Bitcoin sellers remorse.... how many people are kicking themselves for cashing out>?

[QueBert]

Everyone knows the government has the best hookers n blow.



And this is why I don't get it. It sounds like a pyramid scheme. If there is no useful computation, then someone could change/make up their own rules at some point. Or you could have 500 different bitcoin similar variaties. I just don't get it. I looked into it years ago, and just scratched my head at how it was valuable.

COMON! Are you saying you don't want to give me actual dollar bills for these virtual coins I have? I tell you what, I'll sell you some bitcoins today for HALF OFF. I'll PM you my Paypal info if you're interested.

How is that not a deal! I mean half off!

 

[lotus503]

As of now you need RISC hardware to mine effectively, CPUs yield next to nothing and video cards are now obsolete.

 

[Anonemous]

And this is why I don't get it. It sounds like a pyramid scheme. If there is no useful computation, then someone could change/make up their own rules at some point. Or you could have 500 different bitcoin similar variaties. I just don't get it. I looked into it years ago, and just scratched my head at how it was valuable.

huh, I always thought bit coin mining was used to crack passwords or something that was encrypted...

 

[dave_the_nerd]

the mother fucking government of the united states.

Precisely.

The full faith and credit of a government of, by, and for the people.

Bitcoins are, in turn, backed by the faith of the people who use them. ()

 

[xj0hnx]

I don't understand this spike AT ALL; if bitcoins are so expensive now, how can people buy bitcoins to buy drugs?

I mean, let's say FOR EXAMPLE an 8 ball of coke was 10 bitcoins, which a while ago was ~$200. That same 8ball is now $760? Or do the sellers have to reduce their ask to a more reasonable amount, like 4 bitcoins?

Most of those sites peg prices to the bitcoin, so if the btc value goes up, the cost comes "down".

 

[Puppies04]

I think people are confused is because they don't understand why people would accept something like this when there is no backing for it like actual currency usually has.

Not to mention if someone can just up and make something like this in 2009 what's to say it's here for good or who decided that it actually has value.

"Actual currency" has no backing whatsoever and hasn't since countries decided that they didn't need to hold enough gold to cover all currency currently in use. What people think is money is as stated on UK currency "a promise to pay the bearer on demand the amount depicted on the note" is actually pretty much worthless and derives its value from the fact nobody will let a country go bankrupt because if one went a metric fuckton of others would soon follow causing a global banking crisis the likes of which have never been seen.

Given the choice between owning a piece of paper printed by a government that has the audacity to print billions of £/$ whatever to try to "stimulate" the economy and owning a bitcoin which is only produced in a finite and known supply I know which one I would pick.

 

[Ns1]

"Actual currency" has no backing whatsoever and hasn't since countries decided that they didn't need to hold enough gold to cover all currency currently in use. What people think is money is as stated on UK currency "a promise to pay the bearer on demand the amount depicted on the note" is actually pretty much worthless and derives its value from the fact nobody will let a country go bankrupt because if one went a metric fuckton of others would soon follow causing a global banking crisis the likes of which have never been seen.

Given the choice between owning a piece of paper printed by a government that has the audacity to print billions of £/$ whatever to try to "stimulate" the economy and owning a bitcoin which is only produced in a finite and known supply I know which one I would pick.

Regarding the bolded: nobody will do the same for bitcoin.

 

[Newbian]

Given the choice between owning a piece of paper printed by a government that has the audacity to print billions of £/$ whatever to try to "stimulate" the economy and owning a bitcoin which is only produced in a finite and known supply I know which one I would pick.

Good luck trying to wipe your ass with a bitcoin.

 

[IceBergSLiM]

I am confused because I don't understand the drive behind it? Are people doing conglomerate computing (like folding@home) and occasionally they get rewarded with a bitcoin? What calculations are they running? Decoding alien transmissions?

The whole, you're just using your GPU to randomly solve meaningless blocks and get money for it, doesn't make sense. If bitcoins have a true value, then there's a worth behind them and a reason they are worth something. So far, I've never found anyone explain why they are worth anything or what process they are actually doing.

Please explain why there is value behind the trillions and trillions and trillions of paper covered with ink in the shape of dead presidents. There is the same nothing backing those.

 

[IceBergSLiM]

COMON! Are you saying you don't want to give me actual dollar bills for these virtual coins I have? I tell you what, I'll sell you some bitcoins today for HALF OFF. I'll PM you my Paypal info if you're interested.

How is that not a deal! I mean half off!

if your saying you want to sell me your bit coins at half the market rate I will pay pal you money tonight.

