| Author |
 Topic Search  Topic Options
|
Coke-in-MN 
Orange Level Access
Joined: 12 Sep 2009
Location: Afton MN
Points: 41205
|
 Post Options
 Thanks(0)
 Quote  Reply
 Topic: BITCOIN explained
Posted: 13 Mar 2022 at 11:18pm |
Not long ago a Merchant found a lot of monkeys that lived near a certain village. One day he came to the Village saying he wanted to buy these monkeys! He announced that he would buy the monkeys at $100 each. The Villagers thought that this man must be crazy - How can somebody buy stray monkeys at $100 each? Still some people caught some monkeys, gave them to this Merchant and he gave $100 for each monkey. This news spread like wildfire and people caught monkeys and sold them to the merchant. After a few days, the merchant announced that he will buy monkeys at $200 each. The lazy villagers also ran around to catch the remaining monkeys! They sold the remaining monkeys at $200 each. The Merchant then announced that he will buy monkeys for $500 each! The Villagers start to lose sleep!.....They caught six or seven monkeys, which was all that were left and got $500 each.
The Villagers were waiting anxiously for the next announcement. Then the Merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return. The Merchant went on holiday! The Villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the Merchant.
Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each. The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey. The next day the Villagers queued up near the monkey cage. The Employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys! The Villagers took care of their monkeys & waited for the Merchant to return! However nobody came!
..... They then ran to find the Employee .... However he was nowhere to be found! The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them!
This Monkey Business is now known as Bitcoin! It will make a lot of People bankrupt and very few People filthy rich in this kind of Monkey Business.
|
|
Faith isn't a jump in the dark. It is a walk in the light. Faith is not guessing; it is knowing something.
"Challenges are what make life interesting; overcoming them is what makes life meaningful."
|
 |
|
Sponsored Links
|
|
|
desertjoe
Orange Level Access
Joined: 23 Sep 2013
Location: New mexico
Points: 13358
|
Post Options
Thanks(0)
Quote Reply
Posted: 13 Mar 2022 at 11:39pm |
So, So, True,,Coke and they's lots of "smart" folks in this country that just cannot pass up a "good Deal",,,,, 
|
|
DMiller
Orange Level Access
Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 29538
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 3:59am |
|
All too many will buy into that false panacea of can buy cheap as is a New idea and sell high making huge profits, works great for a while then that New wears away and the reality sets in, has no value no matter how hard you work for it, another Ponzi based scheme.
|
|
Dennis J OPKs
Silver Level
Joined: 12 Sep 2009
Location: Overland Park,
Points: 386
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 7:18am |
|
I have no idea if this is true or how it can be factual but multiple sources say the one bitcoin transaction consumes the energy that could power a home for 6-8 weeks. Just saying what I've read so don't shoot the messenger.
|
|
Hubert (Ga)engine7
Orange Level
Joined: 12 Sep 2009
Location: Jackson Cnty,GA
Points: 6126
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 10:22am |
|
Coke, you nailed it! Greed has been and will continue to be the downfall of many.
|
|
Just an old country boy saved by the grace of God.
|
|
TramwayGuy
Orange Level Access
Joined: 19 Jan 2010
Location: Northern NY
Points: 11214
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 10:32am |
|
“…. the one bitcoin transaction consumes the energy that could power a home for 6-8 weeks.”
Normal transaction (buying or selling) takes almost zero energy. But GENERATION (mining) of a bitcoin takes a huge amount of computer power and electrical energy!!! And each one takes longer than the previous ones.
More than one ‘mining’ operation decided to locate in Massena, NY because there was a very large Hydropower plant that had cheap electricity for a while. Same reason Alcoa had an aluminum smelter there.
|
|
Ray54
Orange Level Access
Joined: 22 Nov 2009
Location: Paso Robles, Ca
Points: 4365
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 12:13pm |
Thank you Coke.
But I read you can hide your money from the government knowing you got it. But think the old way buried in the back yard is still safer. But it would work better for me if I had gold rather than steel to be buried .
|
|
dee_veloper
Orange Level
Joined: 12 Apr 2021
Location: USA
Points: 1168
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 12:31pm |
|
IMHO, cryptocurrencies are just another way of counterfeiting.
|
|
Don't confuse my personality with my attitude.
