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aseq
Netherlands4021 Posts
On December 05 2013 22:41 Karakaxe wrote: It's really sad that so many people are being sucked into this. So much hype and so much money will be lost. And gained. It's as random as many other things in life. I'd rather they forbade the lottery than this. | ||
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Biff The Understudy
France8203 Posts
On December 05 2013 23:06 aseq wrote: And gained. It's as random as many other things in life. I'd rather they forbade the lottery than this. Lottery says its name. Bitcoins are supposed to be a payment device. The Banque de France just wrote a memo about the danger of bitcoins; http://www.liberation.fr/economie/2013/12/05/la-banque-de-france-met-le-bitcoin-en-pieces_964362 The whole thing is preposterous. Glad for those who won money and let's have a good laugh when the that "money"'s value vanishes in a day. | ||
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Chrono000
Korea (South)358 Posts
On December 05 2013 22:41 Karakaxe wrote: It's really sad that so many people are being sucked into this. So much hype and so much money will be lost. dude dont spread FUD. Lots of people are finally taking an educated interest now. I used to think bitcoin was only gona be good for day trading but i ended up realizing that it was better to use bitcoin as a medium of exchange and storage of value because its better than banks. | ||
Pandemona
Charlie Sheens House51493 Posts
On December 05 2013 23:13 Chrono000 wrote: dude dont spread FUD. Lots of people are finally taking an educated interest now. I used to think bitcoin was only gona be good for day trading but i ended up realizing that it was better to use bitcoin as a medium of exchange and storage of value because its better than banks. This is why BTC won't die, to many people lost confidence in banks, Nerds take huge leap into making this. Backed by huge successful businessman (Winklewoss twins) plus add in China is trying make money from it adding more value to it. GG | ||
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Chrono000
Korea (South)358 Posts
On December 05 2013 23:20 Pandemona wrote: This is why BTC won't die, to many people lost confidence in banks, Nerds take huge leap into making this. Backed by huge successful businessman (Winklewoss twins) plus add in China is trying make money from it adding more value to it. GG yeah exactly. we deserve better... we dont have to have a shitty dying $ and a shitty parasite bank. the interweb will set us free! | ||
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ZP
United States49 Posts
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Djzapz
Canada10681 Posts
On December 05 2013 23:20 Pandemona wrote: This is why BTC won't die, to many people lost confidence in banks, Nerds take huge leap into making this. Backed by huge successful businessman (Winklewoss twins) plus add in China is trying make money from it adding more value to it. GG BTC won't die because people lost confidence in banks and somehow this makes bitcoins invulnerable. :O I don't even | ||
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Pandemona
Charlie Sheens House51493 Posts
China Bans Financial Companies From Bitcoin Source Aww first little hit for BTC, not a huge massive blow, but still a blow. China Government not accepting it in Financial land probably will make the rest of the world take note a bit more? Only went down 20% in value from 1200 to 1000$ per coin, so not to much of a hit. | ||
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Djzapz
Canada10681 Posts
On December 05 2013 23:55 Pandemona wrote: Oh my... China Bans Financial Companies From Bitcoin Source Aww first little hit for BTC, not a huge massive blow, but still a blow. China Government not accepting it in Financial land probably will make the rest of the world take note a bit more? Only went down 20% in value from 1200 to 1000$ per coin, so not to much of a hit. Down 20% is a massive hit by most standards. It seems reasonable to you now because the thing is pretty wild  Also that's 16.6% | ||
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heliusx
United States2306 Posts
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Chrono000
Korea (South)358 Posts
On December 05 2013 23:49 ZP wrote: People severely underestimate the eventual reaction the governments of the world will have to things like BTC. It's really only a matter of time until generating/trading in cryptocurrency becomes illegal in most areas of the world. hey silly boy. did u know china and the US have already stated they r gona leave bitcoin alone. to try and ban or totally control bitcoin would be the war on drugs or trying to take down bittorrent. im sure they have more foresight now. what they might do is try and smear it and sabotage it. if they did that though, something else will come out better and stronger. btc is to free to fail. edit: back up to 1095 USD. There has been 2 massive dips and still going up. its a sign it wants to go further. | ||
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ZP
United States49 Posts
