Off Topic - Bitcoin?

[Keppy]

This is just a fad that some will use most will know it is not worth it.. I think that most that would use it would be video game players.

 

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[CladSpends2]

wow I am REALLY getting old. it sounds like monopoly money to me

But then again, so is every other fiat currency..................including our own FRN's. They are all equally backed by NOTHING!

T.

 

[silverdollarbill]

Hey dejapooh...first, I really like your username and appreciate many of your posts. However, I have to respectfully disagree with almost everything in your post, including your points about your understanding of money. I think many 'old timers' here would also agree with me. USD is in the process of being debased. Your points on Bitcoin being used by drug dealers are 'talking points' used most by the entities who are afraid of bitcoin. Overstock.com, tiger direct..com just recently started taking bitcoin. Tigerdiret.com did $250k in business in the first 17 hours they accepted it. Many and more legitimate businesses will begin taking it.

Remember when everyone said the internet was a fad?

Anyone who is tired of paying large transaction fees, tired of your wealth being debased by central banks, tired of governments printing money to give to banks or to start wars should be very interested in bitcoin. It is virtual gold.

To keep this relevant to this forum: anyone who sells on ebay and is tired of paying PayPal's fees should like bitcoin.

Read up on bitcoin before you judge it.

 

[Peyton Manning]

But then again, so is every other fiat currency..................including our own FRN's. They are all equally backed by NOTHING!

T.

yeah but I take mine to meijer and they give me beer! how do you use a bitcoin?

 

[leadnugget]

[h=1]EBay considering accepting bitcoin as payment[/h]http://www.cnbc.com/id/101356642

 

[Keppy]

EBay considering accepting bitcoin as payment

EBay considering accepting bitcoin as payment

Only if they can get some kind of fee from you in real money..

 

[Keppy]

You know that this is treasure hunting site .. This bitcoin thing is not Treasure hunting it is some one making money selling nothing .. so why don't you put this up some place i do not go like Facebook that is the kind of people like this kind of thing ..and video game people..

 

[CladSpends2]

yeah but I take mine to meijer and they give me beer! how do you use a bitcoin?

Yes, that is true, but you receive less and less beer for every dollar every yr. That is de-value-ing or debasing our dollar as someone wrote just above. You can thank the Federal Reserve for this.

T.

 

[jason4kstate]

Not coming from a political angle at all....

One of the reasons why Bitcoin increased in value and what lead to many people making money off of it was China. The Chinese government strictly controls stock investment. Therefore, an average citizen is then forced to buy speculative investments (real estate, Bitcoin, antiques, etc.). That's why you see insane price increases in Chinese antiquities. There government recently cracked down on Bitcoin so it remains to be seen what the effect actually is in terms of price.

Like it or hate it the main purpose of a central bank is to monitor the liquidity of cash. Therefore, over the past 2-3 years with monetary easing there has been a flood of cash entering the market which decrease the value of the dollar. If/when the economy picks up they will more than likely increase interest rates and decrease the amount of cash on the free market which would cause Bitcoin to decrease in value (rapidly). Although Bitcoin is interesting I would avoid it because there are multitude of reasons why it could increase or decrease rapidly in a short amount of time.

 

[billn1956]

Why do you not do the grown up thing,and quit reading a post you do not like ?

You know that this is treasure hunting site .. This bitcoin thing is not Treasure hunting it is some one making money selling nothing .. so why don't you put this up some place i do not go like Facebook that is the kind of people like this kind of thing ..and video game people..

 

[jeff of pa]

Bitcoin is most likely done The CEO of BitInstant, a Bitcoin exchange, has been arrested at JFK airport and charged with money laundering.

​

CEO OF BITCOIN EXCHANGE ARRESTED - Business Insider

 

[palidin20603]

Oh snap

 

[dejapooh]

wow I am REALLY getting old. it sounds like monopoly money to me

Kind of like that, but less permanent.

 

[dale68]

dangerous

Most debtor nations would love a worldwide digital currency,cause then they could erase the national debt with the push of a button. The investors would get nothing(owners of the debt),because of supply& demand the percieved value of the digital currency would increase-- which is the exact opposite of what would happen to the us dollar if the govt defaulted on the nat. debt I've noticed the us has gone after people using bitcoin for criminal activities, but not gone after bitcoins them selves--I suspect the us would love a digital currency to become worldwide acceptable everywhere for the ability to erase debt so easily.

 

[dejapooh]

Hey dejapooh...first, I really like your username and appreciate many of your posts. However, I have to respectfully disagree with almost everything in your post, including your points about your understanding of money. I think many 'old timers' here would also agree with me. USD is in the process of being debased. Your points on Bitcoin being used by drug dealers are 'talking points' used most by the entities who are afraid of bitcoin. Overstock.com, tiger direct..com just recently started taking bitcoin. Tigerdiret.com did $250k in business in the first 17 hours they accepted it. Many and more legitimate businesses will begin taking it.

Remember when everyone said the internet was a fad?

Anyone who is tired of paying large transaction fees, tired of your wealth being debased by central banks, tired of governments printing money to give to banks or to start wars should be very interested in bitcoin. It is virtual gold.

To keep this relevant to this forum: anyone who sells on ebay and is tired of paying PayPal's fees should like bitcoin.

Read up on bitcoin before you judge it.

Well, I would say that history is firmly on the side of Large banks. When there is no control over the amount of currency, they is often a disconnect between the amount of goods and services created and the amount of money available to purchase it. Rapid growth in productivity without rapid growth of the money supply causes a basic imbalance in the economy. That is what causes Deflation, which is much much more damaging to an economy than Inflation.

As for bit coins, there are retailers here and there who accept them. The VAST majority of them are held by Speculators and nefarious individuals. They may be here for good. I am open to almost any possibility.

 

[dejapooh]

Yes, that is true, but you receive less and less beer for every dollar every yr. That is de-value-ing or debasing our dollar as someone wrote just above. You can thank the Federal Reserve for this.

T.

If you want to see a currency disaster, just look at any country that suffered from Deflation. Inflation is a danger, deflation is a disaster.

 

[dejapooh]

Most debtor nations would love a worldwide digital currency,cause then they could erase the national debt with the push of a button. The investors would get nothing(owners of the debt),because of supply& demand the percieved value of the digital currency would increase-- which is the exact opposite of what would happen to the us dollar if the govt defaulted on the nat. debt I've noticed the us has gone after people using bitcoin for criminal activities, but not gone after bitcoins them selves--I suspect the us would love a digital currency to become worldwide acceptable everywhere for the ability to erase debt so easily.

I don't get this... Are you saying the US would Love to have the value of the dollar increase? That would be an unmitigated disaster...

 

[Lost&Found]

I wonder what the tax code is for bit coins. If I remember correctly using barter was a way of avoiding taxes but the IRS took care of that.

Barter Exchanges

I wouldn't mind by paying taxes with bit coins.

BTW, increasing the value of the USD would go against the idea of of a unified North American currency like Europe has with the Euro.

 

[Keppy]

Why do you not do the grown up thing,and quit reading a post you do not like ?

For i don't think it should be here and that is what i am saying..

 

[Keppy]

Bitcoin is most likely done The CEO of BitInstant, a Bitcoin exchange, has been arrested at JFK airport and charged with money laundering.

​

CEO OF BITCOIN EXCHANGE ARRESTED - Business Insider

i Knew it had to be some kind of rip off.ha ha ha HA HA HA HA .. The trouble with your bitcoin you come on here and put up sites were they can buy the things then some will put up money and of course lose there money…..