• Welcome to Autism Forums, a friendly forum to discuss Aspergers Syndrome, Autism, High Functioning Autism and related conditions.

    Your voice is missing! You will need to register to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Our modern chat room. No add-ons or extensions required, just login and start chatting!
    • Private Member only forums for more serious discussions that you may wish to not have guests or search engines access to.
    • Your very own blog. Write about anything you like on your own individual blog.

    We hope to see you as a part of our community soon! Please also check us out @ https://www.twitter.com/aspiescentral

What Do You Think Of Bitcoin?

Brent said:
Most people who lose their shirts on Bitcoin are the ones treating it like a commodity and try to day trade or swing trade it.
Click to expand...

Absolutely. CNBC seems to think the selloff originated from South Korea and Japan. Where some of their banks seem to be big on designating Bitcoin as a commodity. Which in itself seems like a shaky proposition to me. Oh well. Every market has its share of people with a "get rich quick" mentality. Still, it's that lack of metrics that bothers me. IMO it needs a designation beyond being a mere "cryptocurrency". Something to break this "logjam" in the marketplace and bring some stability to whatever they choose to call it.

Though for me it's all academic, as I'm about ready to retire. Preoccupied with lowering risks rather than taking them any more.
 
Last edited:
Vitamin Sea said:
Please check this out:

8 Israelis arrested in Philippines for multi-million dollar online scam
Click to expand...
There was 1000s of online investment and get rich quick scams before Bitcoin even existed and there's still masses of them that scam people out of traditional currencies too, but as soon as Bitcoin happens to be used the media make a big thing of linking it to Bitcoin so people start seeing it as a flaw with the currency making Bitcoin have a bad reputation for criminal activity, but it's just online cash even though USA tax it as assets despite the SEC chairman stating the following recently, "Replace the dollar, the yen, the euro with Bitcoin. That type of currency is not a security.". Criminals will use what is available, it's not a flaw with the currency and it's not a flaw with the Dollar when criminals use that either. The vast majority of users and investors of Bitcoin are legitimate.

PS: Bitcoin is pretty low at the moment compared to December 2017 at around $7300 at the time of writing, but it's still much higher than the start of 2017 and the December 2017 peak was in my opinion created mainly by media hype that it couldn't possibly sustain so early in Bitcoin's development. Another reason for the drop is regulation fears, although so far it has been fairly promising, investors are still very fearful at the moment. Also there's a defunct exchange called Mt. Gox where the trustee keep selling masses of Bitcoin in batches causing the price to drop, even when they're not selling the fear is stopping some investors from buying. It is likely to all pass however and there's now a lot more corporate investment that is increasing, in my opinion the price will substantially increase again in the long term, although it's likely to be a rocky road.
 
pjcnet said:
There was 1000s of online investment and get rich quick scams before Bitcoin even existed and there's still masses of them that scam people out of traditional currencies too, but as soon as Bitcoin happens to be used the media make a big thing of linking it to Bitcoin so people start seeing it as a flaw with the currency making Bitcoin have a bad reputation for criminal activity, but it's just online cash even though USA tax it as assets despite the SEC chairman stating the following recently, "Replace the dollar, the yen, the euro with Bitcoin. That type of currency is not a security.". Criminals will use what is available, it's not a flaw with the currency and it's not a flaw with the Dollar when criminals use that either. The vast majority of users and investors of Bitcoin are legitimate.

PS: Bitcoin is pretty low at the moment compared to December 2017 at around $7300 at the time of writing, but it's still much higher than the start of 2017 and the December 2017 peak was in my opinion created mainly by media hype that it couldn't possibly sustain so early in Bitcoin's development. Another reason for the drop is regulation fears, although so far it has been fairly promising, investors are still very fearful at the moment. Also there's a defunct exchange called Mt. Gox where the trustee keep selling masses of Bitcoin in batches causing the price to drop, even when they're not selling the fear is stopping some investors from buying. It is likely to all pass however and there's now a lot more corporate investment that is increasing, in my opinion the price will substantially increase again in the long term, although it's likely to be a rocky road.
Click to expand...

This Israeli group is luring people to invest in bitcoin, then swindle their bank accounts and credit cards. This syndicate earns an average of one million dollars a day. Some victims have lost their fortune.

Spread the awareness..
 
Vitamin Sea said:
This Israeli group is luring people to invest in bitcoin, then swindle their bank accounts and credit cards. This syndicate earns an average of one million dollars a day. Some victims have lost their fortune.

