Buying Bitcoins

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Eazycheeze
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Re: Buying Bitcoins

Post by Eazycheeze » Wed Apr 24, 2013 3:15 pm

You ever consider a career in day trading, Doer? Currencies, stocks, etc. It might be a profitable investment for you to open your mind up to that possibility. You would be good at it.

If you put your mind to it, you can accomplish anything.

http://www.hark.com/back-to-the-future/ ... mind-to-it
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Re: Buying Bitcoins

Post by Fanfan » Wed Apr 24, 2013 3:18 pm

Is the fluctuation the only reason you're against spending money on Bitcoin?
no, that's not the only reason, here's some off my head:

1) it's not widely accepted, i can't walk down to the corner store and buy a 6pack of beer with it
2) it's not secure, hackers can directly and indirectly affect me, either compromise my account or ddos mtgox
3) it's unstable, what I can buy this week varies drastically with what I can buy next week
4) uncertain future, is it here to stay? nobody knows.
5) there's no physical tangible bitcoin, mostly for convenience factor but this doesn't impact me much since I don't carry cash.

So is the dollar better than a tulip?
Yes, the dollar is better than a tulip. For one, it doesn't crumble when you put it in your pocket.

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doer
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Re: Buying Bitcoins

Post by doer » Wed Apr 24, 2013 3:23 pm

Laminate the tulip.

Also, "2) it's not secure, hackers can directly and indirectly affect me, either compromise my account or ddos mtgox" makes me think you're not technically inclined-- is this true?
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Fanfan
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Re: Buying Bitcoins

Post by Fanfan » Wed Apr 24, 2013 3:39 pm

doer wrote:Laminate the tulip.

Also, "2) it's not secure, hackers can directly and indirectly affect me, either compromise my account or ddos mtgox" makes me think you're not technically inclined-- is this true?
you make a good point, let me add to my list:

6) technically complex. requires cumbersome procedures for transactions.

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Re: Buying Bitcoins

Post by doer » Wed Apr 24, 2013 3:42 pm

<last word> :) Re-read your list later, you'll understand what you're missing.
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Re: Buying Bitcoins

Post by ragnoth » Wed Apr 24, 2013 4:35 pm

Money needs to fill 3 criterion.

1) be a 'medium of exchange'
:arrow: Dollars are traded easily (unlike tulips)

2) be a 'unit of account'
:arrow: Bank account balances / price of fruit / salaries can be easily expressed in dollar amounts (unlike tulips)

3) be a 'store of value' - (Be able to be retrieved at a later time, and be predictably useful when retrieved).
:arrow: In 100 years Dollars will still be worth something as long as the US government survives. (unlike wilted tulips)

Something like gold may be a better store of value since it will always be shiny and useful. But it's a pretty bad unit of account and a really bad medium of exchange. (Imagine having an apple cost 2mg of gold and having to measure out a sprinkle of dust to buy it.)

Bitcoins could eventually be a decent medium of exchange if it really took off... they can be an efficient unit of account.. but they are a piss poor store of value. There is both the danger of an eventual 51% attack (meaning your bitcoins are unretrievable), and the usefulness of them is questionable now... not to mention in 100 years.

Speculate all you want, but don't fool yourself into thinking this shit is actually valuable just because it could be money some-day.
doer wrote:Guys, ask yourselves: can you make money off this? If true, stop hating. :)

BTC is up steadily past $100 over the past few weeks, at ~$140 right now. Adoption's ramping up quite remarkably as well. Yes, it might go hyperbolic again, and when that happens, it's cha-ching time. In the long run, distributed virtual currencies are here to stay. Get your minds right, 2013 and all.
Just make sure you are making "Money" and not Bitcoins. :roll:

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Re: Buying Bitcoins

Post by doer » Wed Apr 24, 2013 5:05 pm

Make money, not Bitcoin, unless you're selling the latter to make the former. I agree with this (for now). But don't forget to make money while hating on the golden egg :)
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Re: Buying Bitcoins

Post by mormak » Wed Apr 24, 2013 5:05 pm

How much was a dollar worth 100 years ago?

This was rhetorical, but yes approximately $69.34 for the same gold that would have been $1 in 1913. So which is a better store of value?
Last edited by mormak on Wed Apr 24, 2013 7:33 pm, edited 1 time in total.

