The idiot troll arrives to talk "Economics", demanding explanations, lol.  .... day late and a dollar short? train left the station without you. I am a troll? What argument do you have against what I said? It seems like the common argument against anyone who goes against bitcoins is that they are just trolling. And I'm not even against bitcoins. I'm buying as much as I can, and I use them to purchase things. But I also recognize bitcoin's flaws, and I think that until everyone recognizes them bitcoin will never be mainstream. I also think that the currency can't stay stable with this kind of mentality. People want bitcoins to increase in value exponentially, but this type of instability is good for no one but the few people who got in early. The fact is, no matter what might happen, Bitcoin is nowhere near as successful as any of the supposed "failing" fiat currencies. Maybe in a 100 years it will be just as successful, but none of us are going to live that long. The bitcoin economy isn't as big as a single fiat currency. It also isn't nearly as stable. The value of a bitcoin fluctuates constantly, and prices change to reflect it. What if one day you went to the grocery store and everything was twice as expensive because the price of bitcoins plummeted? The average person will never agree to that kind of system. |
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Currently, 1 mBTC and 1 uBTC are pretty much useless, so I don't see why they need to be adopted yet. Most items being sold for bitcoins now that I've seen have only gone out to two decimal places anyways. If one day enough people use bitcoins so as to warrant the use of those denominations, then it would make sense. But until then it's pretty pointless to measure price in mBTC or uBTC when very few things are priced that low.
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While that site is cool, it's far from convenient to have food shipped. I'm not going to order my groceries and wait 3-5 business days to be able to eat.
You can't order it with gold either, so gold is failure too, right? Well gold has certainly failed, at least as a form of currency. Nowhere is going to accept your gold instead of money. Gold also is no longer the standard for currency; now currencies are backed by assets and the state of the economy. |
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ou do realize that you can't use all of the money in your bank account right? A lot of it does not exist, hence transaction limits. If you put all of your money in cash you are essentially throwing a lot of it away. This is why Gates, Slim, Ortega, etc all invest. And also, why would getting the money from your insurance company take longer than actually paying it?
So you claim taxes are a "theft', but I bet all the money in the world that you use the utilities provided for by taxes. How is that fair, and why should I feel sympathy for someone that avoids taxes? True, OP did choose the more "competitive" business option, but that does not make it any less immoral. And obviously, his business did not end up on top as he lost all of the money.
I am not feeding the troll. I'm the troll? Sorry, but go around in public claiming that "the regime" makes you pay "thefts". The average person is going to think that you're crazy. Also explain why the richest people in the world all invest instead of having tons of liquid cash. You should also answer my question: Do you use utilities paid for by taxes and if so why is it fair that someone else (like me) should pay for you? |
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It's already sort of happened, although not with celebrities. SR used to have a site called the Armory which offered firearms. There are also sites that offer assassinations but I don't know any of them and don't care to.
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Man you are „clever as radio“ as we say here. Ever heard about immediatelly usable reserve which every business should have for cases of dealing with some sudden problems? Like your office gets robbed. OK, you have assurace, but that's gonna take weeks at least to get moeny from that. You have to buy new equipment yesterday and keep going… There is not many other possibilities than cash you can have for that.
You do realize that you can't use all of the money in your bank account right? A lot of it does not exist, hence transaction limits. If you put all of your money in cash you are essentially throwing a lot of it away. This is why Gates, Slim, Ortega, etc all invest. And also, why would getting the money from your insurance company take longer than actually paying it?
Be my guest. But don't force me to do that, ai?
Most people running business want nothing from the regime but t be left alone. Why the hell they should care about some theft taxes? What for, so that the regime is making obstacles for the business? Come on, running business is more about going through fascistic regulations, burreaucracy and other regime things which only complicate it, than about actually trying to offer better stuff than competition lately.
So you claim taxes are a "theft', but I bet all the money in the world that you use the utilities provided for by taxes. How is that fair, and why should I feel sympathy for someone that avoids taxes? True, OP did choose the more "competitive" business option, but that does not make it any less immoral. And obviously, his business did not end up on top as he lost all of the money. |
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Checkout bitmit.
