Bitcoin lotto shopping -Yes or no ?

Reply #30

Ricklou — Sat, 30 Dec 2017 19:29:17 GMT

Also got a feeling even if it gets more mainstream people will want to grow their's so for buying stuff dont think allot of people will want to give their bitcoins away. The only place where it might get handy is when your low on cash and you have bitcoin invested then it may be an option. I also think the amount of sellers accepting Bitcoin is on the low side......stay with technology is good but there allot of question marks that need to be ticked before its more widely used.....like your Amaz... [ More ]

Reply #29

GiveFive — Fri, 29 Dec 2017 13:12:24 GMT

Saw a report last nite on CNBC about Bitcoin....

The reason it's not yet regulated by The U.S. Federal government is because it's total market valuation is 500 million dollars. (Sounds like a lot of money to me) But when you contrast that $500M to the 24 TRILLION dollars that US stock markets are valued at, 500M doesn't concern the Fed's all that much.

But that very likely is going to change. 2018 is going to be a different year for Bitcoin. Federal regulators are watching Bitcoin closely... [ More ]

Reply #28

amber123 — Sun, 24 Dec 2017 02:35:30 GMT

A friend of mine called me today telling me he's taking advantage of a user friendly interface Broker APP with fess to the company per purchase... like the stock market. He said he made about 1700 bucks his first month. Watching the phone APP's nearly Real time activity. Moreover, my friend found a pattern in the Buy low, sell high wave.

Tuesday thru Thursdays it dropped in price, then once it goes up, buy buy buy....It's really that simple.

Having said this, I'm still skeptical... [ More ]

Reply #27

GiveFive — Sat, 23 Dec 2017 18:36:48 GMT

Pump and dump , Ponzi Scheme etc... The fraudsters have been at it for years. Ever see a picture of Ponzi? He was an Italian immigrant to The U.S. years ago when Ellis Island was going strong.

I love watching CNBC's American Greed. But not because I feel sorry for the victims. Well, on second thought, yeah I kind of do feel sorry for them, but what I cant get over is how easily they're all scammed.

Maybe it's easier than I think it is to get caught in a scam. Maybe I can be conned just as... [ More ]

Reply #26

Lucky Loser — Sat, 23 Dec 2017 17:46:57 GMT

It's really good to see engaged people doing their diligence on this crypto currency business because it's very easy to get pulled in based merely on a 'buy low-sell high' falsification. The transaction fees/exchange rates are outrageous and I'm certain this is how they turn astrological profits. Here:

http://www.businessinsider.com/bitcoin-price-miners-making-killing-in-transaction-fees-2017-8

The only good thing about additional coins being introduced in the markets is that it ultimately... [ More ]

Reply #25

GiveFive — Sat, 23 Dec 2017 16:07:25 GMT

Yeah, and not only that now there is Litecoin . Actually there has been Litecoin since 2013..

But anyway Litecoin is an exact duplicate of Bitcoin, it has one very minor difference, and it's transaction fees are lower. It costs about $300 per coin, but that's no reason to buy any. It's just as speculative as Bitcoin. As a matter of fact, the guy who created Litecoin recently sold all that he owned.

There are many Bitcoins out there, and some are nothing but pump and dump scams. Buyer bewa... [ More ]

Reply #24

beret32 — Sat, 23 Dec 2017 15:36:22 GMT

IMHO, it's best to think of Bitcoin as a highly speculative commodity instead of as a currency. The price is gyrating too much to be an effective currency at this point, and too few businesses accept it.

In 2010 or 2011, it would not have been that hard for you to successfully mine (create) 50 bitcoin yourself if you had a reasonably powerful PC. That would be worth $800,000 now. That's cool, but is not a reason to get into Bitcoin now. And mining is now far more expensive and processor in... [ More ]

Reply #23

GiveFive — Sat, 23 Dec 2017 14:06:02 GMT

Geez! And here I was wishin' and prayin' my son was gonna give me a Bitcoin for Christmas too!!

