Bitcoin

JustMX
Posts
4567
Joined
4/1/2008
Location
TN US
1/27/2018 4:56am
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air.

I know two things:

Listening to people talk about reminds me of kids 15 years ago talking about Pokémon cards,

And Everytime I try to type "bitcoin" autocorrect changes it to "bitching".....

It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?
lestat
Posts
1766
Joined
10/3/2008
Location
Piut RE
1/27/2018 8:55am
It’s a money laundering scheme . Which is why it will soon be regulated to death .
TXDirt
Posts
7384
Joined
7/29/2015
Location
Plano, TX US
2/5/2018 12:14pm

The Shop

APLMAN99
Posts
10055
Joined
4/1/2008
Location
Dallas, TX US
5/4/2018 5:49am
https://www.wenatcheeworld.com/news/2018/may/02/pud-boosts-security-as-…

WENATCHEE — Bitcoin belligerence is on the rise, according to Chelan County PUD staff reports, prompting a boost in employee safety and security measures that include bulletproof panels and security cameras at PUD headquarters.

The reported bad behavior stems from two cryptocurrency-related groups — unauthorized miners whose power has been disconnected and high-density load service applicants denied because of the current moratorium.

“PUD employees in the field and those in the office who are handling issues related to high-density load service have encountered an increasing number of upset customers and potential customers,” said PUD spokeswoman Kimberlee Craig. “In some cases people can get agitated and argumentative. Our goal always is to provide excellent customer service, as well as to keep customers, the public and employees safe, especially when emotions may be running high.”

None of the incidents have escalated to the point of calling law enforcement, she said.

“The volume of requests and the sense of urgency by applicants has changed the dynamics of the interaction by staff with the cryptocurrency customers,” she said.

As a result, staff is taking some proactive steps, which PUD Security Director Rich Hyatt outlined for commissioners on Monday.

They include:

Designing a small, secure lobby at the downtown service building where people go to request and discuss new services. Construction is set to start soon on the estimated $20,000 project, which will be paid out of the current facilities budget.

Adding ballistic panels and more cameras to the headquarters lobby.

Providing more training on when to call PUD security staff for help.

Increasing visibility of uniformed security staff. Security staff are training to pay attention to negative body language to identify people who are agitated.

Assessing security at the Leavenworth and Chelan offices to determine what else may be needed. A trip to those offices is planned next week.

Creating the process for working with local law enforcement when power theft from unauthorized bitcoin operations is suspected.

The PUD already had security measures in place, including staff training and uniformed contract security staff. The new physical barriers are an added measure, Craig said.

The increase in tension follows steps taken to put the brakes on blockchain operations that use specialized computer equipment and require a large amount of electricity, running continuously, which can put a strain on the system.

The PUD commissioners in March declared an emergency moratorium on new high-density load hookups to give staff time to develop a plan for dealing with the demand for electricity from digital currency miners. The demand spiked when Bitcoin values topped $19,000 last fall. It’s now down to about $7,000, but still up from $500 in 2013.

Staff also reported concerns about unauthorized bitcoin operators overloading the system, creating fire hazards and damaging power grid infrastructure. In April, commissioners provided staff with tools to help enforce the moratorium, including the ability to immediately disconnect power, charge the violators fees — up to $6,150 for in-home cryptocurrency operations and $11,400 for those in commercial or light industrial space — and, eventually, prosecute for power theft. The details on how that will work is still being developed, Hyatt said.

The commissioners agreed to an amnesty period for unauthorized Bitcoin miners not yet identified by the PUD about high-density load use. To qualify for the amnesty, they must shut down immediately and notify the PUD.

The amnesty period continues until May 14 when commissioners will hear public comment on whether to continue the emergency moratorium.

At the time the moratorium was called, Chelan County PUD had 22 approved high-density load customers using a total of about 13.5 megawatts; 19 pending applications for 16.3 megawatts; and had identified 28 unauthorized operations, with a watchlist of 12 and growing. Of the 28, 19 were shut down. Since then, staff reported finding about three more unauthorized operations each week.

The Douglas County PUD is also a popular location for the digital currency miners, but a payment structure adopted in 2014 prevented some of the problems facing the neighbors across the Columbia River.

Douglas County PUD requires a month’s deposit for cryptocurrency miners and an increase in rates for higher-energy consumption. It also requires a contract for customers who use more than 1.5 megawatts. It currently has eight commission-approved contracts for loads over 1.5 megawatts, amounting to a total of about 15 megawatts.

Meaghan Vibbert, Douglas County PUD’s public information officer, said the PUD is still accepting applications for crytpocurrency connections, but the system currently has no excess capacity.

Grant County PUD is seeing a demand that has prompted a proposed rate change.

“Staff has proposed to commissioners a new ‘Evolving Industry’ rate class for higher-risk businesses,” said Grant PUD spokeswoman Christine Pratt. Commissioners are expected to vote on the proposal Tuesday.

Safety concerns and overloading the system are not a concern at this point.

“Mining is likely happening, but as long as it poses no threat to Grant PUD infrastructure or customer safety, we don’t get involved,” Pratt said. “We have not shut off anyone’s power because of unsafe cryptomining.”

To date, 10 commercial cryptocurrency mining operations are active in Grant County, with an average load of 16.4 megawatts, as of February.

Since summer 2017, Grant PUD has received 125 new service requests that total more than 2,000 megawatts of electricity, about four times the power needed for all homes, businesses, government institutions and industry in the county. About 75 percent of these requests are from cryptocurrency firms.
KennyT
Posts
4163
Joined
8/16/2006
Location
Vista, CA US
Fantasy
479th
5/4/2018 7:50am Edited Date/Time 5/4/2018 7:51am
JustMX wrote:
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air. I know two things: Listening to...
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air.

I know two things:

Listening to people talk about reminds me of kids 15 years ago talking about Pokémon cards,

And Everytime I try to type "bitcoin" autocorrect changes it to "bitching".....

It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?
I am out of the loop also and find it incredibly confusing.

One thing I do know. We work for a extremely successful client who owns several businesses, one of which is a major supplier to Costco. Very smart individual.

He has a financial wizard son, mid twenties who spends every waking hour staring at a computer screen dealing with bitcoin. Tells his dad he was up all night and made such and such on hours....ridiculous amounts like $37,000 in one night. The same kid still drives his daddy’s bmw that was given to him in high school and he also still lives at home. Now I’m no rocket scientist but if he just made 37K in one night don’t you think he may be living in a beach front estate with women hanging all over him? The problem I see with this scheme is where are the results? Where is his money? Can he cash it in and actually use it to go buy a new truck/bike or is it only in “bitcoin” land?

It’s way beyond my mind. And I do know his parents won’t touch it and they have money to wipe their asses with. I wish I could take the time to read up on it but I have a feeling I would still be confused
1
hard2kill
Posts
369
Joined
9/8/2010
Location
Flag Pond, TN US
5/4/2018 10:37am
JustMX wrote:
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air. I know two things: Listening to...
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air.

I know two things:

Listening to people talk about reminds me of kids 15 years ago talking about Pokémon cards,

And Everytime I try to type "bitcoin" autocorrect changes it to "bitching".....

It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?
KennyT wrote:
I am out of the loop also and find it incredibly confusing. One thing I do know. We work for a extremely successful client who owns...
I am out of the loop also and find it incredibly confusing.

One thing I do know. We work for a extremely successful client who owns several businesses, one of which is a major supplier to Costco. Very smart individual.

He has a financial wizard son, mid twenties who spends every waking hour staring at a computer screen dealing with bitcoin. Tells his dad he was up all night and made such and such on hours....ridiculous amounts like $37,000 in one night. The same kid still drives his daddy’s bmw that was given to him in high school and he also still lives at home. Now I’m no rocket scientist but if he just made 37K in one night don’t you think he may be living in a beach front estate with women hanging all over him? The problem I see with this scheme is where are the results? Where is his money? Can he cash it in and actually use it to go buy a new truck/bike or is it only in “bitcoin” land?

It’s way beyond my mind. And I do know his parents won’t touch it and they have money to wipe their asses with. I wish I could take the time to read up on it but I have a feeling I would still be confused
JustMX said "It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?"


The same exact thing could be said about the dollar. Bitcoin acts exactly like any currency expect it has more potential for being accepted worldwide being that it is decentralized. The fact that it is decentralized also creates many hurdles for it to get off the ground. The powers that be (read banking systems-reserve) will continue to suppress crypto-currency like bitcoin until they can maintain power without controlling the currency.

You might say how can that be done, but is already happening by instead controlling the actual goods. The mom and pops are already gone, look for more and more amazon type giants to meet the needs of every single good.
APLMAN99
Posts
10055
Joined
4/1/2008
Location
Dallas, TX US
5/4/2018 4:50pm
JustMX wrote:
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air. I know two things: Listening to...
I am completely out of the loop on bitcoin and similar currencies that seem to appear out of thin air.

I know two things:

Listening to people talk about reminds me of kids 15 years ago talking about Pokémon cards,

And Everytime I try to type "bitcoin" autocorrect changes it to "bitching".....

