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Thread: Bitcoin

  1. #21
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    Having a definite amount of something makes people hoard it, which is why the dollar isn't pegged to gold anymore.

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    If it wasn't for Indian wedding season gold would also be something that just has as much value as people think it does
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    Quote Originally Posted by Dunny View Post
    Having a definite amount of something makes people hoard it, which is why the dollar isn't pegged to gold anymore.
    But I think that's our altered perception because we're so disconnected from the idea of a finite currency at this point. I think supply/demand will naturally create a balance where it's supposed to be. You're going to hoard as much as you want to hoard until it's worth it to give some of it up for your gallon of milk. Now the opportunity cost of getting milk is 1/50th of a bitcoin or whatever. They made it so you can divide a bitcoin into like 100,000 or something. So I may want to hoard my bitcoin but am I not going to give up a 100,000th of one for a glass of milk?

    I'm not concerned about it in that sense. I'm only concerned about the hoarding because it's not the main currency. Basically I think people are really likely to use USD for spending, and bitcoin for saving/hoarding. That's also why I think it's a killer long-term high risk investment.

    Quote Originally Posted by Patrick Bateman View Post
    If it wasn't for Indian wedding season gold would also be something that just has as much value as people think it does
    I don't get this.
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    Quote Originally Posted by Pete View Post
    Not when it's not widely recognized as having value.
    If it wasn't widely recognized as having value, then I would be able to buy one for less than $830 don't you think? It's not widely accepted as a valid form of currency. But it is by definition, cash. Liquid currency equivalent to $830 USD. I can buy a flatscreen on tigerdirect or a sofa on overstock with a bitcoin. Or exchange it for $820 usd relatively quickly. Actually there are ways to just straight up pay your taxes with bitcoin. Companies that file for you will accept it and pay your taxes.

    How is that not widely accepted as having value?
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  5. #25
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    Quote Originally Posted by quick release View Post
    If it wasn't widely recognized as having value, then I would be able to buy one for less than $830 don't you think? It's not widely accepted as a valid form of currency. But it is by definition, cash. Liquid currency equivalent to $830 USD. I can buy a flatscreen on tigerdirect or a sofa on overstock with a bitcoin. Or exchange it for $820 usd relatively quickly. Actually there are ways to just straight up pay your taxes with bitcoin. Companies that file for you will accept it and pay your taxes.

    How is that not widely accepted as having value?
    Then why can't I go into a corner store and buy something with bitcoin?

    Widely accepted for me just means accepted anywhere. Bitcoin right now is like Discover card.

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    Quote Originally Posted by Pete View Post
    Then why can't I go into a corner store and buy something with bitcoin?

    Widely accepted for me just means accepted anywhere. Bitcoin right now is like Discover card.
    Widely accepted is a different concept than widely recognized as having value.
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    Quote Originally Posted by quick release View Post
    Widely accepted is a different concept than widely recognized as having value.
    Sorry, misspoke.

    But either way, those not accepting it don't recognize it as valuable for their purposes. But anyone will take a dollar.

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    Quote Originally Posted by Pete View Post
    Sorry, misspoke.

    But either way, those not accepting it don't recognize it as valuable for their purposes. But anyone will take a dollar.
    Of course. It's a brand new currency. Don't you find it impressive how far it's come though in just a couple years? Those are huge companies that are accepting it.

    You're comparing a frontrunner for the Calder trophy to Sidney Crosby.
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    I have a feeling that this is going to be one of those trends that sticks around for a couple of years and then fizzles out. If I was investing in currency I'd rather invest in a form of foreign currency and try my luck in the foreign exchange markets then invest in something that the bottom could very well fall out on at any time. What's stopping bitcoins from just losing all value? Hard currency will always have value but this virtual stuff? I don't trust it. With my luck I'd invest the $850 or whatever it is for one bitcoin and in the next week the bottom will fall out on the market and the bitcoin will be worthless and I'll be out $850 with nothing besides a "congratulations on your bitcoin purchase" email.

  10. #30
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    Quote Originally Posted by EdMc28 View Post
    I have a feeling that this is going to be one of those trends that sticks around for a couple of years and then fizzles out. If I was investing in currency I'd rather invest in a form of foreign currency and try my luck in the foreign exchange markets then invest in something that the bottom could very well fall out on at any time. What's stopping bitcoins from just losing all value? Hard currency will always have value but this virtual stuff? I don't trust it. With my luck I'd invest the $850 or whatever it is for one bitcoin and in the next week the bottom will fall out on the market and the bitcoin will be worthless and I'll be out $850 with nothing besides a "congratulations on your bitcoin purchase" email.
    Don't blame you for not trusting it. But the buying power of our dollar has decreased for sure. And look at what happened in '08. Do you really trust the USD right now? I don't. It's a fiat currency totally controlled by our government. Our government is in a massive amount of debt. I just don't believe in the USD any more.
    ‎"...the common and continual mischiefs of the spirit of Party are sufficient to make it the interest and duty of a wise people to discourage and restrain it... It opens the door to foreign influence and corruption, which find a facilitated access to the Government itself through the channels of party passions."
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  11. #31
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    USD is still far and away the most powerful currency in the world, it's part of the reason we have so much debt, people are lining up around the block to buy it
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    Quote Originally Posted by Patrick Bateman View Post
    USD is still far and away the most powerful currency in the world, it's part of the reason we have so much debt, people are lining up around the block to buy it
    This is pretty obvious. It's the most powerful currency in the world because we're the most powerful country in the world. But it doesn't change the fact that we're in a massive amount of debt and we've avoided defaulting on our loans by raising our debt ceiling. It's nonsensical. We're yanking interest rates and propping up our currency.... it's currency botex... the Fed being a plastic surgeon. The same assholes that missed all of the signs of the '08 bubble collapse are still handling our economy. You clearly trust heavy-handed Keynesian economics. I do not. So we're not going to agree on this.
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  13. #33
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    http://www.businessinsider.com/s?q=bitcoin

    a good source for all you want to know about bitcoin both pro and con.

  14. #34
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    What makes you think I'm a keynesian? I'm actually quite the opposite. I'm just aware that our debt isn't bad, it's a lot, but it's not bad. Take a look at some interest rate benchmarks to see how much interest other countries have to pay on their debt
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    Quote Originally Posted by Patrick Bateman View Post
    What makes you think I'm a keynesian? I'm actually quite the opposite. I'm just aware that our debt isn't bad, it's a lot, but it's not bad. Take a look at some interest rate benchmarks to see how much interest other countries have to pay on their debt
    My apologies. I thought we had that discussion in another thread. Maybe I confused you with someone else on that topic.

    Ok so our rates might be good. Doesn't make me feel much better.
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  16. #36
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    lol yea, I'm as far away from them as you can get.
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  17. #37
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    Rough day for bitcoin:


  18. #38
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    so volatile lol
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  19. #39
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    Quote Originally Posted by Patrick Bateman View Post
    so volatile lol
    It's insane.

  20. #40
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    I just set up my coinbase account. Going to take 2 days to verify my bank account. Hopefully the price keeps dropping because I would like to buy at least one bitcoin next week.
    ‎"...the common and continual mischiefs of the spirit of Party are sufficient to make it the interest and duty of a wise people to discourage and restrain it... It opens the door to foreign influence and corruption, which find a facilitated access to the Government itself through the channels of party passions."
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