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  1. #241
    Quote Originally Posted by ro9ue View Post
    That's exactly whats happening though....
    thats not what is happening

    what is happening is that people are playing a casino - and remember that casino always wins - very few will get rich but most who wont say pass in time will loose their life savings .

    and good - idiots should learn by their own mistakes.

  2. #242
    Quote Originally Posted by kamuimac View Post
    thats not what is happening

    what is happening is that people are playing a casino - and remember that casino always wins - very few will get rich but most who wont say pass in time will loose their life savings .

    and good - idiots should learn by their own mistakes.
    There is some skill involved in predicting good currencies and noticing price trends, so it's definitely not a casino. More like a really volatile stock market.

  3. #243
    Quote Originally Posted by Typrax View Post
    Your ignorance. You're ignorant of cryptocurrency.
    haha, yeah right, because you say so?

    You said everyone agrees on it's worth at current value. How ignorant is that?

    People who buy it now do not agree that it's what it is worth. They think it's worth MORE. Hence they are buying it (why else would they buy BC? No one needs BC)
    People who sell it now do not agree that it's what it is worth. They think it's worth LESS. Hence they are selling to make bank while they can (because they don't need BC for anything else).
    People who neither sell nor buy. They also don't agree that it's what it is worth. Some of them wait for it to go down - so they will sell BC at it's highest. Others wait for it to go down so they can buy for the next round.
    All right, gentlemen, let's review. The year is 2017 - that's two-zero-one-seven, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  4. #244
    Quote Originally Posted by Elim Garak View Post
    haha, yeah right, because you say so?

    You said everyone agrees on it's worth at current value. How ignorant is that?

    People who buy it now do not agree that it's what it is worth. They think it's worth MORE. Hence they are buying it (why else would they buy BC? No one needs BC)
    People who sell it now do not agree that it's what it is worth. They think it's worth LESS. Hence they are selling to make bank while they can (because they don't need BC for anything else).
    People who neither sell nor buy. They also don't agree that it's what it is worth. Some of them wait for it to go down - so they will sell BC at it's highest. Others wait for it to go down so they can buy for the next round.
    Wow, ok. So you don't know how economics work in general either. When someone buys something both parties have to agree on how much that thing is worth, otherwise no transaction takes place.

    "Nope, no way, this is definitely overvalued. I think I'll buy it"

    K

  5. #245
    Quote Originally Posted by Typrax View Post
    Wow, ok. So you don't know how economics work in general either. When someone buys something both parties have to agree on how much something is worth, otherwise no transaction takes place.
    Haha, how naive is that? So when a dealer sells an overpriced car to a sucker - it's what the car is worth? hahaha. No, wait, it's what they BOTH agree it's worth? hahahaha. I know at least one person in that transactions who DOES NOT.
    All right, gentlemen, let's review. The year is 2017 - that's two-zero-one-seven, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  6. #246
    Quote Originally Posted by Elim Garak View Post
    Haha, how naive is that? So when a dealer sells an overpriced car to a sucker - it's what the car is worth? hahaha. No, wait, it's what they BOTH agree it's worth? hahahaha. I know at least one person in that transactions who DOES NOT.
    Yes, car dealer would gladly charge more
    When a player quits EVE and goes to WoW, the average IQ in both games increases.

  7. #247
    Quote Originally Posted by Elim Garak View Post
    Haha, how naive is that? So when a dealer sells an overpriced car to a sucker - it's what the car is worth? hahaha. No, wait, it's what they BOTH agree it's worth? hahahaha. I know at least one person in that transactions who DOES NOT.
    If the buyer agrees to pay for the car, then yes, that's what it's worth. This is like economics 101 my dude.

  8. #248
    Steam doesn't accept bitcoins anymore. If others will follow, bitcoin will be in big shit.

    - - - Updated - - -

    Quote Originally Posted by Typrax View Post
    If the buyer agrees to pay for the car, then yes, that's what it's worth. This is like economics 101 my dude.
    Stop being ridiculous, it can kill you.

  9. #249
    Quote Originally Posted by Mosotti View Post
    Stop being ridiculous, it can kill you.
    >seller sets price of car
    >buyer sees price and agrees to pay it
    >the value is set

    I don't know why you're all having such a hard time with this. Maybe you're just mad that the guy got ripped off? Sorry, but that's an emotional argument. Emotions are the reason so many people fail in business ventures and money decisions.

  10. #250
    Quote Originally Posted by Typrax View Post
    >seller sets price of car
    >buyer sees price and agrees to pay it
    >the value is set

    I don't know why you're all having such a hard time with this. Maybe you're just mad that the guy got ripped off? Sorry, but that's an emotional argument. Emotions are the reason so many people fail in business ventures and money decisions.
    Dude, stop being fucking ridiculous. You're confusing value with COST. If those would be the same then we wouldn't have words like "underpriced" or "overpriced"

  11. #251
    Quote Originally Posted by Toxsins View Post
    The time to cash out of BitCoin is when it starts being accepted by major retailers.

    The reason is that central banks don't like competition very much. That's why we have legal tender laws. Legal tender laws in the United States, for example, dictate that you are only allowed to pay for goods and services with Federal Reserve Notes (not "dollars").

    If BitCoin ever starts to pose a real threat to central banking then there will be a massive multinational crackdown to "shut it down" as they say.

    It would be nice to believe that BitCoin could succeed at bringing down central banking. Humanity would be better for it. But I'm not that naive.

    In the meantime there's no harm in investing in it. As always, the rule for investing in risky assets or for gambling is only bet what you can afford to lose. Then even if you get completely wiped out you still won't lose your shirt.
    This makes perfect sense to me. Bitcoin has been around awhile, has proven that it has staying power, but is still too small for the major powers to take action against. But at some point, there will be a time when it DOES get big enough for the major powers to deal with.

