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

[psionl0]

Can't governments at any time just rule Bitcoin to be illegal?

Not with the legal system as complicated as it is. Make the law too broad and you make a whole bunch of legitimate activities illegal. Make it too narrow and you will find technicalities and loopholes through which to continue bitcoining.

 

[Anders Lindman]

Not with the legal system as complicated as it is. Make the law too broad and you make a whole bunch of legitimate activities illegal. Make it too narrow and you will find technicalities and loopholes through which to continue bitcoining.

Ok, and probably governments would bring "badwill" on themselves if they made Bitcoin illegal. Unless they can come up with some tricky currency exchange laws that make exchange between ordinary currencies and bitcoins illegal. But then on the other hand game currencies like linden dollars in Second Life would become illegal to exchange. So bitcoin will perhaps remain legal. I still feel a bit uncertain about the legal status of Bitcoin though.

 

[mhaze]

Logic is not the same as probability. There's no "extraordinary claim" or "singular case" here, wrs is not claiming all the coins were bought at "one particular moment in time". He's just averaging over a different period than you are. To make a probabilistic argument you would have to run some actual numbers, for instance wrs mentioned the trading volumes.

You don't have a logical argument, that's why you don't know for sure. You don't have a probabilistic argument either, because you don't have any actual numbers.

Anyway it's a stupid argument.

Logic underlies all probability theory.

See the bolded above. Yes, he did make that claim and has not retracted it. Obviously that requires a rebuttal. Otherwise we'd have wrong things on the Internet.

 

[mhaze]

Bitcoin! Backed by the full faith and credit of the international drug trade!

(yeah, I stole that, but it's funny)

Well, you know the rapper in that link does talk about that subject a bit....LOL...

 

[wrs]

The really big issue for bitcon is the lack of buying power. I can't buy that Aston Martin with it. I can't fill my car with gas using bitcoin and I can't buy gold with bitcoin nor can I buy food where I shop with bitcoin. Thus, bitcoin has no utility. If it turns out that it is actually useful beyond the internet, it might gain some traction. In the meantime it's just a speculative play toy and cannot even be converted into spendable money in any reasonable quantity.

Bitcon also has the trust problem. Since it's not real money, no one really believes the silly $ values posted next to it. When you go to convert it to real goods or $, you don't get what is being listed on these so called "exchanges". The reason being, the exchanges are just batting bitcons around and never trading them for $. They are claiming that if they did, xxx would be the $ price. However, when it comes to getting those $ out of the exchanges, not possible if you have any reasonable quantity of them.

So bitcoin is a con and thus, I call it bitcon.

 

[wrs]

No one is spending their bitcons

Looks to me like no one in the bitconned community is actually spending any of their bitcoins. They are all salivating at how rich everyone is with these silly dollar values that have been printed beside the bitcon. There was one fool who sold a car for bitcon but beyond that, no one has been so stupid. Still looks like you can't get a steak for a bitcon, you can't get a good bottle of wine for a bitcon and you can't go to a nice sitdown restaurant and pay for your meal with bitcons.

So as long as people think they are rich and don't spend, they are happy in their delusion. The rubber meets the road when they realize they can't get land, a house, a car, clothing, nothing that anyone would call wealth can be purchased with a bitcon. So again, this bitcon price is a farce and the people on this silly fantasy island just don't get it. The currency gains value by what it can purchase and this currency can't purchase much at all, thus, the $ values next to it are simply a joke. That is of course the real reason no one is spending their bitcons, they just can't.

 

[mhaze]

....I still feel a bit uncertain about the legal status of Bitcoin though.

Bitcoin is a 'disruptive technology'. If you understand enough about it to feel uneasy, that is because you understand how disruptive disruption could be.

Certain nation states, who enforce their power over the people by direct control of the currency and by limiting in and out flows of money, as well as forbidding use of other currencies, are directly threatened by bitcoin.

Argentina. For example.

And it's about time.

 

[psionl0]

No one is spending their bitcons

At first it was, "bitcoin is headed towards a steady $150.
Then it was, "bitcoin holders aren't really getting the money the exchange prices indicate"
Now it's "whatever the price, you can't buy anything directly with bitcoin".

I'm not sure whether you are backtracking or shifting the goal posts.

 

[pantsorama]

At first it was, "bitcoin is headed towards a steady $150.
Then it was, "bitcoin holders aren't really getting the money the exchange prices indicate"
Now it's "whatever the price, you can't buy anything directly with bitcoin".

I'm not sure whether you are backtracking or shifting the goal posts.

Maybe he is adding to a list of issues.

 

[wrs]

At first it was, "bitcoin is headed towards a steady $150.
Then it was, "bitcoin holders aren't really getting the money the exchange prices indicate"
Now it's "whatever the price, you can't buy anything directly with bitcoin".

I'm not sure whether you are backtracking or shifting the goal posts.

Not at all, I am giving you the warning signs of how it will get there and back to $15 where it was a year ago. If people don't spend it, there is no value to it. Worse, now banks are hounding bitcoin businesses just like in the US, it's illegal for Marijuana dispensaries to use credit cards or debit cards. They are forced to use cash because the US can't stop that but it was able to stop the other means of payment.

Dutch Bank Blocks Bitcoin

 

[psionl0]

...... it will get there and back to $15 where it was a year ago.

Well that's new but nothing else you have posted is. I myself have pointed out many times that the opportunities to spend bitcoin directly are still limited and I have predicted many times that the banks wouldn't just sit back and let bitcoin bleed their business.

All you have is spin.

 

[jhunter1163]

At first it was, "bitcoin is headed towards a steady $150.
Then it was, "bitcoin holders aren't really getting the money the exchange prices indicate"
Now it's "whatever the price, you can't buy anything directly with bitcoin".

I'm not sure whether you are backtracking or shifting the goal posts.

It's all three. Plus other issues.

 

[wrs]

Well that's new but nothing else you have posted is. I myself have pointed out many times that the opportunities to spend bitcoin directly are still limited and I have predicted many times that the banks wouldn't just sit back and let bitcoin bleed their business.

All you have is spin.

I posted facts, if you want to label them otherwise, feel free to do so.

 

[Belz...]

Not at all, I am giving you the warning signs of how it will get there and back to $15 where it was a year ago.

Oh, cool. When will it get to 15$ ?

 

[wrs]

Oh, cool. When will it get to 15$ ?

You tell me.

 

[Belz...]

It's your idea, not mine.

 

[wrs]

It's your idea, not mine.

Then I don't have to put a time on it if I choose not to. I already satisfied your need for time lines on my previous speculations about the price of bitcon. I think it's fading right now. It has lot's more offers to sell well above the market and not many offers to buy below, spreads of interest are very wide. There is no volume right now which tells me the market is out of money. Of course there is no need to sell since the whole thing is a fantasy so who is to say it won't just levitate. The fact is though, it will be money that moves bitcoin, not the other way around.

 

[Belz...]

Then I don't have to put a time on it if I choose not to.

Oh, I never claimed you did. Let's just say that I won't be surprised by goalpost-moving on your part if things don't pan out the way you thought.

Not that I think BTC will last. My opinion: it'll sharply drop to zero at some point, or it will remain a fringe currency for several years, maybe decades.

 

[wrs]

coordinated bitcoin buying across all "exchanges". Either there is news or manipulation.

 

[Belz...]

You'd almost think that there's a small group of people *cough* developers *cough* holding the bulk of BTC out there.