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lol

DrPizza said:
Tis a giant ponzi scheme of sorts.
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no no no drpizza, bitcoin is the future! dont you know that fiat currency is the domain of fractional reserve bankers and the irs? 😱

bitcoin will liberate the people and make us all accountable only to the free and open markets of human greed and fear....kind of like the stock market.


hippie1.jpg
 
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I don't understand why this shit is allowed? A fool and his money I suppose so the government is just letting people destroy their own wealth as usual.
 
AViking said:
I don't understand why this shit is allowed? A fool and his money I suppose so the government is just letting people destroy their own wealth as usual.
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The alternative is that the government steps in and adds one more thing to the list of things YOU aren't allowed to spend YOUR money on?

That does not sound better to me D:
 
Oh a particularly authoritarian country doesn't wanna give up control of their monetary policy? I am shocked, shocked
 
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Oh yes, bitcoin is a complete failure. It's at the same price it was 3 weeks ago before ignorant Chinese investors got involved. Was bitcoin a failure 3 weeks ago as well when it was at record highs? Give me a a break.
 
I've said it before but the problem with Bitcoin is it's become a commodity, which it was never intended to be. It's not really a currency anymore. People aren't using them to buy things so it reeks of pump & dump.

I suspect a great deal of trading going on is money laundering. Especially in China.
 
Alienwho said:
Oh yes, bitcoin is a complete failure. It's at the same price it was 3 weeks ago before ignorant Chinese investors got involved. Was bitcoin a failure 3 weeks ago as well when it was at record highs? Give me a a break.
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Heh... Bitcoin skyrocketed to over $1,100 when the Chinese started using it. Now that the Chinese are being effectively banned from using it, you should expect it to lose all those gains and then some.

It seems that the crash hit Litecoin hard as well. All of those people who horded ATI video cards to mine the stuff are going to have find something else to do with their new hardware.
 
Bitcoin is genius if you're money laundering. Is it good for moving currency between countries though?
 
AViking said:
Bitcoin is genius if you're money laundering. Is it good for moving currency between countries though?
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It's pretty good for that assuming that you can find a place that will exchange it for hard currency on the other side... or at least it would be if the damn value didn't keep fluctuating as much as 50% in one day.
 
Good thing bitcoin is a decentralized currency impervious to government meddling.


AViking said:
Bitcoin is genius if you're money laundering. Is it good for moving currency between countries though?
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I don't get the money laundering aspect. I thought each bitcoin carries a complete transaction history built into the coin itself.
 
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FelixDeCat said:
lol

are you saying "buy buy buy"?

it probably will recover but i wont put money on it. 😉
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I've spent a couple of grand on Christmas items in the past couple of weeks. What's another $1k and wait a couple of weeks for the price to bounce back to pay for Christmas?

No joke I did buy $1k worth of bitcoins a little earlier this morning when it was in the mid 400's and let me tell you why. I sold a few as the Chinese invasion began and sold at low $600's a few weeks ago. Those were bitcoins I purchased for $150 a few months previously. I sold at $600 because it was record high's and I know what bitcoin does at record high's.

Little did I know it would jump to $1200 shortly after. Now I'm buying back those same bitcoins I sold for $600 at a discount because now it is in the collective psyche that bitcoins are pretty much worth $1000 and I'm sure it will gravitate back toward that number in the next 6 months (or 3 days, who knows).

At this point for me this is just a fun way of forcing myself to stay current on business/governments/investing/the human psyche. I "invested" $2k in feb. I have since then cashed out $4k and still own a handful of bitcoins and bout 200 litecoins and 200 namecoins. Bottom line is I have doubled my investment by cashing out and still have thousands of dollars of play money to see if it turns into tens of thousands (or possibly hundreds of thousands) in the long term.

Everybody's story is different, but that's mine.
 
Dman8777 said:
What I don't understand is why anyone with real money would exchange it for bitcoin...
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Commodity investment purposes. They believe that someone else will come along and be willing to pay more for it, so that they can sell it for a profit.
 
AViking said:
Bitcoin is genius if you're money laundering. Is it good for moving currency between countries though?
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The businessinsider article linked in the other BTC thread actually makes a decent point that bitcoin does provide a solid, simple medium for digital exchanges. If it's value was not so wildly volatile, I think it could be a serviceable alternative to/hybrid of Paypal/Western Union. Though it would of course hinge on being able to withdraw the funds to real currency or at least pay for things with bitcoin which both are currently pretty major obstacles afaik.
 
Dman8777 said:
What I don't understand is why anyone with real money would exchange it for bitcoin...
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God I wish we could neg on this forum.

Spoken like a true idiot. Real money is in the eye of the beholder. The only thing that gives money its value is the collective belief that it's valuable.

It sure feels like real money to those who buy subway sandwiches with it. Or were those free sandwiches?
 
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