dudalb
Penultimate Amazing
It is amusing to me that so many people who are Goldbugs were so enthusiatic about a currency that was backed by NOTHING at all,the ultimate "Fiat Money".
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How To Use Bitcoin – The Most Important Creation In The History Of Man
- Thread starter michaelsuede
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psionl0
Skeptical about skeptics
I can only think of one goldbug who waxed so elequently about bitcoin.
The difference between bitcoin and fiat money is that fiat money can be created on the spot at the whim of a central bank but nobody can create a bitcoin.
Belz...
Fiend God
I'm not sure it's a good thing, though.
psionl0
Skeptical about skeptics
Then don't buy it.
This discussion is amusing, in light of my friend acquiring about 40,000 bitcoin at an average basis of $11. I'm sure he cares whether any of you think he was "wise".
I was too skeptical to take his advice, unfortunately.
psionl0
Skeptical about skeptics
I just don't see why there should be another 1500 posts on why there should be a bitcoin. It affects nobody except those who choose to be involved with it.
Belz...
Fiend God
Not planning to, but that's not the point of the thread.
If you don't think discussing stuff is important except for the people who already decide that it's positive, why are you even posting on a forum ?
psionl0
Skeptical about skeptics
When you have something new to say about bitcoin that hasn't already been posted on this thread I will read it with interest.
Belz...
Fiend God
Not reading is fine. Telling us that we shouldn't keep discussing it is silly.
Investing $440 000 in bitcoin is a brave punt (although it depends on what proportion of net worth that represents). Part of the problem may be liquidity in the market. Attempting to dispose of the bitcoins in order to realise the profit may cause the market to collapse.
Almo
Masterblazer
Well, someone upthread posted a research article that tracked where stuff was going since all transactions are public. It was pretty clear that there was a lot of traffic related to just a few accounts running BC around.
Apparently bitcoins reached an all time high today at about $33 a bitcoin.
But is this another bubble, or is the value increasing because demand is starting to outstrip supply?
But is this another bubble, or is the value increasing because demand is starting to outstrip supply?
Almo
Masterblazer
How about the guy who bet it all on red on a roulette table? Was he wise? No. Does he care if we think he was? No. What does it prove? Nothing. Simply put, BC is a lousy currency because it is so volatile.
If one is inclined toward gambling, then I suppose it makes sense to gamble on them.
Even in a bubble, demand outstrips supply. It's just that the demand goes down again.
psionl0
Skeptical about skeptics
The mining rate halved in December. Instead of 50 coins, 25 coins are now being generated every 10 minutes. This might be a factor.
Until he sells or spends them, this is just a paper profit. He could either become fabulously wealthy or lose his investment. There is no way of calculating the odds either way because there has never been anything like bitcoin before.
Yeah, thanks for the lecture on unrealized vs. realized gains.
Belz...
Fiend God
The point is that you were right in not investing in BTC.
I mean, it's like saying that your friend winning the lottery is a good argument for playing the lottery, when most people lose money from playing.
You have no basis for your statement made out of not only complete ignorance, but in total disregard for the facts.
psionl0
Skeptical about skeptics
No it isn't. With a lottery you know the odds beforehand but there is no way to calculate the odds with something as unique as bitcoin.
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