I buy homebaked bread for bitcoin from a guy in my city. You can get books, coffee, motorcycles, land, gold, clothes, computers, phones, snacks, medicine and on and on delivered right to your door. Except the land. But you can buy it and hold it as an investment without going there.
When the dollar fails, the EU economy will collapse because it's dependent on exports to the US. The dollar has been debased for a long time, but its not showing due to demand caused by oil being dollar denominated and its role as reserve world currency. Too big to fail, in other words. When cracks start to show things will move very fast.
While that site is cool, it's far from convenient to have food shipped. I'm not going to order my groceries and wait 3-5 business days to be able to eat. If the dollar and euro fail, bitcoin will fail because it will have nothing to back it up. 100 BTC is "valuable" because it is worth ~10,000 dollars. If 10,000 dollars were to become virtually worthless, then 100 BTC would be as well, because why would vendors accept something that has no intrinsic value? |
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Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.
Tax evasion has its flaws.
Like you would have handled it any better... While I don't have 700,000 dollars to lose, I haven't lost money due to a bank closing down yet. And what do you expect me to say? Should I feel sympathy for someone far richer than me who lost money because they tried to evade taxes that I pay willingly with no problems? |
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cBTC or 1/100th of a BTC would be a convenient unit given the BTC/USD/EUR exchange rates. I mean instead of saying 0.0327 BTC I could say 3.27 cBTC or 'centibits'.
Wouldn't work. Most Americans think the "centi-" prefix means 100x, as in "centi-millionaire". "Cent" means 100, and it can go either way. Plus, seeing as American coins are called "cents" I think that we can understand. |
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Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.
Tax evasion has its flaws.
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On pretty much every thread about bitcoins I see the majority of people saying that fiat is destined to fail, but that bitcoins are the future. I have to ask, what is it that makes bitcoins such a flawless currency?
I said this in another thread, but the euro (the overall most valuable currency) has been around since 1996, and it is the second most popular currency behind the USD, which admittedly has been around for a few hundred years. I can buy anything I want with the euro (although I live in the US so I don't use it) in multiple countries. Asian and African countries have pegged their currencies to it as well, and the euro and usd are accepted in a lot of countries where they aren't even official.
Bitcoins have been around since 2009, a 1/4 of the Euro's lifespan, and I can't use them to buy even the most basic of things. Looking at bitcoin.travel, there are two places in my state where I could use bitcoins. One is a guitar shop and the other is a Asian (probably Vietnamese) café. I like Vietnamese food, but neither of these are relevant to me whatsoever. I also have to drive an hour to get there, and I need to pay money for gas, so it's a deal breaker.
Looking at these two currencies (let's use the USD for fiat because it's what I'm familiar with) side by side, one is useful and popular, and the other is (currently) useless unless traded as a sort of stock. Bitcoin's value is measured in comparison to fiat on all exchanges. Now, a lot of people bring up the argument "Well, 1 BTC doesn't equal $100, it equals 1 BTC." This is true. 1 BTC does indeed equal 1 BTC. What exactly does this mean? Yes, if I have 1 bitcoin I have 1 bitcoin. But what is the value of this bitcoin, and what is it measured in? Without fiat to back it up, it is worthless. There is nothing for me to buy with it, unless I'm going to pick up playing the guitar. 1 USD = a drink at the gas station. 50 USD = my groceries. 1 BTC = nothing, so far.
As for fiat's supposed instability, where is the evidence? Yes, there is inflation, but bitcoins fluctuate far more than fiat. Bitcoins can drop half their value in one month and then go right back up the next. This does not happen with fiat currencies usually.
It appears as though fiat is more valuable than bitcoins. Don't get me wrong, I want to and I do invest in bitcoins. But I invest to make fiat money, which I can actually spend. However, I would like to see some arguments/evidence that show that fiat is crumbling, and bitcoin is going to overtake it.
