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Crypto-Currencies and Bitcoin

Triplethreat

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It's all the rage right now. Bitcoin has been steadily being pumped up and up, and I feel like the rage has lead it to a bullish state.

This thing is bound to come crashing down.

I sure as hell won't touch crypto-currencies for my life. Hell, I am not interested in trading any kind of currency, but there is clearly massive money to be made doing so if you're careful and smart.

Anyone else have thoughts on this phenomenon?
 

King Stannis

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It's all the rage right now. Bitcoin has been steadily being pumped up and up, and I feel like the rage has lead it to a bullish state.

This thing is bound to come crashing down.

I sure as hell won't touch crypto-currencies for my life. Hell, I am not interested in trading any kind of currency, but there is clearly massive money to be made doing so if you're careful and smart.

Anyone else have thoughts on this phenomenon?
I think the whole economy is due for a correction soon. Eight straight years of growth is hard to sustain.
 

kevinoc0

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Funny, I just got back from a discussion regarding investing and trading crypto currencies. I've monitored it for quite some time and keep regretting not pulling the trigger, but also keep telling myself it can't sustain that type of growth. Hearing people talk about how risky crypto is, I couldn't believe hearing some of these people tonight basically treating bitcoin as a savings account.

I was going to start a thread on this myself since there's much more savvy people on here that can elaborate. Curious to hear what everyone else thinks about its future.
 

King Stannis

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What do you think will cause it this time?
That I don't know. I'm following historical patterns and my instinct. What industries tend to be over valued? There must be bubbles some where.

I think it wouldn't be a bad idea to protect one's self.
 

King Stannis

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Cratylus

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Ouffda.

The GOP Tax Plan looks much worse after reading that. The revenue cuts could be catastrophic.
Should Uncle Sam raise tax rates?
Keep them the same?
I'm curious what you would propose.
 

OptimusPrime

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I feel like such an idiot about Bitcoin. I remember arguing with other libertarian types about it when it first started. They were buying it up saying that it's going to be stable money that the dollar isn't. I still don't believe that. It isn't money. It is a medium of exchange, because people will accept it as payment for things, but it will never be widespread money, because it's nothing. It's only value is for exchange. That's true of dollars now, but there are government guns enforcing legal tender laws, so that's different. Plus, the dollar did used to have value at one time, when it was redeemable for precious metals. For money to arise spontaneously, it has to have some value other than for exchange. But all of that aside, I should have known speculators would blow the fucking thing up and bought as much as I could afford. I could have millions right now, but I didn't think it would go anywhere, and if it threatened to, that the government would find a way to shut it down. Fuck. I hate seeing the word Bitcoin. Fuck.
 

Cratylus

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I feel like such an idiot about Bitcoin. I remember arguing with other libertarian types about it when it first started. They were buying it up saying that it's going to be stable money that the dollar isn't. I still don't believe that. It isn't money. It is a medium of exchange, because people will accept it as payment for things, but it will never be widespread money, because it's nothing. It's only value is for exchange. That's true of dollars now, but there are government guns enforcing legal tender laws, so that's different. Plus, the dollar did used to have value at one time, when it was redeemable for precious metals. For money to arise spontaneously, it has to have some value other than for exchange. But all of that aside, I should have known speculators would blow the fucking thing up and bought as much as I could afford. I could have millions right now, but I didn't think it would go anywhere, and if it threatened to, that the government would find a way to shut it down. Fuck. I hate seeing the word Bitcoin. Fuck.
You and me both, brother. You and me both.

Sigh.
 

bigfoot5415

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My college roommte told me about it shortly after the original white paper was released. He swore it was the future and even made a mining rig at his house. I passed at the time but got in last summer pretty heavy. The growth has been pretty ridiculous thus year so I've been able to pull my initial investment and play with house money.

There is a handful I could see sticking around (bitcoin, litecoin, and etherium). The rest are a scam. There was an ICO for a company that wanted you to use their coins to trade unused phone data.....how the hell would a carrier agree to that? I'm sure they scammed a ton of people out of money.