It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?
KennyT wrote:
I am out of the loop also and find it incredibly confusing. One thing I do know. We work for a extremely successful client who owns...
I am out of the loop also and find it incredibly confusing.

One thing I do know. We work for a extremely successful client who owns several businesses, one of which is a major supplier to Costco. Very smart individual.

He has a financial wizard son, mid twenties who spends every waking hour staring at a computer screen dealing with bitcoin. Tells his dad he was up all night and made such and such on hours....ridiculous amounts like $37,000 in one night. The same kid still drives his daddy’s bmw that was given to him in high school and he also still lives at home. Now I’m no rocket scientist but if he just made 37K in one night don’t you think he may be living in a beach front estate with women hanging all over him? The problem I see with this scheme is where are the results? Where is his money? Can he cash it in and actually use it to go buy a new truck/bike or is it only in “bitcoin” land?

It’s way beyond my mind. And I do know his parents won’t touch it and they have money to wipe their asses with. I wish I could take the time to read up on it but I have a feeling I would still be confused
hard2kill wrote:
JustMX said "It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?"...
JustMX said "It all seems like some kind of elaborate scam though. How can it possibly sustain this bubble and who has anything at the end?"


The same exact thing could be said about the dollar. Bitcoin acts exactly like any currency expect it has more potential for being accepted worldwide being that it is decentralized. The fact that it is decentralized also creates many hurdles for it to get off the ground. The powers that be (read banking systems-reserve) will continue to suppress crypto-currency like bitcoin until they can maintain power without controlling the currency.

You might say how can that be done, but is already happening by instead controlling the actual goods. The mom and pops are already gone, look for more and more amazon type giants to meet the needs of every single good.
The same can't actually be said about the dollar. As legal tender, it MUST be accepted as payment in the US, whereas Bitcoin doesn't have to be accepted anywhere. Bitcoin is more similar to Pokemon than it is the dollar. Mining for Bitcoin may not look quite as silly as those folks walking around a park collecting Pokemon characters, though!
Bob693
Posts
1393
Joined
4/1/2008
Location
TX US
5/5/2018 10:10am
More and more places are accepting crypto as payment but it is not hard to convert back into USD.
MotoMo165
Posts
1415
Joined
4/3/2014
Location
TX US
5/5/2018 9:47pm
If i bought just one bit coin at its current price, 9.8k and 3 months from then its worth 14k. Is it as simple as clicking a few buttons on my account and bam I have 14k to cash in? I know the 3 month climb is unlikely, just using an example.
5/6/2018 3:07pm Edited Date/Time 5/6/2018 3:08pm
Yes but it takes about 3 days from the time you transfer it to usd at coinbase to get a direct deposit into your bank account from coinbase. So in a sense it is not liquid it takes about 72 hours to get your money.

A word of caution it can be very addictive just like motocross. Basically like day trading but in a much more Volatile market.
Win big and lose big go hand in hand. Since January I have been playing about 10k and have made about 15% mostly hedging bitcoin against eth.
APLMAN99
Posts
10055
Joined
4/1/2008
Location
Dallas, TX US
11/16/2018 8:24pm
So how are the cryptocurrency guys feeling about this past year overall? I don't want to pick on Triple Five (he's a good guy and definitely not the only guy who was optimistic about things) but the question asked back then still stands; What real data and factors would have made anyone think that a crypto like Ethereum would have went to $2K, other than just hoping and guessing? I think it's right about $175 right now, and I can't imagine any other well used currencies with that sort of volatility.

