These threads crack me up. It's always someone who refused to listen, lost all their money in an alt-coin scam, then pronounces bitcoin dead.

It would cost billions and billions of dollars. It would mean creating the largest computer network ever. Then... No one would use it. We would move to an alt coin and they would be left with nothing. It makes no logical sense whatsoever.

They seem to be forgetting that the price of most anything is based on perception and sentiment. So should I sell my gold at half price since it has little real value?
 

What is a "bitcoin gold?"

Bitcoin user - Unaffected.   

So, some guy somewhere didn't understand bitcoin. Okay, how is that bad news for me?

Download the whole website. Go OFFLINE and create your wallet on a fresh install of Linux.

Here you go. Almost any car you can imagine for sale in bitcoin. Old cars, new cars, and you can pick it up at the local dealership.  Something like a million cars to chose from.
 

https://cars.overstock.com/

The hole Roger dug himself into was thinking he can decide what bitcoin is. That's not how it works.

I'm a police officer. Let's get in touch about this. Please send me your contact information and your legal jurisdiction.

A currency only needs two things.
1. It has to be difficult or impossible to profitably counterfeit.
2. People have to believe it is valuable.

The fancy paper in your pocket is... well it's paper. That is all it is. And your precious gold is just a shinny rock that people think is valuable. No other money is nearly as legitimate as bitcoin. Other money is controlled by a bank or government. I have no use for such money.  Back in 2010 I used to think "People are going to have a hard time understanding bitcoin." Now I think "People have no clue what money is or how it works." I have done quite well sticking to the most legitimate money and there is no scenario that would bring me back to the scammy US Dollar.

Don't give up your money! 

Just go and spend your bitcoin. It's stupid to pay to convert it back to crappy fiat when you could demand a discount for using bitcoin. If you simply must turn it back into garbage then keep track of all your profits. I know for fact that the exchanges are now being monitored and the tax man will come for you if you don't claim it on your return.

And NEVER pay for help like this.  You are going to bring the scammers out.

I think they are focusing on ICOs and alt-coins, which are generally scams about manipulating price, supply, etc. It would be very healthy for the crypto world if they locked up a bunch of these scammers.

Yep, as far as I know it's just sitting there. There are enough clues in this thread to locate it.


Oh man, you are right. I edited the post now. It is .1 BTC at the cache.

I might. India is on my list in the next few years. My sister-in-law married into an Indian family. So I now have relatives there.  If I do go I'll keep your offer in mind.

No rules here guys! Hook up with a partner in Africa if you want. Whoever gets there first has the private key.

If you know what you are doing you make money in the bear market also. 

I feel bad for the people who think that not paying taxes is an option. They are going to turn the investment of a lifetime into a jail sentence. It is foolishness.

Anyone who claims to know the future is lying. This is something you should learn as a child.

@Slow death, richardsNY, darkangel11, bbc.reporter

Good comments guys.  I think Warren Buffett himself would agree that one should only invest in what they throughly understand. In fact he has said that. I'm guessing he gets ambushed all the time with questions about the economy that are way out of his territory. If he sat down to think about it, he may answer differently.

The only way to lose money in bitcoin is to participate in the scam. Don't trust anyone. The scamers job is to get you to screw up and help them. Without your help they can't do it.


DON'T: Buy alt-coins


DON'T: Download any bitcoin software unless it is OPEN-SOURCE and well reviewed.


DON'T: Move your discussion to telegram or WhatsApp or anything else. You can safely trade in the open with bitcoin. A scamer wants you to get away from others who will point out the scam. 


DON'T: Use an unlicensed exchange or think there is some special deal you will get from someone.

I assume they mean that you need to prove your ownership of bitcoin by sending a small amount from your wallet, or signing a Tx from your wallet. Then the seller can see that you own a wallet with the funds you claim to have.

It's not safer, it just proves that this person is capable of filling the order. The only way to spend or sign from a wallet is with the controlling private key.  for example, the link below proves that this address controls 0.1 BTC. If I were to send you a tiny ammount from that wallet I have proven my control of 0.1BTC.

https://blockchain.info/address/1Q1fDcqMBFYFi6Qd6JDnRnNsRLwHBKtqwq

Remember these things:

• You do not lose your money, you sold them for less than you paid and that locked in a loss. In the future refuse to sell at a loss when holding bitcoin.
• Forget about alt-coins. They are scams. A lot of new traders seem to think a crypto is a crypto. That is just not so. Almost every alt ever created is to solve the problem of you having money that cant be easily stolen. Alts solve that problem by convincing you that "these are better than bitcoin" or "bitcoin is too expensive". Don't fall for such BS.
  

Think of it this way. If you were going to buy gold and someone said "Don't buy gold, it has gotten to expensive. Instead buy this dirt from me, it's way cheaper".  Would you do that? Because when you buy most alts that is what you are doing.