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ZP
United States49 Posts
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. . This is a great point to hammer home to people when they start wondering why BTC isn't that big of a deal to the US right now. | ||
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0x64
Finland4609 Posts
I prefer reasons like "The government might end up wanting to save people from getting scammed by the bitcoin" The thing is when a government chose between prohibition and taxing they lose :D. That would really end up being the most silly war against something. It is still absurd to let the thing go high and then ruin it. You think company won't pay taxes and do thing legitimately? Why haven't they banned cash money? Sure, it would be a huge blow but at the same time, it would just be a loss for the government doing it, the coin would prevail everywhere else. Imagine the amount of stupid this require. You'd be ruining businesses and people from your own country just because you felt doing so? No, I think brains will be used and no gut feeling decision are going to be made around something valued in billions. | ||
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Djzapz
Canada10681 Posts
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Chrono000
Korea (South)358 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. dude, u can buy nearly anything with bitcoin. its only just getting started this year with all the acceptance. let it the grow some more. | ||
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0x64
Finland4609 Posts
On December 06 2013 01:22 Djzapz wrote: I think you're a bit optimistic. Hope for you that you're right It's strange that once it was mostly used for illegal things and noone was worried about and now that it starts to be a common way to pay on the internet, people are scared now it's time for government to close it. I am not delusional about the risk I take, I accept those. On the other side, arguing about the risks with someone not accepting them feels pointless as I don't care to convince anyone. I believed that everyone should at least take one BTC in my friends when it was at lower, now I believe everyone of my friend should at least take 0.1btc, that is a luxury that very little people will be able to do if things keeps going the same way. I am ok with it losing it's value, sure it will hurt but cashing out would be removing my support from what I believe is required for the future. We have only one life and monetary revolution doesn't happen so often. I am a bit amused that so many people somehow wish it wouldn't happen. My rhetorical question is: "What is the worst thing that can happen to you if the BTC is widely accepted?" | ||
Pandemona
Charlie Sheens House51493 Posts
On December 06 2013 01:32 Chrono000 wrote: dude, u can buy nearly anything with bitcoin. its only just getting started this year with all the acceptance. let it the grow some more. You can buy TL+ with it, thus gg it wins  | ||
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Chrono000
Korea (South)358 Posts
On December 06 2013 01:33 0x64 wrote: It's strange that once it was mostly used for illegal things and noone was worried about and now that it starts to be a common way to pay on the internet, people are scared now it's time for government to close it. I am not delusional about the risk I take, I accept those. On the other side, arguing about the risks with someone not accepting them feels pointless as I don't care to convince anyone. I believed that everyone should at least take one BTC in my friends when it was at lower, now I believe everyone of my friend should at least take 0.1btc, that is a luxury that very little people will be able to do if things keeps going the same way. I am ok with it losing it's value, sure it will hurt but cashing out would be removing my support from what I believe is required for the future. We have only one life and monetary revolution doesn't happen so often. I am a bit amused that so many people somehow wish it wouldn't happen. My rhetorical question is: "What is the worst thing that can happen to you if the BTC is widely accepted?" thank u for taking the time type this. it can be exhausting explaining bitcoin over and over again but people do need to know whats going on. a lot of people dont even realize all there money is virtually digital already. what was not possible before was having a money system where there was no central control. the current system is based on trust and its not working, that is why we have this top 1% problem. with a distributed accounting system math can be trusted instead of a very very small group of elite. if btc crashes it really doesnt matter because its the idea that is important and it will live on forever and ever, amen. | ||
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Djzapz
Canada10681 Posts
On December 06 2013 01:33 0x64 wrote: My rhetorical question is: "What is the worst thing that can happen to you if the BTC is widely accepted?" I personally am not worried at all. On December 06 2013 01:38 Chrono000 wrote: thank u for taking the time type this. it can be exhausting explaining bitcoin over and over again but people do need to know whats going on. a lot of people dont even realize all there money is virtually digital already. what was not possible before was having a money system where there was no central control. the current system is based on trust and its not working, that is why we have this top 1% problem. with a distributed accounting system math can be trusted instead of a very very small group of elite. if btc crashes it really doesnt matter because its the idea that is important and it will live on forever and ever, amen. Virtually digital... lol. People know that fiat currency is. The difference is that BTC is new and not supported by a nation or an organism. You people have 'faith' that it'll keep going and it might, but you have to understand that it's no different from other currencies in that you don't actually know that it will keep going. It could lose all of its value. It's very different but similar in that way. I'm not here with a doomsday message. Just yesterday my friend and I talked about how we should have bought a few for the hell of it. Because who knows, right. But that's the thing: who knows? On one hand, there are people who say it'll crashes, while others seem to think it can't possibly crash. Has history not taught any of you anything? You don't know what's up, nor do I. Bitcoins are a relatively new thing. We don't know what's going to happen. It could lose all of its value - it's just a thing that can happen, either because some sort of intervention or on a whim of the market. I'm posting here because people are irrationally declaring that it can't possibly happen. That said, you put so little effort in your posts, I don't understand why you think it's exhausting to 'explain' anything. And the last part of your post about how it's the idea that matters and it'll love on forever: come on. x_X | ||
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Chrono000
Korea (South)358 Posts
remember it! | ||
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Fazers
