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The Bitcoin Hard Fork Fast Approaching, SEGWIT2X, is a BAD DEAL. #NO2X!

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posted on Oct, 30 2017 @ 06:38 PM
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a reply to: eXia7
Actually I certainly can, and will continue to call out ignorance of those who refuse to do their due diligence in actually researching a topic and gaining some basic understanding before participating in a conversation in such a petty manner as you are. It'd be one thing if you actually asked honest questions and bothered to read the replies of those who clearly have some experience in the subject - but no - you'll just continue blindly shouting generic, knee-jerk buzzwords like "ponsi scheme" and "scam" without any factual substance to support your claims.




posted on Oct, 30 2017 @ 07:22 PM
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originally posted by: eXia7
Then one day, bitcoin is worth nothing. Then what, you lost everything for what? It's all based on speculation.


I think you're forgetting the part where you can sell it and receive money... Invest some, earn some, withdraw some, reinvest, etc. Watch the markets. Buy low, sell high.


originally posted by: eXia7
At this point you won't be able to invest enough into BTC to get a significant return vs a traditional investment.

The golden days of bitcoin are over. If you weren't doing it at the start with your own mining rig, and not investing money into it from day 1, you don't stand a chance.

Watch the price of bitcoin over the next few months. Just watch. You'll be wrong, I guarantee it. It'll be double what it is now, and you'll be sitting there realizing you lost out.



posted on Oct, 30 2017 @ 07:40 PM
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a reply to: trollz

He’s looking st it as just some made up thing like currency in a game....

He’s not realizing you trade it like any other stock



posted on Oct, 30 2017 @ 09:57 PM
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originally posted by: eXia7
So.. how will bitcoin actually have value if its constantly overproduced by mining operations. The average user can't even mine their own BTC because it isn't even possible. How can there be true value in something that has no actual backing?


Bitcoins can't be overproduced. It is mined, like gold is mined, but not in the same way obviously. There are only 21,000,000 bitcoins that can ever exist. So its supply is finite and scarce. Right now there about 16,600,000 in circulation. Imagine billions of people trying to get their hands on something so rare. Supply demand folks...

Do you know what can be overproduced though? – Yup - that damp wrinkled old dollar bill in your wallet.

Ask yourself - what is value? It's what we say it is. What is your dollar backed by? Gold? NOPE, it's the good old gov't, now isn't that reassuring. And they get to produce as much of it as they want. Fun!


originally posted by: eXia7
How does something that breaks off into multiple crypto-currencies hold value when there are so many alternate options to BTC?

Bitcoin is the gateway currency. It has the brand. It's been around the longest and has withstood so much adversity - yet it's still here. And gaining massive momentum! Most people still don't know what it is. 2018 will be the year of crypto once adoption actually starts to ramp up.


originally posted by: eXia7
I just feel like bitcoin is a scam, and if you invested a lot of money into it, I expect you'll lose big while the people who took your actual money for something that has no real value gets rich.

Jamie Dimon is that you? I keed.... But sure - It's a natural reaction to call this a scam by those who can't see the future in this; who don't understand the philosophy/technology behind it. It's putting the power back to the people.


originally posted by: eXia7
Where does your cash go after you buy bitcoins? Who takes the tangible assets, and where do they put them?

It goes to the person who sold me the bitcoin, via the exchange that the trade occurred (for a fee of course). When you buy a soda, where does the money? Trading is trading is trading....



posted on Oct, 30 2017 @ 10:02 PM
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a reply to: FamCore


originally posted by: FamCore
a reply to: JamesCookieIII

This whole premise that BTC is the "silver bullet" for the Central Bankers and corrupt governments is so far from the truth. It may be a thorn in their side at the moment (a very, very small thorn), but ultimately cryptocurrencies will be used as a(/the) primary method of transactions by governments and banks themselves.

