Bitcoins

DiggerUK

dryhat wrote: »

I don't know how much gold you have or when you bought it so I can't put a £ figure on it...... but if you had sold just 3 ounces at the peak price in 2011 and bought bitcoins, you would be a multi-millionaire now.Not bad for funny internet money.

I have no problem with those who make a quick buck, tulip bulbs are only bad for the last one gardening.
But the whole concept of bitcon shows just how many are born each minute.

In case you are interested, I am serious about going to Iceland, it's a great place to visit, Don't know if they take bitcon, but they do take GBP.
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BoracicLint

DiggerUK wrote: »

I am speaking out against the nonsense that your hard earned cash should be invested in bitcons. And using all means possible to justify my opinion.
I'll be a little Socratic, and put this to you....if after a serious financial black swan you went to my Ghanaian coffee farmer and offered 'new' $US, gold, or Bitcons.....which would be laughed off the table straight away.

Bitcon propaganda is touting the currency as an untainted means of exchange with worldwide potential, and fantastic return potential. That's bunkum.
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Nowhere have I used the word 'investment' with regards to bitcoin. I'll just clarify that I agree with you, bitcoin is NOT an investment, in the same way that any currency is NOT an investment. I originally 'speculated' in Bitcoin because I felt that the currency had/has real potential to stand alongside fiat currency, but only once the infrastructure is built around it to make it more user friendly to the masses... Just like a previous poster likened it to html before web browsers came along.

I appreciate your Ghana coffee scenario, and quite rightly, bitcoin would serve no purpose here... but I could equally give you a dozen scenarios where bitcoin would stand up in place of USD and gold. The non-regulatory, decentralised aspects of it, along with its deflationary nature is what attracted me to it.

I'm not going to lie, the astronomical gains I've made on this 'bet' make me very optimistic, and obviously a bit biased. I'm one of a fortunate few who could easily cash out some of my bitcoin holding today, realise a several fold increase in my initial 'pound sterling bet' and still retain a healthy bitcoin balance. Given the traction that bitcoin has in the media, and the massive number of prolific investors who are starting to turn their attention to the benefits of bitcoin, I think it has a long way to go before it goes the way of the tulips.

dryhat

DiggerUK wrote: »

In case you are interested, I am serious about going to Iceland, it's a great place to visit, Don't know if they take bitcon, but they do take GBP.
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Iceland is beautiful.
If you're into self catering cottages, I can recommend these ...

http://www.giljalandrent.com/

Enjoy your visit.

DiggerUK

dryhat wrote: »

I don't know how much gold you have ....... but if you had sold just 3 ounces at the peak price in 2011 and bought bitcoins, you would be a multi-millionaire now.......

BoracicLint wrote: »

.....I'm not going to lie, the astronomical gains I've made on this 'bet' make me very optimistic.........

@BoracicLint......now if you reverse engineer dryhats speculative thought........:think:

BoracicLint

DiggerUK wrote: »

Because it is, and no matter how far they debase the currency, even to the point of needing to reissue a new one, they will still have that land, infrastructure and other assets behind it.

Bitcon has nothing behind it but trust. Fiat has a lot more than just trust, as flawed a coin as it is, it has a nation state behind it.

Don't waste your money with bitcon, spend it on a holiday to Iceland instead.
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But now you are talking about assets, I could probably find only a few land owners who would be willing to accept my bitcoin for payment today. If bitcoin subsequently collapsed I would still own the land. Your argument only holds up because the number of people who would sell me their land for bitcoins is small, compared to those who would sell me their land for USD. But we are still at the stage of early adoption, give it time and see how many more people are starting to embrace it as a currency.

As for backing a currency because it has a nation state behind it, would you have held onto your Deutschmarks and Francs on the eve of Euro adoption?? Currencies have and will always fail, bitcoin may fail, but ask yourself why would you want it to fail?

DiggerUK

dryhat wrote: »

Iceland is beautiful......Enjoy your visit.

I did, it was the last week of September 2008.
We knew something was up because our credit card was showing massive changes in our favour every time we went out, and cash got us huge discounts on trips.

We had not a clue what was up till I read the papers on the plane back......and the rest is.....
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IronWolf

Have to say Im quite tempted to buy one just for a laugh. That guy that bought about $50 worth a few years ago and now could afford a house has got me thinking lol.

sabretoothtigger

hindsight is a mofo.
just on shares I could be a millionaire by xmas if I knew even within 10% which stocks would do best or worst each day, buy and sell each and the cumulative gains would allow me to retire in time for the queens speech.

2 years ago I thought bitcoin was virtual junk. I was told the work done to get the coin, was nonsense and only there to provide the idea of work.

Actually thats not true, the work done 'mining' is valid processing and encryption. The product and utility is to allow safe exchange, so I was wrong and I realised that in the spring. To me this rise is justified but I dont imagine it can continue without problems ahead.

As we all know gold is massively overvalued for what it does, except if you consider this clarity it brings to finance and then it can be invaluable. Would I rate gold over BTC, yea I think so but only for holding long term.
To buy a coffee then BTC should be more efficient.

Heres the debt clock, http://www.usdebtclock.org/ distribute the cost of that constant fee $10k a second or so taken by the FED and thats why the world wants a cheaper less 'leaky' currency
Most of us can do a better job with 10k a second, it seems all that waste of time (like I thought 2 years ago it was) 'mining' BTC will cost less; hence BTC is viable if secure for a cheaper cost

dryhat

sabretoothtigger wrote: »

hindsight is a mofo.
just on shares I could be a millionaire by xmas if I knew even within 10% which stocks would do best or worst each day, buy and sell each and the cumulative gains would allow me to retire in time for the queens speech

You would need serious amounts of money to begin with to be able to do that.

DiggerUK

IronWolf wrote: »

Have to say Im quite tempted to buy one just for a laugh. That guy that bought about $50 worth a few years ago and now could afford a house has got me thinking lol.

Buying one for a laugh is still an expensive joke.

I have pondered the tale of the Norwegian and his bitcons.....hmmmmm.....seems too good to be true. But what do I know........and so soon after the reports of a whole load of them disappearing without a trace.

I'm too cynical by half.
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