Bitcoins at $75

Ain't it sad to think that your so called savior against the USD and world currency has become nothing more than a stock traded among people who will never use it. They are simply buying it up to make buck off it.

Welcome to real life.
 


yast said:
I love Bitcoin. I really do. But one must be aware of its highly speculative nature. At this point in time it is nothing more then a big experiment. If you want to speculate in BTC, by all means go for it, i did.
If it serves one day as a "currency", well we will see, but talking about it as such right now .... not in my book.

My 2 cents for what's it worth.
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Yup, speculate only what you can afford to risk/lose. Nothing new said here :xmas-smiley-016: It's a new experiment at this point, no question about that. Who knows what the future will hold for this...

erifdekciw said:
Ain't it sad to think that your so called savior against the USD and world currency has become nothing more than a stock traded among people who will never use it. They are simply buying it up to make buck off it.

Welcome to real life.
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Geez..is it that black and white? Really only those 2 extremes? Those who worship at the bitcoin alter, and those who only wanna make a quick buck. What about everybody else in between? :p (Come to think of it, what's wrong with making a quick buck during all this :D)
 
erifdekciw said:
Ain't it sad to think that your so called savior against the USD and world currency has become nothing more than a stock traded among people who will never use it. They are simply buying it up to make buck off it.

Welcome to real life.
Click to expand...

Well this is simple. Lets have a site wide bet. All the nay sayers buy exactly 1 BTC each if exactly a year from now it is higher than the price you bought it at you transfer that one bitcoin to us. If its lower we will cough up your buy in + the difference in whatever shitty currency you so choose :)
 
Lexicon said:
Well this is simple. Lets have a site wide bet. All the nay sayers buy exactly 1 BTC each if exactly a year from now it is higher than the price you bought it at you transfer that one bitcoin to us. If its lower we will cough up your buy in + the difference in whatever shitty currency you so choose :)
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First, that doesn't prove anything. No one knows how long the bubble will last. What if it pops a week after a year?

Second, given BTC's current prices and the number of nay sayers, that's a lot of cheddar you guys would owe when BTC crashes. Who would oversee this bet? Is there an escrow? How would it work?
 
Wow, lot of anger in this thread over a crypto currency. Interesting.

I bought my 1 bitcoin. Gonna hold it until it's worth $1 million like LukeP said it would be, then sell it and... I don't know... do something with that money. Probably pay taxes.
 
lukep said:
Yahoo story on Bitcoin yesterday... Also saying it's a bubble:

Bitcoin Is Now a Billion Dollar Industry

It starts.
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Does bitcoin have the potential to be turned into real money? Im not talking about exchange. I am talking about having a pocket full of BTC. Coin's & Paper. Not really sure how that would be secured. I would imagine the US .gov would nuke the mint that tried it.

What happens when Obama shuts the internet off? How do you use your BTC?

If its allowed to continue I am all for BTC. But it will always be illegitimate.

Other than digital goods, BTC can only purchase things you plan to buy in advance. Or you have to convert it to real money. How can BTC become truly legitimate if I cant buy gas, booze, lottery tickets? Can BTC ever become money?
 
productionhead said:
in b4 us government buys up all the fake money (bitcoins) with their fake money (dollars)
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That would be SO HELPFUL of them to raise our market cap even more, making the $billions worth that we already have worth 2 or 5 times as much.

I'd personally send them flowers or something.



dmnEPC said:
Does bitcoin have the potential to be turned into real money?
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While Guerilla will always say no to this because bitcoin is not a commodity, the fact is that bitcoin is already functioning as a money, or real currency right now, and will in time be a true money once enough merchants offer a system that the normal joe can use bitcoin with.

Remember, no one said that bitcoin is going to be a Legal Tender. -Those are what you pay taxes with, and uncle sam isn't ever going to allow that... Of course uncle sam may not be around as long as bitcoin, either.



dmnEPC said:
I am talking about having a pocket full of BTC. Coin's & Paper. Not really sure how that would be secured. I would imagine the US .gov would nuke the mint that tried it.
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Huh? What's the point?

Right now 98% of USD and the world's money in general exists & is transacted in the same format that Bitcoin is... As 1s and 0s online.

Bitcoin is just far more desirable in that setting because of its' unique properties.

If you're one of the few of people left that feel a silly emotional need to hold onto cash in your hand, then they've already got this: https://www.casascius.com

I think it's stupid though, but they'd make nice paperweights.


dmnEPC said:
What happens when Obama shuts the internet off? How do you use your BTC?
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HA! I hope you're somewhat trolling here.

You haven't heard of mesh networking yet? There are many flavors... Even the OLPC program uses it, and it takes no ISP at all... Computers just connect to each other automatically, in a mesh with no central authority.