Actually bought and sold some coins today on the dip. Made a decent chunk of change.
 

gourimoko

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I feel like such an idiot about Bitcoin. I remember arguing with other libertarian types about it when it first started. They were buying it up saying that it's going to be stable money that the dollar isn't. I still don't believe that. It isn't money. It is a medium of exchange, because people will accept it as payment for things, but it will never be widespread money, because it's nothing. It's only value is for exchange. That's true of dollars now, but there are government guns enforcing legal tender laws, so that's different. Plus, the dollar did used to have value at one time, when it was redeemable for precious metals. For money to arise spontaneously, it has to have some value other than for exchange. But all of that aside, I should have known speculators would blow the fucking thing up and bought as much as I could afford. I could have millions right now, but I didn't think it would go anywhere, and if it threatened to, that the government would find a way to shut it down. Fuck. I hate seeing the word Bitcoin. Fuck.
Why do you say bitcoin isn't money? I've had the exact same argument from the opposite end of the spectrum, and I've always put forward that bitcoin is money.
 

gourimoko

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You and me both, brother. You and me both.

Sigh.
Imagine mining bitcoin for fun back in the day, losing a great deal of it (as in, just misplacing the wallet info).. not giving a damn.. and seeing what it's worth now.
 

King Stannis

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Should Uncle Sam raise tax rates?
Keep them the same?
I'm curious what you would propose.
No, raising taxes is not an option. However, the current GOP plan will only grow the deficit by huge margins. On corporate taxes alone, corporate growth would have to amount to a 43% increase just to match the current revenue stream. That is wholly unrealistic.

I think we should reform the tax code to simplify it, but, let's be honest: The US doesn't need tax cuts; it already has the second lowest tax burden (South Korea is first) in the industrialized world.

As some have pointed out, the economy is robust. For eight years now we have seen steady growth under the current tax rates. The economy is not bound in chains as Paul Ryan claims. Would cutting taxes encourage more growth? Probably but I think there isn't that much further to go when we are already posting 3%+ growth a year.

Bottom line is whether the short-term gains, which may be modest, outweigh the long-term gutting of revenue that won't be made up with increased corporate profits. Given the looming costs of Baby-Boomer retirement, as well as the specter of high national debt loads in the First World, the cuts as currently proposed would leave the US completely unable to cope with an economic crisis. Already diminished revenue would be cratered further if the corporate sector struggles due to an economic downturn. The US would have to increase the deficit dramatically to make ends meet.

I think we can keep current rates, perhaps with a modest 5% or so cut on corporate taxes, coupled with real spending cuts would allow the US flexibility to withstand a downturn. We can change the code to give cuts to smaller businesses owned by the Middle Class rather than continuously favoring large corporations that are far more likely to move profit off-shore and embrace methods that allow them to reduce their workforces.

We must find ways to cut unnecessary spending. The first place we can save money is ending the fucking war in Afghanistan and our other Middle Eastern adventures. It is a money pit with no return.

And, this may be a controversial opinion, but I think there is one thing we can do to spark an even larger boom: Forgive a significant portion of the student debt load.

Why? Simply put, the largest demographic cohort in this country is not contributing much to the consumer economy. Their wealth is being sequestered in student debt which is owned by the government. They are not buying homes, they are not buying cars. They aren't buying the things that comes along with home ownership. They are getting married and having fewer kids later. Reducing debt by half would double their spending power. It would be "trickle-up" economics.
 

King Stannis

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Imagine mining bitcoin for fun back in the day, losing a great deal of it (as in, just misplacing the wallet info).. not giving a damn.. and seeing what it's worth now.
No lie.

I have a friend that had 100 bitcoins when it was $4 per coin.

Because Minnesota doesn't have legal weed, he had to resort to Silk Road, which I guess is expensive? In other words he sold his bitcoins for weed.

He would have been a millionaire yesterday.
 

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