Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k | Page 4 | TigerDroppings.com

Posted byMessage
CaptainsWafer
Austin Peay Fan
Bone it like you own it.
Member since Feb 2006
40512 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.





Back to top
Mr. Tom Morrow
Penn State Fan
Cosmic Ray's Starlight Cafe
Member since Jun 2012
5929 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?





Back to top
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56673 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.






Back to top
CocomoLSU
Penn State Fan
Inside your dome.
Member since Feb 2004
128100 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.






Back to top
CP3
LSU Fan
Baton Rouge
Member since Sep 2009
3105 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.






Back to top
  Replies (0)
CaptainsWafer
Austin Peay Fan
Bone it like you own it.
Member since Feb 2006
40512 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


Back to top
bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
81433 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


Back to top
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56673 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.






Back to top
  Replies (0)
LSUzealot
New Orleans Saints Fan
Napoleon and Magazine
Member since Sep 2003
53369 posts

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


read this PDF

LINK







Back to top
Mr. Tom Morrow
Penn State Fan
Cosmic Ray's Starlight Cafe
Member since Jun 2012
5929 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.





Back to top
  Replies (0)
G Vice
LSU Fan
Lafayette, LA
Member since Dec 2006
8963 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.






Back to top
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.






Back to top
ILikeLSUToo
LSU Fan
Central, LA
Member since Jan 2008
11163 posts
 Online 

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


hay wuts ur hashrate





Back to top
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






Back to top
bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
81433 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






Back to top
  Replies (0)
ILikeLSUToo
LSU Fan
Central, LA
Member since Jan 2008
11163 posts
 Online 

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.






Back to top
  Replies (0)
CaptSpaulding
Alabama Fan
Member since Feb 2012
852 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.






Back to top
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).






Back to top
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


Back to top
bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
81433 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?






Back to top


Back to top