Bitcoin is now preferred to fiat on the street

erikalui

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Quote from: lorylore on July 09, 2015, 06:23:28 PM

I dont agree with you when you say "Bitcoins are very easy to transfer from one account to the other"
These days it had been very difficult

These days only...But bitcoins are still easier to transfer rather than other currencies. One can create a wallet in seconds and import their private key in that account. These days there were a lot of spam transactions taking place but overall, it is easier.

chesthing

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"Yes that's me."

I always wondered what happened to the creature from the black lagoon.

Hyena

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Quote from: Ruzka on July 10, 2015, 02:59:32 PM

Dude you are telling us that people taking out loans from banks is going to destroy them and I am the delusional one you say?

If I take a loan to buy something that goes up in value and the fiat that I have loaned goes down in value then I am the smart one and banks are the bagholders. The more people buy cryptos the less fiat will be worth. If you want to accelerate the downfall of fiat you should let banks print it for you as a loan and you instantly dump that shit for bitcoins. Later you dump some coins and pay the loan back. The banks hate it if a loan gets paid back because then they'll have to destroy money they have created.

Quote from: Ruzka on July 10, 2015, 02:59:32 PM

"Precious metals" held their value for 100's of years are going to fall, OK I am going to sleep wake me up when that happens sherlock.

Exactly, precious metals have held their value for 100's of years. No one expects them to take a hit. You must always expect the unexpected! Thus, expect precious metals to crash down to their intrinsic value. I must say, however, that this won't happen any time soon. After fiat is gone, there will be an era of precious metals and cryptos for a while. Then, people realize how much better cryptos are in comparison to precious metals so the value of those will slowly fall.

Ruzka

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Quote from: Hyena on July 09, 2015, 10:51:55 AM

Quote from: Ruzka on July 09, 2015, 10:41:19 AM

That might well of happend with your friend but everything else you wrote was crap lol

"Few" 'People taking out loans for bitcoin' guess what the banks still get their money back Cheesy

Yes at interest and yes with money that never existed, no room for loss there.

News to you fiat is already worthless and has been since not being backed by gold.

Oh dear gold and silver become worthless because of crypto, now I've heard it all.

These are the early signs. Just because it somehow hurts your ego does not make such events go away. We will start seeing more and more stuff like I described in OP. Gold and silver have only a small intrinsic value in comparison to their current speculative value. They will lose a great portion of their value just because so many people are so god damn sure of their value and don't expect it to fall. For example, look at yourself, you are so delusional that you refuse to think of the possibility that precious metals might lose their centuries old high value. The consequences of bitcoin are much bigger than you can think of.

The only early signs which I see are from you but I won't go into what the signs are of. Some how hurt my ego? lol. Dude you are telling us that people taking out loans from banks is going to destroy them and I am the delusional one you say? You somehow think fiat has value to begin with, wake up ffs! "Precious metals" held their value for 100's of years are going to fall, OK I am going to sleep wake me up when that happens sherlock.

Hyena

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Quote from: Mikestang on July 09, 2015, 06:25:05 PM

So I tried to see how btc worked "on the street" here in downtown Los Angeles. I tried to give 5 different homeless guys some bitcoin, but none of them had a cell phone or computer, so it didn't work too well...

next time give them the private key on paper for example Tongue

Mikestang

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So I tried to see how btc worked "on the street" here in downtown Los Angeles. I tried to give 5 different homeless guys some bitcoin, but none of them had a cell phone or computer, so it didn't work too well...

lorylore

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Quote from: erikalui on July 09, 2015, 05:44:17 PM

Bitcoins are very easy to transfer from one account to the other and hence those who know about them, prefer them to fiat money but at the end everyone converts their bitcoins to fiat at some or the other points. Banks will never adopt it as they may end up losing a lot but they may offer people to buy bitcoins and trade in them just like demat accounts which allow trading in shares.

My friends would never trade in bitcoins as here people consider it illegal (though it's not legalized and not illegal).

I dont agree with you when you say "Bitcoins are very easy to transfer from one account to the other"
These days it had been very difficult

Shiver

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When I read that your friend was taking out a loan I paused and shook my head.

On the second pass I thought "if he can service the loan no matter what *and* he has opinion that it could go up more than the cost of the loan, then better to get in now with a lump sum than buying only the equivalent of a monthly repayment amount of BTC".

I made some decent cash in my 20's using "OPM" (other peoples money). Don't get loans for curtains and lamp shades or anything else that doesn't have resale value, but if some asset is bringing you in more than it's costing, then it's a different proposition. I just hope his judgement is founded on good information and not just wishful thinking.

It wouldn't be my decision, but there are worse decisions that can be made in life.

erikalui

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Bitcoins are very easy to transfer from one account to the other and hence those who know about them, prefer them to fiat money but at the end everyone converts their bitcoins to fiat at some or the other points. Banks will never adopt it as they may end up losing a lot but they may offer people to buy bitcoins and trade in them just like demat accounts which allow trading in shares.

My friends would never trade in bitcoins as here people consider it illegal (though it's not legalized and not illegal).

pereira4

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I dont know a single person in real life that has even heard about BTC. I think it's still a tiny amount of people. Once we go mainstream black swan will happen along with an insane price per BTC, but we are still a decade away from that at least. We are still mega pioneer geeks foreseeing the future.

lorylore

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The fact that bitcoin is being so popular it has been preferred by most of the people.
But on the street is the first time that i hear

Hyena

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Quote from: MUFC on July 09, 2015, 01:35:58 PM

Ha, is that you in your avatar? I personally think supplements are a waste of time. Just eat well and you'll get all you need.

