Topic: I think most of you underestimate just how important china was (Read 2749 times)

Quote from: Arghhh on April 07, 2014, 09:04:50 PM

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic

+1 Fantastic response

I've said it before: any publicly-traded company is a 'Ponzi scheme'. People buy shares, the price goes up, the early buyers find their shares are worth more. But not everyone can get out at the high price. Tell it to BP, HSBC, Google shareholders.
The difference is that a Ponzi scheme is built on nothing but other investors. Where there's real IP and real value, it's a different story.
Does bitcoin have real IP...?
[Discuss. But not too long because the answer's pretty clear.]

Not this old chesnut about BITCOIN being a PONZI

Im all in ....lets see where we are @ in 12 months Cheesy

YipYip

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Quote from: billyjoeallen on April 07, 2014, 08:55:24 PM

Do you dipshits even know what you're talking about? In June 2011, the priced crashed from $32 down to $2. He was right at the time. it took bitcoin almost two years to go back up to $30. I think Bitcoin is a fantastic deal @ $450 IF you plan on holding for years. In the short term I think it will go down. Hopefully not that far this time.

Dipshit? Coming from a 40-year old day-trader who had to move back to his parents?

Quote from: billyjoeallen on April 07, 2014, 06:11:49 PM

In 2011 when bitcoin crashed from $32 down to $10, I though it was an excellent time to buy. Then it went down to $2 and didn't come back up for months. I held on, but I had to move back in with my parents to do so. in my 40s. You guys think something like that can't happen now and I don't think it will, but it absolutely very well could happen.

At least we can both agree on bitcoin being a fantastic long-term investment. But try not to call of some of us long-term holders dipshit from your parent's basement mmmkay? Wink

Dude u are smokin' his ass with a blow torch !!!!

Love your work Cool

billyjoeallen that looks like a couple of nasty burns you should get some cream or better still goto your local hospital as that looks serious

jl2012

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Quote from: Cassius on April 08, 2014, 04:02:08 AM

Quote from: alxs on April 08, 2014, 01:46:31 AM

Quote from: alxs on April 08, 2014, 01:46:31 AM

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic

+1 Fantastic response

I've said it before: any publicly-traded company is a 'Ponzi scheme'. People buy shares, the price goes up, the early buyers find their shares are worth more. But not everyone can get out at the high price. Tell it to BP, HSBC, Google shareholders.
The difference is that a Ponzi scheme is built on nothing but other investors. Where there's real IP and real value, it's a different story.
Does bitcoin have real IP...?
[Discuss. But not too long because the answer's pretty clear.]

1. Definition from Wikipedia:

Quote

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

2. There is no operator in bitcoin

Therefore, bitcoin is not a Ponzi scheme

Q.E.D.

Cassius

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Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic

+1 Fantastic response

I've said it before: any publicly-traded company is a 'Ponzi scheme'. People buy shares, the price goes up, the early buyers find their shares are worth more. But not everyone can get out at the high price. Tell it to BP, HSBC, Google shareholders.
The difference is that a Ponzi scheme is built on nothing but other investors. Where there's real IP and real value, it's a different story.
Does bitcoin have real IP...?
[Discuss. But not too long because the answer's pretty clear.]

alxs

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Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic

+1 Fantastic response

nuff

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Quote from: Edward50 on April 07, 2014, 04:02:57 PM

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic

jl2012

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Bitcoin allowed china the perfect opportunity to freely move their money around.

Quote

Any of you who need to hide money or move it around untraceable probably know just how easily bitcoin allows this and how important it would be for the Chinese to be able to do this with their restrictive government.

Let me rephrase your argument:

1. Chinese people: We needs bitcoin to dodge the restrictive government!
2. The restrictive Chinese government: I won't let you buy bitcoin easily!
3. Chinese people: Forget it! Let's obey to the government! SELL SELL SELL!!!

Doesn't this sound very stupid?

Quote

Some will say China will still buy bitcoins and find a way. This is wishful thinking because Bitcoin is a serious threat to their government and they will keep closing any loopholes down.

It sounds like you know nothing about China.

Do you know China has banned google, facebook, youtube, twitter, because they are serious threats to the Chinese government? Yet, Chinese people will "climb over" the Great Firewall to access these contents?

Do you know each Chinese citizen is only allowed to wire US$50,000 to other countries each year? Do you know Chinese are the biggest real estate buyer in Canada in the recent years? How could they do this with such restrictive foreign exchange control?

If Chinese people really NEED bitcoin (as you stated), isn't it easier than buying a house in Canada?

y3804

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Lol. Past posts war

Arghhh

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Quote from: billyjoeallen on April 07, 2014, 08:55:24 PM

Do you dipshits even know what you're talking about? In June 2011, the priced crashed from $32 down to $2. He was right at the time. it took bitcoin almost two years to go back up to $30. I think Bitcoin is a fantastic deal @ $450 IF you plan on holding for years. In the short term I think it will go down. Hopefully not that far this time.

Dipshit? Coming from a 40-year old day-trader who had to move back to his parents?

Quote from: billyjoeallen on April 07, 2014, 06:11:49 PM

In 2011 when bitcoin crashed from $32 down to $10, I though it was an excellent time to buy. Then it went down to $2 and didn't come back up for months. I held on, but I had to move back in with my parents to do so. in my 40s. You guys think something like that can't happen now and I don't think it will, but it absolutely very well could happen.

At least we can both agree on bitcoin being a fantastic long-term investment. But try not to call of some of us long-term holders dipshit from your parent's basement mmmkay? Wink

Ibian

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Quote from: firstlast on April 07, 2014, 08:38:40 PM

I think bitcoin is still overvalued at this point in time. It went up 10 times its value in less than a month, and less than 6 months after the previous bubble peak.

