Topic: Why aren't more people buying bitcoins? (Read 6709 times)

any time you want to know why trolls are doing what they are doing... just head on over to the "Troll handbook" called  Encyclopediadarmatica http://encyclopediadramatica.ch/Bitcoin
as you can see the list of things to do to piss off bitcoiners it to post to sell on the forums.

Although I must admit i get some lolz checking out the site i think that people actually have the time to troll is just sad while the other rest of the country are trying to change the world for good.

Maybe trolls just need a hug!?

I'm holding out to see if that's true, and if it definitely happens I will subscribe also for the sake of the depreciation.

He's probably one of the ones who's been selling bunches on the way down.   

Perhaps we could ask someone who has bought up a lot of Bitcoins as to what they think and why people should continue to pile money into bitcoins today.

http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

He allegedly (no one can check) put all his savings into bitcoins on 29 May 2011, at presumably $8.30 per bitcoin.  The price just happens to be $8.25 right now, and bitcoin has been as high as $32 and as low as $0.01 (due to a hack, but still, the guy must have been packing his pants).  He's been in for one heck of a wild ride over the past three and a bit months.  I wonder if he's still as bullish now as he was back then.

He was rather excited about the exponential growth in price back then.  "And there’s no indication it’s slowing down or saturating. Quite to the contrary: interest is picking up."  Thousandfold growth in a little over a year, and no signs of it letting up.  I wonder if he feels the same way today.

I've been waiting for it... and someone's going to be holding those coins. What I'm not sure about is if it's going to stagnate there (I expect) and whether the global economy will improve enough over the next few years to invalidate the movement (if you can call it that).

Technicals point down and there is quite some probability to see a crash-type decline before a more meaningful bottom can be put in place.

This crash can go down and slice below 7$, 5$ and even 2$, without endangering the longterm bitcoin trend.

That has already happened.  A number of Hong Kong gold dealers were fooled into buying fake gold bars last year.  The forgeries were clever alloys of metals such as osmium, tungsten, silver and coated with gold to have the same density, size and weight as a real gold bar.  The bars can be made at less than half the cost of real gold.  Older forgeries consisted of tungsten coated with gold, but this new approach is harder to detect.

Truly synthetic gold can be made in particle accelerators and nuclear reactors from mercury, but it's more expensive than natural gold and also radioactive.  Not very useful and easy to detect.

Could bitcoins suffer a fatal security flaw that makes them useless?  Possibly.  It's all open source and apparently secure, but how many forum participants have downloaded and analysed the source code?  Not many, I'm willing to bet.

As to why I have never purchased a bitcoin (apart from trading and using proceeds of mining to buy bitcoins), the answer is pretty clear.  I have yet to find a product that cannot be purchased easier, faster, and most importantly cheaper in bitcoins than with a conventional currency.  Merchants automatically have to incorporate a large price cushion into their products to help counter the massive volatility of the exchange rate.  Since the products they source are purchased in conventional currencies there is no current way to insulate bitcoins from the real world.

Bitcoins are currently at $8.27 and falling.  My purchase orders at $7.1 look like they'll be filled soon.  Not to use bitcoins, but to trade them on an up tick.

The thing that worries me the most and why I've been bearish almost always is,  an exploit for bitcoin could come out tomorrow they could then become worthless.  The closest thing I could think of is if someone finds a way to make gold to where it would be impossible to tell between the natural and synthetic gold.

Bitcoins also have practical value unique to them.

Are you sure it's still "highly" profitable for you? How are you measuring your profitability?

It was just a joke.

I use the term as in a false bitcoin, unless you know of a crypto-currency in use before Nakamoto's bitcoin.

Pft...

Bitcoin is fools-bitcoin.

Alternate blockchains would be fools-bitcoin. Actually, the 21M BTC can be infinitely divided to assure endless supply of value as demand increases.

Well to my mind the one glaring difference is that bitcoin supply is unlimited. Because anyone can split the block chain, you can create an infinite number of bitcoin analogs: Bitcoin1, Bitcoin2... each with an arbitrary 21,000,000 coin limit, but functionally identical. No digital anything is supply limited. As if that isn't enough, the historicity and popular perception is determinant in this kind of thing.

Governments can and have seized gold. As a matter of fact that's exactly what they did to get to the state we are at now.  It was demanded all gold be turned in way back in 1933, two years after Wilson fucked the U.S. by allowing the Fed in.

http://en.wikipedia.org/wiki/Executive_Order_6102

There's a bunch of bullshit history and back and forth stuff but the Dollar was fully disconnected from gold in 1971 and is now not even money, it is only currency created by banks as debt.  There in fact is no money in legal existence in the world right now - in the classical sense of the definition of money.

It was FDR, and I'm almost counting on something like this to happen.

People were paid for the gold they turned in.

The government will intercept large amounts of cash going in or out of the country.

Since when does the Federal government intercept private shipping?

You could FedEx yourself almost any nominal quantity of gold directly.

If it's the apocalyptic times the retard anarcho-libertarians here like to jack off about, then melt your fucking shit down into pellets and swallow them or cram them up your ass.

Of course, privately held gold is in no danger anywhere, it's only retards trying to find some kind of imaginary value in Bitcoin that come up with this shit.