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How To Use Bitcoin – The Most Important Creation In The History Of Man

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Technically, it's a pump-and-dump scheme, as evidenced by the horde of copycat premined altcoins trying to do the same thing.
 
TubbaBlubba said:
....... pyramid scheme ......
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Beelzebuddy said:
...... pump-and-dump scheme .....
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:sdl: There is no comment so ignorant that the fools won't constantly repeat it as if they knew what they were talking about.

Bitcoin is already back over $1000. The best thing for wrs is if this thread gets merged with the main bitcoin thread so it won't be a constant reminder he is the lastest psychic to prematurely predict the demise of bitcoin.
 
psionl0 said:
:sdl: There is no comment so ignorant that the fools won't constantly repeat it as if they knew what they were talking about.

Bitcoin is already back over $1000. The best thing for wrs is if this thread gets merged with the main bitcoin thread so it won't be a constant reminder he is the lastest psychic to prematurely predict the demise of bitcoin.
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That's what you said about your last precious, gold.

How's that gold working out for you now?
 
So a few years ago someone bought two pizzas with 10,000 BTC. I bet he feels pretty foolish today.

Logically, if you believe that BTC is going up, you shouldn't buy anything with it, isn't that true?
 
ideogram said:
So a few years ago someone bought two pizzas with 10,000 BTC. I bet he feels pretty foolish today.

Logically, if you believe that BTC is going up, you shouldn't buy anything with it, isn't that true?
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Exactly. Unless you believe its value is going to remain steady or will decrease over time relative to other currencies, it makes no sense at all to spend it.

Unless Bitcoin can demonstrate it's a stable currency, it's just a speculative play.
 
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ideogram said:
So a few years ago someone bought two pizzas with 10,000 BTC. I bet he feels pretty foolish today.

Logically, if you believe that BTC is going up, you shouldn't buy anything with it, isn't that true?
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That's why most countries try to avoid deflation, not build it into their currency as a feature.
 
wrs said:
OK, had to do it, it's through both of my support levels now.

Post your guesses as to how low it can go. I am on record for $150 but it may only get to $500. Anyway, right now, it's pretty horrible for bitcoin holders.

This chart shows $900 but currently, it's at $866.
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I remember when bitcoin at $10 was considered a bubble. Now you are telling me that $150 (and possibly $500) is the low end after the bubble pops?
 
psionl0 said:
:sdl: There is no comment so ignorant that the fools won't constantly repeat it as if they knew what they were talking about.

Bitcoin is already back over $1000. The best thing for wrs is if this thread gets merged with the main bitcoin thread so it won't be a constant reminder he is the lastest psychic to prematurely predict the demise of bitcoin.
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Yeah, just keep buying tulips. :rolleyes:
 
AdMan said:
Yeah, just keep buying tulips. :rolleyes:
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Yes, money shouldn't behave like that. Tulip bulbs make much more sense. When they go phut you can at least plant them, or even eat them if you've lost your shirt. Shares in the South Sea Company are worth a punt too.
 
psionl0 said:
:sdl: There is no comment so ignorant that the fools won't constantly repeat it as if they knew what they were talking about.

Bitcoin is already back over $1000. The best thing for wrs is if this thread gets merged with the main bitcoin thread so it won't be a constant reminder he is the lastest psychic to prematurely predict the demise of bitcoin.
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indeed, this week's selloff looks a lot like the last one

btc.jpg


People can now also trade BTC & Litecoin on Metatrader 4 (the industry standard program) here https://btc-e.com/

just need to register (any name) and anybody can open a free demo account and all short the hell out of them and see how much they would lose by acting rather than armchair experting.

wildcat said:
That's what you said about your last precious, gold.

How's that gold working out for you now?
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your government are probably pleased with their results at this point

gold.jpg
 
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TubbaBlubba said:
And nobody was surprised.

Like I've been saying for a long time, it's a glorified pyramid scheme, not a serious currency, although to its defence it is backed by the full faith and credit of the internet illicit drug market.

Frankly, I'm surprised it's still afloat at all.
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:confused: because fiat cash is never involved in in illicit dealings of any kind?

I am personally surprised that our propagandizing class haven't attempted to smear gold as the primary funding source (and therefore reason) for Tewwowits yet.
 
http://www.ft.com/intl/cms/s/0/4903fc9a-591f-11e3-a7cb-00144feabdc0.html#axzz2mJgSKc4U

The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency.

The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents seen by the Financial Times.

It wants to launch itself as the first international centre for Bitcoin transactions by setting up a cluster of services that are compliant with anti-money laundering rules, including exchanges, payment services and a Bitcoin storage vault.

The special Bitcoin would be part of the Royal Mint’s commemorative collection, which includes limited edition coins and stamps that are normally bought by collectors. It would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse.
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Alderney is a good example of "doesn't get it", quite frankly. One of the advantages of BTC is that it was all digital, and thus you don't have to mint a new coin for denominations such as .001, .0001, etc.

But props to them for trying to forcibly combine goldbuggery and bitcoinery.
 
psionl0 said:
You are the one who said, As long as bitcoins are throttled by the fact that pretty much nobody accepts them the real value of those coins is dependent on the exchanges.

The onus is on you to prove that this will always be the case.
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Okay then. I'm going to use Australia as the example place because I know where to find the relevant statistics. According to spendbitcoins.com a grand total of 44 places accept bitcoin in Australia. According to the ABS there was a total of 2,141,280 businesses that were trading by the end of June 2012. Assuming a growth rate of 0.4% again that means there are 2149845 businesses trading in Australia at the end of June 2013.

That would mean of all the businesses in Australia a grand total of 0.002% of all businesses in Australia accept bitcoins. Or to put it another way, 99.998% of businesses don't accept bitcoins.

If you factor in all the businesses on that site, you'd get about 1577 businesses or about 0.07%. That number would be far lower if I could find out how many businesses there are worldwide.

The fact of the matter is that the total number of businesses I can find that accept bitcoins is even lower than the growth rate of businesses in Australia.

I can't find information on bitcoin adoption rates among businesses, but based on these numbers I'm going to say that it's very very low. Far lower than the growth rate of businesses in general.
 
remirol said:
Alderney is a good example of "doesn't get it", quite frankly. One of the advantages of BTC is that it was all digital, and thus you don't have to mint a new coin for denominations such as .001, .0001, etc.

But props to them for trying to forcibly combine goldbuggery and bitcoinery.
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good luck trying to bribe your border guards in the digital version after an EMP strike ;)
 
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