BitCoin grows like crazy

[dwarven]

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

[Elim Garak]

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.

[OmniSkribe]

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

[dwarven]

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.

[Mosotti]

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

- - - Updated - - -

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.

[dwarven]

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.

[Mosotti]

>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"

[Omega10]

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.

[Strawberry]

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.

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.

[prwraith]

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.

[Deleted]

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.

[Deleted]

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 - - -

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.

[Deleted]

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.

[Deleted]

Bitcoin is an opportunity to be independent of the state, to allow yourself to live achieving your goals and realizing your dreams, regardless of 8 hours of work !!!

[kail]

TY Mr. AltNecroAd.

[Deleted]

Well, since this thing got raised from the dead, BC was at about $20000 at the time of the posting of this thread, and now it's at around $6700. Poof go the profits.

[Kuntantee]

bloody necro....

[haxartus]

For those that bought during the craze and failed to sell early enough at least. Stocks can behave very similarly over that time frame. Do we laugh at the brokers everytime a company tanks?

Except stocks represent real value behind them.

[lockedout]

Except stocks represent real value behind them.

Is that real value money?

1 Bitcoin equals
6,725.25 United States Dollars.

[Elim Garak]

Is that real value money?

1 Bitcoin equals
6,725.25 United States Dollars.

Confusing asking price with real value is not cool
You know what he meant, I'm sure.
1 Bitcoin's real value equals 0