    At that point, Bitcoin might survive anyways. Google was not always a major power. And crushing it may not be so easy for the banks. Or - it is possible they will find a way to profit from Bitcoin transactions, in which case they would basically co-opt it.

    To the people who say that the Bitcoin market is a bubble: well no more than US Housing prices, or the Stock Market, or half a dozen other bubbles. Somehow all of our markets have all become giant bubbles - huge annual growth at the price of even a pretenses of stability.

  12. #252
    Quote Originally Posted by kamuimac View Post
    thats not what is happening

    what is happening is that people are playing a casino - and remember that casino always wins - very few will get rich but most who wont say pass in time will loose their life savings .

    and good - idiots should learn by their own mistakes.
    Nope, there are university studies about trading stocks. It's not gambling. You can read the charts and predict the rise and fall. Sure you can get lucky but experience and knowledge of the charts make a much bigger difference.

    Quote Originally Posted by Omega10 View Post
    This makes perfect sense to me. Bitcoin has been around awhile, has proven that it has staying power, but is still too small for the major powers to take action against. But at some point, there will be a time when it DOES get big enough for the major powers to deal with.

    At that point, Bitcoin might survive anyways. Google was not always a major power. And crushing it may not be so easy for the banks. Or - it is possible they will find a way to profit from Bitcoin transactions, in which case they would basically co-opt it.

    To the people who say that the Bitcoin market is a bubble: well no more than US Housing prices, or the Stock Market, or half a dozen other bubbles. Somehow all of our markets have all become giant bubbles - huge annual growth at the price of even a pretenses of stability.
    Ripple was created by bankers to fight Bitcoin.
    It's not doing that well.

  13. #253
    Over 9000! prwraith's Avatar
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    Idk the big problem here is. It's not legal tender in some countries. It's not backed by anything. And because it's not legal tender, or backed by anything, when it's stolen you have nearly 0 chance of recovering your money.

    This is a problem.

  14. #254
    Quote Originally Posted by prwraith View Post
    Idk the big problem here is. It's not legal tender in some countries. It's not backed by anything. And because it's not legal tender, or backed by anything, when it's stolen you have nearly 0 chance of recovering your money.

    This is a problem.
    Speaking of stealing. If you keep minimum caution and safety measures, BTC simply cannot be stolen.

    While your money in the bank can.
    Last edited by Nostrix; 2017-12-08 at 10:43 AM.

  15. #255
    The Lightbringer ForLoveOfMe's Avatar
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    A main issue with bitcoin atm is the transaction fees. They are insane. I can't see how bitcoin can be used a payment for <$300 products anymore when the fee is like $15.

    - - - Updated - - -

    Quote Originally Posted by Nostrix View Post
    Speaking of stealing. If you keep minimum caution and safety measures, BTC simply cannot be stolen.

    While your money in the bank can.
    Money in the bank in insured, state insured. At least in EU it is, cap at 100k per deposit, you can make multiple deposits on as many banks as you want. So unless you have over 1mill in bank, you are kinda safe.

  16. #256
    Quote Originally Posted by ForLoveOfMe View Post
    Money in the bank in insured, state insured. At least in EU it is, cap at 100k per deposit, you can make multiple deposits on as many banks as you want. So unless you have over 1mill in bank, you are kinda safe.
    Surely it is. However, if your money gets stolen from your personal bank account by some thief or hacker, you won't just chill around while money magically returns to your pocket.
    Translating from my potato language to english:
    (if your money gets stolen) "Client can try to restore the money from the bank, but his chances of success are not large." - says leader of law team inside Office of the Financial Ombudsman

    If theft happened, you have to report it to either police or prosecutors office. Then you have to prove it that you weren't the guy who did the transaction, that it was thief/hacker. Only if you proved that, you might have a shoot at reclaiming money, stepping on entertaining and full of joy legal way.

    "[...] He admits that financial institutions are not eager to give back the money stolen by criminals. Banks usually try to prove that it was the client in the first place who did the transaction, not the thief."

    Ye well anyway.

    Your money gets stolen from the bank? You probably get it back after dealing with a lot of bullshit and you lose a lot of time you could invest into something else.

    Whole bank gets hacked (this doesn't happen often, but it does happen after all)? You probably get it back too, but then again, you have to wait and lose time.

  17. #257
    The Lightbringer imabanana's Avatar
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    Quote Originally Posted by Nostrix View Post
    Your money gets stolen from the bank? You probably get it back after dealing with a lot of bullshit and you lose a lot of time you could invest into something else.
    This really depends on the country. France has some very strict laws around that for example (from around 2000 IIRC? were added when online banking and ecommerce started to be a thing), and you get your money back in only a few days whenever anything happens, and then they will investigate, if they have reasons to think you lied. It's basically the opposite from what you said there, you file a police complaint, and they consider it truthful unless they can prove otherwise

    Also a great thing, this also applies to things like Paypal. I'll never trade my French Paypal account for any other (even if I'm not living there anymore, left years ago), if anything happens, they have the same obligations as a bank, they're actually the only website that has my payment info saved.

    To me, that's really the main issue with crypto-currency (along with ease of use), you lose it, you're fucked. Things like BTC would work well for what it was intended originally, small short term wallets, not gigantic speculative hoarding as it is now. Lose your wallet? you wouldn't lose much. Yeah good security works well, my biggest wallets are all on cold storage totally disconnected from any network, but we all know how well security goes with the average person.
    Oh, hi.

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