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Location: Canada
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Explaining "Bitcoin"


A simple explanation…

*BITCOIN*

 A lot of monkeys lived near a village.🐒🐒🐒🐒🐒🐒🐒

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

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

The villagers thought that this man is mad.😇

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

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

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

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

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

They sold the remaining monkeys @ 200 each.😋

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

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

The villagers were waiting anxiously for the next announcement.🙄

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

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

The merchant went home.😎

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

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

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

The next day, villagers made a queue near the monkey cage.🐒🐒🐒🐒🐒🐒🐵🐒🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑

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!
🐒🐒🐒🐒🐒🐒🐒🐒🐒🐒💵💵💵💵💵💵💵💵💵💵

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

But nobody came! ...😤 Then they ran to the employee...🤠

But he has already left too !😉

The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them! 😩😫😨😰😭😭😭😭😭😭

The Bitcoin will be the next monkey business
😜

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

Thats' how it will work🤣






 


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"libido sciendi"..... the passion to know.
1/11/2018, 10:39 am Link to this post PM Noserose
 
cooter50 Profile
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Re: Explaining "Bitcoin"


Simple enough just to state most Crypto Currency is just buying air or electronic time, then feeding a Pyramid scheme. I buy three bitcoin, the broker says it is worth more as it has sold more, the seller then seeks more marketers and marketing so offers a bonus increase to value while earning a percentage of your profit if you manage to sell more for the broker.

All are a marketing scam that at some point while is 'Growing' begins a exponential speed increasing spiral into the basement. Artificially supported by those that bought high and sell at margin they expect to buy lower and repeat the process making the 'product' seem more affordable or in demand and triggering another buy session driving the price back up to repeat the sell off. There is no 'reality' in the 'Coins' just a speculative end result. Again at some point interest will be lost, the values will cease growth where the owners will initiate a selloff and trigger an implosion.
1/11/2018, 1:06 pm Link to this post PM cooter50 Blog
 
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Re: Explaining "Bitcoin"


Although Im not a fan of bitcoin (or any of the other crypto currencies)they are no more or less 'real' that a dollar bill or a Euro coin.

A bitcoin like everything else is worth exactly what some one else is prepared to pay for it.

Gold is almost completely useless commercially (it has some uses but they are very small scale) so why for centuries have we have imbued gold with a high value? why should gold be worth $1300 per ounce?

Gold is worth $1300 for exactly the same reason that bit coin is worth $14000 because that is what someone is prepared to pay for it

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HAPPINESS, THE IGNOBLE LIFE GOAL OF THE ILLITERATE
1/11/2018, 4:27 pm Link to this post PM mais oui Blog
 
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Re: Explaining "Bitcoin"


   I think Mary comments are spot on.

Bitcoin or something like it is the future. It's been around now for 10 years. However, a lot of cryptic currencies have gone belly up, and Rose's example fit them to a tee.

one of my clients is now a millionaire thanks to buying these coins back in 2008. I think the price is way to high to get into now, so i will sit it out, especially since it's been so volatile lately.

1/11/2018, 5:53 pm Link to this post PM snowpixie Blog
 
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Re: Explaining "Bitcoin"


In England some local areas have their own informal currencies, I tidy your yard you pay me 5 widgets (or what ever the local currency is) I need a room painted and the man down the street offers to do it for 7 widgets.

It seems to work quite well and so it will with bitcoin etc so long as every one accepts its value it will work.

All that said I dont think it can sustain its current value and is in my opinion going through something of a 'south sea bubble' at the minute great if you got in early but worrying in the longer term

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HAPPINESS, THE IGNOBLE LIFE GOAL OF THE ILLITERATE
1/11/2018, 6:28 pm Link to this post PM mais oui Blog
 
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Re: Explaining "Bitcoin"


" Gold is worth $1300 for exactly the same reason that bit coin is worth $14000 because that is what someone is prepared to pay for it"

Don't you mean that it was once what someone, whose real motives are unknown, once paid for it ?

Spot price gold:

Image
 
1/11/2018, 6:29 pm Link to this post PM Geezess Blog
 
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Re: Explaining "Bitcoin"


Geezes I dont know what the units are on that graph but the current price for gold (as of 18.30 GMT today) is $1321.90 per ounce

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HAPPINESS, THE IGNOBLE LIFE GOAL OF THE ILLITERATE
1/11/2018, 6:32 pm Link to this post PM mais oui Blog
 
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Re: Explaining "Bitcoin"


The units on that graph appear to be $100 US per oz. on the vertical scale, then, right ?

On the horizontal (the time scale) ends in 2016, so gold is down about $150 from then and about $2500 from its high, making my point, nicely, right ?


Last edited by Geezess, 1/11/2018, 7:02 pm
1/11/2018, 6:55 pm Link to this post PM Geezess Blog
 
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Re: Explaining "Bitcoin"


quote:

so gold is down about $150 from then



I dont think that gold has been at $150 for a very long time in the last 10 years its lowest price was $733.750 and that was on 10 Nov 2008

Last time it was $150 (ish) was in July 1977 when it was at about $149

Image

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1/11/2018, 7:32 pm Link to this post PM mais oui Blog
 
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Re: Explaining "Bitcoin"


Gold was $150 (ish) ????

I did NOT say that, really, did I ?

Let me help. What part of my saying " (the time scale) ends in 2016, so gold (at what you said is today's spot price) is DOWN about $150 FROM THEN (2016) and about $2500 from its high, making my point, nicely, right ?" confuses you ?


Last edited by Geezess, 1/11/2018, 7:51 pm
1/11/2018, 7:41 pm Link to this post PM Geezess Blog
 


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