Anyone still believe in Bitcoin?

[akphidelt]

Of course they have value I never said they did not.
All I said was the only reason stocks have any value at all is because collectively millions of people decided they have value.

Bitcoins for now are the same exact way.
For now, no matter what you and I think of Bitcoins they have value because there are enough people willing to pay for them.

This is true to an extent. But kind of far fetched to equate owning stock to owning bitcoins. Stocks are associated with actual value represented by a company that sells or goods and services. Bitcoins have no association other than how much someone is willing to pay for it.

 

[raiders72]

You can exchange yen for US dollars the same as you can exchange bitcoins for dollars. There isn't a company for either transfer.

 

[niltes]

you can keep bitcoins offline, but don't be like that fellow in england
who threw away his computer with $7 million of bitcoin which is now
hopelessly lost in a dump.

 

[TopShelf11]

Warren Buffett: "Stay away from (bitcoin)...the idea that it has intrinsic value is a joke."

 

[raiders72]

you can keep bitcoins offline, but don't be like that fellow in england
who threw away his computer with $7 million of bitcoin which is now
hopelessly lost in a dump.

what's the difference between that and carrying around a load of cash in a paper bag and leaving it somewhere? The guy throwing away his computer could have retrieved his money if he kept a copy of the log in information. It doesn't have to stay in one computer.

 

[niltes]

ask him. he is not a happy camper.

 

[niltes]

there are decent differences for bitcoins value at any particular moment
among the exchanges. a liquid, astute, and organized trader could
easily arbitrage some nice coin or bitcoin.

 

[raiders72]

there are decent differences for bitcoins value at any particular moment
among the exchanges. a liquid, astute, and organized trader could
easily arbitrage some nice coin or bitcoin.

Been doing it for a year although it's almost impossible to do now if you throw in transfer fees. Bitcoin arb table http://www.coined.com/

 

[niltes]

whenever there is free money, it's not unusual to see a feeding frenzy untill the carcass and opportunity
is gone. kudos for being ahead of the curve.

 

[raiders72]

Also, people are fooling themselves if they think that the bitcoin market follows any type of economic model. A lot of people were using bots to arb but that seems to be over.

 

[raiders72]

whenever there is free money, it's not unusual to see a feeding frenzy untill the carcass and opportunity
is gone. kudos for being ahead of the curve.

got real lucky. A poster by the name of saab who is a programmer kept pushing bitcoins on one of the forums. I started buying at $29. As you said, the feeding frenzy is gone with arbs.

 

[PatsFan1283]

This is true to an extent. But kind of far fetched to equate owning stock to owning bitcoins. Stocks are associated with actual value represented by a company that sells or goods and services. Bitcoins have no association other than how much someone is willing to pay for it.

I think it is a reach and you and a few others mostly explain why.

Bitcoin is an ambitious idea but I just don't see how it sustains faith behind it.

 

[Betallsports]

Bitcoin is the way to go for sports bettors. It will replace the cash books as long as the government doesn't step in. I've been playing with them for some time now.

Tell Silk road that ...

 

[raiders72]

Tell Silk road that ...

selling drugs is a lot different than a person gambling online. Silk road has already been replaced. I've been playing with bitcoins for a year. The deposits and withdrawals are almost instant. Some are instant but others require a couple of confirmations. It's much easier than sweating out a check from a third party processor.

 

[raiders72]

Some of the cash books have been busted running away with player's funds.

 

[raiders72]

The people that use bitcoins love them. The people that have never used bitcoins bash them.

 

[Betallsports]

The people that use bitcoins love them. The people that have never used bitcoins bash them.

Raiders .. you must have had them for a while .. have you made a profit ?

 

[PatsFan1283]

The people that use bitcoins love them. The people that have never used bitcoins bash them.

Not bashing the ease of use and effectiveness of an online currency at all. I think it is a really cool idea, especially when it comes to something like poker or sports betting.

I just don't see how it sustains without gov't regulation. I just think it is backed by nothing but who knows, it is such a good idea that it could evolve...

 

[raiders72]

Raiders .. you must have had them for a while .. have you made a profit ?

Yes. As I said though, the credit really goes to saab. I started buying at $29 and cashed out most at $800. Now I play with the bitcoin books. It's no different than the cash books. Some have reduced juice. Others are slow movers and some just opinionated.

 

[akphidelt]

The people that use bitcoins love them. The people that have never used bitcoins bash them.

The people who bought at $1000 don't love them, lol