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Well I think that there will never be a day when everyone has a phone. If everyone could afford a phone, then everyone can afford food and a house. And if everyone is living in some utopia where there's no starvation or homelessness then why would we need a currency in the first place? Like I said, 70% of the world does not have Internet access. Kenya has only 28.08 million cell phones (CIA World Factbook) in a country of 44 million. That's only 63% of the population if each person has only one phone which is rare in Africa where phone services drop all the time. Investing money in bitcoins? Bitcoins are money. Fiat is monopoly money. It will inflate naturally as more and more of it is printed off, and it will inflate with alarming rapidity as more and more people realize that they've been fooled. Even gold will lose it's value as people storing their value in gold will have so few advantages and so many disadvantages compared to people storing their value in bitcoin. It will naturally become the universal measure of value and we will someday look back upon the days of fiat with incredulity. Gold will naturally hold some of it's value but it has been replaced already, as it is no longer the overall best store of value on the market. What did you purchase your first bitcoins with? More bitcoins? Currently, bitcoins are not viable money. There isn't much you can buy with them. I can't buy gas or groceries with them, and those are necessary purchases. You can't argue with that. The biggest bitcoin market seems to be the silk road, which is far from and will never be mainstream. I look at it this way--Fiat currency is so fundamentally flawed that holding your wealth in any fiat currency is a dangerous and risky "investment." Bitcoin is so fundamentally suited to being used as currency that it will undoubtedly become the universal standard for exchange. Therefore, switching from holding your wealth in fiat to holding your wealth in bitcoin is a near sure bet. Explain to me why bitcoin is foolproof- you haven't so far. Explain why fiat money can collapse but bitcoins cannot. Bitcoins can be destroyed, much like fiat, however they are never reprinted. And like I said before, I don't have a choice but to invest in fiat. I don't want to starve. Well, no fiat currency has ever been successful in history, I see no reason to expect the USD, Euro, Pound, or Yuan to do any better. In fact I think it's a near certainty that all of the above will reach a value of 0 in our lifetimes. Read http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html and http://dailyreckoning.com/fiat-currency/ and maybe try the wikipedia entry for "fiat currency" and the dictionary entry for "fiat." While bitcoin could plummet and never recover, I think it's far more probable that it will not, and I have a hard time coming up with any scenario in which bitcoin would reach a value of 0. Anything is possible, of course, and if the internet were entirely eliminated, bitcoin would likely eventually reach a value of 0. No fiat has been successful? The Euro is the most valuable currency in the world (not per note, but overall) and it was introduced in 1996. Bitcoins have existed for only 4 years, but they have not surpassed a single fiat currency in value. If the euro fails (which I don't think it will as it is more popular than any other currency that has ever existed), it will be replaced by another fiat. If bitcoins fail, they will be done. So basically, I disagree with all of your statements.  I think you are invested for all the wrong reasons, looking at it like a stock to buy and sell, and fail to see the enormous globe-changing potential ramifications of this elegant idea we call bitcoin. What "globe-changing" ramifications are there? And why are fiat currencies destined to fail, when they have existed for thousands of years versus bitcoin's four? Because of the law of supply and demand, when fewer bitcoins are available the ones that are left will be in higher demand, and therefore will have a higher value. So, as Bitcoins are lost, the remaining bitcoins will eventually increase in value to compensate. As the value of a bitcoin increases, the number of bitcoins required to purchase an item decreases. This is a deflationary economic model. As the average transaction size reduces, transactions will probably be denominated in sub-units of a bitcoin such as millibitcoins ("Millies") or microbitcoins ("Mikes").
