Topic: My 2,000 BTC is all gone :( - page 5. (Read 9017 times)

^^this^^

What kind of evidence would you need?

Lmfao, not a financial expert who doesn't have a new car fully bought and paid for in six month.

The UN can shove it up their tight asses! BTW, we're going to have unsystem conference in the building they usually use in Vienna. "apt-get upgrade system", motherfuckers!

Seeing bitcoin as an investment (with the plan to "cash out" at some point), assessing the risk and possible gain and all that crap is so fucking retarded. Don't you see what's going on? We're taking our freedom back from "the assholes" who think they have to rule us all. Open your eyes, live your life and use bitcoin (or litecoin for fucks sake) whenever possible!

;tldr Bitcoin is not a penny stock, Bitcoin is freedom!

Really? No, I'm not going to argue with that and just leave it as your opinion.

Tell me when we've built a spaceship and are exploring where no man has gone before and then we can talk about abolishing money.

This is debatable...

I would argue "hold it until there's no other possibility" is good for a currency -- well, actually good for the people using the currency, the currency itself doesn't really matter.

Why? Because spending money just because it constantly loses it's value will make people buy stuff they don't really need and will make the people (economy) as a whole waste more energy than necessary and produce stuff that isn't really needed.

Let's assume for a moment we had a functioning loan/investment market (one could argue we have, but I don't think it's developed enough) in bitcoin... "hoarding" would then become "saving" in the sense that the capital will not merely sit in peoples paper wallets, but be used to fund innovation, make production more efficient, etc. pp.

Recall the whole "time perference" theory from austrian economics... it makes sense: You don't need/want the product now so you "save" your money by putting it into a savings account at a reputable savings & loan business. This sends a "signal" (a price signal in effect) to the economy saying: "We don't need as much product/service now, better invest in new factory / innovation / higher efficiency / providing other products and services we might actually need instead". Capital available for development just got a little cheaper. Market for goods/services experiences lowered demand, ergo prices fall. This is a feedback system that effects the economy (producers) actually delivers what is needed. The consumer sends a signal (via lowered demand for goods and higher supply of investment capital (taken that savings/loan business is functional and the consumer will "invest" instead of "hoard")) and the economy listens.

Now, with a "managed money supply", these valuable signals are being distorted. Money is injected into the economy (via central bank + credit expansion by the commercial banks) because politicians or whoever think the economy must keep growing (at least "on paper")... the economy becomes blind to the real needs and likely overheats and overproduces, advertises aggressively to sell the unneeded product, unecessarily burns precious natural resources and human labour, decreasing happyness overall (side-note: populations happyness should be what politicians are being measured by, not GDP).

Let's think about the current situation: there are currency wars going on: not only are the fiat currencies themselves in a "race to the bottom" trying to out-stimulate the economies of other nationstates (fiat currencies are usually linked to nationstates), but also there is a new player in the field. A new kind of "good money" (wikipedia: '"Good" money is money that shows little difference between its nominal value (the face value of the coin) and its commodity value'), bitcoin... driving out the "bad" fiat money (everybody spends fiat and hoards bitcoin). Why is bitcoin the "new kind of good money"? Because it's a) good money and b) possesses -- in contrast to the other good moneys like gold -- the impertinant property to be actually transactable and therefore usable as a medium of exchange within the economy.

So what's happening is this: people spend depreciating fiat currencies and hoard good money like silver and bitcoin. Lacking a trustable savings & loan market, these bitcoins sit in personal wallets, not being invested into the economy. Building a trustable functioning savings & loan market (or depository market) is hard for the "good money", because there's plenty of bad money to be had at 0% and noone is willing to invest precious good money at 0%. So naturally we are observing the expected effect: bitcoins are being hoarded and it's price relative to fiat goes up, up, up (which will continue imo for a good long jolly time, by the way)

On a side-note: I love how the weak hands become more fearful with every $1-rise in bitcoin price and distribute their coins to the masses (still early adopters, really)

;tldr: fuck managed money, we want sound money, and: saving is good for the people. Also: bitcoin (or a variant) will become the #1 global money.

fake story.

Rassah congrats,
What is the point of hording funds if u can't enjoy life.
I did a similar strategy to Rassah at a much smaller scale and yes its worth the risk.

I set aside some thinking long term.

And spend the rest short term with my wife and kids heh.

You cant drive a bitcoin.

This makes it sound like they were lost or stolen. They are not all gone poof the are all gone sold.

My wife is tax expert you want to talk to her?

Same story here.  Except I didn't' take a loan and I didn't buy a new car (with Bitcoins).  We are shopping for my guy's new (2009) car tomorrow.  No, the Bitcoins are staying put.

Bitcoins to CASH?  are you crazy?

Most people who don't plan on bequeathing their wealth to someone else are intending to liquidate their assets at some point - whether those assets are BTC, property, or Berkley Hathaway shares.

While everyone should make provisions for living comfortably in retirement, quality of life in the meantime also matters (after all, with official retirement age nearing 70 in many Western countries, a lot of people aren't even going to live to retirement age). 

lead to the question what is the value of bitcoin and is this value untouchable?

EDIT: it's very hypothetical but not unfeasible: a ban of BitCoin by United Nations (www.un.org/en/ecosoc/) because of undefined reasons (at the moment) is a possible risk.

I wonder how well that strategy will work out for this guy...

http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

It was a calculated risk, and it paid off.  Far better than the people who take equity from their house to buy a new boat IMO!

Lmfao a financial expert that takes the equity from their house to buy a virtual currency.

a currency where the value of it is constantly growing may prevent not too few people to use it as a currency to spent it easily and buy things for daily live. such a currency may be too valuable to buy ordinary things with it. but this are only thoughts. if I spent a large amount of bitcoins I would immediately buy the whole amount back through fiat money which means I use only the transaction functionality of it. but could be this is not preventable within the adoption phase and will persist until the value of bitcoin is roughly estimated.

EDIT: look at what e.g. MtGox (fees), SatoshiDICE and FastCash4Bitcoins is doing since a while. it is in exactly the same way as described above.

All money will soon lose value, as it's useless.  Focus on what makes you happy.

Could you elaborate on "not good for a currency" part? I am still failing to see a real problem (not the academic mumbo-jumbo theories that come and go). You buy and sell things as you see fit, you correct for inflation or deflation when discussing "real" value over a period of time, and that's it. If you want to hoard, go ahead and hoard and even die like an old, poor fool if you choose to do so. Or remember that the economy might shrink, leading suddenly to a relative surplus of coins - now you can buy less than yesterday with the same coin you saved.