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Thread: Winklevoss Twins on Bitcoin

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  1. #16
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
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    Blockchain is a worthless power sucking ponzi scheme and our grid could never support it in wide use.
    There will be much better cryptos to emerge that will have real value but no, a computer program will never replace physical gold or silver.

    There are many merchants out there that will happily trade gold or silver for their goods. I've done it plenty of times, and I've sold things for gold too.

    The value of cryptos only comes from the people buying in and the value the market gives it at this time. It's a speculative investment same as the stock market. They were worthless after the hurricane but gold and silver could still be used and people could cash in.
    If you trust your wealth to be safe in a digital world, good luck.
    Would I need a happy meal when shtf and would McDonald's be open? Could I pull a bitcoin out of my pocket and pay them?
    Last edited by Johnnybravo300; Jan 18, 2018 at 10:41 AM.
    enochsea7 likes this.

  2. #17
    1320

    Dec 2004
    East Central Kentucky
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    Quote Originally Posted by Jason in Enid View Post
    exactly, which is why you need to keep a percentage of hard cash on hand at all times. water, food, fuel, guns, ammo, & alcohol.

    But nobody is saying a grid failure is the end of civilization. Look at puerto rico. 90% of the island lost power, half of it is still without power. People are still living. But if you have a national grid failure it could be months to years before its restored. Yes your crypto will still be there when the lights come back, but at what value? If lots of people decide, "screw this crypto money" its value will crater immediately so most would still be without all that money put into it.

    Just because you get a direct deposit paycheck NOW doesnt mean the boss cant pay workers in cash next week. Companoes go to digital transfers because its easier and easier to track and make sure nobody's skimming extra for themselves, it doesnt mean we coudl never go back to cash
    Good advice in your reply!

    "Just because you get a direct deposit paycheck NOW doesnt mean the boss cant pay workers in cash next week. Companoes go to digital transfers because its easier and easier to track and make sure nobody's skimming extra for themselves, it doesnt mean we coudl never go back to cash"

    There isn't enough paper money in the banks to pull this off, the run on bank money would be over in a week. Perhaps they could depend on their own cash flow from customers but when customers can't get money from the bank, said business has no sales and no cash flow to return to workers. I agree with you, we could revert to cash only but that would be a monumental task. Simply safeguarding large amounts of cash in a doomsday scenario will be difficult.

  3. #18
    1320

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    Quote Originally Posted by Johnnybravo300 View Post
    Blockchain is a worthless power sucking ponzi scheme and our grid could never support it in wide use.
    There will be much better cryptos to emerge that will have real value but no, a computer program will never replace physical gold or silver.

    There are many merchants out there that will happily trade gold or silver for their goods. I've done it plenty of times, and I've sold things for gold too.

    The value of cryptos only comes from the people buying in and the value the market gives it at this time. It's a speculative investment same as the stock market. They were worthless after the hurricane but gold and silver could still be used and people could cash in.
    If you trust your wealth to be safe in a digital world, good luck.
    Would I need a happy meal when shtf and would McDonald's be open? Could I pull a bitcoin out of my pocket and pay them?
    https://www.forbes.com/forbes/welcom...ww.google.com/

    The link......McDonalds to accept bitcoin....lol

  4. #19
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
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    With the new "bail in" laws, I'd be hesitant to keep much in the bank. Next time the system fails it will be our money used for the too big to fail. That's why the new administration has been filled with goldman Sachs bankers. It's all part of the maga.
    Trump just waived the punishments for the fraud the five big banks were found guilty of so it will continue. They can't figure out if he's a nice guy or if it's the fact that he owes them 100's of millions.
    I smell a conflict of interest brewing and the swamp is filling up.

  5. #20
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
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    1,206
    1196 times
    Prospecting
    McDonald's can't take bitcoin if the power is off. Cryptos aren't real money. You can't pull one out and get change.

    It's the same as any digital payment.
    Last edited by Johnnybravo300; Jan 18, 2018 at 11:17 AM.
    1320 likes this.

  6. #21
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
    F2
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    1196 times
    Prospecting
    Nobody in Puerto Rico had access to their aircoins when they needed them after the disaster there.
    It's not a back up plan by any means. It's a speculative investment and nothing more. Good luck and be careful out there!
    Last edited by Johnnybravo300; Jan 18, 2018 at 11:24 AM.
    enochsea7 likes this.

