per second. The -entire- network, due to the nature of the blockchain.

Compare to Paypal, which averages 193 transactions per second, scaling to 450 on black Friday. Or Visa, which runs 150 million transactions a day, or 1667 per second.

Given that it is useless as a currency and has no inherent value, the entire value of Bitcoin is purely speculative. It will always remain a series of bubbles until it flatlines, with exchanges cashing out by getting 'hacked' and running when they have enough cash in hand to be profitable.

I hate to be vastly down on it, but them's the breaks. The problems it is trying to solve have long been solved, and it is literally a waste of vast amounts of power to do intentionally worthless work for the sake of claiming the result has value due to the energy wasted to produce it.

Edit, found the numbers : https://digiconomist.net/bitcoin-energy-consumption

Bitcoin mining pointlessly burns enough power a year right now to run 3 million average American households.

There's a pretty good book on Amazon I'd recommend anyone remotely interested in cryptocurrency check out called 'Attack of the 50 Foot Blockchain'. It chronicles a lot of the hilarity of essentially watching a bunch of people relearn basic economics from Adam Smith on via a chain of scams.
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Old 12-18-2017, 10:19 PM   #9 (permalink)
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There is no realistic state. Bitcoin is not viable as a currency due to lack of inherent value and lack of ability of the network to process transactions at a rate that is remotely usable.

The bitcoin network can theoretically process a maximum of 7 transactions per second, but in practice tops off at 3 to 4 transactions per second. The -entire- network, due to the nature of the blockchain.
Yes this is a design standard. 10 minute blocks. This is actually a security feature that prevents a runaway crash, because everyone trying to cash out at once would increase the transactions, which greatly slows down the amount of transactions that can be processed at once, which stabilizes the price. As a byproduct, the more and more transactions being processed actually increases the value of the entire network which also counter balances a falling price.

Something most people don't know is that Bitcoin, and other cryptos, have upgrade paths laid out. Bitcoin is not set in stone, it can be upgraded. In fact it has gone through several upgrades and early next year will go through the "lightning network" upgrade which will vastly increase transaction speeds.

When was the last time you bought something with gold? Never? Maybe once? Most people hold gold as an investment and have absolutely zero use for a lump of gold physically.

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Compare to Paypal, which averages 193 transactions per second, scaling to 450 on black Friday. Or Visa, which runs 150 million transactions a day, or 1667 per second.
This is true. This is also the reason why there are thousands of other cryptocurrencies which can meet and far exceed Paypal's volume. Some of them are Litecoin, Ethereum, Ripple, EOS, Verge, to name a handful. These coins have $billions in market share and are being used by millions of people every day. In fact, large banks and retailers like Chase, Wells Fargo, Citi Group, Amazon, Microsoft, and many others are getting into cryptos and using them, RIGHT NOW, to help facilitate their business.

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Given that it is useless as a currency and has no inherent value, the entire value of Bitcoin is purely speculative. It will always remain a series of bubbles until it flatlines, with exchanges cashing out by getting 'hacked' and running when they have enough cash in hand to be profitable.
There was a poster right before you that said he was going to "easily" transfer $10,000 to himself in another country...he deleted that post.

I could send you $100,000,000 in Bitcoin right now and it would take maximum 20 minutes. It has value. Tulip bulbs grow flowers if they are used before they expire and stored properly and at the end you have a flower. Bitcoin is incredibly valuable to international families, businesses, and investors.

Bitcoin can not be hacked as long as you store it yourself. Only exchanges can be hacked. You conspiracy theory aside, Bitcoin is vastly more secure than your bank account.

Oh and before you say it, I just transferred a lot of my crypto holdings to Cobinhood, a privately INSURED crypto exchange that guarantees your holdings.

Quote:
I hate to be vastly down on it, but them's the breaks. The problems it is trying to solve have long been solved, and it is literally a waste of vast amounts of power to do intentionally worthless work for the sake of claiming the result has value due to the energy wasted to produce it.

Edit, found the numbers : https://digiconomist.net/bitcoin-energy-consumption

Bitcoin mining pointlessly burns enough power a year right now to run 3 million average American households.
What is a waste is waiting 5-10 days for money transfer, bank transfer fees, debit card fees, and credit card fees. Crypto has the potential to bring the time down to seconds and fees down to fractions of a penny and security through the roof.

The mining costs are the physical representation of Bitcoin's worth. Instead of digging actual gold out of the Earth using diesel fuel and manhours, Bitcoin uses computer power (a finite resource) to mine coins. The more are mined the harder it becomes to mine more, just like gold. It's ok if you don't understand it. Many people don't. The vast majority of people will never own a Bitcoin and they will wish they did in only 5 or 10 years from now. I hate to be down on them, but them's the breaks.

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There's a pretty good book on Amazon I'd recommend anyone remotely interested in cryptocurrency check out called 'Attack of the 50 Foot Blockchain'. It chronicles a lot of the hilarity of essentially watching a bunch of people relearn basic economics from Adam Smith on via a chain of scams.
That books you referenced is just a bunch of sensationalism that I could debunk in 20 minutes. You're missing a huge opportunity but that's ok. I invested a single paycheck a few months ago and now it's worth more than my salary in the same time period. I sold half for massive profits (and it's real money believe it or not!) and the other half I am going to keep watching grow and grow and grow. In a few years I probably will kick myself for pulling out profits because they would have been worth so many more times.

It's not free money, it's just math. Only 20 million people are invested in crypto. The last few months saw crypto being legalized in Asia and massive banking and corporate money funnel in. Still less than 1% of the population of the USA is in it. What happens when 5% gets in? 20%? 100%?
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Last edited by Vitamin J; 12-18-2017 at 10:23 PM.
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Old 12-19-2017, 12:26 AM   #10 (permalink)
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That poster was me, yeah, done it multiples times to myself from when I was overseas, I will say much easier when it's not coming from the disjointed US banking system though. Will be doing it again in a few days another $10,000 or so from Australia, when I can be bothered
Only deleted because I reaslised I don't really want to invest any effort in this thread.
Please lose the condescension, it really is easy for me transfer it.
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