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Posted (edited)

Thanks Sue

 

BTC has been based on solving the block chain code cipher since inception, that's why it's a crypto coin. Solve code algorithm get 'coin'. It's a virtual commodity. To solve people use graphics cards or computers running a program. For this they get value. 

 

Video gamers run the same cards and computers for enjoyment Gates isn't pointing out computers are bad. Electric cars create CO2 emissions cause the lectric comes from somewhere. Musk isn't saying Teslas are bad.

 

I own some amc bought at about 5 bucks per in the hopes that market for amc increases and my commodity increases in perceived value.

 

I own a couple cryptos I also own us dollars and some livestock. Of those my critters actually have actual worth cause I can eat them.the others are imaginary stores of agreed value.

 

If enough people agree beanie babies are worth money and I sell a beanie baby for something else I value what's the fault? 

At one point folks thought owning an imaginary share of a company was crazy to.

Edited by Texas Joker
Politeness
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No one has ever successfully explained to me exactly what crypto currency is. Many have tried. :lol:

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@Utah Bob #35998

In a nutshell It's digital ownership of a confirmed code cipher. Each bit coin is unlocked when a very hard math problem is solved for the cipher code key. The solution is checked for validity and when confirmed, ownership is granted to the solver. Then the code is scrambled and a new cipher key is solved for. Adjustments are made each time a solution is reached to increase difficulty of the next set.

 

There are a limited number of solutions so a finite amount of ownership creating value of ownership. It takes a LOT of computing power to get it done.

 

It started as a geek thing and went mainstream.

 

 

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7 minutes ago, Texas Joker said:

@Utah Bob #35998

In a nutshell It's digital ownership of a confirmed code cipher. Each bit coin is unlocked when a very hard math problem is solved for the cipher code key. The solution is checked for validity and when confirmed, ownership is granted to the solver. Then the code is scrambled and a new cipher key is solved for. Adjustments are made each time a solution is reached to increase difficulty of the next set.

 

There are a limited number of solutions so a finite amount of ownership creating value of ownership. It takes a LOT of computing power to get it done.

 

It started as a geek thing and went mainstream.

 

 

Thank you for trying. I new somebody would.
That still makes no sense to me at all. :lol::lol:

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And to some folks neither does dressing up like a cowboy and limiting yourself to shooting 150 year old tech.

 

But hey it's fun!

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Posted (edited)

Let's see, you have something that does not exist, has no intrinsic value, has nothing backing it up yet people think it has value.  I'm with Utah Bob on fake money.  As I understand it the reason for the crash is that Elon Musk will no longer take it as payment for Tesla cars.  Tesla has never made any money (on cars) maybe that is why.

Edited by Larsen E. Pettifogger, SASS #32933
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32 minutes ago, Utah Bob #35998 said:

No one has ever successfully explained to me exactly what crypto currency is. Many have tried. :lol:

I guess we're just too damn dumb to get caught in this kind or trap.  Sometimes it's a good thing to be stupid, uneducated, and stuck in my own world.

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4 minutes ago, Larsen E. Pettifogger, SASS #32933 said:

Let's see, you have something that does not exist, has no intrinsic value, has nothing backing it up yet people think it has value.  I'm with Utah Bob on fake money.

I stopped carrying green paper. now I have a plastic rectangle.

 

Same difference like I said I can eat a critter all the rest is just mind games

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Can you cash it in for cash?? That's my question.

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Yep just like a currency exchange.

 

Right now on the uphold exchange 1 bit coin goes for 44,894.66 American dollars.

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So these russian nuclear scientists put a top secret air gapped supercomputer on the internet to mine bitcoin. Remember a LOT of computing power.

 

Turns out their feds weren't amused

 

https://www.google.com/amp/s/www.bbc.com/news/world-europe-43003740.amp

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1 hour ago, Larsen E. Pettifogger, SASS #32933 said:

Let's see, you have something that does not exist, has no intrinsic value, has nothing backing it up yet people think it has value.  I'm with Utah Bob on fake money.  As I understand it the reason for the crash is that Elon Musk will no longer take it as payment for Tesla cars.  Tesla has never made any money (on cars) maybe that is why.

Nope he doesn’t, and there’s no need for him to make money selling cars. Ol’ Elon’s automotive fortune comes from selling carbon credits called RINs. A made-up something by the government, awarded to him and others in the “green” industry. 
 

My country ‘tis of thee, 

Sweet land of subsidy...

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36 minutes ago, Texas Joker said:

So these russian nuclear scientists put a top secret air gapped supercomputer on the internet to mine bitcoin. Remember a LOT of computing power.

 

Turns out their feds weren't amused

 

https://www.google.com/amp/s/www.bbc.com/news/world-europe-43003740.amp

 

Wonder how those guys like living in a Siberian Gulag.

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The biggest advantage of using crypto currency like Bitcoin is to transfer wealth anonymously anywhere in the world without using the regulated and traceable  banking system.  Works great for paying for illegal drugs and ransoms.

