my bitcoins gone down...

[bayerische]

Originally Posted by powerfunk

Fair enough, but I'm bettin' on freedom.

So do I, but as you surely know big brother is always watching.

[shnxx]

I got to talk with some big wigs the other day in finance (exec at c--- group and someone at an institutional fund), who were of the opinion that there is a legitimate place in the world for digital cryptocurrency.
It was a fascinating conversation.

[Baco Noir]

It sounds like at least a few accounts have been hacked...

http://www.theverge.com/2014/2/7/538...wallet-service

[Darlinboy]

Apparently I need to shorten the title of this thread to...

"my bitcoins gone..."

[bayerische]

Originally Posted by Darlinboy

Apparently I need to shorten the title of this thread to...

"my bitcoins gone..."

[Runnin' Rebel]

http://m.lvsun.com/news/2014/feb/17/...es-real-crime/



SELL !!!!

[powerfunk]

Originally Posted by JAGERVEGAS

SELL !!!!

Seems like a good time to buy to me.

[HL65]

Again wouldn't go near this and will stick to good old fashion money which I know works and is time tested. To each his own and for those who like to speculate have at it but for me cash is not an area to speculate in.

http://www.cnbc.com/id/101423053

[powerfunk]

Originally Posted by SteelerFan65

Again wouldn't go near this and will stick to good old fashion money which I know works and is time tested. To each his own and for those who like to speculate have at it but for me cash is not an area to speculate in.

http://www.cnbc.com/id/101423053

That article's a joke. The supposed "biggest threat" to Bitcoin as they say is actually an issue that the Bitcoin Foundation identified in 2011, and only 2 exchanges utterly failed to keep up-to-date code. Every Bitcoin article I've read from an established financial news source has an inherent anti-Bitcoin bias, and condescendingly speaks of its demise as a foregone conclusion.

I have some Bitcoin, but I don't consider myself a "speculator." If it never goes up in price, that's fine with me. The article's underlying assumption that "anyone who holds Bitcoin = speculator" is just a subtle smug insult to Bitcoin. Cash is unbeatable in person, but Bitcoin is the only way I know to send money worldwide and only pay a 6-cent transaction (mining) fee.

Bitcoin is a fascinating concept and it might fail one day. But I don't understand all the schadenfreude from people hoping it will fail.

[HL65]

Originally Posted by powerfunk

That article's a joke. The supposed "biggest threat" to Bitcoin as they say is actually an issue that the Bitcoin Foundation identified in 2011, and only 2 exchanges utterly failed to keep up-to-date code. Every Bitcoin article I've read from an established financial news source has an inherent anti-Bitcoin bias, and condescendingly speaks of its demise as a foregone conclusion.

I have some Bitcoin, but I don't consider myself a "speculator." If it never goes up in price, that's fine with me. The article's underlying assumption that "anyone who holds Bitcoin = speculator" is just a subtle smug insult to Bitcoin. Cash is unbeatable in person, but Bitcoin is the only way I know to send money worldwide and only pay a 6-cent transaction (mining) fee.

Bitcoin is a fascinating concept and it might fail one day. But I don't understand all the schadenfreude from people hoping it will fail.

I really don't care to be candid. I personally would never put a penny of my hard earned dollars in it now or ever. I also would not like to see others lose their hard earned money. To me it is clearly a gamble and a risk anyone who uses of course assumes. Clearly any currency that fluctuates to that is extent is anything but stable and is speculative. To each his own and best of luck to all who venture this way!

[powerfunk]

Originally Posted by SteelerFan65

I personally would never put a penny of my hard earned dollars in it now or ever. I also would not like to see others lose their hard earned money. To me it is clearly a gamble and a risk anyone who uses of course assumes. Clearly any currency that fluctuates to that is extent is anything but stable and is speculative. To each his own and best of luck to all who venture this way!

Nothing wrong with that! I think most people shouldn't put a penny of their hard-earned money in BTC. I also don't recommend BTC as an investment. It's a great way to transfer money and, once the price stabilizes, ultimately may primarily be used as an alternative to wire transfers.

[HL65]

Originally Posted by powerfunk

Nothing wrong with that! I think most people shouldn't put a penny of their hard-earned money in BTC. I also don't recommend BTC as an investment. It's a great way to transfer money and, once the price stabilizes, ultimately may primarily be used as an alternative to wire transfers.