Yup, Ripple could be leading the way in interbank transactions. If this goes full adoption with banks, then Ripple will run... But only a very very small thorn? Bitcoin mkt cap just surpassed that of Goldman Sachs

Venezuelans are jumping into bitcoin since their money is worth nothing. Same with Zimbabwe. Ask those people if Bitcoin has no value...



posted on Oct, 30 2017 @ 10:11 PM
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trollz may have beaten me to this already, but just in case...


originally posted by: eXia7
a reply to: JamesCookieIII

Look, the idea behind it is a good concept, but the chances of it actually gaining traction are slim. If you think governments are going to lose control of their only form of slavery, then you are mistaken.

Bitcoin is already gaining traction. Look at the price. Governments can't stop it. They'll have to shut down the internet...


originally posted by: eXia7
This is pretty much the same as me printing my own money, calling it something else, then trying to get people to buy into it as "real money". If I tried that, the government would throw me in prison for counterfeiting.

No, it's not even close to printing your own money. Ironically, bitcoin is the absolute antithesis of printing money. That's why it exists in the first place. It has a finite amount that can ever exist, and it can't be controlled by a centralized entity, like a bank. Can you say that about fiat? Do you know what it takes to actually mine bitcoin? That's where the value starts - in the network that verifies the transactions.


originally posted by: eXia7
My gut says this isn't right.. and until BTC actually has a more realistic value other than some arbitrary number placed on it by a minority, I'm out.. not my game.

Stay out of it. It's not for everyone.

What's the realistic value of gold? Of a dollar?



posted on Oct, 30 2017 @ 10:14 PM
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a reply to: sprtpilot

Have you tried?
It's actually getting easier.
Just give it some more time.



posted on Oct, 30 2017 @ 10:14 PM
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her resiliency has already been proven by the exit of China and BTC climbing back within weeks



posted on Oct, 30 2017 @ 10:17 PM
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a reply to: eXia7

People don't have to wait until it goes to zero to cash out.

I wonder what will happen first - bitcoin $10,000, or bitcoin $0.



posted on Oct, 30 2017 @ 10:18 PM
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a reply to: ManBehindTheMask

Hence ignorance



posted on Oct, 30 2017 @ 10:27 PM
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originally posted by: eXia7
a reply to: JamesCookieIII


ETA: Its possible that this entire BTC thing is a scam created by the banksters to get people to give up their money for something that doesn't even exist... then the government will clamp down on crypto-currencies as illegal currency while the banks rake in all the money, and the average user is left holding the bag.


funny you said this. I was recently hacked at my Wells Fargo accounts. it was high strangeness, the hackers were able to get to all my personal and business accounts. anyway, jt occurred to me that banker could be the hackers and then the FDIC pays me back.



posted on Oct, 31 2017 @ 02:46 AM
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a reply to: trollz


As an addition to this, if you're buying more than say $100-200 worth, don't leave it in an online service such as Coinbase etc. There's a saying in the crypto world along the lines of 'Don't own your private key? Don't own your money!'

It basically means when you use an online wallet, you don't actually know the private key for it. Sure, while the service is up all's well and good - you can access your funds. But if the service was hacked, or the company messed up, or worse still stole the coins (*cough* look up the Mt Gox fiasco) - then you've pretty much lost your money.

The safest thing to do for any significant amount is to buy a hardware wallet, like a trezor or nano - or simpler still create a paper wallet and then transfer the coins to that. Just make sure you keep that private key SAFE and don't lose it. Also don't think keeping the private key in one place and the public in another helps - the private key 'contains' the public address as well.

I'm no authority at all so read up on points above before laying out any significant amounts. And ignore the naysayers. Sure be cautious, but anything new that changes the system is going to ruffle a few feathers


Have fun!



posted on Oct, 31 2017 @ 09:40 AM
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a reply to: JamesCookieIII

Point of clarification: when I say "dump" like any good BTC user should, I mean the B2X portion you gain during the split.



posted on Oct, 31 2017 @ 08:15 PM
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originally posted by: eXia7
So.. how will bitcoin actually have value if its constantly overproduced by mining operations. The average user can't even mine their own BTC because it isn't even possible. How can there be true value in something that has no actual backing?