It's interesting to read the optimism from a year ago. It's difficult to find rational reasons that people had for that optimism, though, anywhere on the interwebs.
West Coast
Posts
10
Joined
2/15/2010
Location
La Jolla, CA US
1/4/2019 5:40pm Edited Date/Time 1/4/2019 9:39pm
Btc's an intelligence psyop. Magazine cover of the Economist "predicted" btc years in advance of Nakamoto's appearance. All mags and media are controlled not by liberals but by intel including FOX and company. Gates, Zuckerberg, Musk, Jobs, McAfee, Shakur, Charles Manson, OJ Simpson, Wyatt Earp, John Lennon, Fidel Castro, were or are assests for intelligence or maybe you thought Satashi Nakamoto was real? MilesWMathis dot com talks about these hoaxes and psyops but his papers are not always cell phone friendly you may need a bigger screen and an even longer attention span. They try to pass Mathis off as one person but he is arguably a group of intel agents releasing classifed info for whatever reason. Mathis group proves John Lennon sings on in 2019, Charles Manson never spent a day in jail, nukes don't exist, Hiroshima never happened like we were told, Cold War was a hoax, the Holocaust was a lie, nationwide Cointelpro gangstalking is real.
http://mileswmathis.com/2pac.pdf
http://mileswmathis.com/lennon.pdf
http://mileswmathis.com/tate.pdf
http://mileswmathis.com/bitfraud.pdf
3
1/4/2019 6:03pm
West Coast wrote:
Btc's an intelligence psyop. Magazine cover of the Economist "predicted" btc years in advance of Nakamoto's appearance. All mags and media are controlled not by liberals...
Btc's an intelligence psyop. Magazine cover of the Economist "predicted" btc years in advance of Nakamoto's appearance. All mags and media are controlled not by liberals but by intel including FOX and company. Gates, Zuckerberg, Musk, Jobs, McAfee, Shakur, Charles Manson, OJ Simpson, Wyatt Earp, John Lennon, Fidel Castro, were or are assests for intelligence or maybe you thought Satashi Nakamoto was real? MilesWMathis dot com talks about these hoaxes and psyops but his papers are not always cell phone friendly you may need a bigger screen and an even longer attention span. They try to pass Mathis off as one person but he is arguably a group of intel agents releasing classifed info for whatever reason. Mathis group proves John Lennon sings on in 2019, Charles Manson never spent a day in jail, nukes don't exist, Hiroshima never happened like we were told, Cold War was a hoax, the Holocaust was a lie, nationwide Cointelpro gangstalking is real.
http://mileswmathis.com/2pac.pdf
http://mileswmathis.com/lennon.pdf
http://mileswmathis.com/tate.pdf
http://mileswmathis.com/bitfraud.pdf
What in the hell did I just read? For me, it's gonna take Apple Brower to decipher your post.
2
West Coast
Posts
10
Joined
2/15/2010
Location
La Jolla, CA US
1/4/2019 9:30pm Edited Date/Time 1/4/2019 9:38pm
Micahdogg wrote:
Crazy imaginary money that can be used to gamble online, anonymously buy heroin and fund terrorists. Aside from the vulnerabilities that accompany made up money, I...
Crazy imaginary money that can be used to gamble online, anonymously buy heroin and fund terrorists. Aside from the vulnerabilities that accompany made up money, I have to admit its doing better than my "Micahdogg" ingots, which are basically hand drawn rectangles in MSPaint.

[youtube]https://www.youtube.com/watch?v=4APcgsRdW6w[/youtube]
There are no "terrorists." WTC bldg 7 was never hit by a plane. On 9/11 no plane parts were ever found at the Pentagon. Bin Laden's death and burial at sea was a hoax. ISIS was created by the CIA. DHS is the American Gestapo that can opt to harass and terrorize innocent people.
1
3
Jrewing
Posts
2866
Joined
1/4/2014
Location
AU
1/5/2019 2:24am
Micahdogg wrote:
Crazy imaginary money that can be used to gamble online, anonymously buy heroin and fund terrorists. Aside from the vulnerabilities that accompany made up money, I...
Crazy imaginary money that can be used to gamble online, anonymously buy heroin and fund terrorists. Aside from the vulnerabilities that accompany made up money, I have to admit its doing better than my "Micahdogg" ingots, which are basically hand drawn rectangles in MSPaint.

[youtube]https://www.youtube.com/watch?v=4APcgsRdW6w[/youtube]
West Coast wrote:
There are no "terrorists." WTC bldg 7 was never hit by a plane. On 9/11 no plane parts were ever found at the Pentagon. Bin Laden's...
There are no "terrorists." WTC bldg 7 was never hit by a plane. On 9/11 no plane parts were ever found at the Pentagon. Bin Laden's death and burial at sea was a hoax. ISIS was created by the CIA. DHS is the American Gestapo that can opt to harass and terrorize innocent people.
And STILL Hector is going to be running 3 Honda Civics with spoon engines. And on top of that, he just went into Harry's, and he ordered 3 T66 turbos, with NOS. And a Motec exhaust.
4
1/8/2021 6:57am Edited Date/Time 1/8/2021 7:07am
$41k

wow

who here is still holding cryptos with a smile?
2
FLmxer
Posts
6918
Joined
8/16/2006
Location
SouthWest, FL US
Fantasy
989th
1/8/2021 7:03am
My daughter bought a bunch long long ago. Still holding.
ns503
Posts
3987
Joined
4/1/2008
Location
NS Toolies CA
1/8/2021 7:09am
Wow is right. Craziness.

