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RiKD    United States. Feb 10 2015 19:38. Posts 8442
How do you do LP?

I understand how bitcoin works but I had never had carried any currency there... until now. I have decided to practice what I preach and be an engaged + active user of bitcoin. I am not too concerned about it as an investment in money but rather an investment in knowledge. My position is that bitcoin is a more ethical currency and better system than currently exists and would like to figure it out.

So, unless the governments and corrupt centralized institutions of power have completely taken it over and/or it is tank city at this point:

How does one exactly go about getting started? Insights? Advice?

Cheers

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Centrin   United States. Feb 10 2015 20:45. Posts 53

Coinsetter is offering a free 1-month $500 trading credit @ https://www.coinsetter.com/trading-credits which presents a great opportunity. Although the registration there is pretty time consuming could easily be worth. Creating an account at coinbase.com who just launched their US-based exchange which has 0 fees till March 30th is one of the easiest ways to buy and sell. As far as insights and advice just don't get too greedy and realize BTC is extremely volatile.


Garfed   Malta. Feb 11 2015 01:28. Posts 4818

Don't bother buying, just read if you are interested in it.

I made quite a bit of money on Bitcoins and still hold a small amount of them (~10) but since forever my opinion is the same. Idea is good, but has so many flaws and the value is so easily manipulated it has no right of ever being considered as a "currency", but rather a mean of option for fast, low cost, international payments.

And saying that it's not corrupt, looking at how much was stolen from people using btc in past 2 years is just ridiculous.

 Last edit: 11/02/2015 01:30

AndrewSong    United States. Feb 11 2015 02:05. Posts 2355


  On February 11 2015 00:28 Defrag wrote:
Don't bother buying, just read if you are interested in it.

I made quite a bit of money on Bitcoins and still hold a small amount of them (~10) but since forever my opinion is the same. Idea is good, but has so many flaws and the value is so easily manipulated it has no right of ever being considered as a "currency", but rather a mean of option for fast, low cost, international payments.

And saying that it's not corrupt, looking at how much was stolen from people using btc in past 2 years is just ridiculous.



Hard not to agree with this. I have lil over 100BTC~ for Seals and I'm dumping it soon as I get some sense back.

Bitcoin at this point holds no essential value and is neither a currency or commodity.


Highcard   Canada. Feb 11 2015 06:08. Posts 5428

Agree with the sentiments, the large scale hacking/malware devoted to stealing bitcoin is absurd. On top of exchanges built on little knowledge of security added with exceptional lucrative payouts to hackers, even good quality security will be targeted.

I have learned from poker that being at the table is not a grind, the grind is living and poker is how I pass the time 

cariadon   Estonia. Feb 11 2015 13:35. Posts 4019

Love how nothing has happened from between now and when a bunch of posters were looking to get in cheap (300) when it was rallying (850), prophesying of promised lands... also buying gold cause of potato.

all these experts came out of the woodwork with an "opinion" ... wishful thinking rather

I encourage you to objectively and critically evaluate what you read and think you know with regards to bitcoins to be "true".

Maybe read the articles on bloomberg.com and other reputable sites about bitcoin for starters. Then perhaps read about the technical aspects of a bitcoin, how it started, how is a bitcoin mined, how do transactions work etc.


RiKD    United States. Feb 11 2015 19:08. Posts 8442

I understand the technical aspects of bitcoin, how it started, how it is mined, how transactions work but that was a while ago and it was from very pro-bitcoin sources. Most of my knowledge came from a Joe Rogan podcast with some guy named like Andrei A something something. It was great information but he had invested basically all his time and energy into bitcoin so while it was good to understand how it works it was likely not very good in getting an unbiased opinion on downsides + pitfalls.

It is probably tricky to find good sources of information. Corporate sponsored media is not going to give a positive spin on it unless the banks can get a piece and profit. People who have invested all of their time, energy, and money for the last 5 years into bitcoin are not going to give any negatives or will be self-justifying and rationalizing the negatives away.

The stories about hacking, corruption, stealing, currency manipulation all make sense. If it happens in the real world, if it happens in online poker, if their is an edge to be had, if their is a mark to be stolen from someone will find out how to do it very well. Hopefully, these opinions are based in truth and not fear based but it certainly makes sense and is a shame.

Can anyone give some bullet points for why bitcoin is not capable of becoming a better option than the current banking systems?

What is holding it back?


Forrest Gump   Argentina. Feb 11 2015 20:23. Posts 1217

I just talked with a former computer scientist who followed (but not invested in) btc in the technical side since it was valued $5. He says the currency has some flaws and is not invulnerable to future problems or inapropiate use like double spending. The way btc is mined may change to prevent an evil use, but there's so much money invested in it that it wont be easy. I dont think btc will be useless. Just the future not written, so embrace the variance...

ADZ124: why do people put pictures of their child in stars.. its like please help feed my child im a fish i cant play? 

