Topic: Sell me this bitcoin.... (Wolf of Wallstreet) (Read 1249 times)

Very few merchants will accept a 0 confirmation payment, due to the possibility of double spending.  I believe the first confirmation typically takes around 5 minutes or so, and 3 more or takes around 15 minutes, on average.

Its instant for most transactions isnt it? no confirms needed with most payments?

it was made by someone who owned a good percentage of the original digits and it was made for fools(without demographic area).

"you live in Congo? OK! do you have money? yes, I have. good !!!! give it to me and i will send you some "bitcoin".
you will be like "us", libertarians "  )

then and "fool" has asked :

"what will I do with it?" the answer was "mmm, nothing but find others like you, "fools" and sell them your bitcoin for more money than I sold it to you"  
 
Then, by telling his story, this individual (it can be any kind from Ukraine or Russian) created demand for all of the digits. The dollar-value of his share of the bitcoins appreciates with the other digits.

Mind identifying who it was created 'for' then?  I'd be interested to know about the target demographic.

They trusted the wrong person, nothing more. It's all a matter of trust and the faulty nature of it. People simply don't understand that their wallet -is- their bank. If you willingly choose for someone else to hold your money, why are you using bitcoin in the first place? (Probably for a get rich quick scheme... in that case just keep on keeping on...)  You're exposing yourself to all the disadvantages of fiat, and disadvantages of bitcoin. Why would you do that? The answer is trust, and the faulty nature of it.

Bitcoin isn't "for" everyone; it's "available" for everyone...

what's the fault if someone had money in an exchanger who vanished? example: many people lost their money with MTGOX.

Without this "gang" called exchangers, there will be no Bitcoin.

0 (zero) wallets have been hacked in the real sense of "hacking". If your money vanishes overnight, it's because you had it in an exchange and the exchanged was compromised or something in your computer was compromised.


That was my point. The comparison would be foolish.

Back to work now. Toodles.

or launder the 10 mil.

gold?  bitcoin is a decentralized trust network. there's still a lot of potential use cases for the tech.  seeing it like it was 'gold' doesn't even scratch the surface.

Bitcoin isn't meant to replace any of those either. There are several advantages and disadvantages of any system. You can't send 10 million dollars to me for a 10 cent fee via PayPal, and I can't protect myself from not receiving goods from a scammer...

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

Fair enough.  Thanks for being the only one brave enough thus far to play.

We'll have to agree to disagree. You have not changed my position and I haven't changed yours. Time will be the judge. Goodbye.

Yes, I'm well aware.  Why wouldn't I be?  Too bad that ultra secure 'network' is still prone to attack.  And no, it's not a mathematical improbability.   I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers.  Yes, armed robbers can enter a bank and steal a chunk of the institution's funds.  Problem is, banks are FDIC insured.  Who insures the blockchain in the event of catastrophe?  Or is it just a case of user stupidity for keeping btc on the blockchain.


Trust? Lol.  Apparently you don't understand the meaning of semi-transparency or complete transparency.  Refer to how that whole trust thing got people who used the largest exchanges.  I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto.



That's a mighty fine form of idealism you got there.  This world you live in...I'd love to visit.




Oh, the irony.  So user error only applies to fiat and cc's? Gotcha.  I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank.  

I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.



Probably the only area we agree.


Yet merchant adoption is the same thing that hinders its price growth.  Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector.  Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat.   No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.


 

To quote yourself, you can't protect yourself from your own foolishness.  Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew.  Additionally, way to cite an outrageous extreme source to back your argument.  I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month.  I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay.  

Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later?

You're also comparing fiat lending services to btc.  Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins.  


Now, sell me this fiat?

I just did.  And with that fiat, you could buy a pen.  At any store in the world. Now tell me the same can be done with your bitcoin.

Yes, it does.

For one thing, that 500,000 BTC represents both buying and selling pressure.
The subsidy is all selling pressure.

And even disregarding that, 500000/3600 = 138.... it means that every 4 months we have that kind of pressure built in
to the market.

Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.

Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.


Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?


If you forget or lose your wallet, you have no card or cash. Bitcoin can be copied onto multiple devices.


Don't take your freedom for granted or you will lose it all.



Merchant acceptance and Bitcoin vendors are skyrocketing.


You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.


Now, sell me this fiat?

buy BTC before moon.

Care to actually refute any of my post or just indirectly concede and nod in agreement?   I'm genuinely looking for any advantages this stuff currently has or could have to existing payment methods.

Dude, yesterday's volume was around 500000 bitcoins, not even counting China, do you think the 3600 bitcoins a day subsidy even makes a dent on the price?