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Well... frankly, most of our community don't see much sense in semi-auto firearms....

 

Understanding a crypto is a stretch :)

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The Emperor's New Clothes, all over again.  Only the real quality folks could see the splendor of the king's new duds.  In fact he was naked as a jay bird.

Wannabe smart people fall for this scam every time.  You have to be one of the real in-the-know people with special understanding to even understand how it works.  No live bait needed.  The shiny hook is enough.  The "quality folk" catch themselves.

"Here you go, boy.  Buy yourself some nothing.  All the smart investors are doin' it."

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1 hour ago, Last Call Saul said:

Well... frankly, most of our community don't see much sense in semi-auto firearms....

 

Understanding a crypto is a stretch :)

Some of us still ain't convinced that smokeless powder isn't a passing fad and script is as good as coin.:rolleyes:

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Just now, Duffield, SASS #23454 said:

How do you convert bitcoin to cash?

 

same way you do with stocks - sell it for USD in an exchange and deposit to the bank

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28 minutes ago, Last Call Saul said:

same way you do with stocks - sell it for USD in an exchange and deposit to the bank

So are you taxed at that point? I know one of the selling points of crypto is tax evasion but I gotta guess Uncle Sam is going to get his if you want to rejoin the system 

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14 hours ago, Utah Bob #35998 said:

No one has ever successfully explained to me exactly what crypto currency is. Many have tried. :lol:

 

What does "money" mean to you?  A crypto currency is money.  It stores value and it can be exchanged for goods and services.  How crypto is stored and exchanged is different, but it is, by definition, money.

 

3 minutes ago, Buckshot Bob said:

So are you taxed at that point? I know one of the selling points of crypto is tax evasion but I gotta guess Uncle Sam is going to get his if you want to rejoin the system 

 

I assume you're talking about income tax.  You pay income tax on income regardless of the source.  If you earn a dollar at work and you spend that dollar, you don't owe any tax.  That it's crypto currency doesn't change that.

 

As to using crypto currency for tax evasion, that'll land you in prison just like using a briefcase full of cash will.

 

33 minutes ago, Last Call Saul said:

same way you do with stocks - sell it for USD in an exchange and deposit to the bank

 

Not necessarily.  Crypto currencies are money.  They can be exchanged directly for goods and services.  I don't own them that way because I don't care to go through all the nonsense associated with having an actual encrypted wallet and exchanging them like coins.  But one of the things that makes crypto currency different than stocks or other types of assets is that they can be exchanged, directly.  They are designed, or at least marketed, to compete with currency.

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28 minutes ago, Chacón said:

 

Not necessarily.  Crypto currencies are money.  They can be exchanged directly for goods and services.  I don't own them that way because I don't care to go through all the nonsense associated with having an actual encrypted wallet and exchanging them like coins.  But one of the things that makes crypto currency different than stocks or other types of assets is that they can be exchanged, directly.  They are designed, or at least marketed, to compete with currency.

 

yes, but the question was how can you exchange it to USD... so I provided an asnwer.

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1 hour ago, Last Call Saul said:

same way you do with stocks - sell it for USD in an exchange and deposit to the bank

But there is no coin to sell

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8 minutes ago, Henry T Harrison said:

But there is no coin to sell

That’s always been my perspective. Kinda like making up a company with no assets and selling stock . Or starting your own virtual country and selling bonds . 
I get the point of people wanting a currency not controlled by a government. But I don’t have unwavering faith in government backed currency let alone crypto . 
Guess I should go out in the backyard and bury some more silver and gold :) 

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I would also like to know if I decided to convert/buy say $10,000 usd to bitcoins today what would that cost ? I’m assuming the exchange is not free . Also what would it cost to convert back and who is profiting from the exchange? 

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8 minutes ago, Buckshot Bob said:

That’s always been my perspective. Kinda like making up a company with no assets and selling stock . Or starting your own virtual country and selling bonds . 
I get the point of people wanting a currency not controlled by a government. But I don’t have unwavering faith in government backed currency let alone crypto . 
Guess I should go out in the backyard and bury some more silver and gold :) 

If you do it at midnight during a super moon the day of a SpaceX launch, it will turn into crypto currency.

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3 minutes ago, Buckshot Bob said:

I would also like to know if I decided to convert/buy say $10,000 usd to bitcoins today what would that cost ? I’m assuming the exchange is not free . Also what would it cost to convert back and who is profiting from the exchange? 

 

It would cost you nothing and it can be done with the click of a mouse.

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How would some of you adventurous investors like to invest in some

valuable, but cheap, Confederate money.  AND, if you're one of the first 500 investors,

you will receive $500 in Monopoly money, FREE!

 

Call now..... BR549.

Ask for TN Williams and use code 'Free Monopoly Money' for your special discounts.

 

..........Widder

 

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