quote:

Originally posted by mbinky:
Where do I store my bitcoins? In the gun safe or the spare hard drive next to the kitchen sink?

quote:

Originally posted by Balzé Halzé:

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Originally posted by BBMW:

On the flip side, if they can tame the technolgy, I could see something like this being adopted by governments (US and others) as a replacement for paper currency.

Screw. That. Noise.

quote:

Originally posted by BBMW:
I guarantee you, it's coming. The government is squeezing the banks to deal less with cash. Businesses increasing don't want to deal with cash, and neither do a lot of their customers. I've seen retail businesses that just don't take cash any more.

Look at what happened in India, and they're orders of magnitude less ready to deal without cash than we are.

quote:

Originally posted by Balzé Halzé:

quote:

Originally posted by BBMW:

On the flip side, if they can tame the technolgy, I could see something like this being adopted by governments (US and others) as a replacement for paper currency.

Screw. That. Noise.

quote:

Originally posted by Dead_Eye:
There's simply too much information about BTC that isn't going to be summed up in one post. All I have to say is that cryptocurrencies are the future. Period. Remember this thing called the "personal computer" or "the internet?" Cryptocurrency is the next thing that will change the world and how we look back on it.

It's bigger than Bitcoin. Research ICOs and understand that Bitcoin is the standard by which every other token valued for trading purposes. Oppressed people in Asia use it to store wealth because Governments can't take it from them the way they can when it's in a bank account or hidden under the mattress. Google the price of Bitcoin in Zimbabwe. When people can't use a 55 gallon drum of their own country's currency to buy a loaf of bread, the people turn to something that'll actually hold value. Many have tried to kill off Bitcoin... Governments, other currencies and it's still reigning supreme. It may not be that way forever (quite unlikely actually) but less than 0.5% of the world buys/trades BTC. Imagine what it'll be worth when 1% or 5% of the world gets into it and it's going to happen.

People get all excited when their portfolio makes double digits a year. I made that this week and with the price correction today I'm well positioned to double my money once it recovers (should be well before the end of November). Anyone who dismisses this (especially without understanding what it's capable of) is going to watch those who didn't reap all the benefits.

I sold off most of my guns to finance my trading. I could buy almost 3 times my prior collection now if I cash out at $7,000.

quote:

Originally posted by esdunbar:
why on earth would it be 7,000 times more valuable than a dollar?

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How many dollars are in circulation?

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Let me provide a technical response

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Originally posted by Sweden:

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Originally posted by esdunbar:
why on earth would it be 7,000 times more valuable than a dollar?

Let me provide a technical response that does not account for all variables to account for 7000:1 ........

2^31 = ~21 Million unique combinations in the block chain. That is the max number of Bit Coins available. How many dollars are in circulation?

quote:

Originally posted by a1abdj:
How do you spend your Bitcoins if the power is out and you lack internet access?

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Originally posted by Dead_Eye:
ES Dunbar, I doubt very much that you read up on ICOs so I'll provide a very brief summary: It's a way for startups to raise significant capital without relying on banks, venture capital or grants. What's significant capital? Let's say a couple of college kids found a better way to do something that a Microsoft or Google would love to steal (and this happens a lot). The only way to preserve it is to have the money to patent it and afford the lawyers to go after the sharks, all while running a business, scaling it, etc. Good luck going to a bank trying to borrow millions without the traditional loan documents. Pitch the idea to a venture capital firm and they might start leaking your idea to other clients that could do the same thing that they're already invested in. Grants? Don't make me laugh.

In a world where small business is getting slaughtered by the Walmarts, Microsofts and Wells Fargos of the world, ICOs are a way for main street to have a better chance going up against wall street.

quote:

Originally posted by a1abdj:

quote:

Let me provide a technical response

Well count me in for a technical question.


How do you spend your Bitcoins if the power is out and you lack internet access?

quote:

Originally posted by BBMW:
I guarantee you, it's coming. The government is squeezing the banks to deal less with cash. Businesses increasing don't want to deal with cash, and neither do a lot of their customers. I've seen retail businesses that just don't take cash any more.

Look at what happened in India, and they're orders of magnitude less ready to deal without cash than we are.

quote:

Originally posted by Dead_Eye:
ES Dunbar, I doubt very much that you read up on ICOs so I'll provide a very brief summary: It's a way for startups to raise significant capital without relying on banks, venture capital or grants. What's significant capital? Let's say a couple of college kids found a better way to do something that a Microsoft or Google would love to steal (and this happens a lot). The only way to preserve it is to have the money to patent it and afford the lawyers to go after the sharks, all while running a business, scaling it, etc. Good luck going to a bank trying to borrow millions without the traditional loan documents. Pitch the idea to a venture capital firm and they might start leaking your idea to other clients that could do the same thing that they're already invested in. Grants? Don't make me laugh.

In a world where small business is getting slaughtered by the Walmarts, Microsofts and Wells Fargos of the world, ICOs are a way for main street to have a better chance going up against wall street.

quote:

Originally posted by esdunbar:

Huh? ICO's are not a stock offering man. Your post honestly doesn't make sense. The ICO is literally a currency offering. It's not a crowd funding play.

I know people are trying to make it that, but I just dont see it working.

quote:

Originally posted by Dead_Eye:

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Originally posted by esdunbar:

Huh? ICO's are not a stock offering man. Your post honestly doesn't make sense. The ICO is literally a currency offering. It's not a crowd funding play.

I know people are trying to make it that, but I just dont see it working.

ICO is misleading. They're not coins, they're tokens. The amount of tokens one owns does not give them voting rights and I never said that ICOs were a stock offering. But as the company grows in value so do the tokens and Bitcoin is the main currency in which these tokens are valued/traded.

I've spent a lot of time learning/researching this space. 40+ hours of discussions with people far more intelligent than me who are in this space, one who lead the cryptocurrency/digital asset team for a US senator and briefed him directly. I read 4-6 hours a day on this topic alone. I like it, you don't. I've commented in this thread so members could better understand it from someone who's put the time, effort and money into cryptocurrencies. You don't understand it, don't have any money in it and have already wrote it off as a failure so why are you here? To play stump the chump on a subject you know nothing about?