On December 05 2013 23:59 Chrono000 wrote: hey silly boy. did u know china and the US have already stated they r gona leave bitcoin alone. to try and ban or totally control bitcoin would be the war on drugs or trying to take down bittorrent. im sure they have more foresight now. what they might do is try and smear it and sabotage it but something else will come out better and stronger. even then its obviously pointless. At BTC's current level, it's not a big enough threat to established systems to be worth the trouble to fully ban it. As BTC grows, it's potential threat grows, which means that the US and China have significant reason to re-evaluate their current position and outright ban BTC. Government having sole control over currency is critically important to regulating the economy. If BTC grows to a point where it threatens that, it would be banned without a second thought (and for good reason). In terms of the viability of banning it, a ban on BTC would effectively destroy it's value instantly. The value in BTC is currently supported by the ability to legally convert primary currency such as USD into BTC. If that ability is taken away, there's effectively no way to turn BTC into anything of value, thus reducing its worth to an effective zero. The idea that somehow BTC's value couldn't be eliminated by the government is nothing more than sheer delusion. | ||
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Chrono000
Korea (South)358 Posts
On December 06 2013 00:07 ZP wrote: At BTC's current level, it's not a big enough threat to established systems to be worth the trouble to fully ban it. As BTC grows, it's potential threat grows, which means that the US and China have significant reason to re-evaluate their current position and outright ban BTC. Government having sole control over currency is critically important to regulating the economy. If BTC grows to a point where it threatens that, it would be banned without a second thought (and for good reason). In terms of the viability of banning it, a ban on BTC would effectively destroy it's value instantly. The value in BTC is currently supported by the ability to legally convert primary currency such as USD into BTC. If that ability is taken away, there's effectively no way to turn BTC into anything of value, thus reducing its worth to an effective zero. The idea that somehow BTC's value couldn't be eliminated by the government is nothing more than sheer delusion. Look at the world u live in. people dont like the current financial system and currencies. crypto currency is here to stay. until functioning quantum personal computers. | ||
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ZP
United States49 Posts
Look at the world u live in. people dont like the current financial system and currencies. crypto currency is here to stay. until functioning quantum personal computers. You know what people like more? Being able to buy things with their money. Good luck buying anything with cryptocurrency when you can't change it to a primary currency and vendors are forbidden by federal law from accepting it as payment. | ||
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aksfjh
United States4853 Posts
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0x64
Finland4649 Posts
On December 06 2013 00:29 ZP wrote: You know what people like more? Being able to buy things with their money. Good luck buying anything with cryptocurrency when you can't change it to a primary currency and vendors are forbidden by federal law from accepting it as payment. You do realize how absurd is banning the BitCoin? What's your reasoning? | ||
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Djzapz
Canada10681 Posts
On December 06 2013 00:37 0x64 wrote: You do realize how absurd is banning the BitCoin? What's your reasoning? How is it absurd? Bitcoins are negligible atm because they're worth a fictitious 15 billions of dollars that's not really easy to spend. People are allowed to own monopoly money and buy the occasional laptop with it. It doesn't matter, that laptop was initially bought with US money in the first place. It's irrelevant to the world economy. If it became big enough to be a threat to the functioning of the current system, it would be shut down. The people who are in charge of the economic system don't want a significant wildcard screwing around if it has any chance of screwing them over. Also the taxation thing mentioned below, as well as regulation. | ||
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rob.au
1087 Posts
On December 06 2013 00:37 0x64 wrote: You do realize how absurd is banning the BitCoin? What's your reasoning? How to tax bitcoin? How to stop corruption with bitcoin? Seems like there will be many reasons | ||
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ZP
United States49 Posts
You do realize how absurd is banning the BitCoin? What's your reasoning? From a few posts up: Government having sole control over currency is critically important to regulating the economy. If BTC grows to a point where it threatens that, it would be banned without a second thought (and for good reason). It's really that simple. The more cryptocurrency grows, the more it becomes a threat to the government's power to regulate the economy. When cryptocurrency starts clashing with established government powers, it's not hard to figure out the inevitable outcome. | ||
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Acrofales
Spain18473 Posts
On December 06 2013 00:37 0x64 wrote: You do realize how absurd is banning the BitCoin? What's your reasoning? You're not allowed to pay with foreign currencies in very many countries, although I am not sure about the US. Bitcoin is for all intents and purposes a foreign currency. Banning bitcoin exchanges would be very weird, but forbidding commercial and financial institutions from receiving bitcoins in payment is hardly a strange leap for a government. And that would render bitcoins useless for their primary purpose. As a tool for investment, however, I doubt bitcoins will ever disappear, but as a currency I see about a thousand roadblocks stopping them from ever becoming mainstream. | ||
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