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[akphidelt]

You pick one quote out of the entire article that has nothing to do with the majority of it's content, and base it on that? Brilliant.

Its not just one quote, it's pretty much the whole article. It's nonsensical Austrian drivel. These kind of quotes make it useless to read...

"Though it is the very overextension of the dollar that has seen the US deficit sky rocket to an unsustainable $17 trillion (US Debt Clock, 2013), which has left it vulnerable. Parallel to this, the method of fractional reserve banking, a regime that affords the dollar its hegemonic status, is the systemic genesis for the financial crisis that has seen many a central bank struggle to stay afloat, and even collapse. This is what makes the concept of virtual currencies so appealing, particularly the dollar’s most widely used and talked about offspring, Bitcoin."

 

[slapshot]

Sounds like Baseball cards

 

[akphidelt]

Sounds like Baseball cards

Perfect analogy!

 

[CHOPTALK]

It's that kind of gibberish that leads to heavy losses. Bitcoin isnt backed by any government, it has no utility in and of itself and is,....not real. Its value is pure speculation, the "greater fool theory" or musical chairs in action,....

those of us old enough to remember the Villalobos brothers in CR and their 3 percent monthly interest rate have seen this all before.....

Do you realize you can say the exact same thing about every publicly traded common stock on the NYSE ?

 

[FrankieCarbone]

I'm not telling anyone to go and dump their life savings into bitcoin. I'm saying it is a viable option to anyone who want's to conduct transactions anonymously and cheaply without a 3rd party. I thought this would be something people that like to gamble would be all in favor of. Of course bitcoin is in its infancy stages, but if you think fiat currencies are in good shape, then you are dreaming as well. I've used bitcoins to purchase many things online, including places like Amazon, Dell, and Whole Foods among others. I've used it to play poker as well as stated in my first post. I've had absolutely no issues whatsoever.

Frankie you come off as a used car salesman. You remind me of the touts begging you to call their 800# for a free pick. Anytime anyone says something against bitcoin you rush in and defend like you own the place.

Bitcoin may be fine for you and the illegal activities that take place but it's just a matter of time before the house of cards comes crashing down.

I'll have my money safe and secure in the bank before I have any amount of $ in a system that isn't regulated and full of thieves.

Defend all you want but you won't win me over or change my mind. Shill on.

 

[FrankieCarbone]

If you think that is a perfect analogy, you have absolutely no clue how bitcoin works.

Perfect analogy!

 

[akphidelt]

If you think that is a perfect analogy, you have absolutely no clue how bitcoin works.

I understand how currencies work and how Bitcoin is equivalent to owning baseball cards.

 

[CHOPTALK]

All I needed to read was the first page to know it was not worth reading. Especially after this comment...

“It is inevitable that Bitcoin will become a multi-trillion dollar enterprise because every other currency in the world is tied to dying central banks that are encumbered with impossible to pay debts and bankrupt counter-party risks” (Keiser, 2013).

Yes that was very over the top.
I don't think bc will ever replace usd but it's all about timing. Some people made millions on tulips. It's all about the timing. Right now there is money to be made in bc regardless of the endgame.
I don't think bc has even come close to reaching half life yet.

Its going to be around for a long time.

 

[akphidelt]

Do you realize you can say the exact same thing about every publicly traded common stock on the NYSE ?

Not really accurate. There are real assets, revenue, inventory, etc that back your stocks. Owning Bitcoin is more like baseball cards or art.

 

[akphidelt]

Yes that was very over the top.
I don't think bc will ever replace usd but it's all about timing. Some people made millions on tulips. It's all about the timing. Right now there is money to be made in bc regardless of the endgame.
I don't think bc has even come close to reaching half life yet.

Its going to be around for a long time.

I argue BC as a currency. If I knew how to predict it's value as an investment id be rich. But I don't, so I'll leave speculation of prices up to you experts. All I know is there is nothing about BC that would make it even remotely competitive to national currencies.

 

[TheComputerGroup]

I wonder if a few big players are bumping & dumping the stock?

There's a lot of grey are for the bitcpin market.

Yes, some pretty big companies are taking on bitcoin & if more companies join, it will be interesting how far bitcoin will go w/o federal or any other kind of backing to secure buyers/sellers accounts & transactions.

I understood the concept of why people chose to use bitcoins on Silkroad, it made perfect sense, they wanted anonymity & for good reason.

Can bitcoin be successful strictly on the black market? No, I don't think so, it needs legitimate businesses as well.

I'm assuming bitcoin started on the black market for the discreet buyer & seller......I have to read up on it & wouldn't be surprised.

 

[CHOPTALK]

I argue BC as a currency. If I knew how to predict it's value as an investment id be rich. But I don't, so I'll leave speculation of prices up to you experts. All I know is there is nothing about BC that would make it even remotely competitive to national currencies.

I agree.
I think that article he posted was way over the top.
But at the same time I think this thing has a long way to go before it becomes tulips.
I think it's going to go over $4000 before all is said and done.

It does not have to replace the usd for it to be viable. It's not an either or proposition like the article made it out to be. Bc and usd can coexist.

 

[TheComputerGroup]

I argue BC as a currency. If I knew how to predict it's value as an investment id be rich. But I don't, so I'll leave speculation of prices up to you experts. All I know is there is nothing about BC that would make it even remotely competitive to national currencies.

I would use it like Frankie has if it wasn't for the thievery that could happen by hackers, etc.....

I think its sbgrwat concept for buyers & sellers to operate under the radar when using Tor as well.

I mean, say you hit a parlay for 30k & then get that up to 100k by end of football season, its easier to take out the money w/o any questions asked or w/o taking out like 4k a month by cashiers check keeping it under the 5k limit that my bank has before they start asking questions.

