Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k - 10/31/13 | Page 4 | TigerDroppings.com
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CaptainsWafer
USA Fan
Bone it like you own it.
Member since Feb 2006
42689 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k

Me too, I'd like a bitcoin for dummies type of summarization here.


Mr. Tom Morrow
LSU Fan
Cosmic Ray's Starlight Cafe
Member since Jun 2012
6821 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
So where do I go to sell all these krugerrands I bought up? Can I buy bitcoins with them?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58350 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

To be fair though, the business taht you are in would be threatened to an extent if BitCoin were to take over as a mass currency. So your stance against it is pretty biased.


Not at all. You can't buy stocks with Bitcoin. People won't put their retirement money in Bitcoin. The community is extremely small. And if Bitcoin happened to ever get big, government will regulate it like they do with currency today. Hence making it's "benefits" go away.


CocomoLSU
Penn State Fan
Inside your dome.
Member since Feb 2004
131395 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

Not at all.

Sure it is. It may be small, but if people "invested" in BitCoin, that's less money they have to invest in the stock market, i.e. your industry.
quote:

And if Bitcoin happened to ever get big, government will regulate it like they do with currency today. Hence making it's "benefits" go away.

I agree with that though.


CP3
LSU Fan
Baton Rouge
Member since Sep 2009
3649 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

Not at all. You can't buy stocks with Bitcoin. People won't put their retirement money in Bitcoin. The community is extremely small. And if Bitcoin happened to ever get big, government will regulate it like they do with currency today. Hence making it's "benefits" go away.


This.

People tend to make bitcoins sound way more universal than they really are.


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CaptainsWafer
USA Fan
Bone it like you own it.
Member since Feb 2006
42689 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
But..youre blek
This post was edited on 10/31 at 12:15 pm


bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
85004 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
do you earn points when you use bitcoin like you do when you use a CC?

:hopes that isnt a dumb questions:
This post was edited on 10/31 at 12:17 pm


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58350 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

Sure it is. It may be small, but if people "invested" in BitCoin, that's less money they have to invest in the stock market, i.e. your industry.


My clients have never heard of Bitcoin. It has 0 impact on me. Bitcoin is speculation.


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LSUzealot
New Orleans Saints Fan
Napoleon and Magazine
Member since Sep 2003
56925 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
read this PDF

LINK



Mr. Tom Morrow
LSU Fan
Cosmic Ray's Starlight Cafe
Member since Jun 2012
6821 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
Don't judge me. Krugerrands will one day allow me to be a bitcoin giant. I'll be laughing at you from my beanie baby fortress.


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G Vice
LSU Fan
Lafayette, LA
Member since Dec 2006
9428 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
So....can bitcoin be converted to IRL cash in a checking account?

If so, how would one account for it? It's not a gift. More like a capital gain.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
I just noticed this thread.

If any one has any questions about bitcoin then go ahead and ask them.


ILikeLSUToo
LSU Fan
Central, LA
Member since Jan 2008
13899 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
hay wuts ur hashrate


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

hay wuts ur hashrate





no comment


bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
85004 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

If any one has any questions about bitcoin then go ahead and ask them.


i asked one several posts up


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ILikeLSUToo
LSU Fan
Central, LA
Member since Jan 2008
13899 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
Aww, no ASIC machine?

I used to mine with my graphics cards and actually made a profit, but that was two years ago.


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CaptSpaulding
Alabama Fan
Member since Feb 2012
887 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

So....can bitcoin be converted to IRL cash in a checking account?



This is the one question that I've never seen clearly answered in these threads. Let's say I have 100,000 bitcoins. Where do I go to cash them in? I don't want to hear that I don't need to cash them in, but rather I can just use them to buy stuff directly. I want to know if there is a way to directly convert them to cash, no matter the amount.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

do you earn points when you use bitcoin like you do when you use a CC?


No.


But just FYI, points/rewards type credit cards typically carry a higher transaction fee. Upwards of 4.5%. The merchant pays this.

Of course, anyone familiar with running a business understands that this just gets passed on to the customers in higher prices.

High credit card transaction fees (2.5%-4.5% plus a $0.10-$0.15 per swipe fee) highlight one of the many benefits of bitcoin. Bitcoin transactions can be sent extremely cheaply (fractions of a US penny, or even free).


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

This is the one question that I've never seen clearly answered in these threads. Let's say I have 100,000 bitcoins. Where do I go to cash them in? I don't want to hear that I don't need to cash them in, but rather I can just use them to buy stuff directly. I want to know if there is a way to directly convert them to cash, no matter the amount.


Yes, there are many ways to exchange bitcoins into various currencies.

There are "exchanges" that allow trading, but this is typically best left to the big boys. examples: bitstamp, mtgox, btc-e, and many more.

There are sites like Coinbase.com that allow you to connect your bank account to buy and sell bitcoins. If you buy bitcoins, they simply debit your account. If you sell them then they'll credit your account.

You can use localbitcoins.com to meet up with people to do face-to-face transactions.

You can use sites like gyft.com and egifter.com to buy gift cards from hundreds of different merchants.


ETA: Just yesterday saw the release of the first bitcoin ATM. It's in Canada: http://business.time.com/2013/10/30/worlds-first-bitcoin-atm-launched-in-canada/



This post was edited on 10/31 at 1:07 pm


bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
85004 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

High credit card transaction fees (2.5%-4.5% plus a $0.10-$0.15 per swipe fee) highlight one of the many benefits of bitcoin. Bitcoin transactions can be sent extremely cheaply (fractions of a US penny, or even free).


so you are telling me right now you can go out and find something cheaper one some secret bitcoin market than you can or amazon (or wherever) and its because the merchant doesnt have to worry about credit card transaction fees?


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