~ archived since 2018 ~

Cryptocurrency

XRBislife · 2018-11-23T13:51:49+00:00

Anybody else thinking about picking some up. I've always followed the mantra buy low sell high and its worked out ok. What are your thoughts on...

XRBislife

November 23, 2018

12 upvotes

/r/MGTOW

Download the post

Want to save the post for offline use on your device? Choose one of the download options below:

PDF TXT EPUB

Post Information

Title	Cryptocurrency
Author	XRBislife
Upvotes	12
Comments	51
Date	November 23, 2018 1:51 PM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/9zofgz/cryptocurrency/
Archive Link	https://theredarchive.com/r/MGTOW/cryptocurrency.454513 https://theredarchive.com/post/454513

Comments

[–][deleted] 2 points3 points4 points 7 years ago (0 children) | Copy Link

Crypto prices have been dropping since January\February 2018. I think this trend will continue, so I would wait. This article says that around $3k might be the sweet spot to buy: https://ethereumworldnews.com/crypto-leaders-weigh-in-on-bitcoin-collapse-3000-target-touted/ I would hold out for around $3k, but only invest a little bit. I also think that if the price drops below $3k before March 2019, that is too soon to buy.

I thought Bitcoin would raise because mining would make it rarer. It's now under $4.3k. It's worth less than it was last year. I am hoping that Ethereum 2.0 and the Bitcoin Lightning network will raise the value, but that won't be ready and take effect for at least a year. John McAfee states we are in a bearish market right now and that it will bounce back once the panic is over. (https://ethereumworldnews.com/john-mcafee-fcking-relax/).

The bounce back may be around $6.2k. https://ethereumworldnews.com/bitcoin-btc-price-analysis-bounce-back-to-6200-area-of-interest/

[–]fullnamenumber70 points1 point2 points 7 years ago (0 children) | Copy Link

[–]lewism109-1 points0 points1 point 7 years ago (0 children) | Copy Link

[+][deleted] 7 years ago* (5 children) | Copy Link

[deleted]

[–]XRBislife[S] 1 point2 points3 points 7 years ago (4 children) | Copy Link

[+][deleted] 7 years ago* (3 children) | Copy Link

[deleted]

[–]XRBislife[S] 1 point2 points3 points 7 years ago (2 children) | Copy Link

[+][deleted] 7 years ago* (1 child) | Copy Link

[deleted]

[–]XRBislife[S] 1 point2 points3 points 7 years ago (0 children) | Copy Link

[–]MadPreacher1AD-5 points-4 points-3 points 7 years ago (44 children) | Copy Link

[+][deleted] 7 years ago (15 children) | Copy Link

[deleted]

[–]MadPreacher1AD0 points1 point2 points 7 years ago (14 children) | Copy Link

[+][deleted] 7 years ago (6 children) | Copy Link

[deleted]

[–]MadPreacher1AD-2 points-1 points0 points 7 years ago (5 children) | Copy Link

[+][deleted] 7 years ago (4 children) | Copy Link

[deleted]

[–]MadPreacher1AD0 points1 point2 points 7 years ago (2 children) | Copy Link

[+][deleted] 7 years ago (1 child) | Copy Link

[deleted]

[–]MadPreacher1AD0 points1 point2 points 7 years ago (0 children) | Copy Link

[–]GodlyCupOfTea4 points5 points6 points 7 years ago (4 children) | Copy Link

[–]MadPreacher1AD-2 points-1 points0 points 7 years ago (3 children) | Copy Link

[–]GodlyCupOfTea1 point2 points3 points 7 years ago (2 children) | Copy Link

[–]MadPreacher1AD-2 points-1 points0 points 7 years ago* (1 child) | Copy Link

[–]thecherry941 point2 points3 points 7 years ago (1 child) | Copy Link

[–]MadPreacher1AD0 points1 point2 points 7 years ago (0 children) | Copy Link

[–]XRBislife[S] 4 points5 points6 points 7 years ago (6 children) | Copy Link

[–]MadPreacher1AD0 points1 point2 points 7 years ago (5 children) | Copy Link

Fiat Currency is a pyramid scheme and the ultimate scam which leaves general public powerless to inflation.

Do you see where I disagree with that statement? What you just did was called a strawman logical fallacy. I never stated that I endorsed FRNs or other fiat currencies. It just never came up.

If the power goes out globally you would be correct.

Even locally I am correct. People that were hurricane zones that lost power for weeks on end couldn't access their magic fairy dust.

It really comes down to what you trust.

I trust the US government more than I trust the Chinese government. Guess who controls your magic fairy dust called Bitcoin? That's right China.

Because currency is a belief a system.

This is what we call a bullshit statement. Here is the definition of currency.

Money in any form when in actual use as a medium of exchange, especially circulating paper money.

Magic fairy dust isn't used as a medium of exchange. As such it fails to meet that standard.

I make a bunch of notes and call them legal tender and charge you a million per note.

