bitcoin becoming legit currency

[Wolfox]

The bitcoin has withstood an assault on its largest exchange (MtGox) and the destruction of the largest market that accepted it (Silk Road), is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias because there will only ever be 21 million of it, and is in ever-increasing demand.

I'm becoming of the opinion that the sky's the limit, pending some technological foible I'm too stupid to understand, or an orchestrated government attack.

It might end up being what certain delusional quacks had hoped for gold.

I concur. If China is backing it their economists see something in it. 

[The True Adonis]

BitGimmick

[Mr Anabolic]

The bitcoin has withstood an assault on its largest exchange (MtGox) and the destruction of the largest market that accepted it (Silk Road), is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias because there will only ever be 21 million of it, and is in ever-increasing demand.

I'm becoming of the opinion that the sky's the limit, pending some technological foible I'm too stupid to understand, or an orchestrated government attack.

It might end up being what certain delusional quacks had hoped for gold.

"Tech stocks are the future... the new paradigm" - 1998-99

"Real estate NEVER goes down... better buy now before it's too late" - 2005-06

"Bitcoin is the currency of the future... it's anti-government/Fed and uber-secure... the sky's the limit!" - 2013

There are many more, but I think you get the picture.

[syntaxmachine]

"Tech stocks are the future... the new paradigm" - 1998-99

"Real estate NEVER goes down... better buy now before it's too late" - 2005-06

"Bitcoin is the currency of the future... it's anti-government/Fed and uber-secure... the sky's the limit!" - 2013

There are many more, but I think you get the picture.

In response, I may quote a variety of extremely foolhardy assessments of investments that ended up doing tremendously well. The reason I won't is because pithy quotes don't do the work of meaningful arguments.

[The True Adonis]

Yes, put all your money in Bitcoins.  Thats very wise. 

[Wolfox]

Worst case scenario - blackmarket currency in western countries but legitimized in 'rogue'  and developing nations.

A universal digital currency - it's the future one way or another.

[Parker]

I concur. If China is backing it their economists see something in it. 

And therein lies the problem...they are backing it.

[Wolfox]

And therein lies the problem...they are backing it.

Are you saying they want it to tank?

[The True Adonis]

I want it to tank. 

[Parker]

Are you saying they want it to tank?

Trusting the Chinese (in regards to money, business practices, etc)  is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.

[El Diablo Blanco]

Trusting the Chinese (in regards to money, business practices, etc)  is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.

Bingo.  People bash on the gov, but at least we know who they are and vote them in.  But with Bitcoin, who actually owns it?  Who controls the majority?  Would you trust some Pablo Escobar type guy that owns 10% of it?  What about the early adopters?  Guys that bought it for pennies and own say a million coins.  What happens when this does get to say $10k and they decide to dump it all causing a huge crash?  Shit is too volatile.  The whole method of a bunch of people with strong computers and coding knowledge being about to mine these is plain retarded.  I also think the number of coins being 21 million is just too low.  For this to be a world wide currency it needs to be higher.  Once you start dealing with bits of bitcoin it becomes one large mess.

[Parker]

Bingo.  People bash on the gov, but at least we know who they are and vote them in.  But with Bitcoin, who actually owns it?  Who controls the majority?  Would you trust some Pablo Escobar type guy that owns 10% of it?  What about the early adopters?  Guys that bought it for pennies and own say a million coins.  What happens when this does get to say $10k and they decide to dump it all causing a huge crash?  Shit is too volatile.  The whole method of a bunch of people with strong computers and coding knowledge being about to mine these is plain retarded.  I also think the number of coins being 21 million is just too low.  For this to be a world wide currency it needs to be higher.  Once you start dealing with bits of bitcoin it becomes one large mess.

Bits of Bitcoin.

[Wolfox]

Trusting the Chinese (in regards to money, business practices, etc)  is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.

Well thats a given. But if bitcoins were to become centralized or any funny business happend it would lose its appeal.

[arce1988]

the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering

^


 

[Mr Anabolic]

In response, I may quote a variety of extremely foolhardy assessments of investments that ended up doing tremendously well. The reason I won't is because pithy quotes don't do the work of meaningful arguments.

Foolhardy? -lol  The point I was making is that the more things change, the more they stay the same.  Anything that rises quickly into parabola, ends very badly.

Bitcoin has been around about 3 years.  Gold has been money for 5000+ years.  I'll take gold over the long term for the win.

The initial idea was admirable, but bitcoin has become a "get rich quick scheme".  HFT algos are plugged into it... it's a bankster trading vehicle now, that's all.  Many people are jumping on the bandwagon hoping to ride the gravy train to the moon.  They'll probably do well in the short term.  Over the long term?... good luck.

[Ganuvanx]

This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.

[El Diablo Blanco]

This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.

let me guess that you own some

[syntaxmachine]

Yes, put all your money in Bitcoins.  Thats very wise. 

Who said to do this, Mr Dawkins?

[The True Adonis]

Who said to do this, Mr Dawkins?

[Marty Champions]

This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.

Yo this sounds good , and i would think about buying some myself. but the thing is government could say bitcoins are a form of anarchism or counterfit, a way to void taxes especially with a good enough lawyer in a court system. courts and lawyers are in the governments favor.

[syntaxmachine]

Who are you responding to when you say:

Yes, put all your money in Bitcoins.  Thats very wise. 

I didn't see anybody recommend such an action.

[The True Adonis]

Who are you responding to when you say:
I didn't see anybody recommend such an action.

I floated the exaggerated idea with my overreaching comment.

[Marty Champions]

if the gov cant tax it it wont fly my neegrols

[Mr Nobody]

if the gov cant tax it it wont fly my neegrols

Just always keep change handy.

[Ganuvanx]

Huge advancement in bitcoin I just found out about today for Canadian users. You can now use a Virtex card to pay for anything in bitcoins anywhere regular bank cards are accepted. Expect to see more advancements like this in crypto currencies in the near future.

Bitcoin is now recognized in Germany as official private money.

http://rt.com/news/bitcoin-germany-recognize-currency-641/


United States Magistrate Judge Amos Mazzant for the Eastern District of Texas ruled for the first time that Bitcoin is a legitimate currency, opening up the possibility for the digital crypto-cash to soon be regulated by governmental overseers.

http://www.secretsofthefed.com/court-officially-declares-bitcoin-a-real-currency/


The US government will do everything they can to make crypto currencies into something evil but they will fall short. It's the current central banking scam they support that's evil. That's why so many other countries fully support bitcoin. Don't dump your entire savings into bitcoin but it's wise throw some US dollars into it.