Author Topic: Bitcoin Builder (Read 4020 times)

bluiemonster1 · « **on:** February 20, 2014, 02:23:27 PM »

Bitcoin builder is a site that allows you to buy rights to frozen mt gox bitcoins at fractional prices.
What's the consensus about this?

yos9694 · « **Reply #1 on:** February 20, 2014, 04:41:20 PM »

If you're into BC, then by all means buy the Mt. Gox ones at firesale prices. I personally think the risk stemming from Mt. Gox is not much of an issue compared to the risk of the BC market in general. But if you are a serious investor looking for asset preservation and growth (rather than get rich quick) then BC should be waaay off your radar.

Bostener · « **Reply #2 on:** February 20, 2014, 05:14:52 PM »

Maybe OT but The Bank of Israel issued a statement yesterday against Bitcoin.

bluiemonster1 · « **Reply #3 on:** February 20, 2014, 06:40:39 PM »

I guess its the same as buying stock in fannie may

emak · « **Reply #4 on:** February 25, 2014, 07:55:51 AM »

Sounds like it's falling apart: http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?hp&_r=0

zipo4me · « **Reply #5 on:** February 25, 2014, 07:28:53 PM »

I think they'll pull through. They've been around for quiet awhile already and big stores
Are taking them.

bluiemonster1 · « **Reply #6 on:** February 25, 2014, 09:20:20 PM »

Quote from: zipo4me on February 25, 2014, 07:28:53 PM

I think they'll pull through. They've been around for quiet awhile already and big stores
Are taking them.

doubt it. You need popular support and they just screwed that up big time

lubaby · « **Reply #7 on:** February 25, 2014, 09:33:48 PM »

Quote from: bluiemonster1 on February 25, 2014, 09:20:20 PM

doubt it. You need popular support and they just screwed that up big time

Which means now is a good time to invest.

bluiemonster1 · « **Reply #8 on:** February 25, 2014, 09:35:47 PM »

Quote from: lubaby on February 25, 2014, 09:33:48 PM

Which means now is a good time to invest.

No good time to invest in these

LeeW · « **Reply #9 on:** February 25, 2014, 10:02:09 PM »

Stay away from the Mt. Gox stuff, but if you want to invest Bitcoins is a good investment. That stuff is here to stay and will become more mainstream.

yos9694 · « **Reply #10 on:** February 26, 2014, 03:26:55 PM »

Quote from: LeeW on February 25, 2014, 10:02:09 PM

Stay away from the Mt. Gox stuff, but if you want to invest Bitcoins is a good investment. That stuff is here to stay and will become more mainstream.

Exactly the opposite of what I said. Time will tell.

BTW, if you think it's a great investment and the only risk is which exchange you use, how do you know which online exchange to stay away from until it's too late? It's easy to be a Monday morning QB.

For anyone getting into the BC game, be sure to store your private keys on your own local computer/thumbdrive or write them down on a piece of paper rather than storing them on the exchange. That's how you manage your risk of being robbed (though the risk is not eliminated).

yos9694 · « **Reply #11 on:** February 26, 2014, 03:33:41 PM »

Quote from: bluiemonster1 on February 20, 2014, 06:40:39 PM

I guess its the same as buying stock in fannie may

LOL. Have a gander at FMNA/FMCC since you said that.

The two could not possibly be less comparable. BC is an anarchist currency, while FNMA is a government owned, government sponsored, and government supported business. BC is just one form of digital currency out of hundreds while FMNA (together with FMCC) has a true monopoly. BC serves no purpose at all at present while FNMA is systemic to the US economy.

If you want an apt comparison, try some dot com stock from the 90's. BC and dot coms share the characteristic that they can cease to exist simply by flipping off a light switch and unplugging the computers.

yos9694 · « **Reply #12 on:** February 26, 2014, 03:37:04 PM »

Quote from: bluiemonster1 on February 25, 2014, 09:35:47 PM

No good time to invest in these

Absolutely agree. BC is not for investors, it's for dreamers. The same people who have lottery strategies and participate in MLM. By definition, buying BC is a form of "greater fool investing".

Ergel · « **Reply #13 on:** February 26, 2014, 03:45:39 PM »

Quote from: yos9694 on February 26, 2014, 03:37:04 PM

Absolutely agree. BC is not for investors, it's for dreamers. The same people who have lottery strategies and participate in MLM. By definition, buying BC is a form of "greater fool investing".

And if you bought towards the beginning, you would be a very rich fool

yos9694 · « **Reply #14 on:** February 26, 2014, 03:48:07 PM »

Quote from: Ergel on February 26, 2014, 03:45:39 PM

And if you bought towards the beginning, you would be a very rich fool

True. And that's different from MLM how?

Ergel · « **Reply #15 on:** February 26, 2014, 03:48:45 PM »

Quote from: yos9694 on February 26, 2014, 03:48:07 PM

True. And that's different from MLM how?

In that sense it's not. However, an MLM will, by definition, at some point fail. Not true for Bitcoin

yos9694 · « **Reply #16 on:** February 26, 2014, 04:06:22 PM »

Quote from: Ergel on February 26, 2014, 03:48:45 PM

In that sense it's not. However, an MLM will, by definition, at some point fail. Not true for Bitcoin

Don't pretend that BC can't fail. Of course it can. If people don't want it, eventually it will stop trading. It might take a few years, but if the currency doesn't gain acceptance as a currency then it will flutter away into oblivion. Right now there are people and companies that will accept BC as payment for goods/services, but BC is not the currency they use to price the good/service. Kind of like the Shekel in the Israeli real estate market, where you can use Shekel to buy a house/pay rent, but only by figuring in the conversion ratio to dollars.

I tend to think BC will be successful on some level, or if not BC then some other digital currency. But regardless of its future success, for short term investors you can only decide to buy it by imagining someone else willing to pay more than you (i.e. the greater fool), and for long term investors it is simply too ridiculous to try and guess now what value a BC will command at the point in time it becomes accepted. Hence, it's only for dreamers.

Ergel · « **Reply #17 on:** February 26, 2014, 04:07:32 PM »

Quote from: yos9694 on February 26, 2014, 04:06:22 PM

Don't pretend that BC can't fail. Of course it can.

Of course it can. Where in my statement did you see otherwise. I said an MLM by definition will fail. Bitcoin, may or may not fail

yos9694 · « **Reply #18 on:** February 26, 2014, 04:09:03 PM »

No argument there.

Bostener · « **Reply #19 on:** March 20, 2014, 04:26:14 PM »

Need to buy a bitcoin. Where's a good place?

Poll

what do you think about bitcoins?

Author Topic: Bitcoin Builder (Read 4020 times)