Topic: Bitcoin will fail (Read 8132 times)

Just wanted to add that in today's economy it is the Yen that wins, not the dollar.

Also it looks like my farmer is going to start taking bitcoin. I am very involved with community supported agriculture here and working to help farmers produce with BTC. Next I will work on their suppliers. Baby steps.

Dollar wins dollar wins dollar wins!

Yeah it's like when gold became worthless years ago!  Since nobody denominates their economy in it, no one wants it, so now that it's $2-4 per ounce, it's fair value.

As mentioned as Bitcoin 2013, it was very difficult for ?butterfly labs? to get a chip maker to work with them because they NEED to know someone or else no one will even talk to them... The US govt, I do not think has this problem.

Why should governments buy when they can just mine? And while they're at it, why not amass 51% of the mining power to fork a block chain to one's liking?

You seem to underestimate the power of the masses, my friend... If you didn't know, governments were designed to represent the masses, including the interests of corporations. When taking into account millions upon millions that are being represented, pennies can add up to a nice chunk of dough, even enough to buy every mining rig out there, ASIC-based or not. Did I say buy?... Sorry, I meant confiscate.

That would limit me to buying something locally. That limits my choices. And your $500,000 to 'help bitcoin' would only help local people in your area to be able to purchase food with bitcoins.

Hell, even FinShaggy asked for $2 million and in exchange for your $10k investment you got a piece of land, a house, computer and a TV.

You should know the peoples names who grow the food you eat. You should have at least met them once.. They are noble people. You, i am not so sure. Your judgement day is coming.

I actually bought some organic dog food for my dogs with bitcoins last month.

It did not raise the price of bitcoin one bit.

Let me sell you a life insurance policy please... You will die young, i make some money!!! With my farm, you gain good health. Another intangible. Another point in life that require discipline, sacrafice.


How is paying for marketing profitable? Marketing, commercials, adverts, in and of themselves are not profitable. Marketing is a money pit for businesses, but often necessary if they want their product to get known.

So you want money to spend on something so that we can all benefit from the existence of your business? How kind of you.

I can buy food with bitcoins in several places. Amazon, Burger King, Applebees, Sams Club, etc.

There are roughly 3 billion people in the world with access to internet. It would require 30 bitcoins to give everyone a single satoshi.

That is a reallllly good investment for 30 bitcoins.

Point well-made!

Now, where are da bees at?
(quietly pulls out his wizard hat and sniffs around)

I am not sure VC are always looking for a return for every dollar spent on a specific task. IE, no one makes money from marketing, no consumers pay to see advertisments. But, they are worth the dolling out, to get the return on the underlying product they are selling.

I do not plan to actually pay back 3850 BTC. But I do intend on making whatever bitcoins you have left, to be worth much more, because they are redeemable for food. A staple in human life. The beauty, again of bitcoins, is the wealth they hold, is physically intangible.

I *agree* please send me your bitcoins, with give you $1 each.

also money velocity, you have not idea

once out that's just transaction rate between everyone, miners are irelevant, 1 bit coin can be split into 10^8 parts thus enough bitcoins out already to run many times the world economy

Thank you!

I have a ton of other idea that will actually get a bitcoin economy flowing quickly. No one else is focused on the hard work required building an economy. <-- most of you think I am asking for free handout. You would be more naive than any. She "gets it"

The VC who help carve out the path, win 10-fold, that has been my orginal thesis, otherwise bitcoin never really goes much higher. Even it makes it to $1000/btc, Its still chump change to the economy. Again, with out a single satoshi having a value near that of a dollar, but how is that obtained.

I am beginning to realize I am on point! You 'hoarders' are digging your own wealth grave.

If anyone understand what has happened to farmers over the past 50 years, they were told, or they needed to update their machinery, the only option was to go the "miners" or "banks" to get cash distributed, to grow an economy.. Unfortunately, debt basically means they will eventually be filing for bankruptcy, and lose their farm, only for the mega giants to swoop in a take it for pennies on the dollar. Keep hoarding, speculation is only soo strong of a force until it destroys you.

Bitcoin is debt free!

If you keep focusing on the tippy top point of the future, money, greed, technology, if things do not go as planned, american specifically are screwed.

During the collapse of the soviet union, things were not as bad as they could have been, and or will be in america, because most russians farmed..

And you think I am trying to scam you guys out of a few coins you minted with electricity from your wall. Ya, really hard work. So far most of your logic is lining to be that of a wall street day trader who provides nothing to society, before you know it, all your going to hear a loud sucking sound, known in the industry as a vaccum.

CtrlAltBernanke420: Hi, I need half a million dollars to start an organic farm so I can sell food to people.
Bank: Ok, what is your business plan? What will you use as collateral? What is your farming experience? How many other successful businesses do you have? Would you be willing to put down 20% ($100,000) toward the loan? Let me check your credit score and credit history. What is your current salary? Can you show proof of past history that would justify the returns you expect to be able to pay back $500,000?

or...

CtrlAltBernanke420: Hi, I need 3850 bitcoins to start an organic farm so I can sell food to people in exchange for bitcoins!
Bitcoin investor: Ok, what is your business plan? What will you use as collateral? What is your farming experience? How many other successful businesses do you have? Would you be willing to put down 20% (770BTC) toward the loan? Let me check your credit score and credit history. What is your current salary? Can you show proof of past history that would justify the returns you expect to be able to pay back 3850 bitcoins?
CtrlAltBernanke420: I will pay you $6/BTC for 3850 bitcoins.

As far as I can remember, the speculation was rampant in 2011 and 2012 as well... There was a time when I even had to pull out my wizard hat in order to chase off the fake honey bees.

The only thing that's growing stronger are the bid walls... Look at this one... She's a beauty, ain't she?

And what does one need to fork a bitcoin block chain? 

He isn't behaving that differently from you, you know. He's looking for bitcoin investors to help start-up his farm. You and others are looking to Silicon-Valley+Wall Street to come up with solutions that enable Bitcoins to be spent.

Why the hostility to finding start-up capital from within the community in coins?

You seem to be imagining that it will make existing bitcoiners poor. But eventually all wealth flows towards those who supply venture/start-up capital. They don't view it as "handing over money", but instead as a stake in a profitable venture. They end up owning the world, leaving the hoarders for dust.

Personally I like the idea of a farm where you can buy food direct for cryptocoins, by-passing the supermarkets. But it's not a "sexy" venture that will attract fiat venture capital - so it either raises funding from within the community or doesn't happen at all. OP's other alternative is raising money from the traditional banks - can you imagine how that conversation will go? Not to mention him having to constantly cash out the BTC he earns to pay fiat interest, fees, etc, instead of keeping the BTC within the BTC economy. Fiat wins...