Spread the awareness..
Click to expand...
They sound like really nice people lol! At least they've been caught and a jail in the Philippines makes a UK prison or even some US jails look like a luxury hotel, so you can be sure they're suffering as they deserve.

There's masses of horrid scams like this around even now, many don't use Bitcoin at all, for instance phishing sites and keyloggers to steal your login passwords and many of these criminals are still earning a fortune often with multiple scams all over the Internet. Now we also have ransomware, malware that is spread like a virus, often by clicking on an attachment or infected file, this malware encrypts your files and then it usually asks for Bitcoin in order to decrypt your data that isn't usually cheap, many reputable businesses have even ended up being forced to pay (obviously they didn't keep good enough backups) and there's no guarantee you will get your files back even then, what will you do if they just take your money and your files are still encrypted, there's hardly a customer services number you can call to complain? I don't recommend paying them no matter what even if they do release your data. Just keep backups of anything important on a memory stick away from your PC and if you wish on a secure online drive too, you can also encrypt the files yourself if you wish for extra security, but don't forget any passwords lol!

Here's an articles about $Millions being lost just on "get rich quick" schemes in the UK alone, these scammers are the only ones living in luxury while everyone else loses. A large proportion of these scams aren't Bitcoin related and many were around before Bitcoin even existed:

Britons lose millions in online 'get rich quick' schemes

There's so many scams and online criminals that the authorities can't cope, the occasional "unlucky" ones get bought to justice, while most continue making a fortune, living in luxury by effectively robbing other people for years and most will sadly never be caught.

I've even seen automated investment software that buys and sells apparently making you a lot of money for an initial investment. You can run the software in demo mode and you appear to make loads of money every time, if only you'd used real money. Then you are finally convinced and you make a real money investment, but for some reason unlike the demo you lose the lot. Why? Because the demo mode is a not real and a con to convince you to invest in a scam where you will always lose all your money. In other words be warned, some of these scams can be very convincing. I never fell for it because I did my research, but watch out for scams that even appear to have good independent reviews, that's when members make commission if they introduce other unfortunate people to lose their money, a few might even make some money if they introduce enough losers, but virtually everyone will always lose like in a pyramid scheme, there's loads of pyramid schemes that pretend to have product which is often something stupid like ebooks.
 
Last edited:
Well I just hope none of our friends in this forum get scammed, as I browse through this thread, some seem to be interested with or have already invested in bitcoin.
 
Fool's good for the 21st century, isn't it? The equipment you need to mine reliably, which AFAIK is mostly GPUs and some alternative specialized hardware, can be pretty expensive, and the return on investment doesn't sound like it's worth the trouble.

Moreover and more importantly, how many businesses are adopting digital currency now? I've heard of black market sites and know of a few legitimate places, but why go through all that effort to invest in something that isn't widely adopted? So what then, does it just sit there and collect dust?
 
FromEquestria2LA said:
I am unsure where this goes, as it's a cryptocurrency (or a 'virtual currency'), but since it exists online for the most part, I'll put it here.
-----
What do you all think of Bitcoin? It's an interesting currency; it's hard to believe it's valued at so much right now!
Click to expand...
We use fiat currencies everyday of our lives...hedge funds place bets on whether US dollar, British Pound, etc will go up or down. So if anyone is lulled into the misconception that Bitcoin is only for gamling, hasn't checked out the Wall Street 'betting pools' against international currencies and the US dollar itself. Bitcoin is a decentralised crytocurrency that has unfortunately turned into more of a investment tool due to US gov and international bankers...it directly threatenes their power. US doesn't like when nations reject the dollar as a reserve currency. Bitcoin threatens that power and the hoarding of capitol by bankers and corporations. If bankers no longer control the monetary system, their goes the power they have aquired. Billionaires don't want to lose the status quo... read this. GameStop: Hedge funds lose billions as establishment fights back
After this happened...billionaires flooded the aire waves, crying on how they lost billions and what happened, was 'unfair'. Someone beat them at their own GAME, and it is, and they didn't like it. They called for reforms. Someone figured out the game and they no longer had the deck stacked in their favour. Same has happened to Bitcoin. Bankers and Wall Street see the threat of Bitcoin, which attributes to at least 99% of the bad press.

Bitcoin is a good tool to rebalance the income inequality that we are currently living through. I bought some and will continue to buy more. Bitcoin is no different than betting on the US dollar. I trust Bitcoin more than US dollar and any international currency.
 