737 Posts
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Acrofales
Spain18250 Posts
On December 06 2013 02:06 Fazers wrote: Bitcoins are here to stay, don't know what some of you are talking about. Pets.com was here to stay as well. What could possibly go wrong. Who wouldn't want to buy pets online? Free money! You are painting way too simple a picture... and that is my main problem with you in this thread. Yes, there are many really good things about bitcoins. But they are far from a risk-free longterm investment. In fact, you're better off on the stock market at the moment for a good reward at lowish risk in the middle to long term. Advertise bitcoins as a new thing, which has the potential of skyrocketing and doubling or even tripling your investment (even now still). However, there are serious risks and nobody has any real basis for prognosis beyond some educated guesswork. | ||
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Fazers
737 Posts
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ETisME
12702 Posts
but I think too many people focus on the investment value of bitcoin, which is the hype factor and creating all these HUGE price surge that is making it way too high in value. for whatever it is, it reminds me a lot of the dot.com bubble. China for example, just a day ago rejects the bitcoin as a currency because it is against the anti-money laundering law. As simple as that, one of the biggest market is closing the door on it already. No one is wishing monetary revolution not going to happen but is this it? The idea will live on, but on what topic? It can be the perfect example for a finance study case: The idealists who have never invested before and got convinced by the "revolution" and line up like sheep and end up being eating by the big sharks. | ||
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Chrono000
Korea (South)358 Posts
On December 06 2013 02:21 ETisME wrote: there will always be Pessimism vs Optimism view on things. but I think too many people focus on the investment value of bitcoin, which is the hype factor and creating all these HUGE price surge that is making it way too high in value. for whatever it is, it reminds me a lot of the dot.com bubble. China for example, just a day ago rejects the bitcoin as a currency because it is against the anti-money laundering law. As simple as that, one of the biggest market is closing the door on it already. No one is wishing monetary revolution not going to happen but is this it? The idea will live on, but on what topic? It can be the perfect example for a finance study case: The idealists who have never invested before and got convinced by the "revolution" and line up like sheep and end up being eating by the big sharks. about the china part. china didnt close the door on it. basically banks can not speculate on it, which translate banks cant go taken crazy risk on them (YET). they are also treating it like a commodity not a currency, which is fine. Canada has taken on the same approach, a commodity. this is why u see BTC ATM around which act more like vending machines. http://www.reddit.com/r/Bitcoin/comments/1s61x1/what_the_actual_chinese_notice_not_summary_says/ | ||
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Chrono000
Korea (South)358 Posts
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MaestroSC
United States2073 Posts
On December 06 2013 02:28 Chrono000 wrote: about the china part. china didnt close the door on it. basically banks can not speculate on it, which translate banks cant go taken crazy risk on them (YET). they are also treating it like a commodity not a currency, which is fine. Canada has taken on the same approach, a commodity. this is why u see BTC ATM around which act more like vending machines. http://www.reddit.com/r/Bitcoin/comments/1s61x1/what_the_actual_chinese_notice_not_summary_says/ This. China basically said "Dear Banks... do not put all of your customers money into bitcoins" Because i dont know if you are aware that basically every single dollar you put into your bank, they then invest it, and sometimes will suffer MAJOR losses in which case Banks have to be bailed out once their customers realize their bank lost all of their money gambling on investments. China didnt shut down Bitcoins in China at all. And like thousands have already stated: China has never been the "innovator" they have always been the followers. It was looking like Bitcoins might be the first time China took the lead on something, but now they are looking to the rest of the world to set the example once again. am so sad the price dipped to 850 while i was asleep =(. Would have bought more. | ||
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canikizu
4860 Posts
On December 06 2013 01:33 0x64 wrote: My rhetorical question is: "What is the worst thing that can happen to you if the BTC is widely accepted?" Bitcoin, litecoin, torcoin, ecoin, safecoin, tlcoin,.v.v..v.v.v dozens of it gimmick. | ||
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Warent
Sweden205 Posts
On December 06 2013 01:33 0x64 wrote: My rhetorical question is: "What is the worst thing that can happen to you if the BTC is widely accepted?" Hm... let's see. Regression, followed by global depression, high unemployment and riots, eventually a third world war (probably financed by a new fiat currency). In order to understand how this work it is of vital importance to understand the key concept of what money is - and why we need it. It's furthermore important to understand why a deflationary currency would be bad, with a big b. The currency will be controlled by those who have most of it - and to increase the value of something you have lots of - you spend less - thus reducing the effective supply of money. The following consequence is that even fewer will spend their money as they keep increasing in relative value more quickly. Eventually trade stops and unemployment follows. Why isn't this happening today you may ask yourself? And the answer is inflation. If you want to keep your wealth in today's system you have to invest it, either indirectly through fractional banking or directly into projects or companies whom create value for their customers. | ||
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Acrofales
Spain18250 Posts
Bitcoin as a commodity has nothing inherently wrong with it, but the question is: why should anyone invest in bitcoins as a commodity and the only answer I can really come up with is "hype". There is absolutely nothing that makes bitcoin inherently valuable, and in this sense it is best compared to gold. Its main strength is that it is digital and can thus easily move in the global economy, as opposed to gold. But in many ways, it is simply a digital version of gold... and in the modern day commodities market you are already buying digital versions of gold. Most of the gold sits safely in a vault somewhere while pieces of paper (or rather, digital documents) stating who the owner of that gold is, get bought and sold. So what exactly makes bitcoins better than gold? | ||
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Sbrubbles
Brazil5776 Posts
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