Topic: You don't have to buy a whole Bitcoin! You can buy partial! (Read 25214 times)
I have .06 and I'm overjoyed :p
The early adopter problem always stop people from getting in, but it is the same for gold. On one hand, people can not resist the temptation of fast value appreciation, on the other hand they are afraid of being the last one holding the bag
That way of thinking will change eventually, since they will sooner or later realize that holding fiat money is more dangerous than holding bitcoin. But the learning process is very long
That way of thinking will change eventually, since they will sooner or later realize that holding fiat money is more dangerous than holding bitcoin. But the learning process is very long
Soon , this problem will be solved , as very few peoples will be able to buy a full bitcoin 
Let's pretend I'm a scammer.
A person expresses to me that they can't buy a bitcoin because they are too expensive. Knowing now that this person probably doesn't understand math well, I explain, then convince him to purchase only a hundred dollars worth.
For sake of argument and to simplify the math, let's say the exchange rate is exactly $1,000 when I speak to this person. A hundred dollar purchase equates to 1/10 of a full bitcoin. He hands be a nice crisp one hundred dollar bill, and I transfer to him .001 BTC.
If, by chance, he sees the dollar amount as only $1, I look at my watch and inform him that the "block chain" is probably currently updating its files, during which time the decimal is moved back two places to complete the task faster. I may even blame this on Gavin and Luke.
To show him that all is fine, we wait for the confirmations, and I offer to buy that $100 worth of BTC from him, giving him the bill first, then showing him how to transfer the BTC back to my wallet. I then say, "See? Now I just purchased a hundred dollars worth of bitcons from you." I then ask him if he's comfortable now, but whatever the answer is, I either come out ahead $99 or $100, and he is out $0 (zero) or $99 if he goes through with the purchase the same way as before.
Do you see how?
A person expresses to me that they can't buy a bitcoin because they are too expensive. Knowing now that this person probably doesn't understand math well, I explain, then convince him to purchase only a hundred dollars worth.
For sake of argument and to simplify the math, let's say the exchange rate is exactly $1,000 when I speak to this person. A hundred dollar purchase equates to 1/10 of a full bitcoin. He hands be a nice crisp one hundred dollar bill, and I transfer to him .001 BTC.
If, by chance, he sees the dollar amount as only $1, I look at my watch and inform him that the "block chain" is probably currently updating its files, during which time the decimal is moved back two places to complete the task faster. I may even blame this on Gavin and Luke.
To show him that all is fine, we wait for the confirmations, and I offer to buy that $100 worth of BTC from him, giving him the bill first, then showing him how to transfer the BTC back to my wallet. I then say, "See? Now I just purchased a hundred dollars worth of bitcons from you." I then ask him if he's comfortable now, but whatever the answer is, I either come out ahead $99 or $100, and he is out $0 (zero) or $99 if he goes through with the purchase the same way as before.
Do you see how?
it has 5X inreased in last two days...
Yawn.
You are one weird dude. Or chick. You make no sense.
It's almost like you're trying desperately hard to come up with a ridiculous viewpoint on this. I can only imagine what you're like in person.
You are one weird dude. Or chick. You make no sense.
It's almost like you're trying desperately hard to come up with a ridiculous viewpoint on this. I can only imagine what you're like in person.
lol okay fine, I guess I`m just a big weirdo then. I just don`t condone the act of seeking out friends and family who show mild interest in bitcoin and convincing them to invest, even if it`s only a partial coin. I don`t see how one coin -- which was around $100 a month ago -- can now suddenly justify a 10 fold price increase. Even the most deluded bull has to acknowledge that a large bubble is growing, and this isn`t a good market for a novice to get mixed up with.
You don't understand how markets work ,it's ok we get it.
But what did you honestly think, that 1 Bitcoin would always remain a value of around $1?!?, that attitude is more elitist than that of seeing the price take off!. Why?, because there will only ever be 21 million of them, so realistically for Bitcoin to work as a currency it what, only a few hundred thousand peope have the right to exchange small change? And who gets to decide?. For Bitcoin to go mainstream and reach tens if not hundreds of millions of users, it's price HAS to go up a lot!.
How can relatives enjoy the ride that only a good goxxxing can provide, if they aren't invited in? Hopefully you are charging at least a 20% money changing fee for introducing them.
Yawn.
You are one weird dude. Or chick. You make no sense.
It's almost like you're trying desperately hard to come up with a ridiculous viewpoint on this. I can only imagine what you're like in person.