Remember it took 2 years after the $30 bubble peak to bubble again to $266. The price can't rise this quickly without some serious correction.

At this point in time I wouldn't pay more than $300 a coin. I might pay more per coin in the future, but right now $300 seems like a fair price.

You guys are laughing that $30 was a steal in June 2011, but it was $1 in April 2011 and $2 in Nov 2011. $30 was definitely overpriced at that point in time.

As long as you don't regret missing out on your $300 coins once we are at penta digits.

billyjoeallen

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Hide your women

Quote from: psylence on April 07, 2014, 07:10:14 PM

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

Quote from: y3804 on April 07, 2014, 08:14:57 PM

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

Owned! There goes credibility

Do you dipshits even know what you're talking about? In June 2011, the priced crashed from $32 down to $2. He was right at the time. it took bitcoin almost two years to go back up to $30. I think Bitcoin is a fantastic deal @ $450 IF you plan on holding for years. In the short term I think it will go down. Hopefully not that far this time.

firstlast

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I think bitcoin is still overvalued at this point in time. It went up 10 times its value in less than a month, and less than 6 months after the previous bubble peak.

Remember it took 2 years after the $30 bubble peak to bubble again to $266. The price can't rise this quickly without some serious correction.

At this point in time I wouldn't pay more than $300 a coin. I might pay more per coin in the future, but right now $300 seems like a fair price.

You guys are laughing that $30 was a steal in June 2011, but it was $1 in April 2011 and $2 in Nov 2011. $30 was definitely overpriced at that point in time.

Arghhh

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The reason why BTC was pumped? SPECULATION. There was NO infrastructure at the time of posting. No adoption. nothing.

Bad decision making? It's not. It could have went the other way as well. The system doesn't work and the 1% dumps their 30% on your investment and you lose.

It all depends on your definition of a "good" decision. If the decision is extremely risky but makes you rich, is it the only "right" decision?

"It could have went the other way" is like saying that some of us early adopters were rolling a dice... when in fact we saw exponential growth right through the volatility and flatline, and stuck to our guns.

A good decision is defined by foresight, and judged by hindsight, clear and simple.

Someone can wail all they want about how bitcoin is not worth more than $7, but the market doesn't see it that way... they're left behind, and in hindsight, they actually let their fear and negative emotions get the best of them.

When cryptocurrency reaches a trillion dollar market cap, we will see once more who has made the right decision.

JHammer

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Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

Quote from: Arghhh on April 07, 2014, 07:50:25 PM

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

LMFAO... LOL Past Posts are a Bitch..

y3804

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Quote from: psylence on April 07, 2014, 07:10:14 PM

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

Owned! There goes credibility

Huh.. At the time of posting, his post made a lot of sense tbh. Now you laugh, but the Chinese did unpredictably pump BTC from $100ish to $1000 in less than a month.. Now we're going back down.

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

His post made a lot of sense? Yeah okay, it makes sense to miss becoming a millionaire... and people like him are always trying to rationalize why they miss the train. It's bad decision making. Period.

In chess, when a player makes a bad move, it's a fucking bad move, there's no way around it. There's no "It made a lot of sense at the time." NO! A bad move is bad decision making, and keeping record of OP's sentiment about bitcoins, it's no surprise that he failed.

The difference between the early adopters who stuck it out and made it, and the fearful who flinches at every rumor, is the ability to see many moves ahead. OP can't see VC, Wall Street, ATMs, NYSE, NASDAQ... Being short-sighted will always lead to checkmate, and it looks like OP doesn't see the entire board.

Bitcoin is a ponzi pyramid? Don't forget that fiat is a ponzi pyramid too:

So let me ask you this: what currency system isn't a pyramid, and actually works?

The reason why BTC was pumped? SPECULATION. There was NO infrastructure at the time of posting. No adoption. nothing.

Bad decision making? It's not. It could have went the other way as well. The system doesn't work and the 1% dumps their 30% on your investment and you lose.

It all depends on your definition of a "good" decision. If the decision is extremely risky but makes you rich, is it the only "right" decision?

Arghhh

full member

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Quote from: psylence on April 07, 2014, 07:10:14 PM

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

Quote from: psylence on April 07, 2014, 07:10:14 PM

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

Owned! There goes credibility

Huh.. At the time of posting, his post made a lot of sense tbh. Now you laugh, but the Chinese did unpredictably pump BTC from $100ish to $1000 in less than a month.. Now we're going back down.

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

His post made a lot of sense? Yeah okay, it makes sense to miss becoming a millionaire... and people like him are always trying to rationalize why they miss the train. It's bad decision making. Period.

In chess, when a player makes a bad move, it's a fucking bad move, there's no way around it. There's no "It made a lot of sense at the time." NO! A bad move is bad decision making, and keeping record of OP's sentiment about bitcoins, it's no surprise that he failed.

The difference between the early adopters who stuck it out and made it, and the fearful who flinches at every rumor, is the ability to see many moves ahead. OP can't see VC, Wall Street, ATMs, NYSE, NASDAQ... Being short-sighted will always lead to checkmate, and it looks like OP doesn't see the entire board.

Bitcoin is a ponzi pyramid? Don't forget that fiat is a ponzi pyramid too:

So let me ask you this: what currency system isn't a pyramid, and actually works?

y3804

sr. member

Activity: 406

Merit: 250

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

Owned! There goes credibility

Huh.. At the time of posting, his post made a lot of sense tbh. Now you laugh, but the Chinese did unpredictably pump BTC from $100ish to $1000 in less than a month.. Now we're going back down.

Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...

psylence

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Activity: 33

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Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011: