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CRYPTOCURRENCY Chit Chat Thread

JonathanTan_197641
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Kusje

Kusje

Supersonic

Want to know about

 

*BITCOIN*

 

 

A lot of monkeys lived near a village.ððððððð

 

One day a merchant came to the village to buy these monkeys!ðµðµðµðµðµðµ

 

He announced that he will buy the monkeys @ $100 each. ðµðµ

 

The villagers thought that this man is mad.ð

 

They thought how can somebody buy stray monkeys at $100 each?ð¤

 

Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. ð¬

 

This news spread like wildfire and people caught monkeys and sold it to the merchant.ð¬

 

After a few days, the merchant announced that he will buy monkeys @ 200 each. ðµðµðµ

 

The lazy villagers also ran around to catch the remaining monkeys!ðððððð

 

They sold the remaining monkeys @ 200 each.ð

 

Then the merchant announced that he will buy monkeys @ 500 each!

ð®ðµðµðµðµðµ

 

The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.ððµðµðµðµðµð

 

The villagers were waiting anxiously for the next announcement.ð

 

Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!ðµðµðµðµðµðµðµðµðµðµðµ

 

He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.ð¤ ððððððððððððððððððððððððððððððððððððððððððððððð

 

The merchant went home.ð

 

The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.â¹ðð

 

Then the employee told them that he will sell some monkeys @ 700 each secretly. ð¶

 

This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.ð¬

 

The next day, villagers made a queue near the monkey cage.ðððððððµðð¤ð¤ð¤ð¤ð¤ð¤ð¤ð¤ð¤ð¤

 

The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!

ðððððððððððµðµðµðµðµðµðµðµðµðµ

 

The villagers took care of their monkeys & waited for the merchant to return. ð

 

But nobody came! ...ð¤ Then they ran to the employee...ð¤ 

 

But he has already left too !ð

 

The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them! ð©ð«ð¨ð°ð­ð­ð­ð­ð­ð­

The Bitcoin will be the next monkey business

ð

 

It will make a lot of people bankrupt and a few people filthy rich in this monkey business. ððð

 

That' how it will workð¤£

You described gold.

 

But still around after so many thousands of years leh.

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Philipkee

Philipkee

Twincharged

You described gold.

 

But still around after so many thousands of years leh.

Not true lei. Gold has some use like for wiring and such so while the value will go down it is unlikely to go down till nothing in value. Bitcoin is based on people sentiments which IF it disappears it's totally gone.
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Icedbs

Icedbs

Turbocharged
(edited)

You described gold.

 

But still around after so many thousands of years leh.

 

Gold is real money.  It will always have intrinsic value.  

 

 Even the paper money that we have is not real money. Those are fiat money. It is recognized only because their government say so.

 

Bitcoin is even further away. It is "money" only because consumers say so. But consumers sentiments change everyday. Tomorrow Bubble tea can be money too if consumers decide to change from bitcoin to bubble tea.

 

 

Edited by Icedbs
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Yewheng

Yewheng

Twincharged

post-14834-0-86791400-1513609140_thumb.png

 

I did not buy bitcoin but suddenly come this sms. Darn these scammers.. Better don't click the link if not maybe kanna virus or ask to key in bank account information and etc.

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Kusje

Kusje

Supersonic

Gold is real money. It will always have intrinsic value.

 

Even the paper money that we have is not real money. Those are fiat money. It is recognized only because their government say so.

 

Bitcoin is even further away. It is "money" only because consumers say so. But consumers sentiments change everyday. Tomorrow Bubble tea can be money too if consumers decide to change from bitcoin to bubble tea.

How is gold real money?
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Unltd

Unltd

5th Gear

You guys really know what you talking about?

 

Fiat currency is finite? Bitcoin is infinite?

 

Probably better to read up and check facts first.

 

The cash you have can be printed anytime by the gov who manufactures them, you want to create new bitcoin, possibly? Once the 21 mil has been minted, it’s the end. It’s more finite than you think and nobody can control it.

 

Unless there’s quantum computing that may potentially create fake transactions. Really suggest you go understand it.

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Throttle2

Throttle2

Supersonic
(edited)

You guys really know what you talking about?

 

Fiat currency is finite? Bitcoin is infinite?

 

Probably better to read up and check facts first.

 

The cash you have can be printed anytime by the gov who manufactures them, you want to create new bitcoin, possibly? Once the 21 mil has been minted, it’s the end. It’s more finite than you think and nobody can control it.

 

Unless there’s quantum computing that may potentially create fake transactions. Really suggest you go understand it.

Er, not quite right about money supply

But nevermind.

 

I hv had too many discussions on this since several yrs ago.

Whether finite or not doesnt matter.

If govts outlaw bitcoin, its more worthless than toilet paper

 

Can make money?

Of course.

As long as the music is thumping and the lights are flashing

 

Personally know and have at least 10 friends who are crytocurrency millionaires.

Not too much between $5-20mil

All early adoptors. All under 50 yrs old.

So i know what i am talking about.

 

I am still holding my first ether obtained at $10.

Haha.

 

But the universal equation of high return high risk holds true.

Play with what you can lose.

Edited by Throttle2
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Icedbs

Icedbs

Turbocharged

How is gold real money?

 

This require a whole book by itself. Our new generation are so skewed towards paper currency and credit cards that they have forgotten gold. Most people look at gold as jewelries and bangles now but ask those who thrive before 1971 and they will tell you that the US dollar is backed by gold. It is backed by gold because gold is the indisputable real money. 

 

Anyway to keep my post short, you read this as a summary :http://www.kelseywilliamsgold.com/gold-real-money/

 

If you are more intrigue with gold, you can read this book : https://www.amazon.com/Gold-Real-Money-Against-Government/dp/1532987560

 

All I can say with all the recent financial bubbles, recession, depression, property bubbles, etc are all caused by fiat currencies which government print like there is no tomorrow.  

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Kusje

Kusje

Supersonic

This require a whole book by itself. Our new generation are so skewed towards paper currency and credit cards that they have forgotten gold. Most people look at gold as jewelries and bangles now but ask those who thrive before 1971 and they will tell you that the US dollar is backed by gold. It is backed by gold because gold is the indisputable real money. 

 

Anyway to keep my post short, you read this as a summary :http://www.kelseywilliamsgold.com/gold-real-money/

 

If you are more intrigue with gold, you can read this book : https://www.amazon.com/Gold-Real-Money-Against-Government/dp/1532987560

 

All I can say with all the recent financial bubbles, recession, depression, property bubbles, etc are all caused by fiat currencies which government print like there is no tomorrow.  

 

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable? 

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Lala81

Lala81

Hypersonic

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable?

Well fundamentally... Every gold atom on this planet came from the cosmos outside of this solar system. Lol
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Throttle2

Throttle2

Supersonic
(edited)

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable?

Used to make my Rolexes , Hahahaha

 

But truth is (and i agree) there is probably more perceived value in Gold than real Industrial value.

So as a metal, it really isnt too useful. Mostly for jewellery use. It is still a metal of unique physical properties

 

Thats why i never buy gold, except in the form of Rolexes.

 

 

Edited by Throttle2
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