My personality is who I am. My attitude depends on who you are.
|
|
ac hunter
Orange Level
Joined: 05 Jan 2011
Location: OHIO
Points: 948
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 12:48pm |
|
Dumb me, but if you buy bitcoin do you actually have anything you can put in your pocket or is it just an "idea"? What do have to show that you have money? They show those pictures of bitcoins sometimes on the TV; is that what you get? Can anybody 'splain it to me? Thanks.
|
|
Tbone95
Orange Level Access
Joined: 31 Aug 2012
Location: Michigan
Points: 11390
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 1:30pm |
 ac hunter wrote:
Dumb me, but if you buy bitcoin do you actually have anything you can put in your pocket or is it just an "idea"? What do have to show that you have money? They show those pictures of bitcoins sometimes on the TV; is that what you get? Can anybody 'splain it to me? Thanks. |
"All" you get is an electronic ledger. No physical "coin".
Just a little thought experiment: Take a $1 bill, and lay it next to a $50 bill. Now, convince yourself how one of them is worth 50 times as much as the other. Other than "The good faith and credit of the United States of America", you got nothing!
|
|
Kansas99
Orange Level Access
Joined: 26 Feb 2015
Location: W Kansas
Points: 4804
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 3:27pm |
Tbone, although it’s depressing when you look at it like that you are correct. That’s why years ago I dug up all them coffee cans in my backyard and traded them in for gold and buried those bars in all them holes. When I make out my Will I’m going to tell whom I leave it to that if they want to get rich become a miner. See if they’re smart enough to be a miner.  Oops, I mean that’s what a guy from Utah told me he did. Don’t need one of those Clutter things happening in western KS again.
|
|
"LET"S GO BRANDON!!"
|
|
bigal121892
Orange Level
Joined: 05 Jan 2010
Location: Nebraska
Points: 741
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 6:39pm |
|
The question that you need to ask, is why all of a sudden is the government interested in Bitcoin? Because they can't track it, they don't know who has it, which makes it much harder to confiscate.
|
|
LouSWPA
Orange Level Access
Joined: 11 Sep 2009
Location: Clinton, Pa
Points: 24021
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 11:25pm |
as someone, TBone I think, just pointed out, Bitcoin is no more a scam than US currency. Like was just pointed out, nothing but the 'good faith and credit of the US', but what was missing from that phrase is 'and the Federal printing presses, and the Federal (not really) Reserve'. government prints money, and launders it via the Federal Reserve, at a discount. I don't trust either one, the only thing I can say about trust is we KNOW FOR SURE that we are going to get screwed by the Federal government because they have worked their scheme to the detriment of the US citizen many times in the past. So far as I know, no one yet has been taken by bitcoin. Yes, it has went up and down, like the stock market, but i have not heard of anyone getting scammed, although the door is certainly wide open for it to happen.
|
|
I am still confident of this;
I will see the goodness of the Lord in the land of the living.
Wait for the Lord;
be strong and take heart and wait for the Lord. Ps 27
|
|
LouSWPA
Orange Level Access
Joined: 11 Sep 2009
Location: Clinton, Pa
Points: 24021
|
Post Options
Thanks(0)
Quote Reply
Posted: 14 Mar 2022 at 11:26pm |
bigal121892 wrote:
The question that you need to ask, is why all of a sudden is the government interested in Bitcoin? Because they can't track it, (or tax it) they don't know who has it, which makes it much harder to confiscate.
|
|
|
I am still confident of this;
I will see the goodness of the Lord in the land of the living.
Wait for the Lord;
be strong and take heart and wait for the Lord. Ps 27
|
|
Kansas99
Orange Level Access
Joined: 26 Feb 2015
Location: W Kansas
Points: 4804
|
Post Options
Thanks(0)
Quote Reply
Posted: 15 Mar 2022 at 6:29am |
Take it for what it's worth, this is from NBC as equally as incompetent as this administration.
Their research is to make sure they can figure out a way to , as said, track it and tax it. The paper dollar has been a problem for years and they don't need that again.
Biden takes big step toward government-backed digital currency
The Biden administration is throwing its support behind further study
and development of what would be known as a U.S. Central Bank Digital
Currency.
