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Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057606
11/21/20 09:34 AM
11/21/20 09:34 AM
Joined: Mar 2010
Posts: 1,782
wyoming southeast
D
danvee Offline
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danvee  Offline
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Joined: Mar 2010
Posts: 1,782
wyoming southeast
No I understand how the Fed Reserve controls our money just don't understand how someone can be comfortable not knowing who controls bitcoin someone is pushing the buttons and storing the information but that is not known to most seems like a risky business. I barter all the time and really enjoy it, never been unhappy with the system but know whom Im dealing with.

Re: Bitcoin nearing 19k [Re: danvee] #7057617
11/21/20 09:45 AM
11/21/20 09:45 AM
Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
SNIPERB🦝 Offline OP
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SNIPERB🦝  Offline OP
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Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
Originally Posted by danvee
No I understand how the Fed Reserve controls our money just don't understand how someone can be comfortable not knowing who controls bitcoin someone is pushing the buttons and storing the information but that is not known to most seems like a risky business. I barter all the time and really enjoy it, never been unhappy with the system but know whom Im dealing with.

It's distributed,there isn't one person of group in charge. It's open source.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057645
11/21/20 10:32 AM
11/21/20 10:32 AM
Joined: Oct 2011
Posts: 60
Western Shore Delaware
SJA Offline
trapper
SJA  Offline
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Joined: Oct 2011
Posts: 60
Western Shore Delaware
Originally Posted by SNIPERB🦝
Originally Posted by danvee
No I understand how the Fed Reserve controls our money just don't understand how someone can be comfortable not knowing who controls bitcoin someone is pushing the buttons and storing the information but that is not known to most seems like a risky business. I barter all the time and really enjoy it, never been unhappy with the system but know whom Im dealing with.

It's distributed,there isn't one person of group in charge. It's open source.


. . . and that's just one of the problems with "digital currency". ANYONE with a high tech savvy can hack into, modify, manipulate, steal, and control it. Same as the ability to hack into credit cards, bank accounts etc. With "physical money", whether paper, precious metals, gems, or others, one person can have possession of them and they must be physically TAKEN or removed in reality from that person by design or means.


"Humans are the hardest people to get along with."
Dr. Phillip Snow
Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057647
11/21/20 10:37 AM
11/21/20 10:37 AM
Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
SNIPERB🦝 Offline OP
trapper
SNIPERB🦝  Offline OP
trapper

Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
It's much harder to hack blockchain.not impossible but requires more resources as there's aot you have to do to be able to get away with anything.

Last edited by SNIPERB🦝; 11/21/20 10:41 AM.
Re: Bitcoin nearing 19k [Re: danvee] #7057653
11/21/20 10:48 AM
11/21/20 10:48 AM
Joined: May 2010
Posts: 6,879
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 6,879
mn north of blakely
Originally Posted by 330-Trapper
I trade in beads and Wampum


That's an apt description of the Federal Reserve Note we commonly call the Dollar.

Originally Posted by danvee
No I understand how the Fed Reserve controls our money just don't understand how someone can be comfortable not knowing who controls bitcoin someone is pushing the buttons and storing the information but that is not known to most seems like a risky business. I barter all the time and really enjoy it, never been unhappy with the system but know whom Im dealing with.


Nobody controls bitcoin. Like Sniper said it's an open source ledger. The system as a whole, as in the miners, users, businesses all work together to keep track of the ledger. There is no central authority, the market decides the value. With today's technology it's impossible to hack the blockchain it will take quantum computing to do that and who's to say the blockchain won't change with it.

Don't take my words as advice to purchase some bitcoin or any other digital currency for that matter. Although I own some it's still a novelty to me and I believe there is an even chance what i have will be worthless someday.


Last edited by Steven 49er; 11/21/20 10:51 AM.
Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057656
11/21/20 10:50 AM
11/21/20 10:50 AM
Joined: Oct 2011
Posts: 60
Western Shore Delaware
SJA Offline
trapper
SJA  Offline
trapper

Joined: Oct 2011
Posts: 60
Western Shore Delaware
Resources, fortunately or unfortunately are abundant in the tech world . . . it's knowing where to find them, how to use them, and applying them that make the weakest link in any "chain".

