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Thread: Bitcoin

  1. #61
    Legend minimoke's Avatar
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    Quote Originally Posted by bull.... View Post
    lol , the man who said the world was gonna end

    anyway when bitcoin goes to a million lol ill be rolling in my tax free anonomous dollars $$$$$$$$$
    Only until the tax man comes knocking on your door.

  2. #62
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    Quote Originally Posted by stevo1 View Post
    Shewdy I can see you are digging it man ,"whats that saying again?... buy when others are fearful."Of course the other side of that is sell when others are greedy.It will be extremely interesting to see how this is viewed in hindsight when the history has run its course.I just hope that you guys are smart enough to extricate yourselves with the profits.
    Kim Jong-un is a bitcoin fan http://www.nzherald.co.nz/business/n...ectid=11959090
    he is digging it too man.
    Only 21 million bitcoin will ever be on offer what is neglected to say though is 1 bitcoin is made up of Each bitcoin (1 BTC) can have a fractional part of up to 8 digits so 1 bitcoin can be divided into 100 000 000 units. Each of these bitcoin units (0.00000001 BTC) is called a satoshi. A satoshi is the smallest unit in a bitcoin. This unit is named after Satoshi Nakamoto – the alias of the bitcoin creator.
    21,000,000 x 100,000,0000 dont know what the answer to that is man ,this trippin is giving me a headache man.
    Anyway all the best with the crypto trippin I am sure the FOMO factor is working for you,
    Another passive aggressive FUD'er.
    Anyone who has spent more than 4 minutes learning about BTC knows about Sotashi's, I'm guessing your at about 3 minutes. Bitcoin wouldn't work unless it was divisible, just like like the $1 in your pocket...actually you probably don't have a dollar in your pocket, because who has cash anymore, right?

  3. #63
    Senior Member stevo1's Avatar
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    I ALWAYS deal in cash,There is nothing passive about my aggression when i am aggressive.I am sure that not everyone realised that there are 2.1 QUADRILLION units on offer.
    It is satashi NOT Sotashi .Good luck with your cryptos

  4. #64
    Legend minimoke's Avatar
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    As "Sotashi" gets closer to $trillionaire status does no one wonder why he hasn't spent one single bitcoin. Apparently not one.

    I wonder. I wonder if that very first bitcoin gets transacted all the 2.1 quadrillion units evaporate.

  5. #65
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    Quote Originally Posted by stevo1 View Post
    ...It is satashi NOT Sotashi ...
    No, no. no

    It is Satoshi

    S A T O S H I
    om mani peme hum

  6. #66
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    Can I have some Wasabi with mine? Or is that Wasabe?

    I dunno, it's all Greek to me

  7. #67
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    We now have people who don't appear to accept basic math or the decimal system.

    Imagine if we could prove that the supply of gold was limited to a total of 200,000 metric tonnes. Would you be arguing that the supply is not limited because you can express 200,000 metric tonnes as 200,000,000,000 grams?

  8. #68
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    Quote Originally Posted by Blair View Post
    We now have people who don't appear to accept basic math or the decimal system.

    Imagine if we could prove that the supply of gold was limited to a total of 200,000 metric tonnes. Would you be arguing that the supply is not limited because you can express 200,000 metric tonnes as 200,000,000,000 grams?
    Great analogy. I do liken Bitcoin a bit to gold, limited supply, worthless intrinsically (one could argue gold has a bit as does bitcoin) and you need to mine to get it, the cost of mining increases as you mine more and more.

  9. #69
    Senior Member stevo1's Avatar
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    Quote Originally Posted by Blair View Post
    We now have people who don't appear to accept basic math or the decimal system.

