Official saddo financial thread

**walrus** · 12-13-2017 03:31 PM

There are numerous crypto currencies in addition to Bitcoin. Two of them, etherium and litecoin blew up today. Damn this shit is crazy

**walrus** · 12-13-2017 04:37 PM

http://stateofthenation2012.com/?p=90895

Uh oh we might have an issue here

**brocktonblockbust** · 12-14-2017 06:20 AM

This charade has gone far enough when people need to realize that while the launch of the first US Bitcoin futures exchange by Cboe is dragging it into the financial mainstream, that doesn't mean it will go the distance, the currency is still not regulated, with regulators struggling to keep pace with the tech's innovation.
On the other hand unfortunately......
You don't need a masters degree to realize that from a money transmission point of view that the Blockchain technology that underpins Bitcoin is here to stay, along with cryptocurrency

**walrus** · 12-14-2017 09:55 AM

Originally Posted by brocktonblockbust

This charade has gone far enough when people need to realize that while the launch of the first US Bitcoin futures exchange by Cboe is dragging it into the financial mainstream, that doesn't mean it will go the distance, the currency is still not regulated, with regulators struggling to keep pace with the tech's innovation.
On the other hand unfortunately......
You don't need a masters degree to realize that from a money transmission point of view that the Blockchain technology that underpins Bitcoin is here to stay, along with cryptocurrency

No doubt, ibm is working on blockchain as governments and financial institutions adopt it. It is quite amazing an open source code, given out on the internet has such a major impact on the world. One big hack and crypto could be gone or it could be something I can't even fathom in the financial world. I'm gonna hire some hit men with Bitcoin to shave off kirklands eyebrows

**brocktonblockbust** · 12-14-2017 10:21 AM

Bit coins are like the pet rocks of the new millennium. There has to be something of value behind any currency. When I pay $10 for my lunch at a Greek diner, I get the food plus the service and my $10 is backed by labor that earned that $10. With bitcoins it's all about inflating the currency through speculation which means the bulk of it is empty profiteering driven value. Once people start cashing in, the value drops exponentially...causing a rush on cashing out before people "lose" the "on paper" value

**walrus** · 12-15-2017 07:27 PM

Originally Posted by brocktonblockbust

Bit coins are like the pet rocks of the new millennium. There has to be something of value behind any currency. When I pay $10 for my lunch at a Greek diner, I get the food plus the service and my $10 is backed by labor that earned that $10. With bitcoins it's all about inflating the currency through speculation which means the bulk of it is empty profiteering driven value. Once people start cashing in, the value drops exponentially...causing a rush on cashing out before people "lose" the "on paper" value

I'm not 100p sure on Bitcoin and it is risky but our cash today is fiat backed by nothing but faith in the government. It has no intrinsic value. I can say the same about Bitcoin it is bought on the faith it will go up (or down via contract) but a lot of people do have faith in it. It is slow and cumbersome with expensive fees, not a practical currency to pay for small things. If I wanted to send you a couple bucks in Bitcoin it would cost me more in fees to send it. Confirmation times are slow. If these issues are not resolved I don't know if Bitcoin can survive as a mere store of value but perhaps it can. I'm really not a big advocate. Just cause I've made some money I do realize I stand to lose. Perhaps a greater chance of losing although it seems to be building good resistance right now