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A fool and his money doth depart.
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Bitcoin isn't meant to replace fiat. I think you're missing that point.
Comparing bitcoin to fiat is like comparing gold to fiat.
I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal. But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil. When in fact it's the very thing that dictates bitcoin's buying power. |
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Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable. Yes, I'm well aware. Why wouldn't I be? Too bad that ultra secure 'network' is still prone to attack. And no, it's not a mathematical improbability. I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers. Yes, armed robbers can enter a bank and steal a chunk of the institution's funds. Problem is, banks are FDIC insured. Who insures the blockchain in the event of catastrophe? Or is it just a case of user stupidity for keeping btc on the blockchain.  Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months. Trust? Lol. Apparently you don't understand the meaning of semi-transparency or complete transparency. Refer to how that whole trust thing got people who used the largest exchanges. I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto. Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness? That's a mighty fine form of idealism you got there. This world you live in...I'd love to visit.
If you forget or lose your wallet, you have no card or cash.
Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness? Oh, the irony. So user error only applies to fiat and cc's? Gotcha. I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank. I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.
Don't take your freedom for granted or you will lose it all.
Probably the only area we agree.
Merchant acceptance and Bitcoin vendors are skyrocketing.
Yet merchant adoption is the same thing that hinders its price growth. Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector. Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat. No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.
You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.
To quote yourself, you can't protect yourself from your own foolishness. Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew. Additionally, way to cite an outrageous extreme source to back your argument. I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month. I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay. Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later? You're also comparing fiat lending services to btc. Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins. Now, sell me this fiat?I just did. And with that fiat, you could buy a pen. At any store in the world. Now tell me the same can be done with your bitcoin. We'll have to agree to disagree. You have not changed my position and I haven't changed yours. Time will be the judge. Goodbye. Fair enough. Thanks for being the only one brave enough thus far to play. |
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He also told to buy when Bitstamp reopened and price spiked to $300, "This is just the start, best is about to come". Days after price went down to $150.
Source? "As I told everyone, Friday is here #Bitcoin and may all your candle's be LIT! The Best has just begun. " That was actually the top, then price started to go down until it reached $150 from $300. That was actually a pretty contrarian call. If people use these random twitter d-bags for financial advice, then they deserve to lose. Everyone knows those 'btc_pump' groups on twitter do nothing but lead you to slaughter, because the second they announce the pump is the same instant you're buying into their trap and become their prey. |
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Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable. Yes, I'm well aware. Why wouldn't I be? Too bad that ultra secure 'network' is still prone to attack. And no, it's not a mathematical improbability. I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers. Yes, armed robbers can enter a bank and steal a chunk of the institution's funds. Problem is, banks are FDIC insured. Who insures the blockchain in the event of catastrophe? Or is it just a case of user stupidity for keeping btc on the blockchain. Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months. Trust? Lol. Apparently you don't understand the meaning of semi-transparency or complete transparency. Refer to how that whole trust thing got people who used the largest exchanges. I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto. Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness? That's a mighty fine form of idealism you got there. This world you live in...I'd love to visit.
If you forget or lose your wallet, you have no card or cash.
Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness? Oh, the irony. So user error only applies to fiat and cc's? Gotcha. I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank. I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.
Don't take your freedom for granted or you will lose it all.
Probably the only area we agree.
Merchant acceptance and Bitcoin vendors are skyrocketing.
Yet merchant adoption is the same thing that hinders its price growth. Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector. Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat. No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.
You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.
To quote yourself, you can't protect yourself from your own foolishness. Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew. Additionally, way to cite an outrageous extreme source to back your argument. I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month. I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay. Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later? You're also comparing fiat lending services to btc. Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins. Now, sell me this fiat?I just did. And with that fiat, you could buy a pen. At any store in the world. Now tell me the same can be done with your bitcoin. |
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Before making posts like this on a public forum and embarrassing yourself, conduct your own due diligence instead of listening so much to word of mouth.
Care to actually refute any of my post or just indirectly concede and nod in agreement? I'm genuinely looking for any advantages this stuff currently has or could have to existing payment methods. |
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and yet it is the massive 10% Bitcoin inflation that is killing the price for all the current holders of the currency. The irony.
Thank you for pointing that out, sir. |
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Bitcoin is super secure: Yet the blockchain is vulnerable to 51% attack if miners begin a mass exodus out Bitcoin is ultra fast: 15 minutes average for a confirmed transaction time. I can pay with something via paypal or credit card in a few seconds, instantly. Bitcoin is safe: I send 30 bitcoins to a scammer in Europe who promises to deliver goods. I don't receive said goods. I am now out 30 bitcoins. I send $3,000 via a Visa card to a scammer in Europe who promises to deliver goods. I receive nothing. I then provide all documentation to the fraud department at Visa and am reimbursed fully within a week. Seems to me this little increased 'transaction fee' is worth the peace of mind in a scammy society, no? Bitcoin is convenient: You have to download a client, then over 8gb's of data just to cold store your coins for the first time. I can toss a dollar bill in my leather wallet in under a second Bitcoin is free from government constraints: It's banned in several countries, including heavy restrictions in the second largest global economy (China). It's also subject to federal taxation just as fiat is in the United States. Bitcoin isn't an inflationary nightmare like fiat: (taken directly from bitcoin wiki): " Inflation is simply a rise of prices over time, which is generally the result of the devaluing of a currency. This is a function of supply and demand. Given the fact that the supply of bitcoins is fixed at a certain amount, unlike fiat money, the only way for inflation to get out of control is for demand to disappear. Temporary inflation is possible with a rapid adoption of Fractional Reserve Banking but will stabilize once a substantial number of the 21 million "hard" bitcoins are stored as reserves by banks.