ISPs will soon be just for redundancy or high bandwidth applications. Obomba COULD shut those down if things keep getting worse, but if they do, then mesh networking will grow faster and faster than ever before.

Why use an ISP when you can be one?

Once enough peer-to-peer tech catches on, the governments of the world will have to ask us nicely for things if they want to stay "in power."


dmnEPC said:
If its allowed to continue I am all for BTC. But it will always be illegitimate.

Other than digital goods, BTC can only purchase things you plan to buy in advance. Or you have to convert it to real money. How can BTC become truly legitimate if I cant buy gas, booze, lottery tickets? Can BTC ever become money?
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Here's a chart I made for this post:
types-of-money-700.jpg


Bitcoin is simply too needed to go away. New merchants and processing services are popping up at a record pace, just like the ATM news the other day. True, it can't be used to buy real estate or pay your taxes, but it will obviously seek a place inbetween legal tender and the secondary currencies we have all used before. It'll be like Gold is now, but far more liquid and less regulated.
 
Unarmed Gunman said:
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Think it through, bro.

At some point, I'm not saying this decade, but eventually we'll have peer-to-peer, unstoppable, uncensorable tech for everything that they control today.

  • Copyrighted content? Check. Torrents are well spread already.
  • Money? Check. People can almost Ignore the Fed now.
  • News? Check. Only 49% of people get their news from TV anymore.
  • Guns? Check. ...With 3d printers, that is.
  • Drugs? Check. ...With sites like the Silk Road.
  • Internet Connection itself? Check. With Mesh networking.
  • All the rest of products that big companies make today? Check... Defcad Search will deliver!

In short; the people will have an Anarchy-based, free Economy, and there's nothing the governments of the world can do about it but try to turn off our electricity. (That wouldn't go over too well, i'd think.)

This trend will continue to include things like professional services and even Law eventually. P2P is proving to be a government-slayer... Everyone who grows the tiniest bit aware that the government might not have their best interest at heart will have a way to "opt out" on everything about it that bugs them.

And with all of this anti-government tech around, even the most sheeply of sheeples are going to keep running across it and have to start wondering why so many people spend so much time using it instead of the old ways of doing things...

:food-smiley-010:
 
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lukep said:
Think it through, bro.

At some point, I'm not saying this decade, but eventually we'll have peer-to-peer, unstoppable, uncensorable tech for everything that they control today.

  • Copyrighted content? Check. Torrents are well spread already.
  • Money? Check. People can almost Ignore the Fed now.
  • News? Check. Only 49% of people get their news from TV anymore.
  • Guns? Check. ...With 3d printers, that is.
  • Drugs? Check. ...With sites like the Silk Road.
  • Internet Connection itself? Check. With Mesh networking.
  • All the rest of products that big companies make today? Check... Defcad Search will deliver!

In short; the people will have an Anarchy-based, free Economy, and there's nothing the governments of the world can do about it but try to turn off our electricity. (That wouldn't go over too well, i'd think.)

This trend will continue to include things like professional services and even Law eventually. P2P is proving to be a government-slayer... Everyone who grows the tiniest bit aware that the government might not have their best interest at heart will have a way to "opt out" on everything about it that bugs them.

And with all of this anti-government tech around, even the most sheeply of sheeples are going to keep running across it and have to start wondering why so many people spend so much time using it instead of the old ways of doing things...

:food-smiley-010:
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I like how you think. And I really like the idea of constantly being a step ahead of the government.

Perhaps a bit idealistic, though, considering the gov. can always find roundabout ways of making life difficult for those who try to escape its grasp.

Still though... even if cryptocurrency (and other p2p structures) only fulfills just 50% of its full potential in our lifetime, that would be a great start.

I really don't like where things are headed globally. Any alternate route should be considered by those with any decent sense of self-preservation.
 
dmnEPC said:
Does bitcoin have the potential to be turned into real money? Im not talking about exchange. I am talking about having a pocket full of BTC. Coin's & Paper. Not really sure how that would be secured. I would imagine the US .gov would nuke the mint that tried it.

What happens when Obama shuts the internet off? How do you use your BTC?

If its allowed to continue I am all for BTC. But it will always be illegitimate.

Other than digital goods, BTC can only purchase things you plan to buy in advance. Or you have to convert it to real money. How can BTC become truly legitimate if I cant buy gas, booze, lottery tickets? Can BTC ever become money?
Click to expand...
World's First Bitcoin ATM To Open In Cyprus, Of Course - NowThis News

Can't say I know much about BTC, though.
 
hehejo said:
lukep just went full retard
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:1orglaugh: he gets carried away at times. he's gone into spouting his hopes, dreams, and aspirations of a possible distant rosey "libertarians for the win" future again. :p
GimpSpack said:
I like how you think. And I really like the idea of constantly being a step ahead of the government.

