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What do architects think about Bitcoin?

ArchNyen
Will it stay? Regrets? Invest? What is your option on it? 3, 2, 1..go...
 
Dec 13, 17 7:19 pm
archinine
Pyramid scheme
Dec 13, 17 8:24 pm
Koww

what do fishermen think about lineweights?

Dec 13, 17 8:32 pm
ArchNyen

=)

wurdan freo

A fisherman would say the line weight depends on the type of fish you're after...

Non Sequitur

Is that some sort of GTA online currency? I need some for a new jet.

Dec 13, 17 8:42 pm
archinine
Wildly successful* pyramid scheme
Dec 13, 17 8:57 pm
xx__

https://www.reddit.com/r/Bitco...

^ he was right about everything so far, so... I't whouldn't hurt much to get some coins right now and sit on them.

Dec 13, 17 11:46 pm
ArchNyen
Any tales of success, regrets, future predictions care to share? How about the tale of the fisherman who become an architect bitcoin collector?
Dec 14, 17 7:49 pm
ArchNyen
Any tales of success, regrets, future predictions care to share? How about the tale of the fisherman who become an architect bitcoin collector?
Dec 14, 17 7:50 pm

Would have been a good use of all those GPU’s in your office a few years ago... Maybe they were.

Dec 14, 17 8:40 pm
randomised

I have no clue about bitcoins or ethereum, all I know is that the moment I will step into cryptocurrencies, that bubble will burst.

Dec 15, 17 5:48 am
joeuk

Buy (M)IOTA, loads of it!! 

Dec 15, 17 7:28 am
won and done williams

When even architects start talking about an investment, you know the bubble is about to burst.

Dec 15, 17 9:35 am
MDH-ARCH

I didn't want to miss out so I bought Bitcoin, Etherium and litecoin. I am up thousands at the moment. Put in what you can stomach to lose and ride the wave. I have friends that mine it as well. Some predict  that one Bitcoin can be worth 100k+ in the years to come, Or it can flop. Buy some and hold for year and see where you are at. 

Dec 15, 17 10:30 am
Chemex

I only hear about Bitcoin in reference to black market dark web illegal stuff. Can’t believe how this is allowed

Dec 15, 17 11:15 am
MDH-ARCH

It may have been more prevalent when it first started but now amazon and many other companies are now accepting Bitcoin as a normal form of currency. Cash is used for "illegal stuff" as well.

cash can be traced, finger prints, DNA, Chain of custody (Sue had three dollars and gave one to Max and Max gave it to Bob...) tracking cash is not easy but possible.

Bitcoin is the best way to launder drug money, buy illegal (and possibly counterfeit prescription drugs) pay for a murder for higher and to finance terrorist. I assume some decent people will use it for "legit" things but this is designed to be untraceable and unseen by governments and law enforcement. It is the best thing for criminals to come along in a long time.

That said if you can't beat crime legalize it. You can always win by resetting the rules.

Over and OUT

Peter N.

Dec 15, 17 11:50 am
MDH-ARCH

People fear what they don't understand. Technology is responsible for plenty bad and plenty good. Cryptocurrency will most likely be another normal way to trade goods in the future. And if nothing else... why not make some money off it?

the whole point of Cryptocurrency is in the name to be secretive and to operate outside of the law. Bitcoin is designed specifically for this purpose. It is not that I don't understand it. Bitcoin is intended to allow for some very shady untraceable transactions. It is designed to circumnavigate the law and to be untraceable. It is the perfect instrument to fund illicit activities. It is not like lawn darts where the product happened to injure people, Bitcoin is designed to hide money from legal authorities. Hiding money from legal authorities is what criminal and terrorist enterprises need to do to survive and to carry our more crimes and acts of terror. There is no way to know who owns bitcoin, this run up of the value could be funding someone's retirement or it could be funding ISIS or the KKK, we don't know and the FBI and the department of treasury are powerless to trace it or freeze assets from criminals and terrorist because of the way Bitcoin is designed.

shellarchitect

if no one is willing to spend it, it can't survive

Dec 15, 17 12:34 pm
JonathanLivingston

Crypto currencies are the future of global exchange. They are backed solely by math and the market. Unlike fiat currencies such as the US dollar that are influenced by both the market and the whim of political interests. The political interests settle the market, but at a cost. Crypto is much more volatile. But with great risks come great rewards. Personally I have more faith in math than the government these days. But the volatility is hard to stomach. Not something to mess around with for your retirement portfolio but if you are investing and looking 20 or 30 years out It could be extremely good. Also if you are trying to do quick trades to capitalize on the swings you can make way more than day trading most stocks, which is contributing to the violent swings.  

