Forums > General Discussion   Shooting the breeze...

Bitcoin, How it works !

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Created by rockmagnet 4 months ago, 20 Dec 2017
rockmagnet
QLD, 990 posts
20 Dec 2017 2:17PM
Thumbs Up

Here's how it works apparently .


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.

That's how it will work

hilly
WA, 4105 posts
20 Dec 2017 1:09PM
Thumbs Up

Gold

albers
NSW, 1478 posts
20 Dec 2017 8:28PM
Thumbs Up

Select to expand quote
rockmagnet said..
Here's how it works apparently .


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.

That's how it will work



A copy and paste from Facebook from around March 2015.

Hilarious (BTC March 2015 $224, BTC Dec 2017 $17114)

Rails
QLD, 1074 posts
20 Dec 2017 8:21PM
Thumbs Up

Select to expand quote
albers said..

rockmagnet said..
Here's how it works apparently .


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.

That's how it will work




A copy and paste from Facebook from around March 2015.

Hilarious (BTC March 2015 $224, BTC Dec 2017 $17114)


Lots of monkeys

rockmagnet
QLD, 990 posts
20 Dec 2017 9:21PM
Thumbs Up

Select to expand quote
albers said..

rockmagnet said..
Here's how it works apparently .


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.

That's how it will work




A copy and paste from Facebook from around March 2015.

Hilarious (BTC March 2015 $224, BTC Dec 2017 $17114)


I never claimed to be the author, Somebody sent it to me so I copied it and posted it as I thought it was funny. Don't overthink it.

Gboots
NSW, 450 posts
25 Dec 2017 11:40AM
Thumbs Up

Like catching a wave. You know it's going to get bad at some point. Get on but get off and don't be too greedy and don't take out a board you can't afford to lose

quikdrawMcgraw
546 posts
25 Dec 2017 9:07AM
Thumbs Up

With the 1/3 drop this week nows a good time to buy more eh

Adriano
7903 posts
25 Dec 2017 1:47PM
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Select to expand quote
quikdrawMcgraw said..
With the 1/3 drop this week nows a good time to buy more eh?



quikdrawMcgraw
546 posts
25 Dec 2017 3:06PM
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Select to expand quote
Adriano said..

quikdrawMcgraw said..
With the 1/3 drop this week nows a good time to buy more eh?





Hahahaha great photo idiot

Adriano
7903 posts
25 Dec 2017 3:11PM
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Select to expand quote
quikdrawMcgraw said....Hahahaha great photo of an idiot


Calm down. No need to call Tony an idiot. He does a good enough job on himself.

I fixed it for you.

Gboots
NSW, 450 posts
25 Dec 2017 7:43PM
Thumbs Up

Drip feed any purchases. Anything can happen. Be prepared to lose the lot.

Spotty
1075 posts
26 Dec 2017 5:03AM
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Adriano
7903 posts
26 Dec 2017 5:10AM
Thumbs Up

Gold Spotty; I mean Bitcoin Spotty!

The collapse is going to be very entertaining.

dmitri
VIC, 907 posts
31 Dec 2017 5:53PM
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I signed up for the coinspot about 4 weeks ago, but still waiting for approval and wondering why it's taking so long..
Now I know why:

www.smh.com.au/business/bitcoin-tensions-rise-as-investors-claim-banks-freezing-their-accounts-20171229-p4yy3z.html

I am with the banks on this.
Cryptos are fraud. Even presenting the golden coins with "B" in the article is a fraud.
Love my Aussie dollars.
I don't need no stinking internet tokens !

Harrow
NSW, 2238 posts
1 Jan 2018 10:18AM
Thumbs Up

After peaking around $27,000 AUD a few weeks ago, bitcoin price has now settled around the $18,000 AUD mark. This value makes a lot more sense because... um..... uh..... er.....

toppleover
QLD, 1307 posts
1 Jan 2018 7:21PM
Thumbs Up

Select to expand quote
dmitri said..
I signed up for the coinspot about 4 weeks ago, but still waiting for approval and wondering why it's taking so long..
Now I know why:

www.smh.com.au/business/bitcoin-tensions-rise-as-investors-claim-banks-freezing-their-accounts-20171229-p4yy3z.html

I am with the banks on this.
Cryptos are fraud. Even presenting the golden coins with "B" in the article is a fraud.
Love my Aussie dollars.
I don't need no stinking internet tokens !