Fair enough...For me though I transfer money via wire for free so 0 cent per transaction which ultimately makes it the cheapest way to send money on the planet!

[powerfunk]

Originally Posted by SteelerFan65

I transfer money via wire for free so 0 cent per transaction which ultimately makes it the cheapest way to send money on the planet!

BTC transactions only take a few minutes and there's never any question of "where" the money is, but indeed, you can't beat free! I can only note that cash loses half its value every 15-25 years.

[Welshwatchman]

Originally Posted by powerfunk

BTC transactions only take a few minutes and there's never any question of "where" the money is, but indeed, you can't beat free! I can only note that cash loses half its value every 15-25 years.

OK, but if Ken had converted his cash a couple of weeks ago it wouldn't have taken 25 years to lose half its value.

It would have taken a fortnight.


Capture.JPG

[powerfunk]

Originally Posted by Welshwatchman

OK, but if Ken had converted his cash a couple of weeks ago it wouldn't have taken 25 years to lose half its value.

It would have taken a fortnight.


Attachment 467516

Looks like that chart is from the Mt. Gox exchange (the exchange on the brink of collapse)? Really BTC was around 800 a couple weeks ago; now it's hovering around 20% less than that. But yes, BTC could lose half its value at any time. But cash is guaranteed to lose value, and will never gain value

[HL65]

Originally Posted by powerfunk

Looks like that chart is from the Mt. Gox exchange (the exchange on the brink of collapse)? Really BTC was around 800 a couple weeks ago; now it's hovering around 20% less than that. But yes, BTC could lose half its value at any time. But cash is guaranteed to lose value, and will never gain value

Which is fine and why less than 10% of my portfolio at any given time is in it. It works wonders though in paying monthly bills and for great watches and wines!

[shnxx]

Steeler fan, we understand that you don't want to buy bit coins but please lets not act like any of us can predict the future with certainty.

Digital global currency is a new concept, which may or may not be widely used. I have a few bitcoins but I'm not sure if it's going to be widely adopted.
I don't think you or anyone opposed to the concept knows either.

Finally whether people like it or not at present, the fact is many people (mostly geeks) made 10-100x returns in the last one to two years speculating on btc.
I don't think anything to laugh at really.

[HL65]

Originally Posted by shnxx

Steeler fan, we understand that you don't want to buy bit coins but please lets not act like any of us can predict the future with certainty.

Digital global currency is a new concept, which may or may not be widely used. I have a few bitcoins but I'm not sure if it's going to be widely adopted.
I don't think you or anyone opposed to the concept knows either.

Finally whether people like it or not at present, the fact is many people (mostly geeks) made 10-100x returns in the last one to two years speculating on btc.
I don't think anything to laugh at really.

Again perhaps you don't understand when I said I don't really care. My currency or cash is for spending and not speculation as far as I am concerned. Most people aren't looking to add volatility to their cash holdings. I could truly give a rats can about Bitcoins or any other digital currency. I don't care if it is here now or to stay or about it's future nor make any predictions. All one has to do is look at it's past volatility to see it is anything but a cash or dollar alternative. There are certainly other places for one to add volatility and risk to a portfolio.

[mailman]

Originally Posted by shnxx

Steeler fan, we understand that you don't want to buy bit coins but please lets not act like any of us can predict the future with certainty.

Digital global currency is a new concept, which may or may not be widely used. I have a few bitcoins but I'm not sure if it's going to be widely adopted.
I don't think you or anyone opposed to the concept knows either.

Finally whether people like it or not at present, the fact is many people (mostly geeks) made 10-100x returns in the last one to two years speculating on btc.
I don't think anything to laugh at really.

My mortgage company, grocer and utility provider doesn't take Bitcoin. My employer doesn't pay me with it and I can't contribute to my 401k with it. My barber didn't take it today, and neither did the gas station.

Most important, DAVIDSW doesn't take it so it's worthless

[HL65]

Originally Posted by mailman

My mortgage company, grocer and utility provider doesn't take Bitcoin. My employer doesn't pay me with it and I can't contribute to my 401k with it. My barber didn't take it today, and neither did the gas station.

