Ultimate Bitcoin Thread - Bitcoin rallying | Page 4 | TigerDroppings.com
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying

I am noticing a vast increase in the interest in BitCoin on my Facebook. It's very interesting to watch.


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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22840 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

I haven't bought anything with it yet




So the biggest proponent of it on this site hasn't found a use for it yet... oh except commenting on the increase value of his investment!


Just giving you a hard time. I really like the idea, just it has all the characteristics of a scam to this point in the game.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

So the biggest proponent of it on this site hasn't found a use for it yet


Or maybe I'm just not much of a consumer? I rarely spend my fiat, much less my btc. I'm a simple guy.

Or maybe I prefer to spend my fiat before I spend my btc?



quote:

just it has all the characteristics of a scam to this point in the game.


Please elaborate on this.









SmackoverHawg
Arkansas Fan
Member since Oct 2011
15561 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
Very interesting indeed. I think it's worth getting some as an inflationary hedge. But ultimately it has no inherent value so just like any fiat currency could be rendered worthless. Don't see bitcoins replacing PM's.


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

But ultimately it has no inherent value so just like any fiat currency could be rendered worthless.


Nothing has inherent value. Value is subjective.


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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22840 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

Please elaborate on this.


Scam is probably not the right word. To me, honest people are joining this as an investment vs using it as a medium for exchange. And my gut feeling is the govts of the world don't want people trading totally anonymously and will implement draconian measures to effectively end its expansion. At that point the "Ponzi scheme" effect ends and the price crashes.


SmackoverHawg
Arkansas Fan
Member since Oct 2011
15561 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
Bitcoins do seem like a great way to hide assets from the IRS. And would be alot easier to store than gold or silver. Is there any merchants that will swap bitcoins for PM's?


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

And my gut feeling is the govts of the world don't want people trading totally anonymously and will implement draconian measures to effectively end its expansion.


Well so far you're wrong. The EU has allowed a BitCoin bank to form.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

And my gut feeling is the govts of the world don't want people trading totally anonymously and will implement draconian measures to effectively end its expansion. At that point the "Ponzi scheme" effect ends and the price crashes.


I certainly can't make any argument dismissing that point. It's a valid concern, although I am on the side in thinking that bitcoin will survive something like that. However, if bitcoin does fail, then something else that is similar but fixes some weaknesses will take its place.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

Is there any merchants that will swap bitcoins for PM's?


yes!

http://www.coinabul.com/

just FYI, I have no info on this company. You will probably want to read reviews on them before interacting with them.


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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22840 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

Well so far you're wrong


agreed. I'm waiting on the wal-mart's of the world to use it. At that point the risk of going to zero will be effectively gone.


SmackoverHawg
Arkansas Fan
Member since Oct 2011
15561 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

And my gut feeling is the govts of the world don't want people trading totally anonymously and will implement draconian measures to effectively end its expansion.




Well so far you're wrong. The EU has allowed a BitCoin bank to form.

This would be my fear. It would be easy for them to justify it in a war on terror/organized crime.

If I were to use them, it would only be for speculative or illegal purposes.


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22840 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

fixes some weaknesses will take its place.


what are it's weaknesses?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

what are it's weaknesses?


https://en.bitcoin.it/wiki/Weaknesses



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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

agreed. I'm waiting on the wal-mart's of the world to use it. At that point the risk of going to zero will be effectively gone.


I've thought about it, and I see the likelihood of 3rd party transactors arising to be much greater than actual companies/corporations accepting it.


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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:


If I were to use them, it would only be for speculative or illegal purposes.


If you've ever wanted to try DMT I'm sure Adam Kokesh could help you buy it with BitCoin.


SmackoverHawg
Arkansas Fan
Member since Oct 2011
15561 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
The biggest problem I see is getting the average person to understand and accept them. I understand how theoretically they can't be counterfeited due to changes in the algorithm seeing the new fork as a separate, unrecognized currency. The problem is I don't fully understand these algorithms or how they might could be manipulated.



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LSURussian
LSU Fan
Member since Feb 2005
85145 posts
Online

re: Ultimate Bitcoin Thread - Bitcoin rallying
quote:

just it has all the characteristics of a scam to this point in the game.



Please elaborate on this.


1) It's touted as "the new best thing" for making money. "This time it's different!"

2) Its creator is a virtual unknown with almost no reputation or credibility in finance and with an almost single-handed ability to get his money out before the scam collapses, although none of his followers will agree with this fact.

3) It relies up a very complicated, almost incomprehensible technology process which most people, even sophisticated financial specialists, don't understand. This complicated process is touted as a strength of the scam rather than as an obvious weakness and acts as a way to cover up the opaqueness of the scheme.

4) Anyone who questions bitcoins is ridiculed as being backwards, unintelligent, old fashioned or lacking understanding of technology. Even many users of bitcoins admit they don't fully understand how it works. (Allen Stanford of Stanford Financial continues to this day to claim his financial empire collapsed only because regulators were too stupid to understand his new, brilliant investment technology and processes.)

5) The entire scam relies upon a "trust me" mentality where gullible people have to rely upon a very few persons who claim to understand the process.

6) The scheme attracts gullible and somewhat paranoid people who are looking for a way to "beat the system" and who are easily impressed by complicated processes which they don't understand. (Example: Bernie Madoff's victims.)

Frankly, I don't understand how TD.com site owners continue to allow the pump-up tactics for bitcoin. They sure don't allow (and rightly so) speculative stocks from being touted on the Money Talk Board in order to avoid any appearance of endorsing any possible scams and thereby bringing liability upon themselves when the scam collapses.


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BaddestAndvari
Bowling Green Fan
That Overweight Racist State
Member since Mar 2011
13021 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
second Amazon starts taking bitcoins will be the day I join.


SmackoverHawg
Arkansas Fan
Member since Oct 2011
15561 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying
I feel more comfortable amassing alcohol and tobacco at this pt.

Excellent breakdown LSURussian.


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