Copied from CoinSpot...

Please note: We have temporarily disabled new AUD deposits. Withdrawals and buy/sell are not affected and will operate as normal. You can still trade between coins and use the AUD currently in your account. You can not buy coins with AUD if this requires a new deposit.

Underoath
QLD, 2261 posts
2 Jan 2018 12:11PM
Thumbs Up

Coinbase is still allowing deposits.

NowindSurfer
WA, 163 posts
2 Jan 2018 12:42PM
Thumbs Up

Sell ice to the eskimos.

Wonder if crypto has still got his house? Or has he retired on his 12 million dollar boat in the Bahamas ?

www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#bacfbb65c1e7

Mr Milk
NSW, 1053 posts
6 Jan 2018 11:22PM
Thumbs Up

Does everybody here have ads for cryptocurrencies popping up beside what you read?
I've just had this one show up. Their pitch seems to be that they use cheap power to mine bitcoins, or, I guess, any other digital currency that works the same way.

www.envion.org/en/

Harrow
NSW, 2238 posts
7 Jan 2018 2:37PM
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Select to expand quote
Mr Milk said..
Does everybody here have ads for cryptocurrencies popping up beside what you read?
I've just had this one show up. Their pitch seems to be that they use cheap power to mine bitcoins, or, I guess, any other digital currency that works the same way.

www.envion.org/en/

Haha, why sell your excess solar back to the grid at $0.06/kWh when you can convert it bitcoin!

eppo
WA, 6433 posts
7 Jan 2018 12:23PM
Thumbs Up

So what makes an Aussie dollar based on fractional reserve lending (therefore it doesn't actually exist or has any real backing) more REAL than something like Bitcoin.

At least Bitcoin cannot be devalued by a corrupt central bank who creates inflation on purpose by printing money out of thin air to devalue current debt...

just saying.... our FIAT currency is just as absurd, false and meaningless as bitcoin but most don't really understand that.

Its all bull****.

Buster fin
WA, 1604 posts
7 Jan 2018 3:44PM
Thumbs Up

I'll show you my cash if you show me your bitcoin.

Gazuki
WA, 654 posts
7 Jan 2018 4:44PM
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Select to expand quote
Buster fin said..
I'll show you my cash if you show me your bitcoin.






dmitri
VIC, 907 posts
7 Jan 2018 8:33PM
Thumbs Up

Really makes sense converting "Fiat" into Bitcoin..can buy a pizza for $76 otherwise it would cost you $10..how cool is that !



absolute lunacy

kiteflo
129 posts
8 Jan 2018 10:44PM
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dmitri said..
Really makes sense converting "Fiat" into Bitcoin..can buy a pizza for $76 otherwise it would cost you $10..how cool is that !


absolute lunacy


try and use gold to buy a pizza.
I just bought a very real phone with coins 10 minutes ago

dmitri
VIC, 907 posts
9 Jan 2018 11:43AM
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Select to expand quote
kiteflo said..

try and use gold to buy a pizza.



Why should I try it ? I work, I got money. I use money (AUD) to buy things.
Select to expand quote
kiteflo said..
I just bought a very real phone with coins 10 minutes ago


I just bought a very real coffee with four 20 cent coins at the Shell servo 5 minutes ago.

rockmagnet
QLD, 990 posts
9 Jan 2018 11:45AM
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Select to expand quote
dmitri said..



kiteflo said..

try and use gold to buy a pizza.






Why should I try it ? I work, I got money. I use money (AUD) to buy things.



kiteflo said..
I just bought a very real phone with coins 10 minutes ago





I just bought a very real coffee with four 20 cent coins at the Shell servo 5 minutes ago.




Believe me as a coffee lover, it was not a very real coffee at 80 cents but a reasonable copy and you no doubt enjoyed it.

dmitri
VIC, 907 posts
9 Jan 2018 1:29PM
Thumbs Up

^^ I do enjoy it....don't believe me it's real ?
Ask the Doctor

NowindSurfer
WA, 163 posts
9 Jan 2018 11:12AM
Thumbs Up

lol

Buster fin
WA, 1604 posts
9 Jan 2018 11:32AM
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Select to expand quote
NowindSurfer said..
lol



Waiting from 10 minutes to an hour in front of the ATM. Cool, I can't wait!



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Forums > General Discussion   Shooting the breeze...


"Bitcoin, How it works !" started by rockmagnet