You couldn't because that would be called counterfeiting. Legal tender is specifically defined in the US and in other countries across the globe. Here is 31 US Code §5103 on the matter of legal tender.

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

I don't see your magic fairy dust listed there.

Same shit except that the supply is fixed in cryptocurrency and it is based on a trustless system.

Except it doesn't exist in the physical world which government backed fiat currencies have a leg up.

No middle men to change the rules.

There are middle men involved in your magic fairy dust. They control the exchanges between various real currencies and the magic fairy dust. Then there is the matter of the Chinese government controlling the magic fairy dust called Bitcoin. Are you a Chinese spy?

[–]XRBislife[S] 0 points1 point2 points 7 years ago* (4 children) | Copy Link

[–]MadPreacher1AD-1 points0 points1 point 7 years ago (3 children) | Copy Link

[–]XRBislife[S] 0 points1 point2 points 7 years ago (2 children) | Copy Link

[–]MadPreacher1AD-1 points0 points1 point 7 years ago (1 child) | Copy Link

[–]XRBislife[S] 0 points1 point2 points 7 years ago* (0 children) | Copy Link

[–]iseehot0 points1 point2 points 7 years ago (9 children) | Copy Link

[–]MadPreacher1AD-1 points0 points1 point 7 years ago (8 children) | Copy Link

[–]iseehot-3 points-2 points-1 points 7 years ago (7 children) | Copy Link

[–]MadPreacher1AD1 point2 points3 points 7 years ago (6 children) | Copy Link

[–]iseehot0 points1 point2 points 7 years ago* (5 children) | Copy Link

[–]MadPreacher1AD0 points1 point2 points 7 years ago (4 children) | Copy Link

[–]iseehot0 points1 point2 points 7 years ago (3 children) | Copy Link

[–]MadPreacher1AD0 points1 point2 points 7 years ago (2 children) | Copy Link

[–]iseehot0 points1 point2 points 7 years ago (1 child) | Copy Link

[–]Stormjib-1 points0 points1 point 7 years ago (3 children) | Copy Link

A pyramid scheme would imply there would be benefit to me if you got say Bitcoin, essentially there wouldn't be though. It is a permissionless, borderless, decentralized ledger and network of exchange. It is the first example of digital scarcity. As in Bitcoin cannot simply be duplicated within the system. Power goes out, you are not screwed- the blockchain is duplicated on thousands of independent nodes and miners. Eg it is vastly backed up, it is designed to perform in adversarial situations. Bringing me to the point that it being "nothing" is essientialy it's strength. That makes it ideally suited to electronic commerce, and international payments as it is stateless. It is divisible to 8 decimal places. Second layer technologies and other things are being developed which will support broader adoption. Consider installing a wallet on your phone, learn about it because it is significant. I like Samaurai on Android and Greenaddress on iPhone (also Android I think)

[–]MadPreacher1AD0 points1 point2 points 7 years ago (2 children) | Copy Link

[–]Stormjib-1 points0 points1 point 7 years ago (1 child) | Copy Link

To claim it is simply a magical falsehood does not counter the physical reality of the network that operates and produces output. It does exist, and functions specifically through mathematically secured SHA-256 hashes, developing merkle trees that creates a specific hash that reflects the contents of the block. The existence of Bitcoin is no less real than anything else that exists in electronic format.
Can you elaborate on why you state Bitcoin is illegal for exchange or payments? What prohibits me from exchanging an electronic asset for any other commodity someone wishes to trade with me? I understand that it is not a government currency able directly satisfy tax debts. I also understand no person is required to accept be it, as legal tender is. It is an electronic network that allows for unit of account and payment.

[–]MadPreacher1AD0 points1 point2 points 7 years ago (0 children) | Copy Link

To claim it is simply a magical falsehood does not counter the physical reality of the network that operates and produces output.

There is no physical reality since it doesn't exist in the physical world. Hence why it's magical fairy dust.

Can you elaborate on why you state Bitcoin is illegal for exchange or payments?

You answered your own question.

I also understand no person is required to accept be it, as legal tender is.

It is not legal tender and under 31 US Code §5103 it makes it illegal to use for the payment of debts.

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

See that there is law.

It is an electronic network that allows for unit of account and payment.

In short, it's magic fairy dust.

[+][deleted] 7 years ago (1 child) | Copy Link

[removed]

[–]MadPreacher1AD2 points3 points4 points 7 years ago (0 children) | Copy Link

[–]StayClassySD1-4 points-3 points-2 points 7 years ago (4 children) | Copy Link

[–]MadPreacher1AD2 points3 points4 points 7 years ago (3 children) | Copy Link

[–]StayClassySD10 points1 point2 points 7 years ago (2 children) | Copy Link

[–]XRBislife[S] 0 points1 point2 points 7 years ago (1 child) | Copy Link

[–]MadPreacher1AD1 point2 points3 points 7 years ago (0 children) | Copy Link