Is anyone else just killing it trading bitcoins?

[dannno]

Not to be a prick, but how is making 100 dollars "killing it"?

I don't think the OP meant that he was 'killing it', just benefiting, while others who may have bought a lot more coin at $20 or $30 could very well be "killing it"

[abacabb]

Do you base most of your judgments on prejudicial bias?



Bitcoins are backed by anonymity, convenience, and security against central bank manipulation.

They are quantum leap forward as far as viable forms of currency are concerned.

I agree, so are $#@!coins. $#@!coins have no central bank and they can be safely deposited in your imagination.

But $#@!coins are cheaper.

Seriously bro, I like ya, PM me and I'll even cut you a break on my $#@! coins. There are only 1,000 out there, they're only $1 each.

[abacabb]

They aren't a microcosm of fiat currency, they are a reaction to them as a consequence of the technology we now have. It's proving to be a great way to hedge against uncertainty and avoid the system in general.

So, are you going to hedge your bets and buy some $#@!coins or are you only interested in bitcoins because they're trendy?

$#@!'s been around since the dawn of time. $#@! will out live bitcoins, just you watch.

[DonovanJames]

Not to be a prick, but how is making 100 dollars "killing it"?

Relativity

Think in % not in #

[DonovanJames]

Mob A: Hey guys! The Earth is actually round. We can use this new discovery to span the globe, increase viability of trade routes, help others have access to opportunities and circumvent the global monopoly of Government funded transportation. By making our own maps and trading those with other map makers, we can be free! I know it is unknown and unproven as yet, but the possibility is very real - we just need to start sailing.

Mob B: Round?! HAH! $#@! all that $#@! about Round - Flat has been here forever and always will be here. We've seen so many explorers crash their ships on rocks, icebergs and floating turds in that ocean. If you go sailing, you're going to wreck. I don't care what kind of new ship or fancy captain you've got. If you want to live, you'll stay here and just use the Government ships on the Flat routes and just wait... wait... wait... maybe the Government will make air planes soon that they will allow us to use on this flat, flat Earth.

I see the absurdity in putting all hope and savings into bitcoins, but I also see an absurdity for those who denounce the technology vehemently. In the end, one faction will get to say told you so, one faction will have their ass showing. But in the struggle for economic freedom, why WOULDN'T you at least root for a viable chance?

[muh_roads]

So, are you going to hedge your bets and buy some $#@!coins or are you only interested in bitcoins because they're trendy?

I'll feed the troll.

Bitcoins happen to be what caught on first. If your $#@!coins came before Bitcoins and offered the same utility, then they would be @ $90 also.

Is your $#@!coin open-source? If your $#@!coins offer something of more value than Bitcoin, then Bitcoin can just implement the same feature in the next version.

You seem to lack an understanding on why things have value. Being able to wire transfer money out of an oppressive country that forbids wire transfers is a wonderful thing. Good luck trying to transfer something heavy like metal outside of such countries. Metal is meant for hoarding when everything falls apart so you can trade locally. Bitcoin is for a globally connected economy.

Those that think intrinsic is the only thing that matters will always live the way they do. And that is fine. But I want to be involved with something that gains in value instead of just trying preserve value.

[Cshelton21]

I'm up 223 on my initial investment, as long as cypriot banks stay closed, I think I'll stay in. I'll pull out when they reopen for a day or so to see if that tanks the trade.

[abacabb]

Those that think intrinsic is the only thing that matters will always live the way they do. And that is fine. But I want to be involved with something that gains in value instead of just trying preserve value.

First, -rep for the derogatory language.

Second, what I quoted is philosophically the real point. Nothing without intrinsic value ultimately retains value. All make believe currencies eventually become worth zero (like paper currency from Ming dynasty china isn't worth "2 cents in China money" today.)

So, as I see it, 5 years from now, my $#@!coins will be worth as much as bitcoins. They'll be worth $#@!.

[brooks009]

Second, what I quoted is philosophically the real point. Nothing without intrinsic value ultimately retains value. All make believe currencies eventually become worth zero (like paper currency from Ming dynasty china isn't worth "2 cents in China money" today.)

The only things that have "intrinsic value" are food and water. Everything else has value because people want them at the current time (including gold). Gold will have as much value as Bitcoins if the $#@! hits the fan(nothing).

[Petar]

I agree, so are $#@!coins. $#@!coins have no central bank and they can be safely deposited in your imagination.

But $#@!coins are cheaper.

Seriously bro, I like ya, PM me and I'll even cut you a break on my $#@! coins. There are only 1,000 out there, they're only $1 each.

$#@!-talking coins ≠ actual bitcoins

Maybe one day you will learn the difference.

[abacabb]

Interesting people call names and throw around neg reps, but they cannot even handle themselves intelligently in a dispute.

Gold at least has thousands of years of history behind it and at the very least, it make non-corroding jewelry and is used in microprocessors.

