Number one, my cashouts thus far prove different. Number 2, coins are a trade vehicle, much the same as Paper Dollars, or Gold and Silver. More akin to Gold and Silver though as you just can't create those items out of thin air as dollars can be. They must be mined just as Bitcoins, and are of finite amounts.
Think of it in regards to a World Reserve Currency. Oil is bought and sold(mostly, and soon not to be at all) in USD. Countries must buy USD to purchase Oil from suppliers. Think of Bitcoins as an Internet Reserve Currency. You buy and/or mine Bitcoins to conduct business transactions online. While the market at this time may be small and in some cases shady, it does exist and will continue to grow.
The fact that it has value, is finite in quantity, can be produced at expense, and is currently used in a Free Market community for Commerce proves that it does generate revenue.
__
"Bear in mind that the Bitcoin system generates no revenue."
-If you like this post please donate-
Topic: Watching amateur finance types flail - page 8. (Read 35339 times)
an MMORPG
why does everyone make this mistake when it's clearly a
The rules for "A" and "An" are not based on the actual letters, but on whether your mouth starts open or closed on the following word (which USUALLY corresponds to vowel/consonant), and in this case, since you say "Em Em Oh Are Pee Gee" not "morpig" (or something), it is "an MMORPG". There are some other examples, but they don't come to mind.
This. +1
1. OP's website isn't that bad, it just lacks recent content.
2. The comparison to Digicash and Beenz is not fair. Neither was open-source nor decentralized. And those aren't mere buzzwords.
3. The comparison to a bubble and/or pyramid scheme is fair and accurate. However, in these days everything is a bubble or pyramid scheme: Gold, the US dollar, real estate, NASDAQ, S&P 500, Enron and WorldCom, LinkedIn and Groupon, Bernie Madoff and the SEC and their hedge funds, etc. etc.. So this point is moot. Every investment is speculative.
What differentiates Bitcoin from the other pyramid schemes is its total public transparency. Bitcoin is the most transparent pyramid scheme in modern history, and for that reason could turn out to be the most successful.
2. The comparison to Digicash and Beenz is not fair. Neither was open-source nor decentralized. And those aren't mere buzzwords.
3. The comparison to a bubble and/or pyramid scheme is fair and accurate. However, in these days everything is a bubble or pyramid scheme: Gold, the US dollar, real estate, NASDAQ, S&P 500, Enron and WorldCom, LinkedIn and Groupon, Bernie Madoff and the SEC and their hedge funds, etc. etc.. So this point is moot. Every investment is speculative.
What differentiates Bitcoin from the other pyramid schemes is its total public transparency. Bitcoin is the most transparent pyramid scheme in modern history, and for that reason could turn out to be the most successful.
an MMORPG
why does everyone make this mistake when it's clearly a
The rules for "A" and "An" are not based on the actual letters, but on whether your mouth starts open or closed on the following word (which USUALLY corresponds to vowel/consonant), and in this case, since you say "Em Em Oh Are Pee Gee" not "morpig" (or something), it is "an MMORPG". There are some other examples, but they don't come to mind.
EDIT: Also, wow, I'm late to the party, I totally didn't realize this was 7 pages long and that I was responding to something from ages ago.
No wonder he could predict all those bubbles... he's a time traveler! But good sir according to your logic BTC won't be a fad. For if the ponzi schemes of today last for another 18,000 years, then truly BTC will be one of the most enduring currencies of history.
I think some more important questions than the dead-horse ones you pose are as follows...
Lastly what do you have to say about this graph from your website that was recently cracked by the bitcoin network's furtively pooled cryptoanalysis power?
When the bubble pops will you all drink kool-aide and return to the time traveling mothership?
I can't continue to pretend these trivial things you post are of serious importance, so answer my questions instead.
I think some more important questions than the dead-horse ones you pose are as follows...
- Why travel back to the year 2000 AD?
- You use this "we" in your self-promoting introduction... who are these cohorts of yours? Are they also time travelers?
