I was going to post some crazy comments that I’ve been reading in a Reddit forum for Bitcoins. But then I got lazy and figured it wasn’t worth my time to do so. College kids are putting tuition money into Bitcoin, using credit cards, blowing up fast, then staying up all night, lamenting the very idea that Bitcoin was founded on.
You must understand something: Bitcoin is an illusion. It is fiat currency without the US military to back it. It is all sentiment, zero substance, and will be worthless once people lose faith in the idea that it can serve as a viable pyramid scheme.
Let’s be clear: the only reason why people are buying/mining for Bitcoins is for profit, not to store value. That is the discernable difference between guys who have gold bars buried in their backyards and idiots who have six figures of Bitcoins on their hard drives.
The latest set back has been delivered in the form of a Chinese ban on the illusionary currency.
The price has been halved over the past day or two.
I am waiting til they shut down bitcoin related businesses.(coinbase etc.)
Oh noooooo! There goes my tuition.
those forums are hilarious. Most don’t know the first thing about a market. They are all behaving like “Mr. Market”.
no, the scary part is they are the Market.
How can you mock them when something moved from 10 to 1000 in a short period of time? fortunes were made. So what if its a bubble/hype/ponzi? The stock market and our system is a ponzi in itself anyways. Point is, don’t hate because you missed the move.
There is an insurmountable difference between the stock market and Bitcoins. The stock market throws off cash. Even gold has practical uses and is blessed with being an element of finite quantity. Bitcoins are pure speculator’s novelty. Roulette without a house.
Trading bitcoin is unbecoming of a gentlemen. Random question on the subject… are bitcoins all that liquid? E.g., whats it take to move the price of bitcoin?
yes there is a huge difference, I wasn’t really comparing, but rather giving an extreme and broad example. bigger risks means bigger rewards (or losses). Some of these players took the risk and made out. while the rest of us were castrated. or maybe we were too “smart” to not buy into this “nonsense”. but look who is laughing now
Some people made a lot of money during the Tulip mania, but MOST people lost.
bitcoin is one thing and one thing only. a money launderer’s wet dream. Unless you are in drug trafficking, human trafficking, murder for hire or the organ trade it’s not for you.
What, to me, is overlooked with Bitcoin is whether or not the pseudo-brokerages will be distributing cash if/when the product is banned. Reminds me of all the morons who had tens of thousands in online poker accounts a few years back, that were never able to cash out once the feds cracked down.
agreed. i think its something everyone should let be. the media is making this a circus ladies & gents are gona get fleeced. its a realm for the super tech savvy and super tech savvy only under the employ of unsavory characters
I’m surprised bitcoin has been allowed to exist this long. The very thought of the common people banding together to make their own currency has to make the banker cabal raise an eyebrow.
Aaaaand we have a WINNER!!
That is exactly why bitcoin will never amount to a spit on the sidewalk.
Central banks do not like competition.
Outside the internet, and retard media outlets, nobody considers bitcoin to be a real currency.
This is what still gives it some upside, but the risks are extremely substantial.
They allow it because they have plans to move towards an all digital currency with no physical cash. This will help facilitate the paradigm shift and then ultimately they will not allow it and create their own or perhaps nationalize it and take it over.
Of course, many live their lives on the internet and within the sphere of retard media outlets…
Fly, do you realize that this kind of “crash” has happened about 10 times in bitcoin’s past? Why not look at the long term trend of bitcoin?
The difference between bitcoin and tulips is that bitcoin solves a real problem. Never *IN THE HISTORY OF THE WORLD* has it been possible to send value to anyone, anywhere without an intermediary such as a bank. This has profound implications that I would implore you to consider. Even if bitcoin were only to disrupt one market – the remittance market, where Western Union dominates – it would be a massive success. I would reconsider your hubris on this one, Sir Fly. Not just because it is the first revolution in money in thousands of years, but also because it’s the perfect asymmetric bet (which is why people are betting on it). If it fails you lose 1x your money. If it succeeds, it’s going to be massive, and you’re going to make 100x, if not 1000x. Many have already made that – AND MOAR – and so when they see people crying about a “crash” they laugh. Oh no, they think, I’m only about 50x, instead of 100x. The world is ending! … or not.
The bitcoin is not the only digital currency, just as the Duryea Motor Wagon was not the only automobile.
http://en.wikipedia.org/wiki/Duryea_Motor_Wagon_Company
You have to look at how large of a market you are talking. Bit coin supposedly overtook paypal as the #1 payment processor. How much “larger” is rational or even possible. You think it can rise to 100 times paypal? no way! It has grown to the point where it has largely served it’s utility. substantial growth beyond it such as “100x returns” is likely fools gold and frankly that type of talk is typical of tops. “Tulips” were traded as the first option/futures contract. It could be compared in that it served the function of allowing a leveraged exchange of capital not involving banks as well.
Bitcoin has no value, at all.
Sorry Fly, but it does have value. It has value in what it makes possible. Please tell me how you can send say $10,000 worth of value to a family in India without needing a bank and without paying fees? Oh, not possible huh? So… that’s a real world problem and it’s a problem that is solved by bitcoin. Saying bitcoin has no value is like saying TCP/IP has no value. Well, the internet is built on TCP/IP, so…
The IRS will not and cannot allow this to continue indefinately and it is becoming more and more mainstream. Id on’t think it’s done hitting new highs yet because sentiment is still very mixed on it as opposed to everyone and their mom buying it, but the risks are substantial. I would not position more than 1% of my liquid disposable cash in bit coins.
I find it very interesting that socialists and communists hate bitcoin (New York Times, China) and people who love freedom and liberty embrace bitcoin. There is a huge propaganda machine that has mobilized against bitcoin and the biggest detractors are either following orders or uneducated… including those who THINK they are educated on economics but have liberal university brainwashing instead.
TheFly, your post is quite arrogant and contains bull feces.
Quote: “You must understand something: Bitcoin is an illusion. It is fiat currency without the US military to back it. It is all sentiment, zero substance, and will be worthless once people lose faith in the idea that it can serve as a viable pyramid scheme.”
What backs the US dollar? Gold? Can you go to the US government and trade your dollars into an equivalent amount of gold bullions at any time? I wish you all the luck trying. The dollars on your bank account are nothing more than 1’s and 0’s, backed up by Jack Shit. The reason why it has value any value is because we have a stable system in which people are known to accept these dollars in return for something valuable. In theory, NOTHING guarantees the value of a dollar. And the US government can decide to print new money *POOF* out of thin air. At least for bitcoins you need a “proof of work” (solving mathematical problems) in order to mine new coins.
NPR ran “bits” on bitcoin all this week. There are businesses selling products and service with bitcoin as payment. Not just for drug addicts anymore. It has legs, so will be interesting to watch.