It use to be 10k......only thing is, I would be scared to have 100k in a bitcoin account. I would go ballistic if I found 100k missing from an account & I couldn't call anyone to complain & have something done (that's the problem with bitcoin) it has no security for senders & receivers, although people say its safe.

Ate you willing to take that chance. How would you sleep if you had 100k in your local bank but didn't have security?

How about the economic collapse in Cyprus, what has it shown us? That nothing is safe, not even your money in a bank.

 

[TheComputerGroup]

I agree.
I think that article he posted was way over the top.
But at the same time I think this thing has a long way to go before it becomes tulips.
I think it's going to go over $4000 before all is said and done.

It does not have to replace the usd for it to be viable. It's not an either or proposition like the article made it out to be. Bc and usd can coexist.

Chop, investing $13,000 on 1,000 shares back in Jan 2013 would have netted you 1.2 million 11 months later, is that sick or what?

How many stocks, funds, etc can you say that about in an 11 month period?

I'm just wondering g if its not a bump & dump, rinse & repeat scam going on here with the rich getting richer & the investing followers looking to get paid, get dumped on by insiders.......

 

[akphidelt]

I agree.
I think that article he posted was way over the top.
But at the same time I think this thing has a long way to go before it becomes tulips.
I think it's going to go over $4000 before all is said and done.

It does not have to replace the usd for it to be viable. It's not an either or proposition like the article made it out to be. Bc and usd can coexist.

Whoa... $4000? That would put it at about $52 billion with the 13mm bitcoins in existence today.

Like I said, if I knew what value it would be I'd be rich, but I don't think there is a chance in hell it will ever get to $52 billion unless there was some use to it that you couldn't do with currencies.

I mean it's really biggest benefit is black market dealings, like gambling, guns, etc. Otherwise, it's pretty useless. But that brings up another huge problem for Bitcoins. The bigger it gets, the more the world governments will crack down on it.

If the government turned a blind eye and let people gamble throughout the world with bitcoins and being able to exchange currencies back and forth... then yes, it's value could increase greatly. But it would make no sense for governments to allow that without just legalizing gambling in their own currencies and taxing it.

Tough choice, I honestly don't see any value to BC other than black market activities. But I also heard people saying gold was going to $5,000 and I told them they were ridiculous. But I also was surprised it got around $2k. I think the big bang in the BC market already happened, those that cashed out around $1k.

 

[FrankieCarbone]

Baseball cards are completely digital, have their own secure, transparent payment ledger known as a blockchain, and can be sent instantly and anonymously to anyone else in the world. Thanks for clearing that up.

I understand how currencies work and how Bitcoin is equivalent to owning baseball cards.

 

[akphidelt]

I would use it like Frankie has if it wasn't for the thievery that could happen by hackers, etc.....

I think its sbgrwat concept for buyers & sellers to operate under the radar when using Tor as well.

I mean, say you hit a parlay for 30k & then get that up to 100k by end of football season, its easier to take out the money w/o any questions asked or w/o taking out like 4k a month by cashiers check keeping it under the 5k limit that my bank has before they start asking questions.

It use to be 10k......only thing is, I would be scared to have 100k in a bitcoin account. I would go ballistic if I found 100k missing from an account & I couldn't call anyone to complain & have something done (that's the problem with bitcoin) it has no security for senders & receivers, although people say its safe.

Ate you willing to take that chance. How would you sleep if you had 100k in your local bank but didn't have security?

How about the economic collapse in Cyprus, what has it shown us? That nothing is safe, not even your money in a bank.

This is what is so impressive about US Banks and the Central Banking policies. In the Great Depression, one of their biggest problems was bank runs where people wanted physical currency because they were afraid of the banking system.

In 2008/2009 when we had the 2nd largest collapse in American history... bank deposits actually increased. With the FDIC, Federal Reserve, and Treasury, there is no risk to having money in US banks.

Cyprus is part of the EU. The EU does not have assurances on banking deposits. The Euro is a mess and will never work the way it is set up for the same reasons why Bitcoin would never work as a currency.

 

[CHOPTALK]

Whoa... $4000? That would put it at about $52 billion with the 13mm bitcoins in existence today.

Like I said, if I knew what value it would be I'd be rich, but I don't think there is a chance in hell it will ever get to $52 billion unless there was some use to it that you couldn't do with currencies.

I mean it's really biggest benefit is black market dealings, like gambling, guns, etc. Otherwise, it's pretty useless. But that brings up another huge problem for Bitcoins. The bigger it gets, the more the world governments will crack down on it.

If the government turned a blind eye and let people gamble throughout the world with bitcoins and being able to exchange currencies back and forth... then yes, it's value could increase greatly. But it would make no sense for governments to allow that without just legalizing gambling in their own currencies and taxing it.

Tough choice, I honestly don't see any value to BC other than black market activities. But I also heard people saying gold was going to $5,000 and I told them they were ridiculous. But I also was surprised it got around $2k. I think the big bang in the BC market already happened, those that cashed out around $1k.

Its going to be absolutely fascinating to watch in the next 5 years. I have just enough bc to keep me interested but not enough to hurt me if it crashes

im looking at bc as a strick investment. Don't think it will ever replace real currency. But everyday bc gets a little bit more main stream.
Its gaining more legit purposes every day.

 

[akphidelt]

Baseball cards are completely digital, have their own secure, transparent payment ledger known as a blockchain, and can be sent instantly and anonymously to anyone else in the world. Thanks for clearing that up.

The transfer mechanism is completely irrelevant to the analogy.

 

[FrankieCarbone]

Ok, so I guess I can buy a computer off dell.com with baseball cards then...or play poker on sealswithclubs with baseball cards as a deposit method.

The transfer mechanism is completely irrelevant to the analogy.