Bitcoin and altcoins, anyone here following or use them?

Discussion in 'General Discussion' started by redrumloa, Jun 18, 2017.

  1. redrumloa

    redrumloa
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    I blew off Bitcoin for years thinking it would not get widely adopted. I have officially been proven wrong as Bitcoin is starting to get widely adopted, and any prior gov pushback is ending.

    I'm now on the Bitcoin bandwagon fully. I'm even starting to get involved in mining. I find it to be at a really good time to get involved. Anyone else here interested yet? Or have you been involved for some time already?
     
  2. adz

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  3. Robert

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    About five or six years ago I ran a little mining client on a very under-powered PC for a few weeks. Never made enough to cash out a penny before I lost interest.
     
  4. JoBBo

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    Thanks. There are some good points in there. That said, I found the paragraph arguing how digital currencies are all pyramid schemes and must be outlawed quite unconvincing.

    How many "limited edition" products are out there that are sold new at premium prices and are specifically manufactured in fixed quantities only to generate "artificial" scarcity? Nowadays, there are quite a few people that treat these commercially designed "collector's editions" as investment opportunities (sports sneakers, toys, etc). Yet, with the vast majority of these products, it becomes harder and harder to resell them to new owners thereby reducing each product's aggregate value over time until it will eventually near zero, which fits the author's overly simplistic definition of pyramid schemes.

    While an art dealer is legally allowed to sell a white piece of canvas with a red triangle on it for millions of dollars to an "art investor", it is difficult to morally justify the prohibition of tools that allow everyone to mine digital keys that you may or may not be able to trade for hard currencies at some point.
     
  5. JoBBo

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    Given the recent surge of the Bitcoin value and widespread media reporting about it, it looks like another bubble is forming and will likely burst in the not too distant future. It happened before (last year?). Of course, for miners, this is less of a concern than it would be for strategic investors converting hard currencies to Bitcoin.

    In any case, both from a mining and investment perspective, "a really good time to get involved" would have been years ago :) Newer currencies like Ethereum might be more profitable. The challenging part is picking the right one :)
     
  6. ilwrath

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    I've used some BitCoin, mined a tiny bit, and followed along with mild interest. I'd question the assumption that now is a good time to get into it, though. Beyond government interventions, there is the very real problem of needing a stable exchange. A way to buy in and sell out of BtC. A method to exchange currencies. The big banks don't want anything to do with it, so far. In their place has sprung up a number of private BtC exchanges. And those exchanges have a very poor track record, indeed. It's not a question of if they'll default and bug out with everyone's money... It's when. And without a stable exchange infrastructure, I just don't see BtC ever becoming a useful currency. And, worse, the assumed benefits of anonymous transactions would also be questionable in light of the realizations of the depth of current internet monitoring.

    And, as JoBBo said, the time to mine was early. And while it would still be early for may of the alternate coin systems, they all face worse versions of the same problems facing BtC.

    There may well be some good gambles to make money in the short-term, but, personally, from what I can figure out, I'd consider them Vegas odds, at best.
     