I've got a couple BTC stocks that have been going pretty OK lately. But I had another one that I dumped a couple months ago because I got tired of waiting for it to move with BTC price while my others were doing well. So I sold on a surge, at an overall gain of around 40% or so, after being through multiple surges then unexplainable drops right after. Of course, pretty much as soon as I sold, it started on its current big climb and is now worth like 4x what I sold it for. Win some lose some....
G-man
Posts
8055
Joined
4/1/2008
Location
Mesa, AZ US
1/8/2021 7:17am Edited Date/Time 1/8/2021 7:30am
KennyT wrote:
I am out of the loop also and find it incredibly confusing. One thing I do know. We work for a extremely successful client who owns...
I am out of the loop also and find it incredibly confusing.

One thing I do know. We work for a extremely successful client who owns several businesses, one of which is a major supplier to Costco. Very smart individual.

He has a financial wizard son, mid twenties who spends every waking hour staring at a computer screen dealing with bitcoin. Tells his dad he was up all night and made such and such on hours....ridiculous amounts like $37,000 in one night. The same kid still drives his daddy’s bmw that was given to him in high school and he also still lives at home. Now I’m no rocket scientist but if he just made 37K in one night don’t you think he may be living in a beach front estate with women hanging all over him? The problem I see with this scheme is where are the results? Where is his money? Can he cash it in and actually use it to go buy a new truck/bike or is it only in “bitcoin” land?

It’s way beyond my mind. And I do know his parents won’t touch it and they have money to wipe their asses with. I wish I could take the time to read up on it but I have a feeling I would still be confused
I'm right there with you Kenny--don't understand it at all as I'm from the baby boomer generation.

Just like TV has gone from Rabbit Ears with tin foil if needed to Cable (with blackboxes--the BEST), then Satellite, to game stations PS4 and now Streaming where you need to purchase individual electronic gizmos just to watch Supercross! Dry
1
1/8/2021 8:17am
My buddy keeps trying to get me to buy some XRP while it’s low.. I have read all the news. Anyone think XRP will come back?
peelout
Posts
17859
Joined
1/6/2011
Location
Ogden, UT US
1/8/2021 9:25am
FLmxer wrote:
My daughter bought a bunch long long ago. Still holding.
good for her

friend of mine invested about $20k worth back when it was $4k each... i'd have to think he's pretty happy right about now
2
ocscottie
Posts
69108
Joined
8/16/2006
Location
Redding, CA US
1/8/2021 11:21am
$41k

wow

who here is still holding cryptos with a smile?
Holy crap!! i bought Litecoin back in like 2018 and have a handful of them, shoulda went BTC!
JM485
Posts
5391
Joined
10/1/2013
Location
Davis, CA US
1/8/2021 11:23am
I put about half of my net worth (which isn’t much FYI) into it when it was around $20K, so I’ve been beyond stoked. Keep in mind though, this is a long term play for me, I’m not planning on touching it for at least a few years and hopefully even longer than that.

I have mine split about 70% BTC and 30% Ethereum currently, might venture into other coins along the way. I’m a big believer in the crypto space, I’ve done a hell of a lot of research on it and I think we’re going to see wider and wider institutional adoption over time. It’s a bit ironic in the fact that crypto is somewhat of a libertarian wet dream, yet institutional purchasing has been what’s driving the price through the roof lately and I think we’re only getting started.
1
atc250r
Posts
148
Joined
11/15/2013
Location
Walhalla, ND US
1/8/2021 12:15pm
I bought $6k of Eth at $1000.
Also bought $4k of XRP around $1.30

The Ethereum is working out, but I bought at what was the ATH in December 2017, unfortunately.

Where it goes from here, I have no idea. I’m just going to let it ride. For the last 2 years I thought I lost it all, so this is all bonus as far as I’m concerned
689
Posts
803
Joined
12/10/2010
Location
AU
1/9/2021 7:07pm
Have been thinking of buying Ethereum but struggle with the concept that it's not capped.
1/10/2021 10:28am
Not giving investing advise... But I wouldn't buy right now. Personally I would wait for a pull back after a big move like this.
2
ocscottie
Posts
69108
Joined
8/16/2006
Location
Redding, CA US
1/11/2021 3:41pm
I see it took about a 10k down swing, damn thats too rich for my blood!
atc250r
Posts
148
Joined
11/15/2013
Location
Walhalla, ND US
1/11/2021 6:46pm
Yep, 25% correction today, Lol!
scott_nz
Posts
5304
Joined
4/1/2008
Location
NZ
Fantasy
597th
1/11/2021 9:24pm
one of my great regrets is not buying $100 worth of bitcoin when I first heard about it, although I would have sold it long before this peak,

2

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