You are one weird dude. Or chick. You make no sense.
It's almost like you're trying desperately hard to come up with a ridiculous viewpoint on this. I can only imagine what you're like in person.
lol okay fine, I guess I`m just a big weirdo then. I just don`t condone the act of seeking out friends and family who show mild interest in bitcoin and convincing them to invest, even if it`s only a partial coin. I don`t see how one coin -- which was around $100 a month ago -- can now suddenly justify a 10 fold price increase. Even the most deluded bull has to acknowledge that a large bubble is growing, and this isn`t a good market for a novice to get mixed up with.
You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
Yawn.
You are one weird dude. Or chick. You make no sense.
It's almost like you're trying desperately hard to come up with a ridiculous viewpoint on this. I can only imagine what you're like in person.
Good.
People who don't even unterstand the basics of bitcoin should probably not invest in the first place.
A large influx of naive investors, who don't get the concepts behind bitcoin and only buy because "the price is going up", could be very damaging at this stage.
They are going to become panic sellers at the slightest sign of trouble, and we are going to see yet another massive crash.
Growth is good but it should be gradual and organic.
People who don't even unterstand the basics of bitcoin should probably not invest in the first place.
A large influx of naive investors, who don't get the concepts behind bitcoin and only buy because "the price is going up", could be very damaging at this stage.
They are going to become panic sellers at the slightest sign of trouble, and we are going to see yet another massive crash.
Growth is good but it should be gradual and organic.
Hey Timo,
Remember last year when you took like 50 BTC to build a website for me and never finished?
I remember too :-)
What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.
If you believe this, you should probably be looking for a way to short bitcoin.
As far as I know it could keep going up for some time. We`re dealing with an irrational market right now, which is difficult to predict. I`m just waiting to see how things develop for now.
What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.
What I primarily have a problem with is the valuation of a kilogram of platinum. There's no reason why a kilogram of platinum should be this expensive, to the point where people should be considering buying partial kilogram coins because a full kilogram of platinum is too much.
Why platinum? I don`t remember hearing any news of platinum shooting up and down in value 50% or more in one day, and it belongs in the family of precious metals which have been valued by humans for thousands of years. Aside from that, it has real world utility. This is unlike bitcoin, which outside of the bitcoin protocol, has zero value.
What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.
If you believe this, you should probably be looking for a way to short bitcoin.
True but who wants 0.01 of a btc? haha
I do! I work hard for every Bitcent I earn.
What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.
What I primarily have a problem with is the valuation of a kilogram of platinum. There's no reason why a kilogram of platinum should be this expensive, to the point where people should be considering buying partial kilogram coins because a full kilogram of platinum is too much.
You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
That's like saying Facebook is a scheme cause Bono made alot of money from it..
Facebook is a stock and bitcoin is a currency. In Facebook`s case, the value is determined by economic indicators such as the company P/E ratio, and if it`s overvalued, the market will correct that, as they did when the IPO was first introduced and it plummeted in value.
Bitcoin`s value, on the other hand, has no basis in reality and depends solely on finding new suckers to buy in at higher and higher amounts in order to benefit earlier investors. That`s what is happening right now. It`s irresponsible to advocate for novices to invest in bitcoin when there is no real utility to support the current prices.
Facebook offers a real service, and has a massive user base and ad revenue to support its valulation. Bitcoin has nothing except the underlying protocol and lots of rainbow and sunshine hopes for the future. That`s the difference between a sound investment and a pyramid scheme.
if someone knows that little about bitcoin, they shouldnt invest in it.
You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.
That's like saying Facebook is a scheme cause Bono made alot of money from it..
True but who wants 0.01 of a btc? haha
I have no problem with spreading the gospel about bitcoins, but I would discourage anyone from trading for them during a bull run like this. What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much. I think its great for people to become a part of it, but it shouldn`t be an issue of, "Hurry up before you miss the gravy train to the moon!" etc.
It seems this is unavoidable however; considering our small user base (at least, compared to national currencies) compared to how much a single BTC is worth, the price is just going to get higher as more wealth is denominated not in dollars or euros or renminbi, but in Bitcoin; since the wealth isn't changing, just how it's denominated, the price of Bitcoin will always increase so long as it's favored and adopted by more people, whose wealth is also stored there. This is just a quality of money that can't be avoided; the only way to fix it is to figure out how society can function without money, and then get people to believe it's preferable
I think the Zeitgeisters are trying this right now... Jump to: