Wish I had hung on to mine from when this thread started. I did well earlier this year building a couple data models and trading crypto. I should boot them back up again.

Btw when there is no internet and no electricity, good luck getting money out of the bank...

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

Real estate is for me.

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

I do not quite understand the bitcoin thing either but the idea seems to have merit in my opinion. Most currency is based on a single countries economy. Should that country fail or confidence in it's solvency falter, the value of that currency will go down or possibly tank. The idea of the Euro appeals to me in that the solvency of the currency seems to be spread over a broader base.

With a bitcoin it sounds as if that part of the equation is moot in that it s not tied to any countries economy or politics. The currency survives on it's own. If there would be a way to stabilize it, I think it would be a good alternative. No government can manipulate it. It is valued the same every where you go.

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Sent from an agnostic abacus

2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD**

- With out god, life is everything.
- God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson
- You can pray for me, I'll think for you.
- When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.

It is all based on the oldest concept in the world, trade. If you are willing to accept my silverware set in exchange for your old beater car, then we have a deal. No green backs need change hands. Many rural folks have been doing this for years.......trade a dozen eggs for a shovel....or whatever.

Kinda like what Peter Minuit did when he purchased Manhatten for trinkets during the early 1600s.

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Jim

Bitcoin, as it stands today, isn't really capable of replacing any world currencies, nor is the underlying technology driving bitcoin is really capable of replacing traditional transaction systems. Visa and Mastercard process about 1300 transactions a second. Bitcoin only about 3 or 4. The more people use bitcoin for transactions, the more of a likelihood the system gets bogged down.

Sending cash isn't instantaneous.

Personally, bitcoin and every other cryptocurrency today is just a fad du jour. TulipCoin is better name for it.

The underlying technology that drives all of this (blockchain) will, however, revolutionize finance and transaction technology.

TL;DR Treat bitcoin as a speculative venture. Get in with an amount you're comfortable losing and take profits along the way.

If you're thinking of a long-term investment, that's just silly.

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-Typos courtesy of my mobile phone.

The history of bitcoins ,a fail , really was considered a con when it was invented .Why its coming back ?could be that a law has changed recently .

I do not think it ever went away.

__________________
Sent from an agnostic abacus

2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD**

- With out god, life is everything.
- God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson
- You can pray for me, I'll think for you.
- When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.

I mine bitcoin and mostly hold. Lately I’ve been selling a bit to recover some of my investment.

I currently have 6 miners with 14 more on the way.

Fun facts:
They pull 6amps @240v each.
They produce a lot of heat. A lot.
They are noisy.
I gross about $180/day on the 6
Electric cost is about $4 a day each in electric. (About $750/ month)

There is plenty of money to be made. I think bitcoin is here to stay, not as a currency but more of a store of value ( think digital gold)

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Eugene

10 E63 AMG
93 300te 4matic
07 BMW X3
14 Ford F-150 Fx2

That's great profitability. Are you using sha256 rigs or x11? I've thought about cashing in some of my btc and getting a rig for the fun of it.

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

Thats one huge carbon footprint. I am surprised Al Gore isn't taxing you on your endeavor.

I believe sha256. The miners I have are 13.5 th s9’s.

I was supposed to break even in 10 months but with the significant rise in price I’m almost square 60 days in.

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Eugene

10 E63 AMG
93 300te 4matic
07 BMW X3
14 Ford F-150 Fx2

Hmmm,, so what are they "buying" bitcoins with ?


if its trading junk out of the garage for bitcoins, -no big deal!

Every era has something unusual that eventually semi defines it. Bitcoin and similar may be this ones. Few obtain any long term traction.

Still all I know as already mentioned in this thread. Money itself even is just printed paper that people will accept. Not really backed up by much more than faith but acceptable anywhere. The faith component may just be that someone else will accept it from you.

If you have a hundred dollar bill in your hand what is really there. A five cent piece of printed paper? Real estate for example has done much better over time because it is real. It has value. Yet even then the value is expressed in pieces of paper? Where the real value is in being a roof over your head.

The whole setup is a semi mystery to me. In a serious depression there is no paper money around for example. At the same time technically it exists. If you do not have the paper you cannot support your real assets.

So is our money really an asset? We tend to think it is. Yet this is only determined if others will accept it in exchange. If not it is worthless. Also it is a depreciating asset when you factor in inflationary constants. To even maintain it at a current asset value. You have to make it work somehow.

You do not really gain much that is real by this approach as well. Plus there usually is some element of inherent risk. For example the last I looked at a specific car 10 years ago. It was thirty percent or more cheaper than the same car today. If I lived in Toronto a house ten years ago was only thirty percent of todays cost. Not even factoring all the increased interests costs on the transaction if mortgaged. Increased valuation property taxes etc.

Money was originally invented to overcome difficulties. Plus more of a short term vehicle. If you had a horse and I had a cow. You may not want the cow for your horse. So we invented money that I could give you for the horse. Then you could use the new form of universal barter medium to buy what you wanted. To get the money for that horse I could sell the cow to someone who wanted it. To enable the acceptance of this new system the exchange medium itself had to be backed up by something of value.

Today that in general has been removed and only faith remains. It must have staggered people when a currency was totally collapsed on purpose by a government. . It has happened before and I can just imagine the shock waves.

Bitcoin and similar entities to me are as solvent as our paper dollars. Basically based on faith alone as well just with a lesser following. Bitcoins future is going to be determined by how much acceptance there is out there for payment. A recent survey indicates that even places that have been on lists as accepting it will not. Fake lists in other words.

The speculative value increase does not make good sense based on what actually exists out there. It can be worth 10,000 legal dollars a bitcoin. If acceptance is not there for that value. Then for all practical purposes it is worthless.

The government does not care if it exists. It really presents no threat to anything. Now if it was backed up by something could be a different story or became too prevalent.

I cannot currently run a business and pay wages and all the bills. With bitcoin we aquired as payment from customers. Unless I can exchange it for the common currency. To the best of my knowledge that possibility is next to nothing. There are no convienient exchange arrangements in place.

So it is most likely just a generational fad. It is just not a common legal currency and is unlikely to become one. More a creation of an exchange medium with no real backing just like the official currency. Both can be manufactured out of thin air.

If the common currency was really backed up by anything other than faith. Bitcoin could not have evolved. Or if bitcoin was backed up it would be a threat to the system and outlawed. No country to the best of my knowledge has two official currencies. Unofficial currencies get suppressed eventually simply because they are considered illegal. Man has been quite clever over time at inventing schemes.

One world one currency may evolve someday I suppose. I just do not think it is in the cards for a very long time yet if at all. At this time the faith in the American dollar worldwide is being seriously questioned.

An alternative currency having more faith and some real backing involved is attempting to be established. This transition may be the real event of our times.The very recent completion of the sale of 400 billion dollars in gas from Russia to China. American dollars will not be involved.

I am so old that many schemes have come and gone in my time. They are always present even if not recognized as such till much later by most people. Usually after the majority of the sheep are sheared unfortunately. Tragically they usually get sheared again at some point as well. It is absolutely nothing new.

Sell or use enough bitcoin to at least cover the 750.00 a month current energy costs. Soon to be 2000.00 per month with the additional miners.. Plus enough more to cover the equipment costs. If there is a bath to come you will just feel better. Or only mine when the heat generated will help heat the house. What does a miner cost out of curiosity? I never imagined this expensive approach was needed to collect them.