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OfflineOldnameforgotten
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Bitcoin by Hunter S Thompson
    #26332793 - 11/20/19 07:04 AM (4 years, 2 months ago)

I'm balls deep in the bitcoin world. I know a lot of big money types that claim to control the bulls. As far as I can tell... not a damn person knows what the hell is going to happen day to day with bitcoin. She climbs and she falls.

I do think that its possible one man can manipulate it. Of course they do. Regularly in the pond we notice a large purchase order, some tens of million worth, and a few weeks will pass by and the sell comes back around.

Make no mistake. It does happen. The only question is how intentional is it. It is possible that some wealthy person is just bored and gambling. It doesnt have to be an evil conspiracy plot. That is the joy of anonymity. It probably is though.

Brass tax is clear... the hysteria over bitcoin is entirely artificial. Its a bank versus bitcoin argument. Sure the 5 dollar whore is cheaper but the things she can do with her mouth and the lack of bad taste in yours make all the difference. The thing that bothers people is the thing that maintains the status quo. Bitcoin is easy to manipulate because of its relative size to a banking power. Less stable. Its not less stable due to a function of the concept only due to the location in growth. And who is to say big money doesn't have its problems as well.

With all that being said if you want to get into bitcoin just get into it. Its a simple process to learn.





________________________________________________

First get yourself a wallet. No not one that exists in the physical world. A virtual wallet. Do some googling pick one that you like the name of. The choice is purely cosmetic. I use Wasabi because I like Wasabi Peas. That is the entire thought process I used when I transferred over to Wasabi Wallet. So dont get bent out of shape over picking.

After you have your wallet now you need to get bitcoin. Theres only three ways to get bitcoin. Sell some shit for bitcoin. Buy some Bitcoin. Mine some bitcoin. I use all three.

Now before you start mining buying and selling let me put down the basic concept. 2+2 is 4. Now I'm not going to get into specifics you just need to know the concept. The first bitcoin was mined when a computer answered the question what is 2+2. When the computer said 4 a bitcoin was generated. The second bitcoin was generated when a computer answered what 2+3 was. Today in 2019 it takes a basketball court of computer processing power a few days to answer the new math question. It becomes more and more difficult. It gets to the point where the electricity required to run the processors is not worth it to mine a bitcoin.

Bitcoin has gone the way of Velcro. Did you know Velcro isn't Velcro? Hook and Loop. Thats what that material is called. Velcro is a brand name. The company actually went to great lengths to try and change the name of the material to hook and loop. Obviously they failed and the reality we live in calls it Velcro. Bitcoin is like that. There are many types of cryptocurrency. What happens is a newer version becomes more popular for some reason and the value shoots up. Mining these alternate currencies is where the profit is.

I'll give you an example. Potcoin started popping its head up around the legalization period. Having just smoked a joint to calm down from a trip and leaving my living room to avoid the polar bear roaming around I thought this Potcoin would be a great idea. Pot smokers are alternative people. They will gravitate to crypto and then gravitate to Potcoin. And Potcoin will go up in value. So I started mining potcoin at a value less than a penny per. Sure enough a huge rise happens. This is where the gambling aspect of crypto takes place. When to sell? No one knows that answer. You just go for it.

To fully explain how this process would work I'll return to the start of my Potcoin trip. I have a mining rig that gets larger and larger by the day and new processors by the month. The processors aren't breaking they are being upgraded and resold. The faster you move to the highest tier processor the less money you lose overall. Dont be stupid. Two months at a higher tier will always at least equal out the difference in price of processors. I often think crypto is the soul cause of processor pricing due to how neatly these profit factors exist.

I was using this rig to party mine alt coin at the time and receive direct bitcoin payments. This is my go-to method when I dont have a line on something. When I found Potcoin I decided to remove 50 percent processing power into direct mining Potcoin for Potcoin. This meant that I was receiving into my wallet 50 percent mining power worth of Bitcoin and 50 percent mining power worth of Potcoin. Potcoin was worth substantially less per amount of processing power. If I had to take a guess through my LSD-fogged memory it was worth 60 percent of what I was getting mining alt coin. So that meant if I sold the Potcoin on the spot I would get 60 percent value back. It was a gamble. I waited 6 months and it shot up in value by at least 20-30X. So that meant my 60 percent reduction was in fact 20X value.

This is called Alt Coin Mining. All of the people I know have stores of alt coin. 100's of different types sitting in the wallet waiting for a price jump. 50 dollars here 100 dollars there. I dont do this. My money is better spent on building up processing power. The more you mine the more you make.

Dont think you need a computer science degree for this either. I am all you need to bare witness to to believe that. Its as simple as setting up a computer and turning on a mining site. The more in depth you get the better tricks you'll learn and better mining programs / sites you can use of course. If you cant forge a path follow where most people are. You will at least make profit.

Nicehash is the site for the uninformed. It works well. I have a complicated process of multiple mining sites and it required a ton of research that I know the common man doesnt have. Nicehash would have given me 80 percent value all these years. That isnt bad by any means.

Theres two kinds of mining machines you can use in my mind. Useful electronics and paper weights. You can buy a machine that only mines and can do nothing else. When they first come out you can order them through a site called Bitmain. Antminers are the main ones people buy. They can cost anywhere from 2000 dollars to 50000 dollars. And they can mine anywhere from 1 dollar per day to 1000s of dollars per day. I will give you the full run down on what is taking place but its best to just never buy an Antminer or any miner that just mines crypto.

This shitty company in china builds a machine called an ASIC. An ASIC is the Antminer. This company then puts them in a giant warehouse with unknown amounts of these machines. Their accountant sits there with 10 degrees and 200 years personal experience and decides at what point they should sell these machines. They take into consideration how much electricity is costing to run, how much profit they are mining, how much effect they are making on the market, how quickly they can sell the entire supply, how long before the people buying the antminers will have a useless paper weight. And in the end what happens is.... you as the buyer of the Antminer will mine 90 percent value back of the Antminer before it becomes a worthless paper weight.

My method for making money with Bitmain's ASICs is I buy them when they are released and sell them on Ebay. I've flipped 2000 dollar antminers for 5000 regularly. And I mined with them while I waited for the auction to end. Its all a thought process that you have to fully accept as who you are. The money is there to be made you just need to use your dirty hands and move the tangible reality around so that the flow is going directly into your pocket.

If mining doesn't suit you and you want to play the market head over to Paxful. I occasionally buy and sell when a drop happens. Its risky but I've had a lot of success. I like mining more because youre bringing in the value instead of gambling what you have. Anyone could go to Wasabi make a wallet go to Paxful and buy bitcoin and own bitcoin in less than 5 minutes.

Dont really need to explain Paxful. Just think of it as buying and selling stocks. If you've always been curious about stocks go try Paxful. You can easily find out if you have the gift or not.

Dont fear the bitcoin. Fear the boot that is on the back of your neck telling you to fear bitcoin.


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OfflineOldnameforgotten
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Re: Bitcoin by Hunter S Thompson [Re: Oldnameforgotten]
    #26405913 - 12/29/19 08:36 AM (4 years, 1 month ago)

Lol I thought this post was pretty cool. Ive been reading hunter thompson books and tried to imitate him. I thought it was dead on. Maybe no one can do it though.


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