Yes that's me. I only take protein, creatine, beta-alanine and arginine because they make a huge difference. Also, arginine will make your dick bigger, erection easier and it lowers the blood pressure. I fucking love arginine, it also gives you a monster pump in the gym. Without arginine I can have 3 rounds of good fuck in a row but with arginine I can get up to 6.

Quote from: MUFC on July 09, 2015, 01:35:58 PM

It's not as easy as that but taking out loans to buy bitcoins isn't a good idea in my opinion. He could find himself in real trouble that way. I'd tell him to just put what he can afford to in bitcoin each month or something.

He knows what he's doing. He won't end up on street, he's a fighter, been in the rock bottom and got out of it.

Quote from: Greendragon on July 09, 2015, 02:28:31 PM

I buy my tren ace in bitcorns to

Wait wut..

And your dbol ?

I will probably start taking juice when I'm 40+ years old because then it is justified. The natural production of HGH and testo starts to fall dramatically after that age and could seriously reduce the quality of one's life.

Greendragon

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I buy my tren ace in bitcorns to

Wait wut..

And your dbol ?

gentlemand

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Welt Am Draht

If someone owed me a few quid I'd prefer to be paid back in BTC but that's because I've been infected. Not too many have.

Taking out a loan for coins? I remember lots of talk of that in late 2013. I think it's a safer bet now than it was then but still...

JarvisTechnology

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I would not like to fully support any of the situation. People entrusting their faith fully in bitcoins ,well that's kind of unacceptable. Don't you think people might find it amusing that a person is getting a loan to buy bitcoins. Like seriously? In an era ,where majority is not informed properly about bitcoins , people would leave gold or other standard currency to buy bitcoins? NO.

MUFC

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Quote from: Hyena on July 09, 2015, 09:48:18 AM

Today I bought 2 jars of this:

Ha, is that you in your avatar? I personally think supplements are a waste of time. Just eat well and you'll get all you need.

Quote from: Hyena on July 09, 2015, 09:48:18 AM

He also told me that he is planning to take a loan to buy bitcoins with it. Guess what happens when people start taking loans to buy bitcoins? The banks will be milked as the value of their fiat crumbles into dust. The banks will then start to think that why on Earth should they give a loan to people who are going to buy bitcoins, so instead the banks themselves start to buy bitcoins. After that, fiat money will become worthless. Gold and silver will become almost worthless too because everyone realizes that cryptocurrencies are much better than precious metals. This will be the black swan event for precious metals. Bitcoin does not have to be afraid of a black swan event because BITCOIN IS THE BLACK SWAN EVENT.

It's not as easy as that but taking out loans to buy bitcoins isn't a good idea in my opinion. He could find himself in real trouble that way. I'd tell him to just put what he can afford to in bitcoin each month or something.

farting_shot

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"you cannot have yin without yang, I'm the servant of the balancing forces in this universe."

If you are the yin, I am the yang. Come to the light side, hyena! You've been a bulltard, a shill for the whales and lucky early adopters for far too long. Down with bitcoins, Death to bitcoins, Long live the fiat system!

Hyena

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Quote from: bumm on July 09, 2015, 11:47:08 AM

great man ! glad to know that. in our country bitcoin is not THAT popular, but it is gaining popularity. most of people here dont have idea about what bitcoin is. we will see what happens next.

Yeah, I guess I should have added that my country has been the top one in google trends for years when it comes to the "bitcoin" search term.

Quote from: RyNinDaCleM on July 09, 2015, 11:50:40 AM

I'm not going to comment on whether this or any of your other numerous threads as of late are true or false, but you are starting to sound like the inverse bull troll of kwukduck or NLC with these sensationalist titles. Just sayin'!

Yeah, you're right, but I bet I'm the lesser evil Cheesy

edit:
you cannot have yin without yang, I'm the servant of the balancing forces in this universe.

RyNinDaCleM

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Legen -wait for it- dary

I'm not going to comment on whether this or any of your other numerous threads as of late are true or false, but you are starting to sound like the inverse bull troll of kwukduck or NLC with these sensationalist titles. Just sayin'!

bumm

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Quote from: Hyena on July 09, 2015, 09:48:18 AM

Today I bought 2 jars of this:

... from my friend on the street who bench pressed a 170kg personal record today. He wanted 25 euros but I only had 20 and 50. I asked if he would be OK if paid him 20 and sent him 5 EUR worth of bitcoins later as payment. Guess what. He asked that he would like to have the whole payment in bitcoins only, if I was cool with it. I was cool with it. This means that people already have more trust in bitcoin than they have in fiat, especially euros.

He also told me that he is planning to take a loan to buy bitcoins with it. Guess what happens when people start taking loans to buy bitcoins? The banks will be milked as the value of their fiat crumbles into dust. The banks will then start to think that why on Earth should they give a loan to people who are going to buy bitcoins, so instead the banks themselves start to buy bitcoins. After that, fiat money will become worthless. Gold and silver will become almost worthless too because everyone realizes that cryptocurrencies are much better than precious metals. This will be the black swan event for precious metals. Bitcoin does not have to be afraid of a black swan event because BITCOIN IS THE BLACK SWAN EVENT.

great man ! glad to know that. in our country bitcoin is not THAT popular, but it is gaining popularity. most of people here dont have idea about what bitcoin is. we will see what happens next.

Topic: Bitcoin is now preferred to fiat on the street (Read 1659 times)