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Bitcoin market... Don't miss out

82K views 670 replies 97 participants last post by  Jrgunn5150 
#1 · (Edited)
http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv


So far, it's been pretty f'n profitable for all. $62/coin. I'm thinking everybody should dive in deep as hell right now...


Not sure if it's too late to jump on board, or if it's just the beginning of countless millionaires who got in at ground level...
 
#409 ·
I hear a lot of people repeating what other people have told them as a form of self-reassurance...

LOL at trumpeting the value of bitcoin because of an ability to "pay the exact amount". OMG, you mean just like a debit card? Or PayPal? Or a Square account? Revolutionary! The future is here!
 
#410 · (Edited)
No nothing like any of those. You are simply uneducated on this and it shows. I can respect somebody who has the opinion that it wont work out for many of the reasons you pointed out but the fact that fundamentally you don't know how this works and the differences embarrasses any respectability your opinion had. Debit card, paypal and square are not ideal or intended for one time payments person to person or for small amounts. How many individuals do you know that can accept payments with any of these? I have yet to see any individual on craigslist say they accept credit card for their used refrigerator. I don't know a single individual person only businesses. None of those will allow you without setting up some type of merchant account. These everyday personal transactions are simply not what credit/debit payments are for and paypal is so cumbersome and time consuming its laughable you would compare it. Paypal is more of an escrow than a real payment system. Along with that, you are comparing a direct and instant two party system with others that involve bringing in 1-2 other middle men that increase the lead time of the payment days to weeks along with taking out significant percentages of the amount for themselves. Bitcoin has way more in common with cash than anything you pointed out. With any of the options you pointed out its like comparing sending a letter with the post office vs sending an email instantaneously and free. People don't need and account, fill out forms, disclose personal information, or "sign up" for anything to use bitcoin. Its as easy as a basic and simple app on a phone that takes 45 seconds to be installed and doesn't ask for an account, or personal info. Just go mess with it and use it once at least so you have some basis to understand and know what you are talking about, then come back and criticize all you want.
 
#413 ·
And yes, I know exactly how it works. I know how they are mined, I know the theory behind it, and I know how the transactions work. It's not THAT different from any of the methods that I mentioned above other than the fact that the units of measure have nothing of physical value backing them. The thought that they have been obtained by an expenditure of processing power/time/work and that that has worth as a backing agent is absurd.

But, I'll tell you what... as you are so sure of this... I'll buy a bitcoin. In 2 years, I'll sell it to you for the same price that I pay right now. If they are "worth" $2000, you just scored one for $555. If they are worth $1.37, you still owe me $555.

Deal?
 
#417 ·
You may know the infrastructure basics but you clearly don't know the process of the transaction in reality. It is THAT different than all of the paymment methods you talked about. Paypal is the closest and most available and it still requires both people to have bank accounts set up, then both people have to have paypal accounts set up. Then you have to link your bank account to paypal. Then you send money to the receiver. Then the receiver may not even be allowed to pull their money out of paypal right away. The receiver has to log onto paypal at a later time to try and withdraw it to their bank account and wait 2-3 days for that. Its a joke you are comparing that. Bitcoin is close to as simple as somebody handing you cash. There is none of the extra hassle or extra accounts required. No other companies get your personal information either, nor is their risk of a credit card number being stolen. They can see the address you sent it from but there is nothing they can do to charge it again or get any info from it.


Of course you would take that bet. There is zero risk for you lol. I have put my money where my mouth is. I own some myself and still buy more frequently. However I don't have blind faith in bitcoin itself. I also said in my post on the last page that cryptocurrency will be a part of the future. It may not be bitcoin, but something will evolve and improve whatever weaknesses that may be found in bitcoin.
 
#415 ·
Seems to me that what you have is a group of people who have taken a chance with bitcoin. And boy do they love to sit around and pat each other on the back and nod and wink to each other about how much smarter they are than everybody else and how rich they are going to be. So what better way to promote their new investment than to tell everybody else how great it is?

As I stated before, it's the Emperor's New Clothes.

I'll bow out and let you guy continue your circle jerk uninterrupted. But anybody big enough to put their money where their mouth is... PM me. I'll let 3 people take me up on my bet
 
#418 ·
Currency is nothing more than a 'token' used to represent a given amount of labor or goods.

Originally, there was barter. You needed your wall repaired, and the stone mason would repair it in exchange for two goats. He needed goats, and you needed a wall.

Everybody was happy.

However, it was difficult to travel with a herd of goats, so tokens were established. Gold is the most common, it has no intrinsic value (you cannot eat, drink, or wear it) but since it was not easily obtained it made an agreed upon marker for goods and services. Salt was used for a time by the Romans for the same reason, that's where the phrase 'not worth his salt' originated.

As societies grew, the tokens needed to have an agreed upon value, and gold was in limited supply, so other metals were used and a central government declared the value of these tokens. Again, the Romans really defined the system as we know it today.
Since then, currency has been controlled by governments, and everyone went along with that.

Bitcoin is in essence a return to the token based barter system in that it is not controlled or regulated by a central government, it's value is determined by the people using it.

Right now it is volatile due to speculation, not because the goods and services it theoretically represents are changing in value. Time will settle the true value.

This is why I prefer to stay out of it. Far too volatile for my comfort.
 
#419 ·
As societies grew, the tokens needed to have an agreed upon value, and gold was in limited supply, so other metals were used and a central government declared the value of these tokens. Again, the Romans really defined the system as we know it today.
Since then, currency has been controlled by governments, and everyone went along with that.
lol
 
#421 ·
So, see... You've turned this into being about what-ifs and maybes. I came into a thread about Bitcoin and said Bitcoin was crap and you mocked me. You said that I don't understand and then tried to talk about the use of electronic currency, in general, as opposed to bitcoin itself. Crypto-currency or whatever name the Internet wants to give it may have a usefulness in the future, but not without a real tangible backing and regulation... which is what I have been saying from the beginning.

And, as expected, the biggest talking blowhard won't accept my "bet".. Sure, there's no risk in it for me, but there's also no reward for me. YOU, on the other hand, have the reward potential.

But I won't hold my breath
 
#423 ·
Life is what ifs and maybes. If anyone told you bitcoin was a for sure thing and was guaranteed they would be the first person I would tell you not to trust. Nothing in life is guaranteed. I didn't mock you for a negative view on bitcoin. I said before I can respect many of the reasons people don't think it will work including some you pointed out. I did take issue with the fact that you clearly had not used it or actually seen how quick and simple a transaction was, and so you thought paypal was comparable. Its like somebody who has never driven a car before judging how pointless it is because its so dangerous and you can walk there just fine.
 
#422 ·
Bad news- except for whatever you have in your wallet, or maybe stashed in a mattress... it's all crypto-currency. If something happened to wipe out the banking database all your bank savings would disappear.

The only difference between an all electronic currency and the Dollar is government backing, and faith in that government. It's all fiat currency. The only current advantage to the dollar is FDIC backing, and in the event of a database failure, I'm not sure how that would help.
 
#434 ·
What is funny to me is that people believe that these bitcoins vanished from mtgox. They took the money and promised something, even showed people they were there...then they unplugged the computer, and poof!! Everything is gone, they claim they have no money and file for bankruptcy. All the while laughing all the way to the bank through shell corporations
 
#435 ·
It's actually the perfect scam... Not a single world government will hold anyone accountable for it either. Bitcoin is a huge pain in their asses and by the Mt. Gox guys taking it all and disappearing it proves their point, scares people away from it and gives them a good reason to completely ban the use of it. These people are left completely screwed.
 
#445 ·
Ads generate income to Google.....if they are saying they are heavy investors in Bitcoin market then i will turn my head,,,,,a little.

the Fed in the US and it's equivalents in other countries are not going to like competition nor lose of control of their money supply.
 
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