  7. redrumloa

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    Thanks for the replies. I'm a bit surprised the reactions lean towards negative here. IMO the arguments against it are an anachronism at this point. Governments and companies have grown to accept Bitcoin is here to stay. I mean, you have Goldman Sachs fully involved with Bitcoin now. The list of major companies accepting Bitcoin as payment is skyrocketing.
    • WordPress.com – An online company that allows user to create free blogs
    • Overstock.com – A company that sells big ticket items at lower prices due to overstocking
    • Subway – Eat fresh
    • Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
    • Reddit – You can buy premium features there with bitcoins
    • Virgin Galactic – Richard Branson company that includes Virgin Mobile and Virgin Airline
    • OkCupid – Online dating site
    • Tigerdirect – Major electronic online retailer
    • Namecheap – Domain name registrar
    • CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
    • Expedia.com – Online travel booking agency
    • Gyft – Buy giftcards using Bitcoin
    • Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment
    • Dell – American privately owned multinational computer technology company
    • Wikipedia – The Free Encyclopedia with 4 570 000+ article
    • Steam – Desktop gaming platform
    • Alza – Largest Czech online retailer
    • The Internet Archive – web documatation company
    • Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
    • Pembury Tavern – A pub in London, England
    • Old Fitzroy – A pub in Sydney, Australia
    • The Pink Cow – A diner in Tokyo, Japan
    • The Pirate Bay – BitTorrent directories
    • Zynga – Mobile gaming
    • 4Chan.org – For premium services
    • EZTV – Torrents TV shows provider
    • Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom
    • Lumfile – Free cloud base file server – pay for premium services
    • Etsy Vendors – 93 of them
    • PizzaForCoins.com – Domino’s Pizza signed up – pay for their pizza with bitcons
    • Whole Foods – Organic food store (by purchasing gift card from Gyft)
    • Bitcoincoffee.com – Buy your favorite coffee online
    • Grass Hill Alpacas – A local farm in Haydenville, MA
    • Jeffersons Store – A street wear clothing store in Bergenfield, N.J
    • Helen’s Pizza – Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register
    • A Class Limousine – Pick you up and drop you off at Newark (N.J.) Airport
    • Seoclerks.com – Get SEO work done on your site cheap
    • Mint.com – Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more
    • Fancy.com – Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy)
    • Bloomberg.com – Online newspaper
    • Humblebundle.com – Indie game site
    • BigFishGames.com – Games for PC, Mac and Smartphones (iPhone, Android, Windows)
    • Suntimes.com – Chicago based online newspaper
    • San Jose Earthquakes – San Jose California Professional Soccer Team (MLS)
    • Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad
    • Crowdtilt.com – The fastest and easiest way to pool funds with family and friends (Source: crowdtilt)
    • Lumfile – Server company that offers free cloud-based servers
    • Museum of the Coastal Bend – 2200 East Red River Street, Victoria, Texas 77901, USA
    • Gap, GameStop and JC Penney – have to use eGifter.com
    • Etsy Vendors – Original art and Jewelry creations
    • Fight for the Future – Leading organization finding for Internet freedom
    • i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer
    • curryupnow.com – A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area
    • Dish Network – An American direct-broadcast satellite service provider
    • The Libertarian Party – United States political party
    • Yacht-base.com – Croatian yacht charter company
    • Euro Pacific – A major precious metal dealer
    • CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin
    • Straub Auto Repairs – 477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177
    • PSP Mollie – Dutch Payment Service
    • Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.
    • ShopJoy – An Australian online retailer that sells novelty and unique gifts
    • Lv.net – Las Vegas high speed internet services
    • ExpressVPN.com – High speed, ultra secure VPN network
    • Grooveshark – Online music streaming service based in the United States
    • Braintree – Well known payments processor
    • MIT Coop Store – Massachusetts Institute of Technology student bookstore
    • SimplePay – Nigeria’s most popular web and mobile-based wallet service
    • SFU bookstore – Simon Fraser University in Vancouver, Canada
    • State Republican Party – First State Republican Party to accept bitcoin donations (http://www.lagop.com/bitcoin-donate)
    • mspinc.com – Respiratory medical equipment supplies store
    • Shopify.com – An online store that allows anyone to sell their products
    • Famsa – Mexico’s biggest retailer
    • Naughty America – Adult entertainment provider
    • Mexico’s Universidad de las Américas Puebla – A major university in Mexico
    • LOT Polish Airlines – A worldwide airline based in Poland
    • MovieTickets.com – Online movie ticket exchange/retailer
    • Dream Lover – Online relationship service
    • Lionsgate Films – The production studio behind titles such as The Hunger Games and The Day After Tomorrow
    • Rakutan – A Japanese e-commerce giant
    • Badoo – Online dating network
    • RE/MAX London – UK-based franchisee of the global real estate network
    • T-Mobile Poland – T-Mobile’s Poland-based mobile phone top-up company
    • Stripe – San Francisco-based payments company
    • WebJet – Online travel agency
    • Green Man Gaming – Popular digital game reseller
    • Save the Children – Global charity organization
    • NCR Silver – Point of sales systems
    • One Shot Hotels – Spanish hotel chain
    • Coupa Café in Palo Alto
    • PureVPN – VPN provider
    • That’s my face – create action figures
    • Foodler – North American restaurant delivery company
    • Amagi Metals – Precious metal furnisher
    I think it's here to stay.

     
  8. JoBBo

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    In 2005, you could have compiled a much longer list of companies with a MySpace page... Things change.

    Adding a payment plug-in for a particular digital currency to your website is not a one-way street. You can easily remove it if there is too little revenue to justify related maintenance costs.

    Am I saying that Bitcoin will go away anytime soon? No, I am merely pointing out that this list does not prove anything. More businesses accept Bitcoin today because there are now tools that make it easy, thus inexpensive to do so. Unfortunately, they are usually provided by Coinbase, a company that raised 120 million USD of funding with a valuation of 1 billion USD despite lacking a clear profit strategy. The best-case scenario for Coinbase is that they will eventually be bought out for cents on the dollar by a bank. The worst-case iscenario s that they will crash and burn publicly, like Mt Gox just for different reasons, and tempoarily harm both the value and acceptance of digital currencies.
     
  9. redrumloa

    redrumloa
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    Bitcoin surges above $6,000 for the first time on heavy trading volume
    • Bitcoin climbs to a record above $6,000 as investors bet on future gains for the digital currency, especially as events in the next few weeks could remove major overhangs .
    • Trading volume in bitcoin also far surpassed that of other digital currencies, indicating high investor demand.
    • The gains come despite greater scrutiny of bitcoin from regulators and strong criticism from major bank executives.
     

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