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Re: Buying Bitcoins

Post by doer » Wed Apr 24, 2013 5:08 pm

1/19.7 oz of gold
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Re: Buying Bitcoins

Post by Fanfan » Wed Apr 24, 2013 5:29 pm

make as much money as you can off this shit. but save your pump and dump for the yahoo finance message boards.

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Re: Buying Bitcoins

Post by doer » Wed Apr 24, 2013 5:30 pm

Come again? i.e., please elaborate on the "save your pump and dump"

Edit: I see. Save your trolling for a different thread :) Putting you on ignore now, too much time on your hands.
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Re: Buying Bitcoins

Post by Fanfan » Wed Apr 24, 2013 6:00 pm

http://www.sec.gov/answers/pumpdump.htm


"Pump-and-Dumps" and Market Manipulations

"Pump-and-dump" schemes involve the touting of a company's stock (typically small, so-called "microcap" companies) through false and misleading statements to the marketplace. These false claims could be made on social media, as well as on bulletin boards and chat rooms. Pump-and-dump schemes often occur on the Internet where it is common to see messages posted that urge readers to buy a stock quickly or to sell before the price goes down, or a telemarketer will call using the same sort of pitch. Often the promoters will claim to have "inside" information about an impending development or to use an "infallible" combination of economic and stock market data to pick stocks. In reality, they may be company insiders or paid promoters who stand to gain by selling their shares after the stock price is "pumped" up by the buying frenzy they create. Once these fraudsters "dump" their shares and stop hyping the stock, the price typically falls, and investors lose their money.

http://www.sec.gov/answers/pumpdump.htm
Edit: I see. Save your trolling for a different thread :) Putting you on ignore now, too much time on your hands.
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^^ FTFY

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Re: Buying Bitcoins

Post by zeetes » Fri Apr 26, 2013 6:57 am

my coworker figured out how to buy weed with bitcoins. yay for him
doer wrote:Come again? i.e., please elaborate on the "save your pump and dump"

Edit: I see. Save your trolling for a different thread :) Putting you on ignore now, too much time on your hands.
honestly, i'd take any advice fanfan gives you about finances and at least consider them. under his condescending tone, lies valuable information.
i <3 pb & j

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Scree
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Re: Buying Bitcoins

Post by Scree » Fri Apr 26, 2013 9:59 am

Utilize that Silk Road site for illegal drug purchases. Most of them traffic in bitcoins.

Can't believe drug dealers are making money hand over fist on this shit (first on the drugs then on the bitcoin market).
-Feya aka Firepatch aka Scree

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Fanfan
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Re: Buying Bitcoins

Post by Fanfan » Fri Apr 26, 2013 11:43 am

not just weed, some guy sold a grenade launcher on there as well. and other assorted machine guns.

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Re: Buying Bitcoins

Post by unrequited » Fri Apr 26, 2013 2:47 pm

Fanfan wrote:not just weed, some guy sold a grenade launcher on there as well. and other assorted machine guns.
There's also this:
http://en.wikipedia.org/wiki/Assassination_market

and it's corresponding assassination politics, where in the future, if untraceable digital currency becomes ubiquitous enough, politics will no longer be about lobbyists and constituents. It'll be about who can raise the most money to NOT have the sitting politician assassinated.
http://en.wikipedia.org/wiki/Jim_Bell#. ... s.22_essay

Interesting crap.
-Unrequited

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Re: Buying Bitcoins

Post by Busch » Fri Apr 26, 2013 6:56 pm

:lol:

Hmmm dumb people.
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Eazycheeze
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Re: Buying Bitcoins

Post by Eazycheeze » Mon Apr 29, 2013 12:49 am

I have 0.05152797 BTC in my wallet. Can I get any real money from it?
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Re: Buying Bitcoins

Post by doer » Mon Apr 29, 2013 2:13 am

"Doer, you were right." -Ragnoth, August 2018.

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Re: Buying Bitcoins

Post by ragnoth » Mon Apr 29, 2013 12:37 pm

That's about $7 over at mtgox. Or if you buy into the hype maybe you could hold out for $10 -_-