Perhaps a bit idealistic, though, considering the gov. can always find roundabout ways of making life difficult for those who try to escape its grasp.
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Yup, that's one of my concerns as well. When predicting possible distant futures, there's the rosey "libertarians for the win" idealistic scenario, but there's also the strong possibility of it going the other way. Technological advances like bitcoins can be a double-edged sword. The more we try to escape the grasp of the govt, govts can become more Orwelian to insure that they get their monies.

Just play along just for a sec...Imagine, in the future, if cryto-currencies really do become viral, globally, bigtime...

Orwellian Backlash #1: Let's say that bitcoins manages to pressure the govt into switching to a fairtax system. Next thing they'll do is to make it mandatory for credit card companies only to issue cards with special chips in them, or will only issue drivers licenses with the same, or force makers of PCs, mobile phone devices, etc to hardcode "something" in it. All to make sure they can monitor illegal shit to "fight terrorists", illegal drug monies, etc. All to make sure they get their monies since it's our "civic duty".

Orwellian Backlash #2: Maybe this just occurs after #1. But everything ultimately leads to the "The Mark of the Beast" scenario if crypto-currencies like bitcoins go truly viral and big worldwide. No buying or selling of anything unless they (govts) can monitor financial transactions somehow.

Anytime there's any new freedoms gained thru cryto-currency, I kinda believe there's gonna be some kind of Orwellian backlash from govts around the world...It won't go down smoothly.
 
I, too, predict the backlash... But the unique properties of P2P tech allow us to overcome all threats minus a full, global power shutdown... And even then, tons of people have Solar and other green power now, so technically nothing can kill this 'infection' against governments except an ELE.

It'll get downright evil around here, or in the USA at least, before a full libertarian kind of lifestyle prevails... But until then the host is already infected and can never be "cured."
 
freo0FY.png


or better one
puu8Kx1.jpg


posted on r/bitcoin

฿ faces threats, and it has some of its own weaknesses. Which are the most significant of these? Which are the most likely to happen to some extent?

Systemic threats
Undiscovered flaws in the ฿ architecture.
Inability of ฿ service providers to handle system load.
High learning curve for new users slows adoption or angers people.
Difficulty getting other currencies (especially in large amounts) into and out of ฿.
Lost wallets are permanently removed from the ฿ economy and will cause significant tough-luck stories.
Large number of scams (inevitable with such a confusing system) cause large losses for many people, destroying trust.

Government/central bank threats
Federal Reserve, et al spend a few hundred $billion to quietly purchase nearly all ฿, and then throw them away.
FedGov quietly establishes its own mining pool and flips it on once it has 51% of the network.
Various govs of the world declare ฿ use and possession illegal or attempt to tax all transactions.
Various govs of the world declare ฿ to be a terrorist money laundering scheme.

Market threats
New better cryptocurrency arises.
Pump & Dumping or other situations cause too much volatility for merchants to comfortably accept ฿.

What other weaknesses and threats am I missing? Which of these can or will be solved shortly?
Click to expand...
 
erifdekciw said:
That should be the least of their worries...

Imagine if you sold TV's and you accept bitcoin.

Let's say today bitcoins are valued at $100 and you sell a tv for 5 bitcoins.

Then the next day something bad happens like a bunch of people start speculating about a new law that could hurt bitcoin, or some big bitcoin user got hacked and lost all his money. Now news is spreading all over and it's making people nervous.

Now the price has dropped $10 over night. So that TV you just sold for $500 worth of bitcoins is now $450 because of the drop. You lost $50 overnight for using an unstable currency.

Now it could easily sway the other way and you could make $50 extra... But the point is bitcoin isn't even remotely close to being a stable enough currency to use for most people.

At this point it's basically turned into a virtual stock and people are coming in to try and make money off its wild value swings. Nobody is using their bitcoins right now... Why would you?

I wouldn't be surprised if you heard more online retailers start "accepting bitcoins" only to learn that they purchased a bunch of bitcoins the week before... Typical pump and dump.

Only reason to buy bitcoins now is to hope you get in on the ride to the top and then dump them before it crashes.
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a mathematical theorem shows that while securities (like bitcoins) are prone to short term fluctuations they are stable in the longer term provided there are a lot of people trading it

bitcoin is sometimes falls 10% but ppl immediately step in and buy the dip. merchants will take the small risk in exchange for increased sales and large windfalls from bitcoin appreciation
 
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