Last edited by SJA; 11/21/20 10:51 AM.

"Humans are the hardest people to get along with."
Dr. Phillip Snow
Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057723
11/21/20 11:57 AM
11/21/20 11:57 AM
Joined: Mar 2007
Posts: 30,553
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 30,553
McGrath, AK

Bitcoin Could Hit $500,000, the Founder and CEO of Ark Invest Says

By Shaina Mishkin
Updated Nov. 20, 2020 4:26 pm ET / Original Nov. 20, 2020 4:04 pm ET


The price of Bitcoin has been on a tear, rising nearly 160% this year and about 25% month to date. That might be just the beginning, ARK Investment Management CEO Catherine Wood told Barron’s readers Thursday.

Bitcoin’s recent rise to $18,640 may give investors flashbacks to 2017, when the cryptocurrency reached a high of $19,783.21 in December before selling off. This time is different for one big reason, Wood said: the involvement of institutional investors, which she said could drive Bitcoin’s price to $500,000.

The founder of ARK and a noted booster of disruptive technologies such as Bitcoin and Tesla told attendees of Barron’s virtual Investing in Tech series that Bitcoin is the most recognized currency of the crypto-asset ecosystem. “It’s the equivalent to the dollar in the fiat currency system,” she said. “That’s a pretty exalted role.”

Wood added that the rise of central-bank digital currencies, or CBDCs, has added legitimacy to Bitcoin, referencing China’s ambitions to launch a digital yuan.

Some investors, she said, see Bitcoin as a digital alternative to gold or an insurance policy against inflation. With the Federal Reserve’s decision to keep interest rates low for the foreseeable future, that’s one reason Bitcoin’s price could be rising. And if institutional investors like hedge funds were to take a greater interest in Bitcoin, it could send prices even higher, Wood said. What’s more, Wood noted the supply of Bitcoin units tops out at 21 million. There are about 18.5 million currently in existence, she said.

Wood said institutions have been bumping up their exposure to the cryptocurrency recently, drawing a comparison to “the early days of institutions moving into real estate and emerging markets,” when allocations started small, then grew. “They started out with a half a percent allocation, then [1%], and then 5% or thereabout seemed to be the right number.”

If all institutions were to assign a similar mid-single-digit allocation to Bitcoin, the cryptocurrency could rise “to somewhere in the $400,000 to $500,000 range,” Wood said.



https://www.barrons.com/articles/bi...erine-wood-51605906264?mod=hp_LEADSUPP_1


Mean As Nails
Re: Bitcoin nearing 19k [Re: danvee] #7057736
11/21/20 12:13 PM
11/21/20 12:13 PM
Joined: Feb 2015
Posts: 2,574
Iowa
T
trapdog1 Offline
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trapper
T

Joined: Feb 2015
Posts: 2,574
Iowa
Originally Posted by danvee
No I understand how the Fed Reserve controls our money just don't understand how someone can be comfortable not knowing who controls bitcoin someone is pushing the buttons and storing the information but that is not known to most seems like a risky business. I barter all the time and really enjoy it, never been unhappy with the system but know whom Im dealing with.


I can't believe I'm saying this, but I agree with danvee.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057741
11/21/20 12:26 PM
11/21/20 12:26 PM
Joined: Feb 2011
Posts: 208
alberta
S
spjones Offline
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spjones  Offline
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Joined: Feb 2011
Posts: 208
alberta
Anyone seriously considering getting into bitcoin should research the “ Gerald Cotten/QuadrigaCX “ story.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7057747
11/21/20 12:38 PM
11/21/20 12:38 PM
Joined: Mar 2014
Posts: 732
North dakota
N
Nd native Offline
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Joined: Mar 2014
Posts: 732
North dakota
If you buy bitcoin and keep it on an exchange and dont hold your own private key, you dont really own your bitcoin. If all of those people with quadriga would have followed the advice of Bitcoins creator and kept their private key there wouldn't be this mess. The fact of the matter is that if you own the private key, right now it is impossible for someone to steal your bitcoin without physically stealing it from you, whether stored on a phone, USB drive or written down on paper. There are wallets with thousands of bitcoin in them, it's a public ledger. No one can take their bitcoin though because it can not be hacked. If it was possible it would have already been done.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058176
11/21/20 07:32 PM
11/21/20 07:32 PM
Joined: Jan 2019
Posts: 1,252
North central Iowa
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Bob_Iowa Offline
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North central Iowa
I understand that this is a digital type of currency but were I get confused is without a, “central bank” for lack of a better term, who issues the bitcoins, so who would I send money to to get it converted?

