Topic: I am fucking panicking - page 5. (Read 15802 times)

I don't like feeding the trolls, but anyways I'm bored this morning

I do not put alll my wealth into 1 asset I'm not sure where you got that from.

Having false illusions of security towards traditional currencies (or other assets for that matter) are idiotic. I know it's different for each country but I have seen examples of what a corrupt government can do with centralized assets. Don't kid yourself that you're safe. ;-)

Having insurances on your bank account does not come for free. All the clients of the actual bank pay their part for the possibility of a bailout, if fraud happens.

As for the bitcoin world, everyone has different risk tolerance. I had only gains from bitcoin so far and I "lived" through the 2 huge panic sells (I didn't risk more than I can afford to lose though, so I wasn't all that fussed)

Trading can and should be regulated, as for the bitcoin protocol itself, it cannot be controlled or taken over. It seems you forgot about the utility aspect for the pure reason that you, personally don't have one for it.

I would also add, that I'm totally aware that if there's a fundamental flaw in the protocol then the value of bitcoin would go to 0. What would I do If I default on my bitcoin holdings? It wouldn't affect me much, purely because of diversification.

so if the bitcoin economy crashes who are you going to plead for help to? The service providers? What form of law code will hold them accountable for failing to uphold their debts? Thanks for the chuckle. The fact you put all your assets into one form of currency is laughable by itself but to then follow it by referencing this quote as some form of validation:


makes me question why YOU are here.

News Flash: Bitcoin is already being run by financial institutions, they just have no accountability to their customers.

Banks may be somewhat irritable to deal with at times, but if a FDIC approved bank fails to uphold it's responsibilities to its customers there is legal action that can be taken.

the government is not something we as crypto fans should strive to one-up, it is just something we should find ways to avoid.

Allowing Bitcoin to enter everyday society and thusly Wall Street is hardly avoiding that, and it's not like there has been blatantly obvious corruption going on in Wall Street at any point in history ever throughout its existence...

Let me answer this, though I understand that it's a futile attempt.

I do shop with btc, mine, buy and sell bitcoins.

I got my finances with my family/friends fully in bitcoin now. It made me hate all my other "payment" options especially online banking.

Having paypal hold my money for 6 months is also an other reason.

If you don't appreciate this:

"A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution"

then why are you here? ;-)

Having said all this, I think it's an infant / evolving project so it's understandable if it's not for everyone at the moment.

Offline transactions are still improving, but on-line is where Bitcoin really works best. It's not really any harder than funding paypal or secondlife and all the other funding methods there are out there.

All things you can do far easier with fiat currency

how the hell do you tip someone with bitcoin? and how do you even buy anything in person with them? Do you have to wait 60 minutes next to the POS system?

Seems like an awful lot of things required to accomplish the same fucking results

We have quite a lot of people here who want to buy VPNs/VPSes. Or domain names. That's just for starters.

Buying is easy, takes 10 minutes with AliPay here.

In New York you can do everything with Bitcoin: travel by limousine, buy pizza at panago, go the the bar, get a good lawyer, and live at a hotel.

This. lucas.sev is spot on IMO, but maybe you have something interesting to say besides the "bitcoin revolution" cult drivel?

such as?


Depends on how much time you have on your hands

Wait what?!

You can keep saying this.. and you can keep using authoritative capital letters.

But that doesn't make it true.

The world is big and there are many reasons to acquire BTC. Furthermore, it isn't necessarily much of a hassle.

store of value = investment

 it also can be use as a method of storing value, since lot of people are suffering in incapable of the local currency.

Black market goods are the ONLY reason why someone would go through the hassle of getting bitcoin beside getting them for speculative/investment purposes.

EDIT: At least today.

 

http://www.youtube.com/watch?v=p-rB6Wgb044

Hey you misunderstood what I wrote! I mean that an alt+anonymity will be the new guy in town making BTC obsolete, because I THINK that black market is the main driving force behind cryptos economy...

But I could be wrong...

Hang tight, Gordonium, I see good times ahead.

what does LexisNexis have to do with bitcoin i am curious?

I was thinking more along the lines of if nobody is using bitinstant (which automatically uses MtGox for it's btc) then there would be less transactions going on and more possible market manipulation on the parts of both of those companies.

Am I the only one who thinks either of them is way too much of a monopoly for being companies of a "decentralized" currency?

Because if I had to take a guess at how the Feds want to attack BTC I can almost guarantee you it involves MtGox or Bitinstant or both most likely

Liberty Reserve got shut down with relative ease, how is Bitinstant different considering they are both US based?

also, this company (http://en.wikipedia.org/wiki/LexisNexis) SHOULD NOT even be mentioned in the same sentence as bitcoin

or am I missing the whole point here?

Everyone knows this. Nobody talks about it.

The 3 things that keep any currency working.

1. Drug Trade.
2. Sex Trade.
3. Gambling.

The main issue right now isn't that people can't get USD into bitcoin... it's that vendors are having issues getting it out... this is making them increase prices to cover the inconvience... which is driving the market price down.

The other issue is that whenever the hash rate grows we have more downward pressure because coins are being created at a faster rate. If the target is 14 days... and hash rate it growing by 10% you have difficulty adjustment in 12.6 days instead of 14. That's 15% more coin that can be sold/traded by miners.

It will right itself soon - people are starting to recall that mining is all about power consumption.