 

[ImpulsE69]

Good luck trying to wipe your ass with a bitcoin.

Or keeping warm burning it in the winter.

 

[IceBergSLiM]

I don't understand this spike AT ALL; if bitcoins are so expensive now, how can people buy bitcoins to buy drugs?

I mean, let's say FOR EXAMPLE an 8 ball of coke was 10 bitcoins, which a while ago was ~$200. That same 8ball is now $760? Or do the sellers have to reduce their ask to a more reasonable amount, like 4 bitcoins?

I'm sure its pegged so that the market price including the fees for them to cashout make it profitable and competitive. Global companies hedge currencies all the time.

 

[The Boston Dangler]

i never got into bitcoins because:

it seemed quite shady, and i expected very few if any legit retailers

i expected it to be crushed by now

my nvidia video card underperformed compared to ati, so that i would be losing real money on my electric bill. maybe the sheik of whatever can speculate and drop big bucks on a rack of ati monster cards, but i'm not getting upside-down for several thousand bucks. oh well.....

 

[IceBergSLiM]

the mother fucking government of the united states.

Wrong. Dollars are not shares of stock in our government.

 

[NikolaeVarius]

Wrong. Dollars are not shares of stock in our government.

Have you seen the lobbying business?

 

[Mandres]

I'll just leave this here as a possible explanation to the spike in bitcoin prices...

http://www.businessinsider.com/implications-of-the-cyprus-bailout-2013-3

Interesting theory, but how would that work? If I'm in Cyprus holding euros in excess of 100,000 and subject to the garnishment why would I choose to buy bitcoins at this inflated price? Obviously as soon as the rush is over the value will decline and my wealth takes a bigger hit than it would have if I just paid the toll.

Why the hell wouldn't I exchange my euros for dollars or yen instead?

 

[Ns1]

Wrong. Dollars are not shares of stock in our government.

I never said it was.

 

[QueBert]

so I can get real money instantly for this fake money that's only good for selling for real money? How and the shit can one offload it at market value when all it can be used for is actual money that can buy actual shit? Seems like there should be a race to the bottom for who can sell it the cheapest.

 

[Crusty]

so I can get real money instantly for this fake money that's only good for selling for real money? How and the shit can one offload it at market value when all it can be used for is actual money that can buy actual shit? Seems like there should be a race to the bottom for who can sell it the cheapest.

You sell the BTC on an exchange and then cashout your account with them.

 

[Train]

so I can get real money instantly for this fake money that's only good for selling for real money? How and the shit can one offload it at market value when all it can be used for is actual money that can buy actual shit? Seems like there should be a race to the bottom for who can sell it the cheapest.

Do you eat your "actual money"?

No, you don't, its just another abstraction used to transfer the shit you sell into money, which you then transfer in exchange for the shit you buy.

Unless you're bartering directly with goods and services, you've already made the leap of faith.

 

[OverVolt]

Bitcoin is going up because of the Europe bank run. I guess some see it as better than under your mattress.

I too think bitcoin is a little shady. HOWEVER its not too bad. I wouldn't put my life savings into it, but I wouldn't mind playing around with it.

 

[IAteYourMother]

Wrong. Dollars are not shares of stock in our government.

But the government has assets, and has the ability to levy taxes to extract value.

 

[Rakehellion]

Bitcoin will probably crash when the US starts to outlaw it / restrict it (which they are already working on doing).

Considering it's online, international, and anonymous, I don't see how that could possibly be enforced.

Bitcoin is just another nerd fad. I don't get the point of Bitcoin unless you're trying to buy a ton of meth online and then murder the guy who sold it to you.

The stock market has existed since the beginning of time and is much more straightforward to cash out on.

 

[Crusty]

Considering it's online, international, and anonymous, I don't see how that could possibly be enforced.

Bitcoin is just another nerd fad. I don't get the point of Bitcoin unless you're trying to buy a ton of meth online and then murder the guy who sold it to you.

The stock market has existed since the beginning of time and is much more straightforward to cash out on.

As an American if you go and sell a large amount of bitcoins for USD you have to put that money somewhere. As soon as you try and deposit it into a US bank you're going to fall under the scrutiny of the IRS(money laundering etc.), at least that's what the feds hope to do according to this article.

 

[jpeyton]

Bitcoin has gone up and down. It hit $30-something last year before crashing down to $2. Now it's back up, but it may go down again.

I'm sure people who sold Apple stock before the iPod came out feel the same way. A few thousand invested would have yielded a million plus.

Then again, I'm sure people who bought Apple stock at $600, expecting it to go to $1000, then briefly watching it peak around $700 before crashing back down...