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058307
11/21/20 08:47 PM
11/21/20 08:47 PM
Joined: Aug 2011
Posts: 839
IA, ND, IL,
martyd Offline
trapper
martyd  Offline
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Joined: Aug 2011
Posts: 839
IA, ND, IL,
Just like BENNIE BABY'S , now is the time to sale guys. Socialisms is coming. You will not need much money because the GOVERMENT is going to share your money with the have nots very very soon. MD

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058476
11/21/20 11:53 PM
11/21/20 11:53 PM
Joined: Mar 2010
Posts: 1,782
wyoming southeast
D
danvee Offline
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Joined: Mar 2010
Posts: 1,782
wyoming southeast
From what I have read on the internet bitcoin was hacked once if it could happen once it could happen again. I guess I would say I would rather own my property and be able to make a living off it. Something real I can touch, hold trade feed me and if I need something I will barter or yep use a green back.

Re: Bitcoin nearing 19k [Re: Bob_Iowa] #7058511
11/22/20 02:21 AM
11/22/20 02:21 AM
Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
SNIPERB🦝 Offline OP
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SNIPERB🦝  Offline OP
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Rodney,Ohio
Originally Posted by Bob_Iowa
I understand that this is a digital type of currency but were I get confused is without a, “central bank” for lack of a better term, who issues the bitcoins, so who would I send money to to get it converted?

Bitcoins are mined. There are exchanges where you can buy and sell bitcoins and other cryptos.

Re: Bitcoin nearing 19k [Re: danvee] #7058654
11/22/20 08:33 AM
11/22/20 08:33 AM
Joined: May 2010
Posts: 6,879
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 6,879
mn north of blakely
Originally Posted by danvee
From what I have read on the internet bitcoin was hacked once if it could happen once it could happen again. I guess I would say I would rather own my property and be able to make a living off it. Something real I can touch, hold trade feed me and if I need something I will barter or yep use a green back.



You read wrong, the blockchain wasn't hacked.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058742
11/22/20 10:06 AM
11/22/20 10:06 AM
Joined: May 2016
Posts: 1,768
Southern Illinois
F
Foxpaw Online content
trapper
Foxpaw  Online Content
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Joined: May 2016
Posts: 1,768
Southern Illinois
Who has a simple explanation of mining bitcoin. One that I won't have an image of a pick and shovel in my head, like I was digging for a real commodity? Maybe just one best website that gives the best gist.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058760
11/22/20 10:29 AM
11/22/20 10:29 AM
Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
SNIPERB🦝 Offline OP
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SNIPERB🦝  Offline OP
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Rodney,Ohio
Basically you mine bitcoins by setting your computer/phone/or specifically made miners that attempt to solve hashtag puzzles and the reward is a bitcoin token.

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058763
11/22/20 10:40 AM
11/22/20 10:40 AM
Joined: May 2016
Posts: 1,768
Southern Illinois
F
Foxpaw Online content
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Foxpaw  Online Content
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Joined: May 2016
Posts: 1,768
Southern Illinois
Originally Posted by SNIPERB🦝
Basically you mine bitcoins by setting your computer/phone/or specifically made miners that attempt to solve hashtag puzzles and the reward is a bitcoin token.



Nothing real involved ?

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058770
11/22/20 10:51 AM
11/22/20 10:51 AM
Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
SNIPERB🦝 Offline OP
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SNIPERB🦝  Offline OP
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Joined: Dec 2006
Posts: 11,713
Rodney,Ohio
Just the physical equipment needed

Re: Bitcoin nearing 19k [Re: SNIPERB🦝] #7058776
11/22/20 11:04 AM
11/22/20 11:04 AM
Joined: May 2016
Posts: 1,768
Southern Illinois
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Foxpaw Online content
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Southern Illinois
Well I guess they don't have the overhead Vegas has!

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