Given the fact that Bitcoin is a distributed system of currency, if demand were to decrease to almost nothing, the currency would be doomed anyway.
The key point here is that Bitcoin as a currency can't be inflated by any single person or entity, like a government, as there's no way to increase supply past a certain amount.
Indeed, the most likely scenario, as Bitcoin becomes more popular and demand increases, is for the currency to increase in value, or deflate, until demand stabilizes. " How exactly is the demand the past half year? Purchasing power: I can store my credit card or cash in my wallet for days or months, and it will always have the same face value or balance it had when I first stored it. With bitcoin, I can put away 40 btc in cold storage and pull it out a day later and it can have %10 less purchasing power it had not even 24 hours before. If I send a moneygram to a relative overseas, I don't have to worry about them having 20% less purchasing power when they pick it up the next afternoon. Now. Sell me this bitcoin.  |
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I've sold most of my BTC at about $290 rate couple of days ago I've finally realized that bitcoin is currently at a bubble state (took me long to realize that, eh?). In order for bitcoin to function we need as much as $100M market cap which makes like $7 per BTC. Shurely some1 may still hold coins so I guess the price will not drop below $20 (±$10). Not going to predict when it is going to happen, but it eventually will fall to this kinda prices. Current BTC price is WAY too expensive. If you are not selling now you are going to wait for a loooong time to see $190. I am talking to those permabulls here who still beleive BTC is going up in value soon. Its not. Not giving any advice to day traders here coz I don't know much about day trading. Time will tell if I'm right or wrong. I love bitcoin and I believe its a game changer. But currently its a bubble. We should wait until it is down to about $20 per BTC and then buy back in to see it slowly rise to $10k  Posting this because I wish I've seen this kind of advice few months back when I could sell my stash at a rate of $400 per BTC Dude it's at 199 already again... Seriously these BS threads need to stop, read what is actually going on, the manipulation that drives the price down that cannot continue forever. If you bought the past days you can already sell for a nice profit today. lollllllll it hit $150 (the low) for like a few minutes yesterday. Nobody is profiting if they bought the past few days, as even if it hit 200 today, that's still lower than it's average for the week, and much lower for the month. Yes, we get it. You want everyone to ignore the price and pretent like all is gravy in the crypto world. By the way, there's a very big difference between FUD and reality. By stating that the price is tanking and has been steadily over the past half year is living in reality. The contrary would be living in denial. A temporary 30-50 dollar bounces in a 24 hour period does not constitute a complete market reversal in public sentiment. |
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Short answer? Yes. Bitcoin and every single alt currency ever made has been a pump and dump. Charts don't lie.
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Unfortunately gold's real world utility has been decreasing in the industrial world, which is where it derrives a great majority of its value. It's value now really only hingest on jewelry and its 'traditional' use. India is probably one of its biggest markets. I don't really foresee any great sustained bullish sentiment for the foreseeable future, unless the feds announce something catastrophic (qe3 did not do much if anything to help the prices).
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Maybe, or maybe you should stop watching both, and start watching all scams out there, 'cos if there was not scam, getting richer would be difficult project, and there would be no any brilliant minds in this virtual world. Brilliant minds wants brilliant cash dollars. Bitcoin will eventually be left on it's own like thousands of other altcoin out there. There is no control over Bitcoin, that's why there so much scam. Without central control any project is dead sooner or later.
Decentralisation and freedom is just an idea without hope. You have proof in front of your eyes. Price is going down, and my predictions are that will stop on 50$ per 1btc in a period of 6-12 months.
you think bitcoin has too many scams? your whole life is based on one huge ponzi scheme of the current financial system https://www.youtube.com/watch?v=iFDe5kUUyT0Oh great. The typical level 9 athiest, 'trust nobody/anti-establishment' straw man argument. You sure sound like someone great to take financial advice from. https://www.youtube.com/watch?v=_OCrRTkhKT8 |
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Come on guys, it has breached 200. It's gonna go much lower. I know bitcoin will recover and I'm bullish long term crypto, but this is not the right time to buy if you're already down, the slaughtering can still get much worse. Remember not to chase your losses, it feels even worse than losing in the first place.  "It's gonna go much lower." It is? and yet you don't say why. "I know bitcoin will recover" You do? and yet you don't say why. Or is, YOUR being "bullish" what affects price? These posts are more painful than the price. "but this is not the right time to buy if you're already down" Since when is it wrong to average down? "the slaughtering can still get much worse. " Life can always get worse By all means, continue averaging down and invest the rest of your funds towards Bitcoin, and report back next year. I'll be happy to read your findings. Hopefully it's not in the same remorseful tone as the OP.  |
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you better sell at 160 USD than at 50 USD.
you recover "something". it is not much but it's better than nothing.
