Because of the FDIC the next bank run will be different. It won't be a mad dash to get dollars, we can get those for sure. It'll be a dash to get value for our dollars. There is and can be no guarantee on that. I suspect people who have no more room for cans of beans and toilet paper will try to get some of their wealth through the crisis in gold and bitcoin.
The FDIC has almost no money. The banks that fail every Friday like clockwork have depleted the insurance fund completely. Sheila Bair is operating off of a 500 billion line of credit with Treasury, which will not be nearly enough to prevent a bank run should a TBTF go down. Increasing that line of credit literally requires an act of congress, meaning it wouldn't happen in time to do any good. Besides, Treasury is Broke too. Bank runs are always, always deflationary, but the big financial crisis may not be a bank run. It depends on how much liquidity the FED provides. Too much and the ship alters course from Japan to Zimbabwe. Failing banks have had their deposits purchased by other financial institutions. They're not depleting the FDIC fund. The only issue with the FDIC is it's reserves are only a fraction of their outstanding obligations so a widespread bank run would deplete the fund. But the banks currently failing right now are not doing anything to those reserves. |
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Take action to corrects this problem by requiring people to verifiy their age or remove the offending images or I will be forced to report this site for violations of the law. You have 72 hours to take action. If you want to expose yourself to $50,000 fine and/or 6 months in jail its your choice. Yeah I'm sure the authorities will get right on this. I'm sure they have nothing better to do than prosecute someone for posting a few pics of a consenting adult on a forum. |
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yeah... Did that last weekend and lost money.
Why would you sell for a loss instead of just hold and wait for a more favorable price? He probably assumed he would not get a more favorable price. There is no guarantee that BTC will only appreciate in value. |
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Yes, but can the Federal Reserve (which isn't federal) change the interest rates for existing debt or only new debt? Which interest rates do they control? You're right in that they're not really "Federal," a cartel of banks would probably be a more accurate term. The Federal Reserve sets the discount rate, which is currently near zero. The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. These are usually short-term (overnight) loans. The bond markets set interest rates for debt. Rates are being kept artifically low because the Fed is currently purchasing Treasuries on the market. Also called quantitative easing. What you need to understand is this is a global economy and the US is the behemoth. There's no such thing as a smooth transition from a crash in the USD to cryptocurrency. |
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Wow, really? I mean I like bitcoins and all, but that is one hell of a place to put something like a bitcoin logo. Who knows how long bitcoins will be around, 6 months? 50 years? I mean if it makes you rich, then yes, tattoo approved. But what happens if bitcoins continue dropping to the point where its no longer viable to mine them? That tattoo is gonna be there a little while. Why not get a tattoo of a wallet on your right buttcheek and then put a few bitcoins in it? now THAT would be a cool tattoo haha. You could even have "wallet.dat" under it  Considering someone paid her a fairly decent amount to get the tattoo she could just cover it with another tat. I personally wouldn't do it either but people do crazy stuff for money. |
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Light volume especially for a Monday.
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yes, the old speculation is dead. This is today's speculation, and this time its REAL, PEOPLE! BUY WHILE YOU CAN STILL AFFORD IT, because come tuesday, it hits 35!
SELL YOUR HOUSE, SELL YOUR KIDS, SELL YOUR PETS, IT's TIME TO BUY!!!!
Heh, reminded me of this  |
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I would agree that one of the attractions of Bitcoin is its uniqueness. Whether that attraction can last for even a fraction of the amount of time that gold has kept people enamoured remains to be seen.
I think Bitcoin has enough of the qualities you describe to possibly be a viable currency in the future.
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It's a really bad idea to borrow money for investments. If you don't have the cash to invest.....your financial situation needs more than just bitcoins to help it.
I have found myself, twice in my lifetime, almost incapacitated financially due to debt. Luckily, I've never had to go BK, and was able to pay off one occurrence and am still working on the second (more than half way done).
The only way I would use a credit card to purchase bitcoins is if it was a secured credit card and I had already paid the money.
Kudos to you for stepping up like a man (or a woman I don't know you) and paying your debts rather than walking away. |
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As much as people harp on the trolls, posts like the OP's are equally worthless. No analysis, just another zomg I hope I get rich post. If people are going to be called trolls for being negative without providing any sort of logic/argument, then I say the same should go for these types of posts. What would be the equivalent of a troll? An orc?
Hey OP, stop Orcing the forum.
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Would you do it? Discuss.
Yes, as long as I had the money to pay the bill ahead of time. This would be a lot more convenient than using Dwolla to xfer money from my bank account first and then xfer to trading site. This. And that would be the only time to use it, IMO. |
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Just because transfers are done electronically doesn't make it a virtual currency. I can buy a gold ETF, everything is electronic. Is gold also virtual currency now?
The USD is not virtual, you can hold tangible bills if you choose. You do not have that option with Bitcoin.
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Technically, fraud. Realistically you'd probably get away due to Bitcoins anonymity. But for the long-term good of Bitcoin, I hope people don't do this. It's hard enough getting mainstream media to give Bitcoin a fair shake as it is, making it a bankruptcy haven is just another black eye I'd rather not see.
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That's cool, I get the whole no risk no reward mantra. It was just a little scary when you said it was your main savings account. You're just an anonymous guy on the net (like I am to you) but when I read that I just felt like I had to say something. I'm glad you've got a plan set up. I'm with you, I want Bitcoin to succeed, but at the same time I don't want someone out on the street if it fails. Clearly that's not going to happen to you so I was mistaken but I figured it was better to speak up and be wrong than say nothing.
Best of luck to you. BTW, as an android dev, I'm glad you chose one of those tablets over the iPad. I personally like the Samsung but everyone has their own preference.
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I'm buying whenever I get some spare money. Since I'm using Bitcoin as my main long-term savings account (money I use maybe once or twice a year for things like vacation or electronics), I buy at whatever the market is at every two weeks. Bitcoin is your main savings account? Bitcoin is still very much in its infancy and highly experimental. Making Bitcoin your main savings account is extremely.... I'm not going to sugar coat it, stupid. You should only invest what you're willing to lose, this is not a savings account. |
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If it looks too good to be true...
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Wow... they need your social to sign up at their 'bank'? I'm going to contact gary@garyhorsmandesign.com who is listed as the owner of the domain to see what he has to say. like i said - i've never seen a bank where you didn't need a social. but you're right - they should be here, posting. Well traditional banks also have FDIC insurance so just because it's common practice for banks to ask for certain information certainly doesn't mean you should be giving it out to these guys. |
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we'll see who goes bankrupt... No idea what that means or its relevance. |
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Why do you use Bitcoin? To gamble. I'll be in Vegas in a month and so I figured I'd take some of that gambling $$$ and throw it into Bitcoin. I'm a longshot to win big in Vegas and I also think it's a longshot Bitcoin appreciates greatly in value. I'm going in fully expecting to lose it all but am also hoping really hard I'm wrong.  |
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