Bitcoin will ruin people - Page 6 - TigerDroppings.com

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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin will ruin people


no, I haven't gotten into mining





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gizmoflak
Georgetown Fan
Member since May 2007
8980 posts

re: Bitcoin will ruin people


Where should I start in that video? Not listening to all 20 minutes...





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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
68699 posts

re: Bitcoin will ruin people


You, Russian and SFP all have made a lot of valid points in this thread but the truth is only time will tell how it turns out. Nobody in here knows for certain what will happen with the bitcoin market but what I do know is if they do turn out to be a viable form of currency the government will find a way to shut them down.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin will ruin people


shite I can't remember


it really is worth a listen






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gizmoflak
Georgetown Fan
Member since May 2007
8980 posts

re: Bitcoin will ruin people


Ok, I listened to the whole thing only to find out at the very end that the guy is a shill for bitcoins


It was interesting nonetheless..






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gizmoflak
Georgetown Fan
Member since May 2007
8980 posts

re: Bitcoin will ruin people


One observation I have it that some people poo-poo bitcoins because they aren't "backed" by anything .... But that's the whole POINT of bitcoins... NOT to rely on any one government or organization or nationality or commodity to prop up its value. In that sense it's sorta like a religion... bitcoins backers "just believe"

I don't think it's out of the realm of possibility that the bitcoin-believer movement snowballs into something massive as more and more people grow increasingly distrusting of governmental bodies. Exhibit A is Cyprus






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15202 posts
 Online 

re: Bitcoin will ruin people


quote:

because there are millions of examples where people have used bitcoin as a medium of exchange, and that's pretty much the definition of money. so what makes it imaginary?
Why is it necessary to have exchanges for trading bitcoins if the whole idea of bitcoins is to establish a peer to peer system of exchanges? The third party exchanges have already proven the proposed concept impractical. Yet you insist that bitcoins are functioning as described in the promotional literature.






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StrangeBrew
LSU Fan
Salvation Army-Thanks Obama
Member since May 2009
13602 posts

re: Bitcoin will ruin people


This will go the same as your attempt to create a Wiki page about TD.





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IceTiger
USA Fan
OKC
Member since Oct 2007
9170 posts

re: Bitcoin will ruin people


Russian, I acknowledge you as a money expert...tell me the flaw in this:

I buy 5 bit coins for $500, once the value doubles, sell half...get original investment back...


Then sit on it until I gain 20% more sell that and never touch it again...


It has tripled in value in a month ...it should double avain , thoughts?






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21450 posts

re: Bitcoin will ruin people


quote:

It has tripled in value in a month ...it should double avain , thoughts?


Yeah this will end well.






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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
68699 posts

re: Bitcoin will ruin people


quote:

tell me the flaw in this


The flaw is you are assuming they are going to rise in value.






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Revelator
Member since Nov 2008
14575 posts

re: Bitcoin will ruin people


I'll have to take your word for it.





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ljhog
Arkansas Fan
Lake Jackson, Tx.
Member since Apr 2009
9913 posts

re: Bitcoin will ruin people


Bitcoins?? We don't need no stinkin' bitcoins!







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80644 posts

re: Bitcoin will ruin people


IceT, as the other poster wrote, the flaw is assuming the dollar exchange value of BC will continue to increase.

If you replace the word "bitcoin" in your hypothetical with the word "silver" ( or with any other investment) you can see the same flaw in the logic. You can hypothetically make money with ANY investment if you assume its price will continue to increase.

Your example reflects the Ponzi scheme characteristics of bitcoin: get in early, allow new "investors" to use their money to fund an increase in the perceived value of scheme and then get your money out before the scheme collapses.

A Ponzi scheme relies upon "new" money driving up the value of the "asset" without there being any profits or cash flow generated from the operations of the investment.






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