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  • #347323

    Anonymous

    Largest Bitcoin Farm In Russia Earns Millions Of Dollars Each Month On A Secret Location

    You probably heard of the latest internet craze, the bitcoin, money of our bright future. However many of you have no clue where does bitcoin really come from, lucky for you it is time for some IT learning, in Russian style.

    Read the full story here

    #438686

    Anonymous

    Bitcoin is such a fad, its a total fiat currency that will be doomed sooner or later, and those buying it late will get hammered by carrying such massive market risk. If we get inflation and hence, monetary policy tightening in western countries, Bitcoin will not be able to compete with traditional currencies and rising interest rates. Its starting to make no sense when a tangible asset such as physical gold/oz is priced cheaper than the fiat currency of a single digital bitcoin.

    #438906

    Anonymous

    That is nothing compared to what some US Banks are doing. Only thing better than an GPU mining rig is an ASIC mining rig that is designed to solve SHA-256 hashes as quickly as possible.

    Bitcoin aka BTC only goes up in value because people lose the password to their BTC wallets or just don’t mine as much as they used to and there is some sacristy.

    Da comrade, pass the Bitcoins! Pass the vodka as well! I used to have a da.ru email account back when Russia was giving out free stuff over the Internet. They shut it down for no known reason as well.

    #438910

    Anonymous

    Oh, hi Edward. Hows life these days?

    #438912

    Anonymous

    Nvidia! The way it’s meant to be mined!

    #443152

    Anonymous

    Bitcoin @ USD7400 per coin.  This is going to be ugly when it pops.  Fiat currency out of control.

    #443154

    Anonymous

    @GLK
    Fiat currency or not its a commodity in the US. Also I heard banks are asking US government to allow them bitcoin futures.

    #443155

    Anonymous

    @Shaokang

    I’m not sure I agree with that, but anyway.

    It rose to prominence with people of countries that have been devaluing their currencies out of control as its seen as a safe-haven to place their monies; also for countries that have capital controls that restrict outward flow of currency like in China, people use it to take their money of the country to buy foreign assets etc.  Its also a haven for criminal activity, as its largely unregulated.  So its got its niche market; however, of late, its being used for speculative investments by the big Fund Managers and that’s where this market has entered into bubble territory.

    #443156

    Anonymous

    @GLK As far as I am concerned I prefer other more private and untraceable currencies than Bitcoin.

    Concerning people devaluing their national currencies you can simply conclude that these countries are probably devaluing lives of those people so they many had to fight fire with fire.

    #443157

    Anonymous

    @Shaokang Yeah, I totally agree with that, if a nation is outright devaluing the currency, then its being used in a quasi-gold sense to fight inflation; this is totally normal, and I agree with it.  But the problem is now, the big Fund Managers are using it as speculative investments, this is when it can turn very risky as an asset class.

    #443397

    Anonymous

    Good article on bitcoin.  Only 21million Bitcoins in circulation; the price can climb quite high if it captures a big market share of the currency market; or the Gold market for that matter.  

    https://www.theguardian.com/technology/2017/nov/11/everything-you-ever-wanted-to-know-about-bitcoin-but-were-to-afraid-to-ask-cryptocurrencies

    #443399

    Anonymous

    Didn’t China just ban the Bitcoin?

    #443404

    Anonymous

    @Karpivna  They banned Initial Coin Offerings (ICOs), largely to raise capital for entities using the Bitcoin exchange, yes, to a certain degree they have banned certains aspects of its use.

    https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp

    #443419

    Anonymous

    @Karpivna Today you can’t really ban anything on internet unless you ban internet itself.

    #444693

    Anonymous

    And the stories goes like this… Central Banksters will start issuing their own digital currencies, whereby the supply of their digital currency counterpart is fixed; so it has the same properties of Bitcoin.

    This means a nation will have a multi-currency model, one with a fixed supply and digital; the other a true fiat currency that keeps getting printed and devalued over time.

    Could this spell the end of Non-Government Cyrpto’s?  Who knows, but it introduces competition in the space.  Interested to see how it pans out.

    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11959861

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