How does something that breaks off into multiple crypto-currencies hold value when there are so many alternate options to BTC?

I just feel like bitcoin is a scam, and if you invested a lot of money into it, I expect you'll lose big while the people who took your actual money for something that has no real value gets rich.

Where does your cash go after you buy bitcoins? Who takes the tangible assets, and where do they put them?


Bitcoin cannot be overproduced. New Bitcoins are created at a fixed rate on the network. Your probability in getting those coins is proportional to your share of the mining network. Throwing more miners at it doesn't increase production.

In terms of cryptocurrncies, Bitcoin is shaping up to be gold. Some of the others like Etherium are shaping up to be used for every day exchanges. One of the weaknesses of Bitcoin is that payment processing times are slow. Some of the variations like Etherium are not. So it's like holding gold, and then moving some of that gold to currency to spend it.



posted on Oct, 31 2017 @ 09:41 PM
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a reply to: Aazadan

Here here! Exactly. I'm highly interesting in a little gem called Cobinhood. I've used Robinhood for stocks before. Not bad, but profits don't compare to crypto right now at ALL. Can't hold a candle to it.

Bitcoin has a larger market cap than Goldman Sachs. Take that NWO!



posted on Nov, 1 2017 @ 12:48 AM
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a reply to: JamesCookieIII

So I’m confused.

After the fork, what will still be the original bitcoin and what will it be called?

What will the segwit2x version be called?

How many bitcoins will there be from the original?

Thanks
edit on 1-11-2017 by nOraKat because: (no reason given)



posted on Nov, 1 2017 @ 01:21 AM
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a reply to: nOraKat

Okay, so let's say my my #NO2X campaign fails : )
Then right now you can buy segwit2x futures for cheap, because most think my #NO2X campaign will win. So if that's true, the current BTC will be THE BTC. If The corporate whores get their way, the SegWit2X protocol will be adopted as BTC, because it will have captured the market. Both protocols will have the EXACT same blockchain history up to the split. Splits are generally great, but this is different. We need to stick it to these poopheads politically and economically. I'm def gonna sell what i get in the split, reinvest it into a few ICOs and more established altcoin.



posted on Nov, 1 2017 @ 01:44 AM
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a reply to: JamesCookieIII

Let’s say segwit2x becomes BTC.. will there be also the original BTC called something else?



posted on Nov, 1 2017 @ 03:06 AM
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originally posted by: Aazadan

originally posted by: eXia7
So.. how will bitcoin actually have value if its constantly overproduced by mining operations. The average user can't even mine their own BTC because it isn't even possible. How can there be true value in something that has no actual backing?

How does something that breaks off into multiple crypto-currencies hold value when there are so many alternate options to BTC?

I just feel like bitcoin is a scam, and if you invested a lot of money into it, I expect you'll lose big while the people who took your actual money for something that has no real value gets rich.

Where does your cash go after you buy bitcoins? Who takes the tangible assets, and where do they put them?


Bitcoin cannot be overproduced. New Bitcoins are created at a fixed rate on the network. Your probability in getting those coins is proportional to your share of the mining network. Throwing more miners at it doesn't increase production.

In terms of cryptocurrncies, Bitcoin is shaping up to be gold. Some of the others like Etherium are shaping up to be used for every day exchanges. One of the weaknesses of Bitcoin is that payment processing times are slow. Some of the variations like Etherium are not. So it's like holding gold, and then moving some of that gold to currency to spend it.


Only it can be overproduced via forks. The scarcity element of crypto is entirely artificial.

An infinite number of competing currencies can arise removing any limit on supply.



posted on Nov, 1 2017 @ 03:48 AM
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originally posted by: nOraKat
a reply to: JamesCookieIII

Let’s say segwit2x becomes BTC.. will there be also the original BTC called something else?


Amongst certain deplorable circles, yes. Others will protest unto their graves : )



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