Bah humbug!! G5

Reply #22

BobP — Sat, 23 Dec 2017 07:55:10 GMT

In today's news bitcoin has dropped by nearly a third in value this week. What it due to this thread?

http://www.msn.com/en-us/money/markets/how-much-has-been-lost-in-fridays-cryptocurrency-rout-nearly-dollar200-billion/ar-BBH9HQR?li=BBnb7Kz

Reply #21

GiveFive — Mon, 18 Dec 2017 20:57:29 GMT

This thread has been discussing the investing side or aspects of Bitcoin. But how many people use it to actually pay for things??? The answer is not many . (and you wouldn't do it either) Here's why;

Today's online Wall Street Journal has a video of a guy walking around New York City using Bitcoin to pay for things he wanted to buy. He stood in front of the store and pointed to a sign that said Bitcoin Accepted and there were many other signs for other cryptocurrency's the store accepted.... [ More ]

Reply #20

KY Floyd — Mon, 18 Dec 2017 20:51:05 GMT

If you'd spent just $2 on the right numbers for the 1/13/16 PB drawing it would have been worth about $130 to $150 million just a few days later.

Of course you didn't pick the right PB numbers, and you didn't buy $1000 worth of Bitcoin in 2010. Considering that there were only about 4 million bitcoins in existence at that time, a value of 5 cents each meant that there was only $200,000 worth of bitcoin available to buy, so it would have been impossible for more than about 200 people to have b... [ More ]

Reply #19

GiveFive — Mon, 18 Dec 2017 13:48:26 GMT

Nah.. There aren't any crypto's that I would or could get excited about. They're too speculative.

But I still do a little stockpicking here and there! I own shares in company's that everybody has heard of, nuthin too exciting. For me personally, stockpicking has never lost it's luster or allure, it's in my blood. I'm not giving that up until the day they pry some stock certificates out of my cold dead hands. The old Riverboat Gambler in me never dies, he's alive and well. I still squander may... [ More ]

Reply #18

Ricklou — Mon, 18 Dec 2017 10:01:27 GMT

wow Raven62 just show you if you adopt early you would be smiling right now.That's crazy!!!! lol. Have you ventured into Bitcoin Raven62 ?. Would be nice to hear from fellow lottery post members that have had some success on it.

Reply #17

Ricklou — Mon, 18 Dec 2017 09:55:41 GMT

Good point yes I heard that too Lucky Looser......security is a major thing!. Hope someone can give a clearer understanding of the risk -just like you I am also sitting on the fence for now.

Reply #16

Ricklou — Mon, 18 Dec 2017 09:51:14 GMT

2.5 Million thats hectic ...wow good points you have there KY Floyd just like GiveFive. Yes if we only know -thats why I am not dising it I rather sit on the fence and wait -maybe I will regret it later

Reply #15

Ricklou — Mon, 18 Dec 2017 09:18:44 GMT

Well said GiveFive I agree....surely interesting times ahead even if you dont want to venture in it -some believe in it some dont. I think the best is to put a small amount in it and see how it goes. Putting allot of $$$ in it may be risky.....or it may even be a great investment -too difficult to call the financial and stockbrokers are the people you should listen to. Like I say when your Ebay's or Amazon are onboard I think it will become even more mainstream. You are from New York....you shou... [ More ]

Reply #14

Raven62 — Mon, 18 Dec 2017 08:15:11 GMT

If you had bought $1,000 of Bitcoin in July 2010, when the price stood at $0.05, you would now have a stash worth $46 million

Reply #13

GiveFive — Sun, 17 Dec 2017 23:21:18 GMT

KYFloyd couldn't have been more correct when he wrote you're not even close to getting in on the ground floor . While you definitely could have made a lot money if you bought a Bitcoin in January of 2017, the ground floor was very likely in 2011.

Bitcoin might already be in, or at least approaching the euphoria phase of investing. That's when Mainstreet late coming investors usually arrive at the party. That's also when Wallstreet investment pro's typically dump all of their holdings and lea... [ More ]

Reply #12

Raven62 — Sun, 17 Dec 2017 18:47:40 GMT

Bitcoin is a digital currency used to pay for a variety of goods and services. Physical forms of Bitcoin exist, the currency's primary form is data so you trade it online, peer to peer, using wallet software or an online service.

XBT futures provides investors with the opportunity to buy, sell and trade bitcoin futures or implement your trading strategies without having to pay for the actual currency.

