Bitcoin

[trader1]

Has anyone had experience with investing or using Bitcoin for any type of transactions ..??
A plain vanilla explanation of why someone would resort to using bitcoins as a method of payment opposed to the greenback..

Then there is the latest ... Supposedly factual information suggesting a poor guy lost his password to access his computer which is holding 200 million dollars worth of coin .. should he blow out his password he will lose all the bitcoins forever... I don’t understand

 

[lightweight]

Has anyone had experience with investing or using Bitcoin for any type of transactions ..??
A plain vanilla explanation of why someone would resort to using bitcoins as a method of payment opposed to the greenback..

Then there is the latest ... Supposedly factual information suggesting a poor guy lost his password to access his computer which is holding 200 million dollars worth of coin .. should he blow out his password he will lose all the bitcoins forever... I don’t understand

I read that. Just crazy. The article said he did lose it though, I though.

 

[pokler]

Has anyone had experience with investing or using Bitcoin for any type of transactions ..??
A plain vanilla explanation of why someone would resort to using bitcoins as a method of payment opposed to the greenback..

Then there is the latest ... Supposedly factual information suggesting a poor guy lost his password to access his computer which is holding 200 million dollars worth of coin .. should he blow out his password he will lose all the bitcoins forever... I don’t understand

He can hire computer experts like top Google engineers and pay them $50 million to figure it out .

 

[po10ial]

Any specific questions? Investing is easy. Use a crypto trading platform like coinbase. Create account transfer desired funds from bank to coinbase and invest. Very small fee for every transaction.
Using bitcoin or other crypto currencies is much bigger in Asia and somewhat Europe than here. We still view it as useful for black market transactions and little less. Cities like SF, Seattle, Houston have tons of business which accept one or more cryptos. NYC has less retailers that dabble but further downtown you more likely to see it.

 

[billyS]

Any specific questions? Investing is easy. Use a crypto trading platform like coinbase. Create account transfer desired funds from bank to coinbase and invest. Very small fee for every transaction.
Using bitcoin or other crypto currencies is much bigger in Asia and somewhat Europe than here. We still view it as useful for black market transactions and little less. Cities like SF, Seattle, Houston have tons of business which accept one or more cryptos. NYC has less retailers that dabble but further downtown you more likely to see it.

So other than using it for shady activity what's the advantage?
And if you are transferring from a bank than there is a paper trail of how much money you are putting into bitcoin.

 

[Slinky Bender]

The advantage is cash stays at whatever is printed on the bills and if bitcoin hits $200,000 like some are predicting you made 600%. The problem is 95% of it is still owned by 2% of holders, transaction fees went up over 500% recently
https://finance.yahoo.com/news/bitcoin-transaction-fees-rise-28-163442528.html

And after it hits the 21 million ceiling no one really knows what's going to happen.

 

[OSMonger]

I’ve never heard of anyone walking into Ft Knox and stealing $40-$200 million in gold, but hear about hackers stealing crypto quite often. There’s absolutely a place for this in the future, but until it’s mainstream and can travel through traditional banking and commerce platforms, hard to see this as anything different than trading commodities.

 

[hardndslick]

I’ve never heard of anyone walking into Ft Knox and stealing $40-$200 million in gold, but hear about hackers stealing crypto quite often. There’s absolutely a place for this in the future, but until it’s mainstream and can travel through traditional banking and commerce platforms, hard to see this as anything different than trading commodities.

It’s been over 50 years since someone tried robbing Ft Knox.
Luckily, 007 stopped them..

 

[Bricktop]

The advantage is cash stays at whatever is printed on the bills and if bitcoin hits $200,000 like some are predicting you made 600%. The problem is 95% of it is still owned by 2% of holders, transaction fees went up over 500% recently
https://finance.yahoo.com/news/bitcoin-transaction-fees-rise-28-163442528.html

And after it hits the 21 million ceiling no one really knows what's going to happen.