I own about 1000 USD in BTC now. Started as $80 buy 2 years ago! I'm not sure i would buy more because I don't have much I'm willing to play with. But it has certainly been the best investment I have ever made. 

Dec 15, 17 2:01 pm
jla-x

Well said

RickB-Astoria

It's basically like stock exchange and bond but before you can use it to buy things at stores, it has to be exchanged for the legal currency. I can have all the Euros and all the other currencies to my hearts content but it is worthless in the U.S. until it is exchanged for U.S. currency. It's basically a digital currency but one very well done computer virus and that "currency" *poofs* and gone. What people are setting themselves up for is potential criminal prosecution of tax evasion.

Chemex

this conversation has convinced me to take my biz to the dark web and bitcoin. That way I don’t have to pay taxes and work for secret clients. Unfortunately my only competition will be with ZHA, ha

Dec 15, 17 2:14 pm
ArchNyen
I agree with archinine,

Wildly successful* pyramid scheme, which makes it dangerous. How long do you think this thing will last? After something tarrible happens..?
Dec 15, 17 5:26 pm
jla-x

What terrible will happen? People will lose money? And which adults have authority to tell other adults what to do with their money. You guys really hate freedom.

randomised

Not necessary hating freedom, my guess is it's more envy and jealousy for not stepping in (earlier) and now hoping it will fail to shut people up about their winnings.

ArchNyen

was referring to previous post by:

Peter Normand

the whole point of Cryptocurrency is in the name to be secretive and to operate outside of the law. Bitcoin is designed specifically for this purpose. It is not that I don't understand it. Bitcoin is intended to allow for some very shady untraceable transactions. It is designed to circumnavigate the law and to be untraceable. It is the perfect instrument to fund illicit activities. It is not like lawn darts where the product happened to injure people, Bitcoin is designed to hide money from legal authorities. Hiding money from legal authorities is what criminal and terrorist enterprises need to do to survive and to carry our more crimes and acts of terror. There is no way to know who owns bitcoin, this run up of the value could be funding someone's retirement or it could be funding ISIS or the KKK, we don't know and the FBI and the department of treasury are powerless to trace it or freeze assets from criminals and terrorist because of the way Bitcoin is designed.

jla-x

Bitcoin is one crypto currency. Even if the govt tries to regulate it, others will fill the void. The technology is impossible to control. Crypto currency is a new reality that will exist from here on out imo. I'm no financial expert, obviously, but it's a fun thing to make some money on...I wouldn't sell the house and dog, but to play with a little and see where it goes...why not.

randomised

When governments are fighting wars and killing innocents only to continue the world dominance of their currency by military force maybe this cryptocurrency, that is outside specific government control is not necessarily a bad thing.

randomised

Since one of the, if not the main, reason of the illegal war against Iraq was the Iraqi desire to no longer be forced to use American dollars for their oil transaction...

jla-x

Very true.

jla-x

I love bitcoin.  It's a fiat currency essentially.  No difference from euros and dollars.  just wish I would have bought it sooner.  

Dec 15, 17 8:13 pm
archinine
Great article Miles. Shows just how unusable the stuff truly is. Nothing more than a fad petering out. Surely some have made money but plenty have lost it or will very soon - same as any highly speculative but ultimately unusable product or service.

I always questioned it for two reasons, one: there is a cap on how many 'coins' can be mined and the vast majority of the 'increased' values (relative to traditional currencies e.g. USD) of the coin are related to how little is left to be 'mined'. Ultimately it's value is inherently tied to existing currencies, and as Miles points out, is not viable as a stand alone.

The second: anyone can create a crypto currency, and many other various 'coins' appeared shortly after the inception of the original. What if anything makes one over the other something worth dealing in?