Gerontius said:
This is making me think of the old Confederate banknotes. You see them so often in antique dealers' display counters that you realize the Confederate money was increasingly worthless towards the end of the Civil War.
I don't care for cryptocurrency.
Click to expand...

I haven't had much to do with crypto currency, but I thought it was interesting that Texas might make a new one to protect itself in case the dollar comes crashing down. It said they will always have enough gold in storage to cover the value of all the crypto currency. And people can exhange the crypto for either gold or cash anytime they want.
 
Kisa the tea said:
Never understood the obsession.
Click to expand...
There's always a few who fall for the "get rich quick" scheme. And equally there's always those who will exploit their sense of greed to rob them. A basic requirement for any pyramid scheme.

Where any perceived intrinsic value lies only in the potential to promote it as something legitimate just to get new investors, allowing the original investors to cash out.
 
Judge said:
There's always a few who fall for the "get rich quick" scheme. And equally there's always those who will exploit their sense of greed to rob them. A basic requirement for any pyramid scheme.

Where any perceived intrinsic value lies only in the potential to promote it as something legitimate just to get new investors, allowing the original investors to cash out.
Click to expand...

One thing about it that is a red flag to me, is that no one knows who made it. That doesn't make sense. People will very rarely avoid getting credit for inventing something, they want the attention and bragging rights.
 
Forest Cat said:
One thing about it that is a red flag to me, is that no one knows who made it. That doesn't make sense. People will very rarely avoid getting credit for inventing something, they want the attention and bragging rights.
Click to expand...
To me the red flag is that Texas is all in on it. Along with Florida and recently Tennessee there's a disturbing trend to divide the country further. Individual state currencies are a bad idea.
Not to get too political but America is basically trying to decide whether we want to be the Weimar Republic or the Third Reich at this point. I do not trust private currencies. Good old damyankee dollars seem to be all right, even if subject to inflation.
 
Gerontius said:
To me the red flag is that Texas is all in on it. Along with Florida and recently Tennessee there's a disturbing trend to divide the country further. Individual state currencies are a bad idea.
Not to get too political but America is basically trying to decide whether we want to be the Weimar Republic or the Third Reich at this point. I do not trust private currencies. Good old damyankee dollars seem to be all right, even if subject to inflation.
Click to expand...


I read that Texas wanted to do it to protect Texas in case the dollar fails. The dollar is not doing well now so it's understandable in a way. But I think the US should have one currency, not individual currenices in each state.
 
Last edited:
It's all pure insanity, a mix of a techno religion with economic populism that catches the ignorant and disenfranchised hoping to become rich.


Because of its technological limitations its a terrible currency because its not simple to use at all for the average person and at the end of the day the only reason with it ever goes up in value (always in reference to the dollar, of course, you never read anything about such item costing X bitcoin) is because of a greater fool situation, where each person has the expectation that they will be able to sell what they bought for a bigger sum.


But what wealth, usefulness, service or product is bitcoin actually generating to justify this idea? none that matters.
Sure, if you live in Lebanon, Argentina or Venezuela trying to get bitcoin is a nice idea but that's only because it can be exchanged for Dollars or other valuable currency, which in such countries with chronic shortages of foreign reserves can often be impossible.


And I'm sure that if you want to send money to someone in Africa, during the weekend, on the middle of the night, without it being detected by the banking system, then sure, Bitcoin could be useful.


But those cases make up a fairly small percentage of humanity, for everyone else there's no actual value presented by it and therefore nothing that justifies the supposed value of tens of thousands of dollars for one. It's just people speculating, hoping they can sell what they bought for more to someone that also will be expecting to sell it for more down the line.
 
Gold-Coin-Hoard-Yoli-Schwartz-IAA-resize-2160x1200.jpg


I'd prefer a handfull of 1000 yr old Abassid Dinars any day.

;)
 
Seriously? I’m still reeling from our abandonment of the gold standard. If you can’t touch and walk away with it, it isn’t currency. If it’s backed by nothing more than the good name of the issuing government, it’s probably fraudulent currency.

These new currencies are approximately as stable and transparent as the stock market, which is to say not at all. I’ve had too many friends lose too much in the market while the riggers get rich. Remember how for years they told us that 64-bit encryption could never be hacked? The cloud is safe? Now this.

Folding or jingling are good attributes.
 
You must log in or register to reply here.

New Threads

Top Bottom