Bitcoin will ruin people | Page 3 | TigerDroppings.com
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CajunAngele
LSU Fan
Member since Oct 2012
15175 posts

re: Bitcoin will ruin people


quote:

:NB4Russian:


This post was edited on 3/29 at 8:39 pm


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306210 posts
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re: Bitcoin will ruin people
quote:

bitcoin is nothing more than imaginary money

i think of it more as a commodity


Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
141 posts

re: Bitcoin will ruin people
If you could, you wouldn't have warned people about Bernie Madoff?


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306210 posts
Online

re: Bitcoin will ruin people
quote:

you wouldn't have warned people about Bernie Madoff?

i would, but he was running an actual ponzi scheme

bitcoins aren't a ponzi scheme. the increasing value is due to market forces, not new investors. at this moment there is a finite number of bitcoins on earth. it is impossible to keep filling the coffers with new "investors," unless you believe that there is NOT a finite number in circulation at this moment (which wouldn't be a ponzi scheme as much at outright fraud)


CajunAngele
LSU Fan
Member since Oct 2012
15175 posts

re: Bitcoin will ruin people
I just want to know a few things about the person that started this. Will his wife be ruined in the Hamptons yacht club for life and will his name be Arnie RanOft?


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Bitcoin will ruin people
quote:

If Bitcoin is nothing more than Farmville points, like people say, I don't see why there is such a big need to warn people about the evils of gathering too many points on Farmville. If you don't think it's any more important than Farmville points, then who cares?

Do people pay real money for Farmville points under the illusion that those points can be exchanged for a larger amount of real money later?


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Gmorgan4982
LSU Fan
Member since May 2005
101712 posts

re: Bitcoin will ruin people
quote:

If you could, you wouldn't have warned people about Bernie Madoff?
I don't see how the two are comparable at all.


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Bitcoin will ruin people
quote:

the increasing value is due to market forces, not new investors

You have not thought the process through, SFP.

Bitcoin is a high tech Ponzi scheme.


memphis tiger
LSU Fan
Memphis, TN
Member since Feb 2006
4819 posts

re: Bitcoin will ruin people
quote:

i think of it more as a commodity



Commodity, I do not think this means what you think it means


In economics, a commodity is a marketable item produced to satisfy wants or needs.[1] Economic commodities comprise goods and services.[2]
The more specific meaning of the term commodity is applied to goods only


CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: Bitcoin will ruin people
It is putting up beach front property for sale in Arizona.


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Bitcoin will ruin people
quote:

i think of it more as a commodity

SWING and a miss!


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306210 posts
Online

re: Bitcoin will ruin people
i have no money in BTC and i'm not a true believer like wiki, but this sort of "currency" is definitely possible


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306210 posts
Online

re: Bitcoin will ruin people
quote:

a commodity is a marketable item produced to satisfy wants or needs.

a system of exchange that is anonymous and untraceable is a product that satisfies a want/need


Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
141 posts

re: Bitcoin will ruin people
quote:

bitcoins aren't a ponzi scheme. the increasing value is due to market forces, not new investors.




The purpose of Bitcoin is to become a new vehicle to trade goods and services. By your understanding of Bitcoin as an INVESTMENT it is easily a Ponzi scheme.

I think of it as a currency with a basis that early adopters recruit new adopters by selling something that will eventually have no value. That is why I say it is a Ponzi scheme.

quote:

at this moment there is a finite number of bitcoins on earth.


There will always be a finite number.

quote:

it is impossible to keep filling the coffers with new "investors,"


Very possible.
A Bitcoin is divisible to 0.00000001
The flaw of bitcoin is when 0.0000001 BTC can buy you a loaf of bread and 10 BTC can buy you an island in the Pacific. You have these early adopters (specifically the programer and his pals) becoming the mega rich for very little work.


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22692 posts

re: Bitcoin will ruin people
SPF, people are not using bit coins to exchange goods and services. They are hoarding them to inflate the price. Some are being exchanged to conduct illegal activity or gamble but they aren't being used for common purchases despite their being a means to do this. The current expansion is all about the perception of use but not reality.
This post was edited on 3/29 at 9:03 pm


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Bitcoin will ruin people
quote:

i have no money in BTC and i'm not a true believer like wiki, but this sort of "currency" is definitely possible

Not from just solving complex math problems whose solution provides no other benefit.

I have no doubt that a virtual currency is possible but not with the structure of bitcoin. Bitcoin is a hybrid Ponzi & pyramid scheme.

Actually we have virtual currencies now via electronic transfers which are accomplished without a physical transfer of paper or metal.


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bmy
LSU Fan
Nashville
Member since Oct 2007
25721 posts
Online

re: Bitcoin will ruin people
people are actually against bitcoins?


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306210 posts
Online

re: Bitcoin will ruin people
quote:

You have these early adopters (specifically the programer and his pals) becoming the mega rich for very little work.

this is a niche market. you don't think the market would react long before this scenario arose?

but you're missing my point

1.there are a finite number of bitcoins (yes they are divisible, but that's irrelevant)
2. the "early adopters" have some amount of them

the market value is only based on the available BTC being bought/sold. if the early adopters are hoarding the BTC, then the value of the BTC they're hoarding is artificially diminished. you might as well just ignore that these exist and think of the BTC in circulation as the amount that determines the value. if this occurs, the early adopters cannot attain the value you are asigning their BTC down the road


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Bitcoin will ruin people
quote:

people are actually against bitcoins?

Most honest people are always against swindles no matter how clever the swindlers are.


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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22692 posts

re: Bitcoin will ruin people
Against? Not really. More just recognizing the flaws of what could be something great.


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