Bitcoin won't recover soon(not this year)
If only people weren't stubborn and overly greedy and sold their dogecoins when it was 300 satoshis, aurora coins when they were 100, earthcoins when they were 60 satoshi, nxt when it was 11 cents, or vertcoin when it was 1.40, or darkcoin when it was 9 dollars. They all end up being one or two pump ponies. 'But...but...bitcoin is different...it's truly revolutionary and the first!! With increasing adoption!' People never learn. Every single crypto has been a bubble market. Check the long term charts of every single crypto ever. Once it's popped, I doubt you're ever going to see anywhere near the top again...and probably even lucky to see 1/10th of that in the end if you're lucky. The hype/euphoria phase is over...now reality sets in. The only ones making money now are super early adopters (who SHOULD have cashed out already, if they were wise) and margin traders/bots. Sure, you can keep using btc for purchases, but anyone holding and losing buying power by the hour are out of their minds. |
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There is a difference between a bear and an idiot. A bear see reasons why the price should go down and may either short or defer buying until it goes back up.
An idiot says things like:
I told you Bitcoin was a ponzi scheme
Bitcoin servers no purpose and has no more value than a tulip bulb
Bitcoin is not safe and has been hacked too many times
Investing in Bitcoin = suicide
I predict (with absolutely nothing to backup this statement) that Bitcoin will continue to go down until it reaches $0 and I will then remind you all how smart I was back then.
If this is you, you're an idiot. Don't call yourself a bear. Get off of these forums and never come back because obviously you don't get it. If you want attention, create a sign that says "The end is nigh" and stand on a street corner somewhere.
If you are a true bear and have valid reasons to think the market will continue to go down then please enlighten us. If you're an idiot, get the hell out of here.
You mad, bro? |
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I hope we do not face 51% attack from some major pool.
These 'ultra secure' cryptos are only secure until the ones who protect the network (miners) stop dropping out in troves... Oh wait. |
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@flipstyle yeah, you're sorry all right. Averaging down isn't a bad idea. What's a bad idea is taking pleasure at his losing money. That's... a little more than low character. Psychopathic more like. Of course the pathology is no doubt your buying in at 1k+ or some such situation. Being mean to this guy makes you feel better about your situation.
These forums seem to be overrun with trollish scum such as yourself.
Nobody made the foolish decisions (and repeatedly, might I add) except himself. Averaging down only works under the assumption of certainly that it will rise again. Cool crystal ball you have there. He stated he made a mistake that he regretted, yet did it again. Am I supposed to have sympathy for someone who makes such asinine decisions? By the way, I lost a few hundred from scammy exchanges. Whooptie doo. My fault. Did I create a pitty party thread for it so people could pat me on the back and say 'don't worry, it wasn't such a stupid mistake'...when it really was? It's shills and people egging him on by encouraging his spending habits and rationalizing his losses that are his worst enemy (such as yourself). He obviously needs a cold dose of reality, as do many of these sulking prospectors in crypto. After all, its the scumbag shills screaming to 'buy buy buy!' that will be the first ones to leave his side once the ship sinks. Acting like they're going to be there to console him when he encounters financial hardship by paying him money out of their own pockets is laughable. |
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..they can confiscate it just like any other tangible good if they want.
Wut? How does one confiscate a wallet divided into an M of N scheme with the pieces located at multiple different physical locations? They are going to have to either ask permission or torture/abduct the owner. Torture/abduction is a huge escalation from the simple account seizure of more traditional assets. Ask the owner of Silk Road how that worked for him. Are you seriously refuting that the US government can't seize bitcoins from you with jurisdiction if they wanted to? hahahaha. |
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So i laughed my sad laugh, and deposited more money to buy more coins, what a confusing world we live in.
I'm sorry, but...  So you lose money, yet toss more money at the same sinking ship hoping to make money? Then claim the system is confusing? Oh man, you can't even make this stuff up. You really do deserve to lose every penny you 'invest.' |
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A lot of the posts last year during hype phase/euphoria were quite comical:
'you ain't seen nothing yet, 10,000 dollars by february!'
'10k lol, come on bro that's nothing...50,000 per coin by 2015!'
That moment when reality hits you and the shills stop talking because they've taken profit...
Looks like it's down to nothing but bagholder moans, finger pointing and rants at people dumping off a sinking ship, and suddenly now everyone's changing their tune to 'price is irrelevant.' Yet price is the very thing that drives bitcoin with its purchasing power and miner salaries.
Interesting paradox.
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