Reply #11

Lucky Loser — Sun, 17 Dec 2017 18:40:26 GMT

GiveFive and KY Floyd both share excellent driving points and general information here. These Bitcoin and Ether ICO's (Initial Coin Offering) outfits look great from the outset but, once you really dig in and discover the 'hard specifics' of what's lacking, there's so much more to be desired fundamentally in terms of security. When I say security, I'm talking about what actually supports it's value in terms of Supply X's Demand along with Crypto Currency Circulation drivers. Then, there's the qu... [ More ]

Reply #10

KY Floyd — Sun, 17 Dec 2017 17:48:31 GMT

US currency being backed by the full faith and credit of the US government is all well and good, but the value of anything depends on what somebody else will give you for it. Government currencies, gold, beanie babies, Bitcoin, and sex all have value based on how much it's worth to somebody else. If you've got some to offer and somebody else has something you want an exchange is possible.

In some cases a low demand can still result in a high value of something that's rare. The recent painting... [ More ]

Reply #9

GiveFive — Sun, 17 Dec 2017 13:32:39 GMT

A few other things I've read about with regard to Bitcoin and then I'll stop.

The amount of $$ being traded in Bitcoins is extremely small in comparison to the amount U.S. Dollars in circulation. That's why the United States Federal Reserve Bank (as of today) pays no attention to it. The US dollar is backed by the full faith and credit of The US government and gold stored at Fort Knox. Bitcoin is backed by no government anywhere, but that's what the guy who created Bitcoin wanted. Nobody know... [ More ]

Reply #8

Ricklou — Sun, 17 Dec 2017 09:20:42 GMT

you are so right there GiveFive.....I saw litecoin and million coins popping up.Even a New York coin!. Just like you I am no expert in that field so I am sitting on the fence on this one. Its like the early adopters they are the people that are smiling now.

Reply #7

Ricklou — Sun, 17 Dec 2017 09:01:28 GMT

Vallid points there I agree. Well 2017 was a booming year for bitcoin currency. People that went in early are the ones smiling now.To jump in $16 have higher risk as none of us can predict what will happen. If only we know the future. At this stage anything can happen. I have been following it and I must say there are the pessimists out there that tell the bubble will burst....who knows it may burst in 2019 ? The only thing that's stopping me is the risk as it may be volatile...Still I wont choo... [ More ]

Reply #6

BobP — Sun, 17 Dec 2017 08:44:34 GMT

Maybe there are some former Beanie Baby millionaires who could give some bubble advice on how this sort of thing grows and dies. The last people holding at the end with no one else willing to buy loses . . .

BobP

Reply #5

GiveFive — Sat, 16 Dec 2017 14:21:33 GMT

Not to hijack this thread, but IMHO, owning Bitcoin(s) is dangerous for many reasons. The first reason why I think it's dangerous is because I don't fully understand it. As BobP noted above there are some lingering unanswered questions about it. If I can't completely understand the risks associated with owning it, then I'd have to say that makes it dangerous for me personally to own.

Secondly, it's a stateless currency. What if some states (by states I really mean country's) outlaw it? I woul... [ More ]

Reply #4

BobP — Sat, 16 Dec 2017 08:37:06 GMT

It appears to me most companies accepting bitcoin are selling intangibles. What I don't understand is how they return the change. Maybe Todd can explain how people can pay for an LP membership with bitcoin, how they get the difference back and what form it takes. Usually you have to find someone willing to buy your bitcoins for cash. If buying something were the trick to getting cash for the difference it would launder nicely. It's like fish of the day pricing, the value of what you paid and you... [ More ]

Reply #3

Ricklou — Fri, 15 Dec 2017 21:40:28 GMT

True BobP..........some may argue its a bubble but who know ? we dont know it may jump to 100K then burst ?. Risk is always there with crypto currencies -also not widely used in the lotto industry.....cash is king by the look of things. Amazon do they accept bitcoin ? If they accept it then people will start noticing I reckon

Reply #2

BobP — Fri, 15 Dec 2017 08:31:29 GMT

Kind of like buying a pack of gum with a Krugerrand.

BobP

Reply #1

Ricklou — Thu, 14 Dec 2017 17:53:13 GMT

Bitcoin lotto shopping -Yes or no ?

Ricklou — Thu, 14 Dec 2017 09:20:34 GMT

How many people make use of buying systems books via bitcoin ? I know not everyone have jump on the bitcoin bandwagon but would be interesting to know how many people out there have used the currency on their lottery purchases etc.That also depend if the seller accept bitcoins obviously. Would be interesting to get some feedback on this from the lottery community.If you had the currency would you use it for your lotto purchasing.? Some people say bitcoin will crash. Your view ?

Ricklou