  7. #22

    Jun 2012
    Oklahoma
    250
    123 times
    All Types Of Treasure Hunting
    I think blockchain is the future and in relatively short order. Cryptocurrencies will obviously play a role and will hold value. Because of the amount of infrastructure/power needed to mine in the future, I think the crypto values will be relatively high. All that said, I think those of us buying in to crypto's right now are just gambling.

    And gold still has it's place but it has competition. I will always keep some non-tech valuables around because I do believe at some point, the system will fail. But not everyone that holds gold is doing so because they expect TEOTWAWKI. Many that hold gold as a store of wealth will probably move some of their assets to crypto
    1320 likes this.

  8. #23
    1320

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    Quote Originally Posted by Johnnybravo300 View Post
    McDonald's can't take bitcoin if the power is off. Cryptos aren't real money. You can't pull one out and get change.

    It's the same as any digital payment.
    They can't fry burgers either...lol
    Jason in Enid likes this.

  9. #24
    1320

    Dec 2004
    East Central Kentucky
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    Quote Originally Posted by Johnnybravo300 View Post
    McDonald's can't take bitcoin if the power is off. Cryptos aren't real money. You can't pull one out and get change.

    It's the same as any digital payment.
    There's no "change" involved in crypto purchases.

  10. #25
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
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    Prospecting
    Bitcoin Crash Costs Winklevoss Twins Nearly $1 Billion | Fortune

    It's like comparing apples to oranges. They are totally different and the twins wouldn't lose money if they understood it. I'd be hesitant to take advice from anyone who has lost billions.
    Metals are a store of wealth and is why the world banks are buying it up while others buy aircoins.
    It's like comparing a guy that owns a real car to another guy holding a bus ticket. Today different type assets with different purposes. I don't know how else to explain it but like comparing gold to a 401k or a certain stock. It's not comparable.
    Like I said be careful. There's money to be made for sure but it's a rigged game.
    Last edited by Johnnybravo300; Jan 18, 2018 at 12:48 PM.
    enochsea7 likes this.

  11. #26
    1320

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    Quote Originally Posted by Johnnybravo300 View Post
    Bitcoin Crash Costs Winklevoss Twins Nearly $1 Billion | Fortune

    It's like comparing apples to oranges. They are totally different and the twins wouldn't lose money if they understood it. I'd be hesitant to take advice from anyone who has lost billions.
    Metals are a store of wealth and is why the world banks are buying it up while others buy aircoins.
    It's like comparing a guy that owns a real car to another guy holding a bus ticket. Today different type assets with different purposes. I don't know how else to explain it but like comparing gold to a 401k or a certain stock. It's not comparable.
    Like I said be careful. There's money to be made for sure but it's a rigged game.
    I agree regarding not taking advice from the twins but not because they "lost" $1 Billion, at least they had it to lose....right? And I'll second your word of caution.

  12. #27
    us
    Jan 2016
    North Saguache county between Gunnison and Monarch Pass
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    Yeah they had it to lose aaannnnnd it's gone.

    enochsea7 and sandchip like this.

  13. #28
    1320

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    Quote Originally Posted by Johnnybravo300 View Post
    Yeah they had it to lose aaannnnnd it's gone.

    Ah, they'll be back....don't get me wrong, I'm not a fan of the twins. They're making a small fortune off of the bitcoin exchange they own. Their mills and bills rise and fall with the price of Bitcoin.

  14. #29

    Mar 2014
    112
    87 times
    All Types Of Treasure Hunting
    Quote Originally Posted by TDogger View Post
    No one makes money with bitcoins unless you sell them and have the cash in hand. If you know when to buy and sell, you can make a killing, but I just do not trust anything that has absolutely zero intrinsic value.

    If SHTF and the Internet goes down, bitcoins are worth bumpkis.
    Our national currency has absolutely zero intrinsic value also. At least blockchain has a decentralized transparent ledger and canít be manipulated by the powers that be.
    1320 likes this.
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  15. #30

    Mar 2014
    112
    87 times
    All Types Of Treasure Hunting
    Quote Originally Posted by Owassokie View Post
    I think blockchain is the future and in relatively short order. Cryptocurrencies will obviously play a role and will hold value. Because of the amount of infrastructure/power needed to mine in the future, I think the crypto values will be relatively high. All that said, I think those of us buying in to crypto's right now are just gambling.

    And gold still has it's place but it has competition. I will always keep some non-tech valuables around because I do believe at some point, the system will fail. But not everyone that holds gold is doing so because they expect TEOTWAWKI. Many that hold gold as a store of wealth will probably move some of their assets to crypto
    The mining structure is only really prohibitive in a proof of work system. Iím partial to proof of stake based coins.
    Using Tapatalk

 

 
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