If bitcoin is a share then so is fiat. They are both currencies, only one is tangible and one is digital. In some cases bitcoin can be tangible, but in general fact stocks are simply owning part of the company. You own a share you own a part of a company, you own a bitcoin you own a piece of currency like you do with cash.
This is a much more accurate description of what bitcoin is then how the OP describes bitcoin. Owning bitcoin is like owing dollars, or euros, or yen. It is a currency. +1 I would also add that unlike a stock bitcoin does not need your money. If I bought a stock then the price dropped 50%, I might sell at a loss. That is because below a certain valuation the company may become insolvent and collapse. That is not the case with bitcoin which does not need your money and can continue to operate no matter the price. With a stock you are sharing profits. With BTC you own something of value that can be spent across the world.
|
|
|
There are a million ways to avoid these risks. For example my grocery store is a co-op and requires membership. If I were to pay with bitcoins I'm sure they would just let me walk out. If it was a fraudulent transaction, they know where to find me. I also never have had to wait for confirmation at a restaurant.
Think about personal checks, for example. That is nothing more than an I.O.U. The seller has no way of knowing if it is real or if I have money in my account. This is a non-issue as far as I can see.
|
|
|
I always try to be the bag holder. That is why I have bags and bags of bitcoins to spend. Fingers crossed and hoping for a drop to $560. That would rock! When the price goes down I buy. I don't understand why anyone would sell into a crash and buy into a rally. That's the recipe for losses.
|
|
|
Or in 40 to 70 minutes the merchant finds out you sent the same outputs to 4 other addresses... and the transaction you sent to him was not confirmed.
Equivalent of writing a bad check but he has nothing to go on to recover his losses.
True. it's a legit risk. I like using the number of confirmations relative to the amount as a way to mitigate the risk. So if I were selling a car I would want 6 confirmations. If selling a bag of popcorn, I might not even wait for one.
|
|
|
Hemorrhagic fever is no joke. Scary shit happening right now and it looks like containment is lost. The disease experts have never been sure what would happen if Ebola got into an urban population. It looks like we may find out.
|
|
|
Why did this require a poll? lol
|
|
|
It seems long to us. But the next fastest method, credit cards, can takes days to confirm. Sure the retailer let's you walk out of the store, but he has no way of knowing if your good for the money until later. With bitcoin, confirmation is confirmation of a transfer of wealth and completes the transaction.
With credit cards, the only real risk the merchant has is if the card is stolen. They can look at the signature and check ID and greatly reduce that risk. If it is your card and you reverse charges, they have the option to take you to court. They don't have that option with bitcoin if you double spend because all they have is a cryptic number that can't easily be tied to an identity. That's all certainly true. But consider that in 20-30mins. the retailer has your bitcoin with some confirmations and at that point who cares if your lying about your identity. Kinda like cash. If you pay me in cash and lie about your name, I still have cash and I'll call you Shirley if you want me to. As you point out, cards have little risk because they are backed and insured. Something which we all pay for via fees. Bitcoin offers no such protection and requires more of the user/retailer. The rewards for doing it yourself are greatly reduced fees.
|
|
|
Try using bitcoin, not "investing" in bitcoin. While one can hold BTC and may see a rise in value, the real strength of it is utility. So don't waste time and money exchanging for fiat, instead just buy stuff when you want some profit taking.
Don't take or make loans. Don't get side tracked with alt-coins or investment schemes. They are almost always a scam. Don't use PayPal to buy or entertain any fantastic offers. Just set up an account at an exchange in your country and after buying move your bitcoins out of the exchange immediately.
Storing bitcoins anywhere except your machine likely means that you do not really have bitcoins. Sole control of the private must be in your hands. There may be exceptions for small amounts in an online wallet. That allows you to use your phone to buy stuff, so it may be worth a small risk.
Lastly, Know that no one on Earth knows what the price will be in 10mins., much less next week or next month. Do not listen to people telling you it will go up/down. They do not know anything more than you do. They just have a bigger mouth.
|
|
|
I think all logical arguments break down when talking about Gods and miracles. Once the supernatural is part of the equation one can make up anything and it's silly to argue against that.
|
|
|
It seems long to us. But the next fastest method, credit cards, can takes days to confirm. Sure the retailer let's you walk out of the store, but he has no way of knowing if your good for the money until later. With bitcoin, confirmation is confirmation of a transfer of wealth and completes the transaction.
|
|
|
Ah, thanks coinbuddy.
I have a Muslim friend with kids, I think I'll get him something.
|
|
|
pleasure. I want my Eidi in bitcoin.Do you know what is ''Eidi"? I don't Ok, I looked it up. A present given on Eid.? I'm not a Muslim myself, but I spend a lot of time in the mid-east.
|
|
|
The problem is that use of PayPal provides zero security against scams. Use of PayPal to buy virtual currency is a violation of their terms of service and PayPal will in no way help if you get scammed. In fact launching a dispute will likely get your account frozen and your funds will be held by PayPal, perhaps for months.
|
|
|
I spend all the time and NEVER "cash out", in fact have spent about $1000 so far this week. Honestly, I don't know how hoarders understand the real power of bitcoin if they have never even used bitcoin. They spend all their time and profit trying to convert back and forth with fiat. Do they not realize that once you have bitcoin you have money? just spend the coin.
|
|
|
The thing to remember about predicting the future is that you can't.
|
|
|
We are always in the down trend of $1200 to $0 which started from last year, $6xx is already the top bubble we can reach after all these Dead Cat Bounces
Good one. I hope price crashes too. I need to buy back some cheaper coins. That would be great. I just spent 1.2BTC at $620. I would love to replace them at $500. A fall to 0 is laughable and shows a lack of understanding, but when the price goes down I buy. This strategy has never failed me. I have yet to loose a penny.
|
|
|
If its guaranteed then I assume you will sign a contract stating that? If so I'll have a lawyer write something up and we can sign in person. I may be interested in doing 200-300BTC. What is the time frame on return?
|
|
|
Yep, confirmed. It was easy to check and see.
Can you show the data you are looking at? I am unaware of any technique that could confirm this, so I'm interested. I think facetious is the term... Actually, the term is gullible... so easily to troll this forum, and I'm not even a troll. Oh I know it's all made up and baseless, this is bitcointalk after all.
|
|
|
Sorry, I don't see it?
The translation "Sollog?" is doing is just incorrect. Look at his translations compared to actual translations.
Translation from the french: Five and forty degrees the sky will burn Fire to approach the great city, neuue Nothing great esparse flame jump When we want to demand proof of the Normans.
Sollog Translation: Forty point five degrees (NYC is 40.5 degrees latitude) a mid air explosion, Fire near the tall new city in the clouds: In an instant a great flame up connected to a boat and a plane explosion When one is dedicated (to understanding Michels works) the Roman numerals (of the prophecy) make the proof (767 planes were used, 767 is an anagram of 6 97 this quatrain)
Translation from the french: Earthshaking fire from the center of earth, Cause tremors around the new city: Two large rocks along teps make war; Then Arethusa will redden a new river.
Sollog Translation: Ennis the earth shaker, fire to center of ground, iron to shake around New York City. Two tall long rocks tons of fuel the ferocious war; then a fountain of a red new river
|
|
|
|