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Bitcoin-Explain to me how to buy these things


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1 minute ago, Capella said:

You mean you weren't being a colossal smartass there?

I was stating a fact :shrug:

- Gold is a precious metal, when you buy into a gold fund you are buying the rights to a precious metal that has been a store of value for thousands of year

- Currencies have been regulated by governments and have a specific value

- Stocks are ownership of a business that produces revenue

- Bitcoin's only value as of now is what the next guy will pay for it

I've done a healthy amount of reading on bubbles over the last few years, mainly bc I was under the impression that our stock market has been in a bubble again. My reading lends itself to the fact that it might be overbought, but doesn't meet the prerequisites for a bubble.

Bitcoin on the other hand is nearing the final stages of a bubble; extreme volatility, retail investors rushing in with little knowledge of what they're buying, FOMO bc it can only go up. 

 

 

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On 11/29/2017 at 11:53 AM, eoMMan said:

Have you heard anything about how or if this going to be taxed?

That was going to be my question and then I found this:

 

"Bitcoin Are Not Money for Tax Purposes. Although Bitcoin can be used like money, they are not considered to be money (legal tender) by the IRS or any other country. Instead, they are personal property, much like gold or corporate stock.Aug 10, 2017"

https://blog.coinbase.com/coinbase-obtains-partial-victory-over-irs-dac041db59a3

 

the IRS is looming

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59 minutes ago, McGarnicle said:

Pretty sure I have 159 bitcoins from way back but I forget how to access them. Is there a safe way to cash them in or should I just buy some drugs on the dark web?

There’s gotta be some dude out there who picked up like a hundred bitcoins when they were worth nothing and didn’t look in like 5 years and now has no idea what his login was. 

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32 minutes ago, The General said:

Whenever someone explains bitcoin mining to me they end up get angry as I ask questions.

I don't understand it at all. I can't even say it's like Greek to me because I understand Greek better. The whole 'mining' part is :loco: 

Edited by Capella
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1 hour ago, McGarnicle said:

Pretty sure I have 159 bitcoins from way back but I forget how to access them. Is there a safe way to cash them in or should I just buy some drugs on the dark web?

There are btc atm's. Closest one to me has a 7% rake and a max wd of 3k per day.

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3 hours ago, The General said:

Whenever someone explains bitcoin mining to me they end up get angry as I ask questions.

You make digital hash browns and sell them to an invisible wizard for digital “dollars” 

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The guys I know that are into bitcoin all about a beer away from telling me that the government is going to collapse and this will be the only true form of currency.

My small little world I live in but when I try and read about it, it seems shady as hell. God speed to all you bitcoin farmers or whatever the hell it is. I hope you all do well.

 

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14 minutes ago, The General said:

The guys I know that are into bitcoin all about a beer away from telling me that the government is going to collapse and this will be the only true form of currency.

My small little world I live in but when I try and read about it, it seems shady as hell. God speed to all you bitcoin farmers or whatever the hell it is. I hope you all do well.

 

Yea. I'm just wondering if this isn't some get rich quick scam.

 

I don't know, it doesn't make any sense to me at all but I am curious to make a small play just to see what it does?

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I just read through this thread and I'm out. The whole thing about wallets and mining and whatever. I don't know. Sounds like something people created to buy coke and whores legally. You all can get rich without me. 

I'm gonna give my boy a grand and have him set it up and I'll check in again come 2022. 

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Just now, Dan Lambskin said:

It's worth more now than it was then :shrug:

 

I think it's worth 100 million today if my bitcoin computer is right.

Things are worth whatever people want to give you for it I guess. However, it seems a little unrealistic for something to gain value this quickly - from 2 pizzas to 100 mil in 7 years seems a little unusual.

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3 minutes ago, Capella said:

I just read through this thread and I'm out. The whole thing about wallets and mining and whatever. I don't know. Sounds like something people created to buy coke and whores legally. You all can get rich without me. 

