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Jeff Matthews

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Posts posted by Jeff Matthews


  1. 1 minute ago, Schu said:

     

    it is absolutely true... the only reason any asset including gold, real estate or functioning corporation has value is because people have belief in the fact that it has value.

    I think you do not fully understand what bitcoin is (obviously) because we need to have this level of conversation about it's validity... if we can accept that it is valid (like most ALL financial experts do), then we can move onto more reasonable discussions about the Coin.

    I already agreed it had value.  I just believe that its value is too unstable to predict whether I can profit from it.


  2. 1 minute ago, BigStewMan said:

    but that value isn't intrinsically ... it's value comes from what others are willing to pay for it or what it produces. That's why there is no such thing as a bad deal ... if I'm willing to sell something for a certain price and you're willing to pay that price ... it was a fair deal.

    At the moment, but not necessarily as an investment.  

    • Like 1

  3. 4 minutes ago, Schu said:

     

    dont use yahoo for financial information... jesus.

     

    serendipity at best.

    If you can create a cryptocurrency in 3 hours, why would you buy Bitcoin at $60k?  Is there something special about its being "the original" cryptocurrency?

     

    You've got Doge going up 4,000% in a month or so.  Why wouldn't people be bailing out of BTC big-time to go into Doge?  Or Ethereum?  Or Poody-toin?


  4. 1 hour ago, Schu said:

    HERE is the reason for the momentary dump... it was a move to crush the leverage traders long positions. those leverage traders lost more than 3 billion in leverage and was the biggest wrecking in the history of the crypto space... bitcoin is fine and strong.

    Compare to this:

     

    "The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets." 

     

    Source:  https://finance.yahoo.com/news/bitcoin-price-sunday-18-april-us-treasury-digital-assets-ethereum-litecoin-coinbase-doge-094926937.html

     

    Once government controls the flow, the product is as useless/useful as a dollar, and the game is over (IMO).


  5. 13 minutes ago, geoff. said:

    Once again I will ask this question.

     

    If bitcoin is such a sure thing, and there are only the coins left to be mined to be bought as new.

     

    Who is selling such a sure thing?

    That's a rhetorical question.  Everyone dies in the long run.

     

    I'm not into Bitcoin, but I sure wish I bought a few grand worth 10 years ago... back when people were likewise claiming how great it would be.


  6. https://www.cnet.com/news/dogecoin-the-meme-that-somehow-became-a-real-cryptocurrency/#:~:text=Dogecoin is a cryptocurrency%2C a,Bitcoin is ground-breaking.

     

    From the creator of Dogecoin:

     

    "Dogecoin," says Markus, "from 'that seems like it's funny' to actually doing it, took about three hours. It's almost trivial to create a new cryptocurrency." 

     

    It was a find-and-replace job.

     

    Ctrl+F 'Bitcoin,' replace with 'Dogecoin.'

     

    Markus freely admits to finding large chunks of bitcoin's source code completely incomprehensible, but knew enough to change a few core elements for Dogecoin. For example, Markus created 100 billion dogecoins (as opposed to bitcoin's 21 million) and made them easier to mine. (Dogecoin is already close to being mined out, while bitcoin's final coin will be mined in 2140.)

     

    He changed the font (to comic sans of course) and changed every mention of the word 'mine' to 'dig' (because dogs don't mine, they dig...).

     

    And then, during his lunch break, Markus set Dogecoin live.

     

    "Cryptocurrency is a solution in search of a problem," he says.

     

    What problem did Dogecoin solve?

     

    "I don't think it solves anything," he says. "If anything, it exists as an educational tool. It's a reminder that we can't take this stuff seriously.  

     

     

     

     

     

     


  7. 11 minutes ago, Schu said:

    bitcoin isn't meant to be a 'medium of exchange'... it may have initially been designed as a decentralized payment system, but it isn't that any longer..

    Right.  "Currency" is a misnomer.

     

    Now, it's just a concept to which people have acribed value.  It's really interesting.  When it was a loophole to be used to export wealth from nations like China, I could see a purpose.  Now that the loophole is closed, I wonder what its purpose is - other than "to grow in value."


  8. https://www.bloomberg.com/news/articles/2021-04-18/bitcoin-falls-as-much-as-15-biggest-intraday-drop-since-feb?utm_source=url_link

     

    It's this kind of volatility that makes Bitcoin unsuitable as a medium of exchange.

     

    Sure, it might go up, up and away over the longer term, but you can't count on it tomorrow morning.  If you need to buy a new car tomorrow, or close on a house, or loan a family member a chunk of dough, you're at the mercy of a fickle market.


  9. No, but the Adcom 555 sure sounds familiar.  My friend years ago in the 1990's bought a new Adcom, and I think it might have been a 555.  It was a stout amp.  While still under warranty, it had (transformer/power supply?) issues, and I forgot how it was resolved - I think with a replacement amp of the same model.  I don't know if the problem was a one-off or not, but I will confirm it was a very stout amp.  He drove Klipsch Chorus I's with it.

    • Like 1

  10. 1 minute ago, JL Sargent said:

    Sometime after that, you might get that Letter of Testamentary if our Probate Judge is so inclined to oblige.  

    Sweet Home Alabama!  That's too bad.  There's really no need for it to take that long - at least that's what we think in Texas.

    • Like 1

  11. 1 minute ago, Zen Traveler said:

    Look at how much we spend on our military and humanitarian efforts that are also non income-producing.

    I think hegemony produces real value which is substantial but hard to quantify.  Vacant shopping malls, not so much.


  12. 1 minute ago, Zen Traveler said:

    Heck I saw they built and staffed an airport that no one is using ...yet!

    Right!  They've built entire ghost cities capable of housing 2 million people, and they just sit there empty.  Can you imagine that?  Non income-producing, depreciating real estate as an investment?  It's really bizarre, and I think it's destined to fail.


  13. 2 minutes ago, Zen Traveler said:

    I wish I were as hopeful as you but I think the odds are against it just like they were back in May.

    You might be right.  I just checked, and it showed Texas has fully vaccinated only 10% of its population.

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