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Started By
Message
1
Posted on 8/27/14 at 9:30 am to colorchangintiger
quote:
Banks control the flow of money. You need to wire money to China? That'll be $65 and several forms to fill out. With Bitcoin you just send it. No government paper trail, no (big) transfer fees.
And when some company holding all your Bitcoin decides to make it disappear, you just lose it all.
Posted on 8/27/14 at 9:31 am to terd ferguson
quote:
And when some company holding all your Bitcoin decides to make it disappear, you just lose it all.
You can store bitcoin locally.
Posted on 8/27/14 at 9:33 am to colorchangintiger
How much FDIC insurance does your hard drive have?
Posted on 8/27/14 at 9:34 am to terd ferguson
you don't have to keep them in their wallet, but that's a big hurdle for it being widely used by the average person. it takes an above average understanding of software and encryption to keep a local wallet safe. the average person will just keep in stored on the website and be vulnerable to that.
Posted on 8/27/14 at 9:35 am to Thib-a-doe Tiger
yea that too. if you have it on your hard drive and god forbid it fails, you're fricked
Posted on 8/27/14 at 9:35 am to TH03
quote:
he allegedly got in when it was well under $10 per btc. now it's above $500.
I allegedly have a 10" penis. He could have bought 2 bitcoins for all we know. Good for him if he's crazy rich though.
Posted on 8/27/14 at 9:36 am to Broke
you're absolutely right, I didn't say it was fact. I said it was easy to assume.
Posted on 8/27/14 at 9:36 am to Thib-a-doe Tiger
quote:
How much FDIC insurance does your hard drive have?
As much as the wallet in my back pocket has.
I don't use bit coin as a savings account. I wouldn't recommend that to anyone.
Posted on 8/27/14 at 9:37 am to colorchangintiger
quote:
Banks control the flow of money.
If I were one of those people who needs to hide his tracks for whatever reason, that would indeed be a plus. For everyone else this really doesn't matter.
What *does* matter is easy convertibility of assets to a convenient medium of exchange, and in that regard the dollar is obviously far better. I can pay by credit card virtually anywhere in the world with no problems. Yes, the transactions are traceable but I truly DGAF that someone might find out that I bought a Coke in the Caucasus.
I might care if I were buying coke (the white stuff) but I don't have that particular need.
Posted on 8/27/14 at 9:41 am to colorchangintiger
quote:Nope. I've never wired money to China. So having dollars hasn't cost me anything doing that.
You need to wire money to China?
Posted on 8/27/14 at 9:44 am to LSURussian
quote:
LSURussian
Just because you haven't doesn't mean that fees and forms don't exist to do it.
Am I advocating the dollar become irrelevant?
Posted on 8/27/14 at 9:51 am to colorchangintiger
quote:BTC lost $165 of its value between August 1 and August 17, a 27% drop. Compare that to the wire charges you'd pay versus holding btc over that time.
Just because you haven't doesn't mean that fees and forms don't exist to do it.
You make it sound like it's no risk to hold btc. TH03 made a good case regarding the potential fraud/theft losses holding btc but the exchange risk is also a factor.
That's why the companies that "accept" bitcoin don't really accept it. They don't want the exchange risk.
Posted on 8/27/14 at 9:53 am to LSURussian
quote:
Compare that to the wire charges you'd pay versus holding btc over that time.
again, i never said anything about holding any significant quantities. I do have a little, but I usually buy it as I need it, negating the volatility
This post was edited on 8/27/14 at 9:54 am
Posted on 8/27/14 at 9:56 am to colorchangintiger
quote:
Am I advocating the dollar become irrelevant?
No, but you did imply that centralized bank control is a bad thing and I'm wondering why one would think this unless you have a reason to hide your tracks.
Such a reason could exist, I'm not trying to imply that is inherently bad. Just that I don't understand why bitcoins are better due to the lack of centralized bank control.
For one thing, that centralized control means I can get my money back if someone steals my credit card. So far as I know, if someone steals your bitcoins, they're gone and you have zero recourse.
Posted on 8/27/14 at 9:59 am to colorchangintiger
quote:That doesn't 'negate' the volatility. It just decreases the risk from volatility. BTC has lost 15+% of its value in one day.
I usually buy it as I need it, negating the volatility
Posted on 8/27/14 at 10:00 am to SportsGuyNOLA
The price for Bitcoins is based purely on investor confidence since there is nothing backing Bitcoins. Currently the investors are mainly Chinese. The price of Bitcoins will be determined by events in China rather than the U.S. since the confidence of Chinese investors is what will determine the price of Bitcoins.
Posted on 8/27/14 at 10:23 am to mikelbr
Correction: The private organization known as the FED controls the flow of money. They need to be gone IMO
Posted on 8/27/14 at 10:24 am to carlsoda
Posted on 8/27/14 at 10:31 am to carlsoda
quote:
Correction: The private organization known as the FED controls the flow of money. They need to be gone IMO
Lolz, ok I'll bite. Why do they need to be gone? Are you against the Fed or just monetary policy in general?
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