- Were your options limited because your kind saw it fit to destroy/detain you, and your Flux Capacitor was damaged when you left in your time machine?
- Do you need help fixing your time machine and have you consulted Christopher Lloyd? Though he denies he could fix a real DeLorean there is clear proof in the American documentary "Back to the Future" that he in fact can!
- When the Doc is killed by Libyan terrorists in the documentary in the year 10985 was it due to the current unauthorized military action against Libya?
- Was there a major historical event that erased the web history of the 2000-2010 period that you had to resort to an 1990s design for your website?
- Is it because post-2011 design is so different that it would give away your ability to time travel and thus compromise your mission to warn us?
- What is that reason for which you warn us?
- In 18,000 years how many BTC do you own and spend each day?
- I doubt you actually make money via Amazon links to justify your hosting costs. Does money not exist in the future or does the USD miraculously recover starting with a reform period began by Ron Paul?
- Is the website a cover to make you appear to be an earthling from 2011 engaged in normal non-martian activities?
- Why would you warn us of the bubble if it will still allow the currency to last another 18,000 years?
- How does BTC manage to fight quantum computers from cracking the encryption over the next 18 millenia?
- Now, the question I promised I'd ask perchance I met a time traveler... will they still have Dr. Pepper in the future?
Lastly what do you have to say about this graph from your website that was recently cracked by the bitcoin network's furtively pooled cryptoanalysis power?
When the bubble pops will you all drink kool-aide and return to the time traveling mothership?
I can't continue to pretend these trivial things you post are of serious importance, so answer my questions instead.
Value doesn't need to go up to make money, it just has to move. As others have said, the money isn't in the speculation, it can be found in solving problems bitcoins presents so long as there is a demand for them.
Mr. Nagle must be extremely busy as I see he had no articles to add to his site for the last 18000 years and 9 months until the recent bitcoin drop.
Corrected.
Sorry, my brain self-corrected his inept website designing skills
Mr. Nagle must be extremely busy as I see he had no articles to add to his site for the last 18000 years and 9 months until the recent bitcoin drop.
Corrected.
wow, it's like over 9000 X2
Mr. Nagle must be extremely busy as I see he had no articles to add to his site for the last 18000 years and 9 months until the recent bitcoin drop.
Corrected.
Mr. Nagle must be extremely busy as I see he had no articles to add to his site for the last 9months until the recent bitcoin drop.
Seems the industry you prefer is doing much worst haha
Seems the industry you prefer is doing much worst haha
why whoudl i sell.. the price will go higher longer term, i will just average down and see what happens...
as a daytrader for 12 years i know exactly what this guy is saying. I actually predicted my own demise when I bought at 30 bux but I took the gamble since this is not like stock trading...(i only invested around 10k which is fuck all in trading terms) this market acts as a share market with all the classic signs and follows, and also is different.. all i can say is if your not a professional trader i would suggest you sit on the sidelines for now or you WILL be fucked over.. I am waiting for gox to open and cash in on the panic selling. what i have lost so far is nothing compared to what I expect to make cashing in on inexperienced computer geeks or first time traders in this market. I will have your scalps.
The reason I am in the hole atm is because I didn't think a decentralised, deflationary currency would exhibit the same traits as a commodity, but it does. Human behavior is the single point of failure in this situation.
as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..
So now that you recognize that Bitcoins act like a commodity (only you have even more noobish and predictable folks in this market than you would in a typical commodity market), you're going to sell everything you have, buy back when the price hits rock bottom, and then play the market as if it were any other commodity?The reason I am in the hole atm is because I didn't think a decentralised, deflationary currency would exhibit the same traits as a commodity, but it does. Human behavior is the single point of failure in this situation.
as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..
I'm not a daytrader, but if I was, I'm sure I would be doing the same thing. This is by far one of the best places for daytraders to make money, simply because so many people here are so new to commodity trading and rely on emotions more than anything else.
