Wish I had bought a few bitcoins when they were a dollar each.

I am not familiar with the workings of bitcoin but do have a question. How exactly do you spend them? I haven't seen the option on most of the websites I shop on (or haven't looked hard). I don't understand how the whole thing actually works involving tangible purchases. I also just read something about a guy who forgot his password and has 200M sitting out there and only has 2 tries left at entering his key or it will be corrupted.

---

Wish I had bought a few bitcoins when they were a dollar each.

I am not familiar with the workings of bitcoin but do have a question. How exactly do you spend them? I haven't seen the option on most of the websites I shop on (or haven't looked hard). I don't understand how the whole thing actually works involving tangible purchases. I also just read something about a guy who forgot his password and has 200M sitting out there and only has 2 tries left at entering his key or it will be corrupted.

There's this thing called "Google" where you can type in a question and information will appear right on your computer screen.  Did you know about that?  It's amazing.

---

Wish I had bought a few bitcoins when they were a dollar each.

I was going to buy a mining computer in 2011-ish, but didn't after my then girlfriend relentlessly roasted me about it. It still hurts.

Sold my bitcoin 2 months into the pandemic.   D'oh!!!!  Tripled since then. 

I did keep a bit in 2 other coins though, one of which is up 90% or so. (ethereum)

---

I am not familiar with the workings of bitcoin but do have a question. How exactly do you spend them? I haven't seen the option on most of the websites I shop on (or haven't looked hard). I don't understand how the whole thing actually works involving tangible purchases. I also just read something about a guy who forgot his password and has 200M sitting out there and only has 2 tries left at entering his key or it will be corrupted.

There's this thing called "Google" where you can type in a question and information will appear right on your computer screen.  Did you know about that?  It's amazing.

No need to be a complete prick.

---

Wish I had bought a few bitcoins when they were a dollar each.

I am not familiar with the workings of bitcoin but do have a question. How exactly do you spend them? I haven't seen the option on most of the websites I shop on (or haven't looked hard). I don't understand how the whole thing actually works involving tangible purchases. I also just read something about a guy who forgot his password and has 200M sitting out there and only has 2 tries left at entering his key or it will be corrupted.

Truthfully there's not many places you can use them as currency yet because there's some unresolved tax issues associated with its use. Most of the activity in Bitcoin I've seen is related to investment only. I put in some money back at Thanksgiving and I made almost 60% on it over the next several weeks. Ever since it hit $40k though it pulled back and can't seem to get much momentum going again. I'll probably just keep what I have in there for now, it's way to volatile for serious investment.

---

“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

I am not familiar with the workings of bitcoin but do have a question. How exactly do you spend them? I haven't seen the option on most of the websites I shop on (or haven't looked hard). I don't understand how the whole thing actually works involving tangible purchases. I also just read something about a guy who forgot his password and has 200M sitting out there and only has 2 tries left at entering his key or it will be corrupted.

Truthfully there's not many places you can use them as currency yet because there's some unresolved tax issues associated with its use. Most of the activity in Bitcoin I've seen is related to investment only. I put in some money back at Thanksgiving and I made almost 60% on it over the next several weeks. Ever since it hit $40k though it pulled back and can't seem to get much momentum going again. I'll probably just keep what I have in there for now, it's way to volatile for serious investment.

So it's value is really driven off of demand and nothing that is actually tangible (i.e, a company's performance in the traditional stock market)?

---

I was going to buy a mining computer in 2011-ish, but didn't after my then girlfriend relentlessly roasted me about it. It still hurts.

Sold my bitcoin 2 months into the pandemic.   D'oh!!!!  Tripled since then. 

I did keep a bit in 2 other coins though, one of which is up 90% or so. (ethereum)

90% more whiskey money!

I was using Ethereum to churn a credit card until they closed the loophole. 

---

Truthfully there's not many places you can use them as currency yet because there's some unresolved tax issues associated with its use. Most of the activity in Bitcoin I've seen is related to investment only. I put in some money back at Thanksgiving and I made almost 60% on it over the next several weeks. Ever since it hit $40k though it pulled back and can't seem to get much momentum going again. I'll probably just keep what I have in there for now, it's way to volatile for serious investment.

So it's value is really driven off of demand and nothing that is actually tangible (i.e, a company's performance in the traditional stock market)?

Its value is driven by the fact that it has limited supply, sort of like gold, and fiat currencies are too easy for governments to inflate.  A lot of demand comes from places like Venezuela where inflation is raging, so some people have put their money in bitcoin to preserve its value.  Also, a lot of demand comes from people who want to keep their transactions out of sight of the government by avoiding the banking system.  

Personally, I don't trust it.  If one wants an inflation hedge, then the place to be is real estate, the stock market, and maybe precious metals.

---

So it's value is really driven off of demand and nothing that is actually tangible (i.e, a company's performance in the traditional stock market)?

Its value is driven by the fact that it has limited supply, sort of like gold, and fiat currencies are too easy for governments to inflate.  A lot of demand comes from places like Venezuela where inflation is raging, so some people have put their money in bitcoin to preserve its value.  Also, a lot of demand comes from people who want to keep their transactions out of sight of the government by avoiding the banking system.  

Personally, I don't trust it.  If one wants an inflation hedge, then the place to be is real estate, the stock market, and maybe precious metals.

This is one of the times where you and I agree (for the most part).  Bitcoin has a limited supply because it is a "made up" currency.  There really is no tangible value to it (can't see it, touch it, etc.).  For the most part it's an "underground currency".  There are a few places that accept bitcoin, but nobody really mainstream.

---

There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Its value is driven by the fact that it has limited supply, sort of like gold, and fiat currencies are too easy for governments to inflate.  A lot of demand comes from places like Venezuela where inflation is raging, so some people have put their money in bitcoin to preserve its value.  Also, a lot of demand comes from people who want to keep their transactions out of sight of the government by avoiding the banking system.  

Personally, I don't trust it.  If one wants an inflation hedge, then the place to be is real estate, the stock market, and maybe precious metals.

This is one of the times where you and I agree (for the most part).  Bitcoin has a limited supply because it is a "made up" currency.  There really is no tangible value to it (can't see it, touch it, etc.).  For the most part it's an "underground currency".  There are a few places that accept bitcoin, but nobody really mainstream.

It's big in the ransomware industry.  They demand payment in bitcoin, because it's untraceable.   

Also, I recall a few years back there was a nationwide drug dealing business where you could order drugs and they would ship them anywhere in the United States.  They also required payment in bitcoin.  Here it is: 

Silk Road Black Market

It's just like any other currency; if people think it's worth something, then it's worth something.

By the way, when you say, "There really is no tangible value to it (can't see it, touch it, etc.). " I would point out that probably 99.9% of dollar based transactions are electronic.  Credit card transactions, for example, so you can't see or touch those dollars either.  Of course, the big difference is, there is a government behind the dollar, and a banking system.  Some people don't like that, but I prefer to have a government and a banking system backing up my money.

---

This is one of the times where you and I agree (for the most part).  Bitcoin has a limited supply because it is a "made up" currency.  There really is no tangible value to it (can't see it, touch it, etc.).  For the most part it's an "underground currency".  There are a few places that accept bitcoin, but nobody really mainstream.

It's big in the ransomware industry.  They demand payment in bitcoin, because it's untraceable.   

Also, I recall a few years back there was a nationwide drug dealing business where you could order drugs and they would ship them anywhere in the United States.  They also required payment in bitcoin.  Here it is: 

Silk Road Black Market

It's just like any other currency; if people think it's worth something, then it's worth something.

By the way, when you say, "There really is no tangible value to it (can't see it, touch it, etc.). " I would point out that probably 99.9% of dollar based transactions are electronic.  Credit card transactions, for example, so you can't see or touch those dollars either.  Of course, the big difference is, there is a government behind the dollar, and a banking system.  Some people don't like that, but I prefer to have a government and a banking system backing up my money.

Bitcoin is completely traceable. Every transaction is recorded in the blockchain. 