I'm gonna give my boy a grand and have him set it up and I'll check in again come 2022. 

You dont have to mine anything.   Set up a wallet, buy coins on an exchange and hold them

Now yeah some people are super paranoid and  will only hold large sums on hardware wallets and only do transactions in Linux and keep each word of their recovery phase in a separate safe deposit box, but if you're just putting in a grand and aren't afraid to lose it just set up a coinbase account and hold it there 

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5 minutes ago, The General said:

I think it's worth 100 million today if my bitcoin computer is right.

Things are worth whatever people want to give you for it I guess. However, it seems a little unrealistic for something to gain value this quickly - from 2 pizzas to 100 mil in 7 years seems a little unusual.

Yeah it's unusual but it's factually correct 

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2 minutes ago, Dan Lambskin said:

You dont have to mine anything.   Set up a wallet, buy coins on an exchange and hold them

Now yeah some people are super paranoid and  will only hold large sums on hardware wallets and only do transactions in Linux and keep each word of their recovery phase in a separate safe deposit box, but if you're just putting in a grand and aren't afraid to lose it just set up a coinbase account and hold it there 

But I don't even understand what the mining is? Is it Russian nerds typing numbers into a computer and then money pops out? I've read like 5 things on it, one even had a flow chart and I still can't explain it. Maybe I'm just dumb AF but I have a mental barrier here. 

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4 minutes ago, Capella said:

But I don't even understand what the mining is? Is it Russian nerds typing numbers into a computer and then money pops out? I've read like 5 things on it, one even had a flow chart and I still can't explain it. Maybe I'm just dumb AF but I have a mental barrier here. 

I don't really concern myself with that part 

This may help a little (or make it more confusing)

https://i2.wp.com/cryptorials.io/wp-content/uploads/2015/11/bitcoin-mining-infographic.jpg?resize=644%2C1569

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44 minutes ago, Capella said:

But I don't even understand what the mining is? Is it Russian nerds typing numbers into a computer and then money pops out? I've read like 5 things on it, one even had a flow chart and I still can't explain it. Maybe I'm just dumb AF but I have a mental barrier here. 

1) People send BTC over the bitcoin network to pay for goods and services.

2) Miners allow their computers and internet to be used to process these transactions. In return for use of their pc/internet/electricity...miners get BTC in return.

3) There can only be 21 million BTC mined ever. The closer it gets to 21 million..the harder it is to mine, but in theory it becomes more valuable.

4) Because the bitcoin network consists of all the miners computers it is considered "decentralized" and hard to hack because you would have to hack all the computers. 

Edited by Charlie Harper
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1 minute ago, Charlie Harper said:

1) People send BTC over the bitcoin network to pay for goods and services.

2) Miners allow their computers and internet to be used to process these transactions. In return for use of their pc/internet/electricity...miners get BTC in return.

3) There can only be 21 million BTC mined ever. The closer it gets to 21 million..the harder it is to mine, but in theory it becomes more valuable.

4) Because the bitcoin network consists of all the miners computers it is considered "decentralized" and hard to hack because you would have to hack all the computers. 

Ok 

2) makes no sense to me at all 

3) why only 21M. Who decided that? How does it get harder to mine the closer it gets?

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54 minutes ago, The General said:

Things are worth whatever people want to give you for it I guess. However, it seems a little unrealistic for something to gain value this quickly - from 2 pizzas to 100 mil in 7 years seems a little unusual.

Not really. Recently my string of business's and business partners have been informed by the major CC transaction companies that they are now accepting BTC as payment.  So the user end is growing exceptionally in recent days.

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2 minutes ago, BigSteelThrill said:

Not really. Recently my string of business's and business partners have been informed by the major CC transaction companies that they are now accepting BTC as payment.  So the user end is growing exceptionally in recent days.

It's unusual for something valued at 25 bucks to be worth 100 Million 7 years later.

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