Most important, DAVIDSW doesn't take it so it's worthless

Nor does Tony Geha, my massage therapist, my wine broker etc. etc.

[subtona]

Originally Posted by mailman

My mortgage company, grocer and utility provider doesn't take Bitcoin. My employer doesn't pay me with it and I can't contribute to my 401k with it. My barber didn't take it today, and neither did the gas station.

Most important, DAVIDSW doesn't take it so it's worthless

[mailman]

Originally Posted by SteelerFan65

Nor does Tony Geha, my massage therapist, my wine broker etc. etc.

Tony didn't take it when I did a deal with him either. I bet if I asked Oscar he doesn't, and neither does the liquor store or the discount beverage store where I buy beer. BJ's don't take it for diapers but if they did I might consider it

[HL65]

Originally Posted by mailman

Tony didn't take it when I did a deal with him either. I bet if I asked Oscar he doesn't, and neither does the liquor store or the discount beverage store where I buy beer. BJ's don't take it for diapers but if they did I might consider it

Clearly Paypal doesn't take it...no green if you know what I mean.

[mailman]

Originally Posted by SteelerFan65

Clearly Paypal doesn't take it...no green if you know what I mean.

Nope. Speaking of green I wonder if Colorado or Washington state take it

[HL65]

Originally Posted by mailman

Nope. Speaking of green I wonder if Colorado or Washington state take it

[shnxx]

Originally Posted by mailman

My mortgage company, grocer and utility provider doesn't take Bitcoin. My employer doesn't pay me with it and I can't contribute to my 401k with it. My barber didn't take it today, and neither did the gas station.



Most important, DAVIDSW doesn't take it so it's worthless

Such is the nature of new technologies. They are not that useful in the beginning and could become extinct or become useful in the future.

[mailman]

Originally Posted by shnxx

Such is the nature of new technologies. They are not that useful in the beginning and could become extinct or become useful in the future.

I like the way things are done now. I'll stick to what works for me, weather shitcoin becomes a player in the future or not. Times change, I know. I have a friend who still only uses cash or checks to pay for most things and it works for him. I know another member here who has never used a credit card online. New technology or not, I don't see it ever becoming relevant in my life.

[powerfunk]

Originally Posted by mailman

I like the way things are done now.

I like the way things are done here, too. The primary beneficiaries of crypto won't be people who live in places like America.

Over 50% of Kenyans use Safaricom's "M-Pesa" mobile payment tool, for example...when Safaricom is down, people's lives grind to a halt. The entire Bitcoin network, being decentralized, doesn't have outages like that. Also, Venezuela just suspended remittances to Colombia, so if you're in Venezuela trying to send money to your Colombian family, it's difficult. I also have a lot of Egyptian friends who witnessed their currency change in recent years. For these types of situations, Bitcoin could be great.

[bayerische]

Originally Posted by powerfunk

I like the way things are done here, too. The primary beneficiaries of crypto won't be people who live in places like America.

Over 50% of Kenyans use Safaricom's "M-Pesa" mobile payment tool, for example...when Safaricom is down, people's lives grind to a halt. The entire Bitcoin network, being decentralized, doesn't have outages like that. Also, Venezuela just suspended remittances to Colombia, so if you're in Venezuela trying to send money to your Colombian family, it's difficult. I also have a lot of Egyptian friends who witnessed their currency change in recent years. For these types of situations, Bitcoin could be great.

Well I agree there, that's where it could be of use.

On the other hand,

I doubt much "legal" use for it in the Euro/USD market though.

And the volatility of Bitcoin is ridiculously high. You can't really have "spending money" in something that unstable.

[Welshwatchman]

Originally Posted by shnxx

..........the fact is many people (mostly geeks) made 10-100x returns in the last one to two years speculating on btc.
I don't think anything to laugh at really.

That's the point exactly.

The money has already been made. The value is in the utility and this has plateaued.

I would have been smiling like a smiley smiley if I had acquired a few of these coins when they were a few pennies each (although I have gone through a few PCs in this time so may be cryin' over my lost data.)

For me to now buy a bunch of coins for £400 each would be utter stupidity, I reckon.

Also, my "cash" is currently returning 3.55% on deposit.