AndrewSong    United States. Feb 11 2015 20:44. Posts 2355


  On February 11 2015 18:08 RiKD wrote:
Can anyone give some bullet points for why bitcoin is not capable of becoming a better option than the current banking systems?

What is holding it back?



Too many reasons why bitcoins won't work. first and foremost, it has no intrinsic value. The people who own bitcoins hoard them rather than using them. one cannot overthrow a corrupt government and get rid of illumaniti bankers when no one uses the currency for anything useful. Merchants tripled since last year with big companies like dell, microsoft joining in but reality is that they aren't really accepting coins but dollars using middle man exchange. At this point, bitcoin is dead and will not exist in mainstream without two major exchange (Bitpay/Coinbase). There's also too many bad press surrounding bitcoin(Mt gox, China, Ulbricht) recent events showed government can end bitcoin in matter of seconds. Only thing great we can get out of bitcoin is the potential block-chain has.


jchysk   United States. Feb 12 2015 03:20. Posts 435

The reason why Bitcoins aren't going anywhere is the intrinsic value they have. The blockchain is the first time in human history where we've had a ledger that increases its own security and is publicly and equally accessible. The largest and most prominent blockchain is Bitcoin's and you need Bitcoins in order to use it. Bitcoin's blockchain will continue to get larger and more powerful as many of the other popular blockchains such as those supporting Litecoin and Dogecoin are brought on as sidechains.

Bitcoin itself is not great as a currency, so it may not end up being treated like one, but many of the systems that are being built on top of it will be very important. Increasingly new systems will be built on top of Bitcoin's blockchain. The reason is because the security is already established with the billions of dollars invested in the hardware to keep mining.

w00t 

TianYuan    Korea (South). Feb 12 2015 05:57. Posts 6817


  On February 11 2015 19:44 AndrewSong wrote:
Show nested quote +



Too many reasons why bitcoins won't work. first and foremost, it has no intrinsic value. The people who own bitcoins hoard them rather than using them. one cannot overthrow a corrupt government and get rid of illumaniti bankers when no one uses the currency for anything useful. Merchants tripled since last year with big companies like dell, microsoft joining in but reality is that they aren't really accepting coins but dollars using middle man exchange. At this point, bitcoin is dead and will not exist in mainstream without two major exchange (Bitpay/Coinbase). There's also too many bad press surrounding bitcoin(Mt gox, China, Ulbricht) recent events showed government can end bitcoin in matter of seconds. Only thing great we can get out of bitcoin is the potential block-chain has.

Don't know much about bitcoin, but there's no intrinsic value to fiat money either... The US$ hasn't been backed by gold since 1971.

Hm.. Off-suite socks.. 

bigredhoss   Cook Islands. Feb 12 2015 06:48. Posts 8646

Truck-Crash Life 

Mariuslol   Norway. Feb 12 2015 08:35. Posts 4742

You might find this one interesting:


cariadon   Estonia. Feb 12 2015 14:02. Posts 4019


thewh00sel    United States. Feb 13 2015 08:09. Posts 2734

Intrinsic value isnt a real thing. All things are subject to the price some one will pay. So all value is subjective.

A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn Rand 

diggerflopboat   . Feb 14 2015 00:24. Posts 241

Bitcoin has intrinsic value (obviously haha), and is a currency and a commodity. Anyone that suggests otherwise does not know the subject they are discussing.

When discussing bitcoin make sure you are talking with people that are well read and know what they are talking about, not peoples make random guesses based on religious assumptions and beliefs. Lots of people on the internet like to give opinions about things they know nothing about as if they are speaking facts.

Here is everything you need to know about bitcoin in relation to poker: https://thewealthofchips.wordpress.com/


Santafairy   Korea (South). Feb 14 2015 01:33. Posts 2224


  On February 13 2015 23:24 diggerflopboat wrote:
Bitcoin has intrinsic value (obviously haha)


okay just suppose hypothetically that i knew someone who thought that fact wasn't obvious, can you give me a way to explain it to them?

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

TalentedTom    Canada. Feb 16 2015 01:33. Posts 20070


  On February 12 2015 04:57 TianYuan wrote:
Show nested quote +


Don't know much about bitcoin, but there's no intrinsic value to fiat money either... The US$ hasn't been backed by gold since 1971.



True, but US money is backed by the US government, which in itself has a lot of value.

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that most frightens us and as we let our own lights shine we unconsciously give other people permision to do the same 

diggerflopboat   . Feb 17 2015 05:21. Posts 241


 
okay just suppose hypothetically that i knew someone who thought that fact wasn't obvious, can you give me a way to explain it to them?

Its revolutionizing every system our civilization has, starting with financial. Observe.


Santafairy   Korea (South). Feb 17 2015 20:05. Posts 2224


  On February 17 2015 04:21 diggerflopboat wrote:
Show nested quote +

Its revolutionizing every system our civilization has, starting with financial. Observe.

why does it have intrinsic value though?

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

 
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