The reason fiat money works, in the way that both my points above support, is that there is some entity behind the currency - a country or collection of countries - who back that currency, and further limit, to an extent, how much is available. The coins are backed by nothing but our belief in the coins themselves. I don't believe in the dollar, I believe in the power of the United States. Thus I trust that any dollars I have or accept in exchange for services will also be accepted by others who also believe in the strength of the United States to still exist and honor my dollar. By that extension, it matters not how much gold the US holds, only the power of the country itself. What backing entity is there behind the coin? Some gpus? Math? All currencies use math...The fiat concept falls flat once all the coins are mined and the first version is watered down with the influx of other various other unbacked coins.

I can only imagine the inventor is now a fat cat somewhere on a remote island sitting on piles of euros and dollars, holding maybe a single coin as a personal novelty. It's a pyramid scheme because everyone bought this inventor's idea, and on the whole (macro net), gained nothing.

It was certainly a fun experiment I suppose but it isn't viable beyond a novelty. It actually reminds me a lot of the beanie baby craze which had a different kind of creator (turns out he was just some crazy weirdo obsessed with stuffed animals) but the market response resulted in a similar speculative bubble on a massive scale.
Dec 17, 17 2:58 pm
jla-x

The guy who created bitcoin didn't really do it to get rich...he was a genius and maybe a bit of an anarchist. Wanted to just do it to do it. He is some anonymous dude in Japan from what
I've heard.

jla-x

Also, the currency is mathematically limited at 26 million coins. There are algorithms and stuff that limit its supply somehow.

null pointer

There is a value to anonymity. As long as tumblers exist and bitcoin can be anonimized, and the dark net exists, Bitcoin will be a real store of value. It also opens up some BIG opportunities for tax avoidance, if you know how to structure your transactions.

People who won't see this are naive AF.

Dec 17, 17 4:42 pm

Easy to avoid taxes if you have enough dough, Panama Papers, etc. Ever notice how when one of these gets exposed it's a headline for about 30 seconds?

null pointer

Enough dough with Bitcoin = 500 bucks. That's huge. Really huge.


I don't think you understand how insane it is that you can keep a wallet away from the hands of the US gov, forever and ever.

You don't need bitcoin to do that.

null pointer

Cash can't be stored in the cloud for free. Cash burns when exposed to fire.


It's also super important to note that Bitcoin receipts are not geographically linked. You save thousands of dollars in administration costs if you want to push money overseas and repatriate later (maybe next year, eh?).


Not that I'm doing anything like this. I'm just really enjoying the ride up as the price settles.

Really big money isn't about cash at all. $1m in $100's is 10,000 bills, and a million is chump change. You can't move it, you can't store it, you can't spend it. You going to buy a $300m yacht with 300 briefcases stuffed with cash? Or for convenience two 4' x 4' x 4' pallets. Delivered by truck and moved by fork lift.

You guys are thinking too small. The amount of money some people have is astronomical.

null pointer

Exactly.

Let's put this way though... I've been offered payment in Bitcoin by developers in my city. I've declined every one of them (because I'm not structured to make that work), but people are actually trying to use it to transact business.

RickB-Astoria

"Cash can't be stored in the cloud for free. Cash burns when exposed to fire." So does computers.

If everyone else is jumping into a lake of fire, I guess I should jump too.  That's the extent of the logic with Bitcoin, etc.  They're just going to usurp it (already in process) to control everything and every person, even more than they already do.  To think it was invented by some well-meaning genius with good intentions is just delusional thinking fed by technology-induced laziness, both mental and physical.  

But the system we were raised in never encouraged or taught us to "see around corners" or even question anything we've been told or are fed on a daily basis.  Hopefully a few folks will wake up and see the "bear-trap" / pitfall of their own greed.  Matthew 21:12 - " Jesus entered the temple courts and drove out all who were buying and selling there. He overturned the tables of the money changers and the benches..."  Just saying, he didn't always heal and turn the other cheek.  In this case there is absolute right and wrong.  

Dec 18, 17 1:37 pm
Non Sequitur

jesus was a wanker.

ArchNyen

: D

jla-x

I trust math, computers, and markets more than the Federal reserve....which is privately owned btw.  Decentralized money is a good thing. 