The problem is with bitcoin wallets. They don't always verify identity so you can always see where a bitcoin went, just not who owns where it went, if that makes sense.

---

Its value is driven by the fact that it has limited supply, sort of like gold, and fiat currencies are too easy for governments to inflate.  A lot of demand comes from places like Venezuela where inflation is raging, so some people have put their money in bitcoin to preserve its value.  Also, a lot of demand comes from people who want to keep their transactions out of sight of the government by avoiding the banking system.  

Personally, I don't trust it.  If one wants an inflation hedge, then the place to be is real estate, the stock market, and maybe precious metals.

This is one of the times where you and I agree (for the most part).  Bitcoin has a limited supply because it is a "made up" currency.  There really is no tangible value to it (can't see it, touch it, etc.).  For the most part it's an "underground currency".  There are a few places that accept bitcoin, but nobody really mainstream.

Mainstream like Microsoft?

---

It's big in the ransomware industry.  They demand payment in bitcoin, because it's untraceable.   

Also, I recall a few years back there was a nationwide drug dealing business where you could order drugs and they would ship them anywhere in the United States.  They also required payment in bitcoin.  Here it is: 

Silk Road Black Market

It's just like any other currency; if people think it's worth something, then it's worth something.

By the way, when you say, "There really is no tangible value to it (can't see it, touch it, etc.). " I would point out that probably 99.9% of dollar based transactions are electronic.  Credit card transactions, for example, so you can't see or touch those dollars either.  Of course, the big difference is, there is a government behind the dollar, and a banking system.  Some people don't like that, but I prefer to have a government and a banking system backing up my money.

Bitcoin is completely traceable. Every transaction is recorded in the blockchain. 

The problem is with bitcoin wallets. They don't always verify identity so you can always see where a bitcoin went, just not who owns where it went, if that makes sense.

That may be true.  My knowledge of it is not complete.   But I do know that since there is no bank involved, the transaction and the identity of the transacting parties is not known to any banking system or government.  So, it's good for criminals.

---

Bitcoin is completely traceable. Every transaction is recorded in the blockchain. 

The problem is with bitcoin wallets. They don't always verify identity so you can always see where a bitcoin went, just not who owns where it went, if that makes sense.

That may be true.  My knowledge of it is not complete.   But I do know that since there is no bank involved, the transaction and the identity of the transacting parties is not known to any banking system or government.  So, it's good for criminals.

That's not true either. Like I said, every transaction of every bitcoin is recorded in the blockchain, and is available to the public at all times.

I'd guess the vast majority of digital wallets are regulated now as well. I know I had to submit quite a bit of info for Coinbase, but I'm sure workarounds still exist there.

---

This is one of the times where you and I agree (for the most part).  Bitcoin has a limited supply because it is a "made up" currency.  There really is no tangible value to it (can't see it, touch it, etc.).  For the most part it's an "underground currency".  There are a few places that accept bitcoin, but nobody really mainstream.

Mainstream like Microsoft?

I was talking about places where average consumers spend the most money.  Can you go to a WalMart and pay with bitcoin?  Rent a car with bitcoin?  Buy groceries at Publix?

---

There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Mainstream like Microsoft?

I was talking about places where average consumers spend the most money.  Can you go to a WalMart and pay with bitcoin?  Rent a car with bitcoin?  Buy groceries at Publix?

Not yet, mostly because the IRS is treating Cryptos as property rather than money and using them as a payment could trigger short-term capital gains taxes on every transaction. Until the government gets its stuff together just using them for everyday spending could be risky.

---

“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Check out Game Stop, lol.

---

Check out Game Stop, lol.

WSB for the little guy!

---

I would keep a close eye on the market right now.  A huge bubble is building pressure and is bound to burst at any time.

---

There are 10 kinds of people in this world.  Those who understand binary and those who don't.

I would keep a close eye on the market right now.  A huge bubble is building pressure and is bound to burst at any time.

What do you see the time period for that being? Been thinking about parking my 401k in bonds for awhile.

---