    Imagine if we could prove that the supply of gold was limited to a total of 200,000 metric tonnes. Would you be arguing that the supply is not limited because you can express 200,000 metric tonnes as 200,000,000,000 grams?
    No I would argue that it is 643,014,931.37 troy ounces (oz t) in gold.Tangible,fungible and able to be physically stored and possessed.It does not matter if the apparent no is 21 million bitcoin if there were 10 in each there isnt .
    It is undeniable that mathematics = 21million bitcoin =2.1QUADRILLION satoshi
    I do not believe that it has a "store" of value this article differs somewhat to that opinion
    https://www.engadget.com/2017/12/14/...as-a-currency/

  10. #70
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    Quote Originally Posted by stevo1 View Post
    I do not believe that it has a "store" of value
    IF it has any value , it is only what perception attributes to it.

    There is nothing tangible about any value it may store in the manner of guns or butter or oil.
    This may be okay in the same way that fiat currency - and I would argue gold as well - is also intrinsically worthless - though coins used to be made of precious metal. But official currencies have some state backing, even if that isn't a backing in gold. They have an official acceptance which is usually only gradually debased rather than instantly evaporated. But bitcoin is by design stateless hence has none of those advantages.

    There is also very little intangible value in cryptocurrency itself. There are no promises behind it such as a bond or note. There are no cashflows. No yield. No goodwill. It will never be any part of the means of production. It isnt land or labour , though it can arguably be capital if others will swap it for land or labour.
    Ironically the way it denies itself official value also creates a situation where it can 'add value'. Being stateless and decentralised and a medium of exchange can be quite useful. Its borderless nature gives it value to launderers and those avoiding capital controls. While these may be useful attributes they are still only a function of the broad delusion. Fundamentally they dont contribute much to it being a store of value.

    Once the emperor is seen to be naked no one will risk holding bitcoin even for a short time.
    Last edited by peat; 15-12-2017 at 11:42 PM.
    For clarity, nothing I say is advice....

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    new highs for sure , i reckon the volitilty has decreased since futures started , drat hope not massive swings were great for milking as well as excitement , ether had a good run was outpacing bitcoin for a day lol or 2 , long night good night dream of those bitcoin raining down lol
    bull

  12. #72
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    Quote Originally Posted by blackcap View Post
    Great analogy. I do liken Bitcoin a bit to gold, limited supply, worthless intrinsically (one could argue gold has a bit as does bitcoin) and you need to mine to get it, the cost of mining increases as you mine more and more.
    When it first came out it could arguably be likened to gold. But now there are over 1300 alt coins which is not dissimilar to the alchemist of old brewing up some new concoction and trying to pass it off as gold. You cant have something which holds value because of its scarcity or limited supply if people just keep making new ones

  13. #73
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    Quote Originally Posted by Shrewd Crude View Post
    want to know whats happening right now on the market?...
    well I will tell you...
    And I can tell you. Head out to Sumner and spend your bitcoins at Charlie Kavanaghs Gelato container.

    According to the paper (so it must be true) he is a 19 year old millennial entrepreneur who has bought an ice cream shack. He will accept cash, eftpos or bitcoin.

    Jeez is he in for some lessons. I hope he succeeds but he's going to have to get his head around calculating sales margins on a wildly fluctuating currency. He is going to need an accountant to work out his GST returns and net profit (assuming there is some). Also cash flow with suppliers who wont accept bitcoin.

    Heres a test. a one scoop is $5.00. How much of a bitcoin/Satoshi is that?

    My money is on him not being around next year. Theres a clue in the fact the previous owner wanted out. Also that he has made his money to buy the business from bitcoin returns - I wonder how much tax he has paid on that income

  14. #74
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    Quote Originally Posted by minimoke View Post
    Heres a test. a one scoop is $5.00. How much of a bitcoin/Satoshi is that?
    approx 18,000 Satoshis for $NZ5.00 using NZD/USD 0.70
    so thats about 0.00018 BTC
    For clarity, nothing I say is advice....

  15. #75
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    Quote Originally Posted by peat View Post
    approx 18,000 Satoshis for $NZ5.00 using NZD/USD 0.70
    so thats about 0.00018 BTC
    Hopefully you know by now math isn't my strong point.

    But at USD$19226 and an exchange rate of 0.70 I'm getting the ice cream scoop income coming in at $4.94. So the lad has lost $0.06 cents already

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