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RenascentMisanthropy

Bitcoin trading.....

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Who was it on here, who bought everyones bitcoins in 2009 for $30 each, or something?

 

Hopefully that Atomican is feeling rich right about now!

 

When Bitcoin first started, there was a guy bought a pizza for the bargain price of 1,000BC. I cannot even comprehend that magnitude of "D'oh!".

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eeeeeeeeee, BTC is almost at $20,000 AUD

Who was it on here, who bought everyones bitcoins in 2009 for $30 each, or something?

 

Hopefully that Atomican is feeling rich right about now!

 

Are they even still alive?

 

 

Considering he bought 15 of them off of Wally; I'd hope so!

 

Orcone was a good dude.

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Btc seems to have stabilised around 17000 us for now

 

the ride isn't over at all

 

but when a roller coaster falls off the rails, it's always ugly

 

 

 

there's lots of money to be potentially made; my biggest beef with bitcoin is that the inherent value of the commodity is thin air, and delusions of investment can't disguise the fact that it's all just speculation on an artificial thing of no substance

 

 

 

so ultimately it's a ponzi scheme like investment real estate, only the buyers won't even have a very expensive (to them) worthless house to live in when things drop

 

 

i know, the theory is that the price will rise forever and it's here to stay and yada yada, but the current mania is entirely unsustainable, and the "correction" will happen recurrently before people see their mistake

 

the fact that it is now trading as futures just accelerates the whole likelihood of "professionals" manipulating and then harvesting the hopefuls who are gormless

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my biggest beef with bitcoin is that the inherent value of the commodity is thin air, and delusions of investment can't disguise the fact that it's all just speculation on an artificial thing of no substance

thing is, the world has operated just fine at both ends of the spectrum for a long time.

 

paper money is tangible, but also potentially of 'no substance' if people cease to believe in its virtual value. gold, less so, but the same applies. while real estate, of course, tends towards actual inherent value.

 

a consensus of belief in the sanctity of the blockchain is only a tiny step beyond believing in the authenticity of a watermark on a printed image of (usually) a dead white guy. and the underpinning technology is in many ways more robust.

 

the bottom may yet drop out of bitcoin, but its hard to imagine a future without cryptocurrency.

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my biggest beef with bitcoin is that the inherent value of the commodity is thin air, and delusions of investment can't disguise the fact that it's all just speculation on an artificial thing of no substance

the bottom may yet drop out of bitcoin, but its hard to imagine a future without cryptocurrency.

 

Yep. Something else will arrive to replace the bitcoin.

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look at the spot price graphs for the last year, and tell me it's sustainable growth

 

to me it looks like the mother of all bubbles

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I think it's a new era, people want to move away from fiat currencies.

For some reason some think the $US is backed by gold, which is not the case since the Gold standard was dropped.

Edited by Jeruselem

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For some reason some think the $US is backed by gold, which is not the case since the Gold standard was dropped.

You would be amazed at the number of people who still think there is $2 worth of gold in a $2 coin.

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The only general circulation decimal coins ever worth face value or more than would be the round 50c and the old 1 and 2. These days the 5 is probably getting close.

50c had about 1/3rd of an ounce of silver in it, so scrap value now would be about 7 bucks. Actual value of the cirulated coins not much more.

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Modern coins and banknotes are basically worthless tokens denoting it's worth that much, what it's made off is basically metal value (if it's a coin).

I have a $US half dollar on my desk at work which is 40% silver ... made when the $US was backed by Gold.

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For their uselessness they're still worth a lot more than notes.

 

If the currency crashes, at least coinage can be melted down and made into something useful.

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The only *Australian* general circulation decimal coins...

There's things like the American silver doĺlar to consider, otherwise.

 

But this the whole point: currency must not have any inherent worth, or simple inflation means that eventually people start destroying it in order to gain financially - ie: coin clipping.

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*Aus* (implied)

 

That's what the ribbed sides are for, though in the modern day anyone shaving cupro-nickel currency to make a minute fraction of a cent per coin would need to be pretty desperate... though they're also there for traditional value and helpful for the blind to work out what they're carrying.

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*Aus* (implied)

 

That's what the ribbed sides are for, though in the modern day anyone shaving cupro-nickel currency to make a minute fraction of a cent per coin would need to be pretty desperate... though they're also there for traditional value and helpful for the blind to work out what they're carrying.

 

It's called clipping. In the old days, people used to clip bits off coin from the original because it was gold or silver. It's freaking pointless clipping copper, nickel, aluminium or cupro nickel coins! Might was well melt the whole bloody coin,

 

Nice thing about crypto is you can get like 0.00001 of a coin legally.

Edited by Jeruselem

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Anyone trading here? I have only like 0.005 BTC, but a lot of altcoin.

My tax accountant will have fun this FY LOL

Edited by Jeruselem

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