Although a U.S. digital currency would not necessarily
change much in terms of everyday experiences like buying goods and
services, economists say it could transform central and commercial
banking, as well as government sanctions, banking accessibility and
taxes. “The potential here is enormous, and it’s very
interesting,” said David Yermack, a professor and the chair of the
finance department at New York University. While the administration fact sheet did not provide any details about
how a U.S. digital currency might work, Yermack suggested that the
functionality could be reasonably simple, with transactions flowing
directly to and from the Fed, sidestepping banks and payment systems and
creating near-seamless flows of cash.
|
|
"LET"S GO BRANDON!!"
|
|
HudCo
Orange Level
Joined: 29 Jan 2013
Location: Plymouth Utah
Points: 3289
|
Post Options
Thanks(2)
Quote Reply
Posted: 15 Mar 2022 at 9:15am |
|
cash is still king and it still talks the loudest
|
|
LouSWPA
Orange Level Access
Joined: 11 Sep 2009
Location: Clinton, Pa
Points: 24021
|
Post Options
Thanks(0)
Quote Reply
Posted: 15 Mar 2022 at 11:26am |
Kansas99 wrote:
Take it for what it's worth, this is from NBC as equally as incompetent as this administration.
Their research is to make sure they can figure out a way to , as said, track it and tax it. The paper dollar has been a problem for years and they don't need that again.
Biden takes big step toward government-backed digital currency
The Biden administration is throwing its support behind further study
and development of what would be known as a U.S. Central Bank Digital
Currency.
Although a U.S. digital currency would not necessarily
change much in terms of everyday experiences like buying goods and
services, economists say it could transform central and commercial
banking, as well as government sanctions, banking accessibility and
taxes. “The potential here is enormous, and it’s very
interesting,” said David Yermack, a professor and the chair of the
finance department at New York University. While the administration fact sheet did not provide any details about
how a U.S. digital currency might work, Yermack suggested that the
functionality could be reasonably simple, with transactions flowing
directly to and from the Fed, sidestepping banks and payment systems and
creating near-seamless flows of cash.
and if this doesn't scare the hell out of anybody reading it, you must be brain dead |
|
|
I am still confident of this;
I will see the goodness of the Lord in the land of the living.
Wait for the Lord;
be strong and take heart and wait for the Lord. Ps 27
|
|
DMiller
Orange Level Access
Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 29538
|
Post Options
Thanks(0)
Quote Reply
Posted: 18 Apr 2024 at 3:29pm |
One Massive Solar event, One Massive Nuke High Altitude EMP and Bitcoin goes as POOF as Powder in a windstorm. NO electronic Records converted to Hard Records, All electronics go FIZZ and the End of ALL the Digital Money occurs.
Have ZERO doubts the Chicoms and Ruskies are playing this up to perform just as noted Second Option, then THEY have control. The Entire remaining Free World is DEPENDENT of Electronics, Electronic Funds Transfers and MICROCHIPS the Ruskie and Chicom equipment DO NOT USE.
|
|
DiyDave
Orange Level Access
Joined: 11 Sep 2009
Location: Gambrills, MD
Points: 50544
|
Post Options
Thanks(0)
Quote Reply
Posted: 18 Apr 2024 at 6:56pm |
DMiller wrote:
One Massive Solar event, One Massive Nuke High Altitude EMP and Bitcoin goes as POOF as Powder in a windstorm. NO electronic Records converted to Hard Records, All electronics go FIZZ and the End of ALL the Digital Money occurs.
Have ZERO doubts the Chicoms and Ruskies are playing this up to perform just as noted Second Option, then THEY have control. The Entire remaining Free World is DEPENDENT of Electronics, Electronic Funds Transfers and MICROCHIPS the Ruskie and Chicom equipment DO NOT USE. |
It's spam, I reported it a couple hrs ago...
|
|
Source: Babylon Bee. Sponsored by BRAWNDO, its got what you need!
|
|
bigal121892
Orange Level
Joined: 05 Jan 2010
Location: Nebraska
Points: 741
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 Apr 2024 at 4:43pm |
|
Actually, you can move your bitcoin to a thumb drive and keep it that way. Bitcoin is no different than a piece of ground, it is worth what someone is willing to sell it for and what someone is willing to buy it for.
|
|
steve(ill)
Orange Level Access
Joined: 11 Sep 2009
Location: illinois
Points: 77807
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 Apr 2024 at 8:45pm |
|
GROUND is a positive asset... It will not VAPORIZE during a down economy.
|
|
Like them all, but love the "B"s.
|
|
DMiller
Orange Level Access
Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 29538
|
Post Options
Thanks(0)
Quote Reply
Posted: 20 Apr 2024 at 5:45am |
|
Already been determined most data retention devices will fry as easily as PCs or any other chip driven component. Doubtful much of anything will be retrievable.
|
|