Bitcoin has no future.

 

[OSMonger]

Bitcoin has no future.

Lol, former CEO of Microsoft, Steve Ballmer on iPhones:

"There's no chance that the iPhone is going to get any significant market share. No chance," said Ballmer. "It's a $500 subsidized item. They may make a lot of money. But if you actually take a look at the 1.3 billion phones that get sold, I'd prefer to have our software in 60% or 70% or 80% of them, than I would to have 2% or 3%, which is what Apple might get."

One of the most colossal fuck ups in business history. The likelihood is crypto currency will have a place in our future. What it is remains to be seen.

 

[genius]

Lol, former CEO of Microsoft, Steve Ballmer on iPhones:

"There's no chance that the iPhone is going to get any significant market share. No chance," said Ballmer. "It's a $500 subsidized item. They may make a lot of money. But if you actually take a look at the 1.3 billion phones that get sold, I'd prefer to have our software in 60% or 70% or 80% of them, than I would to have 2% or 3%, which is what Apple might get."

One of the most colossal fuck ups in business history. The likelihood is crypto currency will have a place in our future. What it is remains to be seen.

Yup on both.
Ballmer has an estimated personal net worth of $71.5 billion, according to Forbes. He ranks as the 11th richest person in the world.

This fact reminds me of part of song from Fiddler on the Roof:

The most important men in town would come to fawn on me!
They would ask me to advise them,
Like a Solomon the Wise.
"If you please, Reb Tevye..."
"Pardon me, Reb Tevye..."
Posing problems that would cross a rabbi's eyes!
And it won't make one bit of difference if i answer right or wrong.
When you're rich, they think you really know!

 

[bahramyou]

IRS has more information then people think on cryptocurrency traders.

Large wallet companies have been reporting client holdings for a couple of years, only 1 I know for sure is Coinbase but I assume PayPal is another.

On 2019 return sechedule 1 asked if you dealt in crypto, they are moving the question to the 1040 so get as much data as possible.

The IRS is saying report your crypto transactions now before we send you a report of what we know and your stuck with the penalties and interest.

Who knows what they really do or do not know but tread carefully as crypto is not the untraceable currency of the underworld it used to be.

 

[headsup]

Has anyone had experience with investing or using Bitcoin for any type of transactions ..??
A plain vanilla explanation of why someone would resort to using bitcoins as a method of payment opposed to the greenback..

Then there is the latest ... Supposedly factual information suggesting a poor guy lost his password to access his computer which is holding 200 million dollars worth of coin .. should he blow out his password he will lose all the bitcoins forever... I don’t understand

I think you can open the PC up, disconnect the hard drive, and connect it to another PC as a secondary drive and access everything on it.

 

[rickoshay53]

The story I heard is that the guy had his password on a hard drive which he accidentally threw out in 2013.
He has been pleading with his town to let him dig through the garbage dump but they have so far refused.

 

[trader1]

The story I heard is that the guy had his password on a hard drive which he accidentally threw out in 2013.
He has been pleading with his town to let him dig through the garbage dump but they have so far refused.

Correct.. The cost and environmental impact to dredge the landfill would probably be ridiculous —who would pay for that..

i do not feel bad for this imbecile. Everything is relative, but if I had some extra coin laying around I would be sure that it would be secured properly...

 

[OSMonger]

Correct.. The cost and environmental impact to dredge the landfill would probably be ridiculous —who would pay for that..

i do not feel bad for this imbecile. Everything is relative, but if I had some extra coin laying around I would be sure that it would be secured properly...

With all due respect, if some of the most sophisticated enryption software can’t protect the cryptocurrency that’s stolen almost weekly, what can any of us mortals really do to keep it safe?

 

[Bricktop]

With all due respect, if some of the most sophisticated enryption software can’t protect the cryptocurrency that’s stolen almost weekly, what can any of us mortals really do to keep it safe?

I bury it in the backyard in coffee cans