Author Topic: BitCoin Master Thread  (Read 13317 times)

Online henche

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Re: Whats the story with BitCoins ?
« Reply #60 on: December 03, 2013, 01:29:22 PM »
So the ppl that believe in the concept of a bitcoin (ME:)) also lack any belief in a silly system such as the US govt and the federal reserve who, just by the way, owe china a sh$t load of money, and are in a tremendous amount of debt.

Sure. But what exactly are you believing in? That other people will continue to use Bitcoin as opposed to Shmitcoin? What is that belief based on?

BTW: Best line from the Posner article:
Quote
itcoin unites futuristic left-wing Internet anarchism—the fantasy that the Web can provide the conditions for a governmentless society—with the cave-dwelling right-wing libertarianism of goldbugs who think a stable money supply can be established without government involvement.

Online churnbabychurn

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Re: Whats the story with BitCoins ?
« Reply #61 on: December 03, 2013, 01:37:03 PM »
Sure. But what exactly are you believing in? That other people will continue to use Bitcoin as opposed to Shmitcoin? What is that belief based on?

BTW: Best line from the Posner article:
Once it catches on, it will become an established currency. The dollar is also not accepted everywhere in the world. As long as its accepted by a large amount of merchants it will be a currency. To paraphrase chazal "If its not accepted here it will surely be accepted elsewhere"

Online henche

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Re: Whats the story with BitCoins ?
« Reply #62 on: December 03, 2013, 01:46:00 PM »
Once it catches on, it will become an established currency. The dollar is also not accepted everywhere in the world. As long as its accepted by a large amount of merchants it will be a currency. To paraphrase chazal "If its not accepted here it will surely be accepted elsewhere"

But why?

You think it is valuable, because you think other people will think it is valuable. But what is that all based on? What is the ultimate value? Nothing.

So if everyone decides on the same day that it is worthless, then it is worthless. Just like a regular currency on the day the state falls.

Offline Vosizderneias

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Re: Whats the story with BitCoins ?
« Reply #63 on: December 03, 2013, 02:33:17 PM »
But why?

You think it is valuable, because you think other people will think it is valuable. But what is that all based on? What is the ultimate value? Nothing.

So if everyone decides on the same day that it is worthless, then it is worthless. Just like a regular currency on the day the state falls.
supply and demand honey bunches, same system with the stock market (stocks worth based on its demand), same with real estate. welcome to the wonderful world of business.
obviously theres a certain element of risk, but what lacks risk? besides mileage ;) which is why i just love dansdeals

Online henche

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Re: Whats the story with BitCoins ?
« Reply #64 on: December 03, 2013, 02:36:05 PM »
supply and demand honey bunches, same system with the stock market (stocks worth based on its demand), same with real estate. welcome to the wonderful world of business.
obviously theres a certain element of risk, but what lacks risk? besides mileage ;) which is why i just love dansdeals

Right. Supply and demand. But that demand is based on other people anticipating demand, which is in turn based on those people anticipating demand, which is ultimately based only on the anticipation of demand.

Which means that if everyone stopped imagining there would be further demand, then there is nothing left.

Offline Vosizderneias

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Re: Whats the story with BitCoins ?
« Reply #65 on: December 03, 2013, 02:44:28 PM »
Right. Supply and demand. But that demand is based on other people anticipating demand, which is in turn based on those people anticipating demand, which is ultimately based only on the anticipation of demand.

Which means that if everyone stopped imagining there would be further demand, then there is nothing left.
were not really getting anywhere here. i give up. big picture my friend

Online churnbabychurn

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Re: Whats the story with BitCoins ?
« Reply #66 on: December 03, 2013, 02:52:16 PM »
But why?

You think it is valuable, because you think other people will think it is valuable. But what is that all based on? What is the ultimate value? Nothing.

So if everyone decides on the same day that it is worthless, then it is worthless. Just like a regular currency on the day the state falls.
The only ingredient BC is missing is a state to regulate and control. For some this is a virtue, the state cant take your money either.
Your concern is that all of a sudden thousands of merchants will decide they are no longer taking BC. Its the same as saying "Im not signing up for a Amex card cuz maybe everyone will stop taking it.
Once BC is accepted by thousands of merchants, EG. amazon, etc. I see no reason for it not to take over the global economy. After all, its tax free ;)

Online henche

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Re: Whats the story with BitCoins ?
« Reply #67 on: December 03, 2013, 02:52:55 PM »
were not really getting anywhere here. i give up. big picture my friend

HE GIVES UP!!!!!!!!!!!!!!!!!!!!!!!!!!! HENCHE WINNNNNNNNNNNNNNNNNNNNNSSSSSSSSSSSSSSSSSSSSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

lol

(also, I really do want to buy some as an investment in ponzi scheme)

Online henche

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Re: Whats the story with BitCoins ?
« Reply #68 on: December 03, 2013, 02:53:55 PM »
The only ingredient BC is missing is a state to regulate and control. For some this is a virtue, the state cant take your money either.
Your concern is that all of a sudden thousands of merchants will decide they are no longer taking BC. Its the same as saying "Im not signing up for a Amex card cuz maybe everyone will stop taking it.
Once BC is accepted by thousands of merchants, EG. amazon, etc. I see no reason for it not to take over the global economy. After all, its tax free ;)

Well yes, it would be the same as your AMEX example, if you had to give AMEX money upfront and there were no contractual protections for getting it back if people stopped accepting AMEX.

Online churnbabychurn

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Re: Whats the story with BitCoins ?
« Reply #69 on: December 03, 2013, 03:06:56 PM »
Well yes, it would be the same as your AMEX example, if you had to give AMEX money upfront and there were no contractual protections for getting it back if people stopped accepting AMEX.
If the USA economy collapses, you're not gonna get any gold ya know..

Online henche

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Re: Whats the story with BitCoins ?
« Reply #70 on: December 03, 2013, 04:42:03 PM »
Right, thus I'm betting on the stability of the US.

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Online PlatinumGuy

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Re: Whats the story with BitCoins ?
« Reply #72 on: December 04, 2013, 12:37:03 AM »
This is where things get really interesting!
http://www.businessinsider.com/a-thief-is-attempting-to-hide-100-million-in-stolen-bitcoins-and-you-can-watch-it-live-right-now-2013-12
Wow. That's how my grandmother must feel about the internet. I didn't understand a word.
Purpose > Pleasure

Online churnbabychurn

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Re: Whats the story with BitCoins ?
« Reply #73 on: December 04, 2013, 12:43:56 AM »
Wow. That's how my grandmother must feel about the internet. I didn't understand a word.
get up to speed, there's serious cash to be made!:D
http://www.businessinsider.com/someone-holding-bitcoin-sign-on-college-gameday-receives-over-22-bitcoins-2013-12

Offline MarkS

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Re: Whats the story with BitCoins ?
« Reply #74 on: December 04, 2013, 12:54:31 AM »
get up to speed, there's serious cash to be made!:D
http://www.businessinsider.com/someone-holding-bitcoin-sign-on-college-gameday-receives-over-22-bitcoins-2013-12
That article sounds fishy. Thousands of small donations I would believe. But 22 $1,100 donations?