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Thread: One Bitcoin is now worth more dollars ($29.50) than one troy ounce of silver ($29.44)

  1. #31

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    Quote Originally Posted by Seraphim View Post
    Further more, annonimity, privacy and convinience ARE commodities of very real value.

    Bitcoin offers this.
    Why would I trade physical assets like gold for bitcoin?

    Edit: To me, this currency has no intrinsic value and just seems like one gigantic group think ponzi.
    Last edited by jclay2; 02-20-2013 at 11:40 AM.



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  3. #32

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    Quote Originally Posted by jclay2 View Post
    Why would I trade physical assets like gold for bitcoin?

    Edit: To me, this currency has no intrinsic value and just seems like one gigantic group think ponzi.
    The questions isn't why you would, the question you should be asking is why others do.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  4. #33

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    I prefer gold/silver to Bitcoin as well.

    But I prefer Bitcoin to the USD/CAD/YEN/EURO.

    The very same mechanism that allows for gold to hold value applies for Bitcoin - willingness of the buyer/seller dynamic.

    If people refuse to except gold, gold is worthless. I'm not saying that will happen...but it's true nonetheless.

    Also, it's not a ponzi scheme...AT ALL. You need to learn what a ponzi scheme is before you throw the label around.

    Quote Originally Posted by jclay2 View Post
    Why would I trade physical assets like gold for bitcoin?

    Edit: To me, this currency has no intrinsic value and just seems like one gigantic group think ponzi.
    Last edited by Seraphim; 02-20-2013 at 11:56 AM.
    "Like an army falling, one by one by one" - Linkin Park

  5. #34
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    Quote Originally Posted by jclay2 View Post
    Why would I trade physical assets like gold for bitcoin?

    Edit: To me, this currency has no intrinsic value and just seems like one gigantic group think ponzi.
    Nothing has intrinsic value. You place value on things based on you subjective needs. A peanut butter sandwich might have immense value to one starving man, but might have no value to another starving man who is allergic to peanuts.

    If you don't like bitcoins, you don't have to buy any. But don't be surprised if you can't sell your silver and gold when TSHTF because nobody values shiny rocks that must be physically stored, secrured, and transported.
    "You cannot solve these problems with war." - Ron Paul

  6. #35

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    Yes.

    Quote Originally Posted by mczerone View Post
    Nothing has intrinsic value. You place value on things based on you subjective needs. A peanut butter sandwich might have immense value to one starving man, but might have no value to another starving man who is allergic to peanuts.

    If you don't like bitcoins, you don't have to buy any. But don't be surprised if you can't sell your silver and gold when TSHTF because nobody values shiny rocks that must be physically stored, secrured, and transported.
    "Like an army falling, one by one by one" - Linkin Park

  7. #36

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    i want a gold asteroid to strike the earth in my backyard. like 5 pounds worth

  8. #37

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    Seems to me they issued to few bitcoins. Not that its a fundamental flaw but if this becomes an alternative currency with the total value of all bitcoins being equal to one tenth of all the dollars right now, then you would have a bitcoin value of 30,000 $ or so.

    "Here have a bread, it cost 0.000038 bitcoins."
    "Jackpot! I just made a killing of 0.006 bitcoins in roulette! Drinks are on me boys."
    If you tell a lie long enough, loud enough and often enough, the people will believe it.-------Adolf Hitler

  9. #38

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    Quote Originally Posted by fatjohn View Post
    Seems to me they issued to few bitcoins. Not that its a fundamental flaw but if this becomes an alternative currency with the total value of all bitcoins being equal to one tenth of all the dollars right now, then you would have a bitcoin value of 30,000 $ or so.

    "Here have a bread, it cost 0.000038 bitcoins."
    "Jackpot! I just made a killing of 0.006 bitcoins in roulette! Drinks are on me boys."
    there's a "halving day" where they double the market? I think that's what happens. Hazek?

  10. #39

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    Quote Originally Posted by mczerone View Post
    Nothing has intrinsic value. You place value on things based on you subjective needs. A peanut butter sandwich might have immense value to one starving man, but might have no value to another starving man who is allergic to peanuts.

    If you don't like bitcoins, you don't have to buy any. But don't be surprised if you can't sell your silver and gold when TSHTF because nobody values shiny rocks that must be physically stored, secrured, and transported.
    Exactly.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  11. #40

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    Quote Originally Posted by fatjohn View Post
    Seems to me they issued to few bitcoins. Not that its a fundamental flaw but if this becomes an alternative currency with the total value of all bitcoins being equal to one tenth of all the dollars right now, then you would have a bitcoin value of 30,000 $ or so.

    "Here have a bread, it cost 0.000038 bitcoins."
    "Jackpot! I just made a killing of 0.006 bitcoins in roulette! Drinks are on me boys."
    The client already anticipates this with a built in option to display your bitcoins in mili bitcoins or micro bitcoins. Btw even the current display which amounts to 21million max units is just cosmetics, in reality there will be 2.1 quadrillion units, it's just that right now it makes sense to display the decimal place at 8 places to the left. So what you highlighted is a non issue.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  12. #41

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    Quote Originally Posted by ninepointfive View Post
    there's a "halving day" where they double the market? I think that's what happens. Hazek?
    I think he means the reward for validating transactions which started out as 50BTC per validated block and is halved every 4 years until it will reach 0. The first halving happened at the end of last November.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  13. #42

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    Quote Originally Posted by hazek View Post
    Get your facts straight please.

    ...Then after that it took half a year until November when Bitcoin was deflating the first bubble for the exchange rate to drop down to just a few cents under $2...
    ~ $1.9996 would be much more exact, if my memory is correct.
    Get your facts straight please.
    /half joking
    Last edited by Indy Vidual; 02-20-2013 at 02:12 PM.
    • Negativity is ignorance, and ignorance is your own personal tyranny. It tells you how to act, how to talk, how to think, and what to feel. You will never see a world without tyrants until you release your own. ~Honored to be Among You

    How does Ron stay so calm?

    $$$$$$$

  14. #43

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    Quote Originally Posted by Aeroneous View Post
    Economic value is derived from the various forms of utility received. So.. as long as people have a desire to acquire any type of item, the item has economic value.

    And what currency isn't made up? Someone, at some point, found some gold and said, "Hey let's use this for trade." Governments around the world have just "made up" their currencies. I'm no Bitcoin expert, but from the stories I've read on RPF it appears to be a reasonable asset which is perfectly demonstrating economic principle. The only difference between Bitcoin and silver/gold/etc., is that Bitcoin has apparently created its own scarcity limitations. That is a little bit shady to me, because I think there is too much opportunity to manipulate the currency. At the same time I suppose it's no different than stocks which can be split at any time.
    + $29.95


    Quote Originally Posted by ronpaulfollower999 View Post
    As long as there is a buyer and a seller, bitcoins will always have some type of value. I think the Reddit news was huge, and I wouldn't be surprised to see bitcoin adaption spread like wildfire.
    Get in now, before it's too late!
    Last edited by Indy Vidual; 02-20-2013 at 02:07 PM.

  15. #44

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    Quote Originally Posted by Indy Vidual View Post
    + $29.95

    Get in now, before it's too late!
    I don't now.. right now it's quite dicey.. who knows, we may break $30 and go further up or we may crash down to $20.. or even lower in the short term.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  16. #45

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    BitCoin is King?
    "We do have some differences and our approaches will be different, but that makes him his own person. I mean why should he [Rand] be a clone and do everything and think just exactly as I have. I think it's an opportunity to be independent minded. We are about 99% [the same on issues]." Ron Paul

  17. #46

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    Quote Originally Posted by hazek View Post
    I don't now.. right now it's quite dicey.. who knows, we may break $30 and go further up or we may crash down to $20.. or even lower in the short term.
    True, some quiet time around $16 to $20 might be healthy to end the "bubble think" and build the real economy.
    • Negativity is ignorance, and ignorance is your own personal tyranny. It tells you how to act, how to talk, how to think, and what to feel. You will never see a world without tyrants until you release your own. ~Honored to be Among You

    How does Ron stay so calm?

    $$$$$$$

  18. #47

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    I like the attributes of bitcoin, but would like something physical behind it. Is this possible within some bitcoin framework? If there was a way to issue a gold backed bitcoin or something like that, it would be game/set/match.

  19. #48

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    Quote Originally Posted by jclay2 View Post
    I like the attributes of bitcoin, but would like something physical behind it. Is this possible within some bitcoin framework? If there was a way to issue a gold backed bitcoin or something like that, it would be game/set/match.
    I don't understand how in this day and age you can be so fixated on something needing to be physical? Because you say physical but what you really mean is governed by laws of chemistry meaning you want something the rules of which can't be changed by any man or a group of people. Well that's what Bitcoin already is, it's just that instead of the laws of chemistry it's governed by the laws of math.

    Bitcoin is a first of it's kind technology that manages to turn inexpensive and abundant information into scarce and valuable information. You don't need it to be physical in the traditional sense in order to have the properties that you seek in something that is a good store of value. That's the revolutionary thing that was created here and it pains me that it is so hard to communicate.
    Last edited by hazek; 02-20-2013 at 04:29 PM.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  20. #49

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    Quote Originally Posted by hazek View Post
    I don't understand how in this day and age you can be so fixated on something needing to be physical? Because you say physical but what you really mean is governed by laws of chemistry meaning you want something the rules of which can't be changed by any man or a group of people. Well that's what Bitcoin already is, it's just that instead of the laws of chemistry it's governed by the laws of math.

    Bitcoin is a first of it's kind technology that manages to turn inexpensive and abundant information into scarce and valuable information. You don't need it to be physical in the traditional sense in order to have the properties that you seek in something that is a good store of value. That's the revolutionary thing that was created here and it pains me that it is so hard to communicate.
    I understand that bitcoin has attributes of gold and other mediums of exchange, but when push comes to shove its a bunch of 0's and 1's that was created from a little computer processing. Bitcoin is only valued as a medium of exchange. Gold was valued by itself before it became a medium of exchange. Like $'s, bitcoins only have value as a medium of exchange.

  21. #50

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    Who holds the bank accounts for bitcoin?
    CPT Jack. R. T.
    US Army Resigned - Iraq Vet.
    Level III MACP instructor, USYKA/WYKKO sensei
    Professional Hunter/Trapper/Country living survivalist.

  22. #51

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    Quote Originally Posted by Icymudpuppy View Post
    Who holds the bank accounts for bitcoin?
    No one.
    Bitcoin uses peer-to-peer technology to operate with no central authority...
    • Negativity is ignorance, and ignorance is your own personal tyranny. It tells you how to act, how to talk, how to think, and what to feel. You will never see a world without tyrants until you release your own. ~Honored to be Among You

    How does Ron stay so calm?

    $$$$$$$

  23. #52

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    Quote Originally Posted by Icymudpuppy View Post
    Who holds the bank accounts for bitcoin?
    What bank accounts? There are no bank accounts in Bitcoin. There are Bitcoin addresses and their corresponding private keys. When you own bitcoins they must be tied to a specific Bitcoin address and who ever has the private key can spend them, that's all.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  24. #53

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    Quote Originally Posted by hazek View Post
    What bank accounts? There are no bank accounts in Bitcoin. There are Bitcoin addresses and their corresponding private keys. When you own bitcoins they must be tied to a specific Bitcoin address and who ever has the private key can spend them, that's all.
    Interesting. Who accepts them?
    CPT Jack. R. T.
    US Army Resigned - Iraq Vet.
    Level III MACP instructor, USYKA/WYKKO sensei
    Professional Hunter/Trapper/Country living survivalist.

  25. #54

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    Quote Originally Posted by Icymudpuppy View Post
    Interesting. Who accepts them?
    Many many many people. I mean there are no records of who accepts them so it's hard to say, but a few of the big shops that I know of are:
    www.bitcoinstore.com (electronics shop with over 500.000 items)
    www.bitcoinin.com
    www.coindl.com
    www.bitmit.net
    www.coinabul.com
    www.reddit.com (for reddit gold)
    www.wordpress.com (for premium services)
    www.hosting.co.uk (big hosting provider)


    And here's two lists with way more:
    https://en.bitcoin.it/wiki/Trade
    https://www.spendbitcoins.com/places/
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  26. #55

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    I'm glad to see bitcoin growing. Not only because I have some but for the sheer concept of it. It is as market driven as possible. Transparent open exchanges that anyone can use. Transfer FRN to bitcoin, bitcoin to FRN, all at silly low exchange rates that make wiring money seem outrageously expensive. Bitcoins are as close to using cash online as possible. Without the downside of the FED printing a few trillion more to devalue your current holdings.

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