Unless Max Keiser will be in the history books, which I assure you he won't, his bitcoins will be worth no more than my imaginary $#@!coins.

But hey, I could be wrong and you can be rich. Don't get mad at me, laugh at all the money I'm missing out on.

Unless you want to buy some of my $#@!coins, I'm done with this topic. Have fun. I'm just trying to joke around, people are way to serious about these BSitcoins.

[muh_roads]

Interesting people call names and throw around neg reps, but they cannot even handle themselves intelligently in a dispute.

Gold at least has thousands of years of history behind it and at the very least, it make non-corroding jewelry and is used in microprocessors.

Unless Max Keiser will be in the history books, which I assure you he won't, his bitcoins will be worth no more than my imaginary $#@!coins.

But hey, I could be wrong and you can be rich. Don't get mad at me, laugh at all the money I'm missing out on.

Unless you want to buy some of my $#@!coins, I'm done with this topic. Have fun. I'm just trying to joke around, people are way to serious about these BSitcoins.

Speak for yourself. You didn't refute any of our points about Bitcoin and their utility value.

I still can't figure how I was name calling. All I said was you "lack an understanding" of what gives something value...and you clearly do.

People give value. It isn't bestowed on something from the gods. If humans didn't exist gold would be pointless. And if gold was only used for its industrial use it would probably only cost $40/oz.

If you think digital 0's have no value, you can give me all your US Dollars if you'd like. You work for the same fiat we all do. You clearly care about collecting $1000 in a system of centralized limitless portions for your $#@!coins. Why?

You thought you were making a cute and intelligent argument with your "$#@!coins" when in the end all you proved to me is that you have no programming knowledge. And that is fine, many don't. Use google before trying to make an attempt at sounding "witty". If you could read the open-source code you would understand how awesome the system is and the potential to fight the banksters in a bloodless revolution. It wouldn't be worth anything if others didn't see value in it.

Even if Rothschild made Bitcoin, the open-source nature that is visible for all to see proves there is nothing devious in there.

[schiffheadbaby]

Speak for yourself. You didn't refute any of our points about Bitcoin and their utility value.

I still can't figure how I was name calling. All I said was you "lack an understanding" of what gives something value...and you clearly do.

People give value. It isn't bestowed on something from the gods. If humans didn't exist gold would be pointless. And if gold was only used for its industrial use it would probably only cost $40/oz.

If you think digital 0's have no value, you can give me all your US Dollars if you'd like. You work for the same fiat we all do. You clearly care about collecting $1000 in a system of centralized limitless portions for your $#@!coins. Why?

You thought you were making a cute and intelligent argument with your "$#@!coins" when in the end all you proved to me is that you have no programming knowledge. And that is fine, many don't. Use google before trying to make an attempt at sounding "witty". If you could read the open-source code you would understand how awesome the system is and the potential to fight the banksters in a bloodless revolution. It wouldn't be worth anything if others didn't see value in it.

Even if Rothschild made Bitcoin, the open-source nature that is visible for all to see proves there is nothing devious in there.

Do you think anyone would mine gold at 40 an ounce? No way. Platinum mining costs in SA nearly mirror the spot price.

How much do digital things cost to mine?

[umichmed]

Bitcoin is gonna go down hard.. right now it's in a bubble

If you have actually traded bitcoins, you'll know how hard it is to get USD out of the exchanges. Easy to put USD in, hard to get out.

[Petar]

Bitcoin is gonna go down hard.. right now it's in a bubble

If you have actually traded bitcoins, you'll know how hard it is to get USD out of the exchanges. Easy to put USD in, hard to get out.

I know of a local exchange that purchases bitcoins on the same business day.

[jclay2]

Interesting people call names and throw around neg reps, but they cannot even handle themselves intelligently in a dispute.

Gold at least has thousands of years of history behind it and at the very least, it make non-corroding jewelry and is used in microprocessors.

Unless Max Keiser will be in the history books, which I assure you he won't, his bitcoins will be worth no more than my imaginary $#@!coins.

But hey, I could be wrong and you can be rich. Don't get mad at me, laugh at all the money I'm missing out on.

Unless you want to buy some of my $#@!coins, I'm done with this topic. Have fun. I'm just trying to joke around, people are way to serious about these BSitcoins.

Thank you. + rep

[PaulConventionWV]

I know I'm way behind the curve on this, but what the heck is a bitcoin?

[PaulConventionWV]

Do you think anyone would mine gold at 40 an ounce? No way. Platinum mining costs in SA nearly mirror the spot price.

How much do digital things cost to mine?

Most of gold's price comes from the fact that it's shiny and is used to make jewelry.

[muh_roads]

I know I'm way behind the curve on this, but what the heck is a bitcoin?

Digital gold standard. What it lacks in intrinsic value it makes up for in ability. The ability to send money to anyone secretly in the world. Only 21 million can ever be produced. Each divisible by 8.

EDIT: You can buy real gold & silver with them thru the Tor browser in secret if one wishes.

[jclay2]

Most of gold's price comes from the fact that it's shiny and is used to make jewelry.

That is infinitely better than a bunch of 1's and 0's. What utility comes from having 1 bitcoin in of itself seperate from the bitcoin currency system?

[Jordan]

A friend asked me about bitcoins yesterday. Weird. This usually only happens when any market is about to reach its top.

[heavenlyboy34]

The only things that have "intrinsic value" are food and water. Everything else has value because people want them at the current time (including gold). Gold will have as much value as Bitcoins if the $#@! hits the fan(nothing).

A lot of truth there. I reckon people will value weapons and shelter a whole lot too when TSHTF. Do those have "intrinsic value"?

(btw, it's not fair to compare a medium of exchange with commodities. You can't eat FRNs either, but that's not a good reason to have a few on hand.)

[ronpaulfollower999]

A friend asked me about bitcoins yesterday. Weird. This usually only happens when any market is about to reach its top.

And everyone talks about the DJIA and S&P 500, so I guess they're at their top too.

[Jordan]

And everyone talks about the DJIA and S&P 500, so I guess they're at their top too.

Right. Probably closer to a top than a bottom. But the S&P 500 is made up of 500 different high-quality businesses that generate cash. Bitcoin is a speculative bet on the future of an alternative currency that enables easy access to things that are illegal (money laundering, drug sales, etc.)

[muh_roads]

A friend asked me about bitcoins yesterday. Weird. This usually only happens when any market is about to reach its top.

The estimate is that only 100,000 people are involved with Bitcoin currently. That 100K of people pushed BTC to the price it is now. There are about 1 billion people in the world that use the internet out of 8 billion currently.

There will only ever be 21 million coins to go around.

Food for thought.

[Petar]

A friend asked me about bitcoins yesterday. Weird. This usually only happens when any market is about to reach its top.

You haven't been around for that long Jordan, and you definitely have not seen everything that the future has to offer yet.

Right. Probably closer to a top than a bottom. But the S&P 500 is made up of 500 different high-quality businesses that generate cash. Bitcoin is a speculative bet on the future of an alternative currency that enables easy access to things that are illegal (money laundering, drug sales, etc.)

Do you ever think about who generates the cash that these "high quality" businesses "generate"?

People are sick of having their savings inflated away by bailouts, be prepared for the exodus that is coming.

[Jordan]

You haven't been around for that long Jordan, and you definitely have not seen everything that the future has to offer yet.

Do you ever think about who generates the cash that these "high quality" businesses "generate"?

People are sick of having their savings inflated away by bailouts, be prepared for the exodus that is coming.

I've been around long enough to know that hopes and dreams are often crushed, that the government doesn't like the idea of an anonymous currency, and that investment interest typically peaks at the same time a market reaches a top. I hate to be the bitcoin bear, but I just don't look at it through rose colored glasses. Do you not find similarities between the number of bitcoins threads here and the number of silver threads when it bubbled to $50/ounce? Once people think that "this time is it" they start plowing every dime they have into a market, only to see that markets can go down just as easily as they can go up.

I recognize that I could be wrong, but so far, placing your money AGAINST the status quo has made far more many people broke than it has ever made rich.

People aren't sick of bailouts. Households love participating in the stock market rallies. We're all Keynesians now!

[Petar]

I've been around long enough to know that hopes and dreams are often crushed, that the government doesn't like the idea of an anonymous currency, and that investment interest typically peaks at the same time a market reaches a top. I hate to be the bitcoin bear, but I just don't look at it through rose colored glasses. Do you not find similarities between the number of bitcoins threads here and the number of silver threads when it bubbled to $50/ounce? Once people think that "this time is it" they start plowing every dime they have into a market, only to see that markets can go down just as easily as they can go up.

I recognize that I could be wrong, but so far, placing your money AGAINST the status quo has made far more many people broke than it has ever made rich.

People aren't sick of bailouts. Households love participating in the stock market rallies. We're all Keynesians now!

The status quo is this insane idea that the fed can just build an ever expanding house of cards and never expect it to tumble.

What is your exit strategy for that eventuality?

Spaniards are currently buying a lot of BTC.

[Jordan]

The status quo is this insane idea that the fed can just build an ever expanding house of cards and never expect it to tumble.

What is your exit strategy for that eventuality?

Spaniards are currently buying a lot of BTC.

I don't need an exit strategy when the government, through policy, is on my side. Bernanke's great at destroying the value of money while driving up the value of cash flowing assets.

I don't have a lot of exposure to cash, so no reason to worry about it.

[Petar]

I don't need an exit strategy when the government, through policy, is on my side. Bernanke's great at destroying the value of money while driving up the value of cash flowing assets.

I don't have a lot of exposure to cash, so no reason to worry about it.

Oh, you must be one of those elites who are gonna be at the front of all the breadlines then.

Well, my plan is to productive within whatever semblance of a real economy might be left.