Dec 18, 17 5:14 pm
JonathanLivingston

You get it. We will see nationalities adopt block chain secured currencies at some point.

JonathanLivingston

The total amount of bitcoins is finite, the total number of coins at anytime can be calculated. that is not true for any other security. Gold, Silver whatever security you want to back your currency with. You can always find more however unlikely, you can mine it, steal it from others, maybe even produce it through chemistry. NONE of that is true with cryptocurrencies. 

Dec 18, 17 7:29 pm
ArchNyen

wrong, unless another company comes out with their own limited coins.

Privitization of the US central bank was a huge mistake. Woodrow Wilson said "what have I done?" after signing the Federal Reserve Act.

JL is correct that sovereign nations will go to crypto currencies, it's already happening. But he's wrong about currency being backed - the US dollar is backed only be faith. They create it with a keystroke, like the trillions handed to the banks since 2008. Abracadabra. 

Dec 18, 17 8:54 pm
JonathanLivingston

yeah I know its not backed any longer that furthers my point.

OneLostArchitect

no fdic.... no thank you! Apparently no one heard that there were millions lost in account hacks and there is no entitity to protect accounts. Fuck that shit. I saw a Canadian couple blow there life savings on a bit coin mining machine. Wtf 

Dec 18, 17 10:24 pm
archinine
Is the bitcoin also not created with a keystroke?

The fact that no more can be made after a point is precisely the problem with it. No way to correct for economic downturns. No way to regulate. Inflation is a powerful tool when used properly and necessary in allowing for some level of liquidity in an ever increasing divide between socioeconomic levels.

If anything the recent spike we're seeing is likely an indicator of a soon to be felt world wide economic tank. The coins are a ponzy scheme at worst and a weird little experiment for the rich to dabble in at best.

It doesn't matter if a handful don't trust the government to handle the reserve, the vast majority do. And frankly even those who don't like the fed aren't taking their paychecks in non governmental backed untraceable and easily disappearable coins.
Dec 18, 17 10:54 pm
jla-x

So why not have both. There is no reason they cannot coexist. Gold and silver have coexisted for many years.

Wicolaf

Bitcoin is a good currency and can do a lot. We like this idea and with her help and partner http://www.enngenie.com/ we want to create something that was not before. That is a new one, which will be to everyone's liking.

Jan 31, 18 3:02 am
Sperticus

The question shouldn't be of bitcoin, but of the blockchain technology that is behind all of these cryptocurrencies. The idea of decentralised data is something I can easily see being mass adopted on a global scale. The barriers to this is evident, as stated in previous posts. But there have been increasing interest and support for blockchain technology in the recent months and as more developers enter the space, its barriers will gradually break down and people will start to realise how revolutionary it really is. Check back in 2 years time.

Feb 7, 18 12:22 am
archietechie

QFT.

Blockchain tech isn't a problem. Bitcoin MAY be.

matt1982

Bitcoin is very quickly becoming an asset rather than a transactional tool and its recent reduction in value is showing this

The issue is:

Transactions can take a long time (days)

Transactions are very expensive to complete ($50)

You are better looking at the newer generation of coins for transction purposes, but with all of these, they are un-regulated and thus risky at all levels.

Feb 7, 18 5:16 am
architeckton

I have a client who is using the Ethereum blockchain to create ICOs (initial coin offerings) backed by real assets. The real estate for the projects acts as a real asset.

You might say, what is the difference between this and stocks? The benefit is that the created coins are able to be traded instantly on the open market. This is in stark contrast to current real estate deals that take months to process.

Mar 27, 18 11:36 am
geezertect

Stocks are at least under some supervision by SEC, auditors, etc. I wouldn't go near bitcoin, and I hope you don't get your fees paid in bitcoins. JMHO.

In January over $500m worth of Bitcoin was stolen in Japan.

‘The Biggest Theft in History’

The biggest only if you don't count institutionalized crime.


Apr 12, 18 5:55 pm
efdeel

bitcoin can simply as a transfer method.

after we received it, then we can transfer it to our bank account (within minutes).

but (unlike banks) bitcoin have no employee, you have to do it by your self, if you make a mistake (typo of bitcoin address or else), your money may gone.

Jul 5, 18 8:19 am

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