You'd just ruining my day! Not only we come to find within 18000 years BTC will be a Ponzi scheme as we also found that 18000 years from now design will be that low 
LOL @hawks5999,
Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?
Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?
Mr. Expert Financial Analyst,
As for your "track record", you begin writing in mid-2000. That is not well-before it happens. Simply echoing the bad news with a tweet-length article. Yes, it's ironic that you have 'Amateur Finance' in the title.
Also,
You have made 3 financial opinion piece over the past 2 years.
One of them is about a movie.
As for your "track record", you begin writing in mid-2000. That is not well-before it happens. Simply echoing the bad news with a tweet-length article. Yes, it's ironic that you have 'Amateur Finance' in the title.
Also,
You have made 3 financial opinion piece over the past 2 years.
One of them is about a movie.
@hawks5999,
Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?
Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?
The points in this topic have been discussed to death many times, I don't understand why people keep putting up with it.
Because the forum doesn't use nofollow links, so anyone wanting to build backlinks can do so here with trollbait like this.
And after 11 years online, Nagle has only managed about 15 backlinks to his home page and <750 to his whole site.
And since BitCoin is a trending topic people like OP want to capitalize on that search volume.
He thanks any of you who quote the OP, btw.
^That was my reaction when I entered downside.com
And funny thing, OP says something about amateurs...
Well, the site is DOWNSIDE, why should it make you feel upside?
I'm thinking we should seize the opportunity here! From now on forget HTML5, CSS3, revert to Tables and use only Comic Sans, Arial and Times new Roman and sh*tty Windows 95 color scheme. When the customer says anything about how "great" it looks, just say: Back off man! This is the design they use in 20011! Want something more futuristic than this?!
I am waiting for gox to open and cash in on the panic selling. what i have lost so far is nothing compared to what I expect to make cashing in on inexperienced computer geeks or first time traders in this market. I will have your scalps.
as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..
as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..
True. There are many that have no biz trading here. Some of the really young see an exchange and participate.....why? They should just mine/buy and hold. Conduct biz if they can.
Traders are going to get shredded.
If the exchanges can keep it together BTC should evolve positively. If not............
Gold is tangible. Bitcoin in intellectual property. More specifically, intellectual property with no patent.
For Bitcoin to be successful, it must not only provide a service that differentiates itself from other payment mediums, it must also protect it's business model or concept. You can't create gold, alchemists have tried for thousands of years. You can create an exact copy of Bitcoin and just slap some other name on it. That's the real problem here, some of you are so amazed by this idea that you can't see the simple fact that while it may have been a really ingenious idea, it can be copied to infinity.
Gold has value because of its scarcity. Everyone is so hung up on the fact that Bitcoin is naturally deflationary when in reality it's exponentially inflationary because anyone can copy this idea at any time.
For Bitcoin to be successful, it must not only provide a service that differentiates itself from other payment mediums, it must also protect it's business model or concept. You can't create gold, alchemists have tried for thousands of years. You can create an exact copy of Bitcoin and just slap some other name on it. That's the real problem here, some of you are so amazed by this idea that you can't see the simple fact that while it may have been a really ingenious idea, it can be copied to infinity.
Gold has value because of its scarcity. Everyone is so hung up on the fact that Bitcoin is naturally deflationary when in reality it's exponentially inflationary because anyone can copy this idea at any time.
'Exact copies' are not a problem. Currencies exhibit network effects that protect them from competition with an exact copy. Bitcoin is not well-protected from copies that add improved features (e.g. built-in derivatives, opt-in protection from large coin transfers, people will think of more). Network effects could protect bitcoin if bitcoin is already too large when entrants emerge. That is a huge if. Bitcoin could also protect itself by copying features added by future entrants. Copying features in entrants will require forking the block chain. I worry that the developers will not respond quickly enough, especially because many bitcoin holders will not understand why they have to act to forestall collapse (if it ain't broken...).
Jump to: