Bitcoin made rich just a few but it ruined many - page 5.

Chris_Sabian

legendary

Activity: 896

Merit: 1001

Quote from: bababooey on October 01, 2014, 06:54:04 PM

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

This statement makes no sense at all.

adamstgBit

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Activity: 1904

Merit: 1037

Trusted Bitcoiner

Quote from: bababooey on October 01, 2014, 06:54:04 PM

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

15mill$ market cap while achieving "gigantic success"

seems legit.

gentlemand

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Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: bababooey on October 01, 2014, 06:54:04 PM

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

A $21 million market cap isn't going to be of much use to the entire world. One fancy house purchase would swallow the global supply.

bababooey

newbie

Activity: 14

Merit: 0

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

spiderbrain

legendary

Activity: 889

Merit: 1013

BItcoin will have had its last ATH only if it has reached its full potential role in the global economy. Such a game changing technology at a market cap of only $5 billion? I don't believe it, we have a lot more to come. When? Only when idiot get rich quick speculators GTFO and let bitcoin do its thing in its own time.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

bigger fool == Bitcoin is a Ponzi bubble

There is nothing guaranteeing your fiat dollars, in fact they are almost guaranteed to depreciate due to incessant monetary inflation. All circulating money derives value from social psychology, i.e. is in a semi-permanent state of bubble. Choose your bubbles poison wisely.

Room101

sr. member

Activity: 541

Merit: 362

Rules not Rulers

Quote from: megadeth on October 01, 2014, 05:27:15 PM

Quote from: Room101 on October 01, 2014, 05:24:30 PM

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?

It's not easy to hold through that much gain.

same goes for the miners he was talking about though....and he definitely shouldn't have lost money

megadeth

sr. member

Activity: 289

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bagholder since 2013

Quote from: Room101 on October 01, 2014, 05:24:30 PM

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?

It's not easy to hold through that much gain.

Room101

sr. member

Activity: 541

Merit: 362

Rules not Rulers

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?

Chuckee

member

Activity: 70

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Quote from: Robert Paulson on October 01, 2014, 04:48:05 PM

Quote from: TeeBone on October 01, 2014, 04:44:20 PM

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

What you don't understand is, nobody wants a currency that isn't backed by a government or other type of major institution. They want guarantees... as it is, if they lose their bitcoin due to computer security failures or hardware problems, then they're fucked. That's why there is very little interest in it now, more than 5 years after conception, and there will always be low interest. A worldwide economic collapse on the level that you dream of will not happen within our lifetimes, and even if it did, the idea that everyone will have a device capable of storing and transmitting bitcoin securely, over a global and well maintained computer network, is laughable.

findftp

legendary

Activity: 1022

Merit: 1008

Delusional crypto obsessionist

Quote from: Robert Paulson on October 01, 2014, 04:48:05 PM

Quote from: TeeBone on October 01, 2014, 04:44:20 PM

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

It just depends what TPTB allow to be money.
*if* they pull the plug out of the internet, gold will be the medium of exchange.
If they allow the world to turn around another 100 years, it could be bitcoin that saves the day.

Robert Paulson

sr. member

Activity: 448

Merit: 250

Quote from: TeeBone on October 01, 2014, 04:49:34 PM

Quote from: Robert Paulson on October 01, 2014, 04:48:05 PM

Quote from: TeeBone on October 01, 2014, 04:44:20 PM

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

Then you woke up from a dream...

you're right, that refutes everything i said.

Odalv

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Activity: 1414

Merit: 1000

Quote from: NotLambchop on October 01, 2014, 04:41:28 PM

@Odalv: Nah, I actually practice what I preach. Tough to believe on this forum, and I'm not expecting you to, but... Take it for whatever you think it's worth Undecided

the more preachers the better :-)

TeeBone

sr. member

Activity: 502

Merit: 251

Quote from: Robert Paulson on October 01, 2014, 04:48:05 PM

Quote from: TeeBone on October 01, 2014, 04:44:20 PM

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

Then you woke up from a dream...

Robert Paulson

sr. member

Activity: 448

Merit: 250

Quote from: TeeBone on October 01, 2014, 04:44:20 PM

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

TeeBone

sr. member

Activity: 502

Merit: 251

Quote from: findftp on October 01, 2014, 04:37:48 PM

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapse is quite absurd. That's a situation where tangible, hard assets will flourish.

NotLambchop

sr. member

Activity: 378

Merit: 254

@Odalv: Nah, I actually practice what I preach. Tough to believe on this forum, and I'm not expecting you to, but... Take it for whatever you think it's worth Undecided

findftp

legendary

Activity: 1022

Merit: 1008

Delusional crypto obsessionist

Quote from: Robert Paulson on October 01, 2014, 04:24:27 PM

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: NotLambchop on October 01, 2014, 03:31:20 PM

Quote from: sgbett on October 01, 2014, 03:26:09 PM

...Would you advise that I not reduce my exposure to BTC?
...

I never told anyone to sell. I simply told them not to buy your bag.

Quote from: NotLambchop on October 01, 2014, 03:23:25 PM

...
I used an analogy to illustrate that doing something stupid and profiting doesn't make it smart. Bitcoin is clearly not a lottery ticket.

But let's go with your direct substitution, Bitcoin=scratch ticket.
I have not suggested anyone should sell their scratch tickets to greater fools.
Merely that they shouldn't be *BUYING* lottery tickets from those who are selling them.

TL;DR: Don't be the greater fool.

Why does this need repeating?

P.S: Though you may profit from selling your coin now, I do not advise you to do it.
You seem to be relatively well-off, and the ethics of unloading your bag on someone potentially less fortunate than yourself are questionable.

Do you want to help him with this bag ? It is really very light weight.

Robert Paulson

sr. member

Activity: 448

Merit: 250

Quote from: NotLambchop on October 01, 2014, 04:18:37 PM

Quote from: Robert Paulson on October 01, 2014, 04:11:12 PM

Quote from: NotLambchop on October 01, 2014, 04:03:05 PM

Quote from: Robert Paulson on October 01, 2014, 04:01:11 PM

...
i can assure you, that if you're trading bitcoins for some papers from a bank you are the greatest fool and probably deserve whats coming.

An assurance from you, Robert Paulson, isn't worth the paper it's not written on Undecided

how about an assurance from the US government, they will tell you they are bankrupt if you just ask them
http://budget.house.gov/news/documentsingle.aspx?DocumentID=387875

or how about an assurance from reality
http://www.usdebtclock.org/

anyone who trades bitcoin for fiat is a fool and probably deserves whats coming.

Robert Paulson, your daddy issues with US gov. are dull, repeated constantly by those more eloquent than yourself, & contribute nothing to the topic.

Just delete your posts and help us keep this thread tidy okthx.

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

Topic: Bitcoin made rich just a few but it ruined many - page 5. (Read 9618 times)