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Anybody use bitcoin?

Discussion in 'Economics and Financials' started by #1 fan, Aug 15, 2015.

  1. #1 fan

    #1 fan Well-Known Member

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    Was looking to purchase bitcoin but wasn't sure the best way to do it. Would like to purchase with paypal if possible.

    Heard Coin Base is the most popular but curious to read other opinions/options.
     
  2. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    Yes, but only when a Nigerian Prince needs the cash for a sure fire investment with ridiculous returns.
     
    ckparrothead likes this.
  3. #1 fan

    #1 fan Well-Known Member

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    Assuming no Nigerian princes, anybody use it? (how the prince would turn the coin into cash is something I'm interested in as well)
     
  4. #1 fan

    #1 fan Well-Known Member

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    Fwiw, I used coinbase and it went smooth. Although it took a couple of days to purchase the coin itself.
     
  5. Conuficus

    Conuficus Premium Member Luxury Box

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    Well away from here
    You have companies that will buy or help broker your bit coin sale for cash.
     
  6. ckparrothead

    ckparrothead Draft Forum Moderator Luxury Box

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    I should probably know this given what business I'm in but I have no ****ing idea what a bitcoin is or what to do with it. I only vaguely know it's controversial.
     
  7. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    You should look into block-chain before anything:

    https://en.wikipedia.org/wiki/Block_chain_(database)
     
  8. Paul 13

    Paul 13 Chaotic Neutral Staff Member

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    Black market currency that isn't insured by anything. yeah no. At least not in my current life :lol:
     
  9. ToddPhin

    ToddPhin RIP Phinsational Luxury Box Club Member

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    only when I'm purchasing heroin.
     
    danmarino likes this.
  10. rackhound

    rackhound Season Ticket Holder Club Member

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    I use coinbase and its the easiest, but to purchase other crypto that coinbase doesn't offer (ripple) I use binance. Sorry about the super delayed response but I just saw this.
     
  11. KeyFin

    KeyFin Season Ticket Holder Club Member

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    I just saw it too and personally, I'd say to stay away unless you're using it as currency for buying stuff online or doing shady stuff (as in cocaine, bazookas, etc. LOL). There's no regulation and the US is trying to heavily regulate it (yet they haven't figured out how yet)...so is every other government. Additionally, there are hundreds of thousands of coins out there that fluctuate madly day by day- it's almost like buying a lottery ticket in a way because the value isn't based on anything but speculation.

    Blockchain technology is a very good idea for lots of stuff, but it's also hard to invest in because there's so many companies pushing their tech that has zero proof of concept. Two months ago, everyone wanted to be a blockchain/bitcoin player and make millions on betting the winning pony, but hundreds of millions have been stolen and billions have disappeared in value. Although the tech is mostly legit, it was rushed to market in a frenzy and no regulation is a very, very bad thing. My personal opinion is that it's turned into the biggest Ponzi scheme in the history of the world.
     
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  12. eltos_lightfoot

    eltos_lightfoot Season Ticket Holder Club Member

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    As an IT developer, it is hilarious how tech companies are using buzzwords to get moolah. A few years ago it was data science. Now it is blockchain. Blockchain is a technique. Nothing more. A way to hold a set of transactions accountable. Also known as an audit trail or transaction log but through math. It is useful in some ways. But is not going to become a religion, which is how it is being portrayed.

    And, yes, crypto is definitely a Ponzi scheme at this point.
     
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  13. KeyFin

    KeyFin Season Ticket Holder Club Member

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    Not exactly data science, but big data. "We are the big data experts that can get you game-chaining insights into your financial future." What they were really saying though is, "You're too stupid to look at your own data, so we'll tell you trends within your customer base." There was nothing game-changing about it....we've had statisticians like cBrad for thousands of years.

    The other one was/is IoT....the mysterious and powerful internet of things! Your smartphone can now intelligently control your toilet, so if you took a dump at home this morning and remember at the office that you forgot to flush....BaaaBaaaam.....say goodbye to the poo poo! I mean, there are great applications in manufacturing and similar industries, but for the average business it's just not an advantage. Your Kuerig machine doesn't have to talk to your smartphone to reorder K-cups when the drawer beside it is empty. If you're too lazy to look, then you don't deserve any java.

    The IoT will be extremely big in medicine though- they're building nano-robots that can track our vitals and perform basic internal repairs (think heart valve damage, for instance). Stuff like that is worth getting excited about, but it's not here yet.
     
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