The Bitcoin protocol uses a base unit of one hundred-millionth of a Bitcoin ("a Satoshi"), but unused bits are available in the protocol fields that could be used to denote even smaller subdivisions. You tell me not to treat it like a stock, yet you do the same. "when fewer bitcoins are available.. therefore higher value". This implies that not everyone has one- that fiat is not dead (unless the people without bitcoins have no form of currency) and that people are still purchasing bitcoins with fiat, as if they were stock. What value would bitcoins have at this point? 1 BTC may be worth 1 billion dollars some day, but then it's worth 1 billion dollars. Without anything to buy with that bitcoin, it's only value comes from its exchange rate with fiat. |
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"Wait a minute, am I missing something here? Why the hell would anyone go to the trouble of trading their standard currency - which is acceptable anywhere legitimate - into an non-traceable, anonymous electronic currency like Bitcoins unless they needed to stay anonymous or use a shop that only accepted Bitcoins - like the blackmarket sites." I'm guessing that mostly miners are the ones buying with bitcoins. But believe it or not, not everyone who buys bitcoins uses them for illegal purchases... "As far as i have seen only sites accessed through the deepweb / tor etc demand payment in Bitcoins." Look further. https://en.bitcoin.it/wiki/Trade. "If you want to use a 'Legit' site, take your credit card and buy stuff off Amazon. It will save you an unbeleivable amount of time and effort... Forget all about bitcoins if your looking for regular, legitimate goods..." Not sure what the condescending remarks are for. I'm not the one who got screwed out of $300 in an obvious scam. And yes, buying off of Amazon would save you time and effort, so why didn't you? Even if you don't use Amazon there are plenty of counterfeit sites that sell products for cash without using Tor. There are plenty of legal, clearnet sites that accept bitcoins, without going through Tor. Google it or search on these forums. But, if you're looking for ILLEGAL things (counterfeit Samsung products?), then you might have to use Tor. However, when using Tor sites which have NO regulation, as they're illegal, don't make purchases unless you know for sure that they are not scams. And don't complain when you got scammed. You should know that you're taking a risk. |
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Bitcoin will never reach the mainstream because there are far too many crooks, scammers, hackers and the like preying on everyone else aswell as each other. And because of the anonymity they are much less likely to be traced.
Unless the whole business has more accountability it will always remain underground and be treated with suspicion by mainstream consumers and businesses alike.
With difficulty reaching such high levels in a few months putting mining outside the realm of 99% of current miners I forsee the interest in BTC dieing out quite rapidly and the whole charade collapsing.
Dramatic, yes. Probable, yes.
I think that it has less to do with the scammers and more with the fact that there aren't very many legitimate uses right now. There's nothing worth spending bitcoins on, unless you're buying drugs. Most people won't bother with bitcoins because they have no reason to. However, even if every single Internet user starts using bitcoins, there simply aren't enough Internet users for it to become mainstream. Less than a third of the world has Internet, so large businesses would lose money if they were to switch solely to bitcoins. Bitcoins also fluctuate much more rapidly. Businesses would have to change prices day to day, whereas with traditional currency they don't have to. It would be too much of a risk and not enough of a gain to make the switch. Why bother accepting bitcoins when people have no choice but to pay with fiat anyways? |
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You should be fine. That's how I fund SR. Just remember that the bitcoins won't be there instantly, so don't panic if it takes a few hours for them to arrive.
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I would advise you to throw your entire life savings and every penny you can spare into a cold wallet and try not to touch it. No, really. Everybody likes to say You should never invest more money than you have to lose. I, for one, feel that now that Bitcoin is here, the longer you wait before you invest, the more you will lose when all the fiat currencies in the world crumble and are replaced, entirely, by Bitcoin. You should never put more in the bank than you can afford to lose. You should never hold more in fiat currency than you can afford to lose. Your money's not safe unless it's in Bitcoin or gold. And even gold may lose, when people begin to see that Bitcoin is a better store of value than gold ever could be. I'm sorry but I see posts like this all the time, and I have to ask why exactly Bitcoins are so invincible. The fact that there is a maximum number that will ever exist shows that one day all of the bitcoins will be destroyed, unless more are added, in which case they are the exact same thing as fiat but more complicated to use. But say that bitcoins can't be destroyed, and are never lost. Less than a third of the world has Internet access. How exactly can bitcoins replace fiat currencies? Is everyone going to one day be rich enough to own a computer? No. That will never happen. Internet access may become more prevalent, but there will never be a day when everyone, or even the majority of people, have the Internet. Fiat currencies have the advantage of being accessible to everyone. Bitcoins do not, and they never will. They will always be a niche currency. Investing money in bitcoins may be smart- I've definitely invested in them. But they are an investment, nothing more. I wouldn't bet all of my money on them. Finally, how exactly are fiat currencies "crumbling"? They aren't going away. The USD, or Euro, or Pound, or Yuan or whatever will never reach a value of 0- whereas bitcoins could. Bitcoins are not nearly as stable as other currencies, and it's entirely possible for them to plummet and never recover. |
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Is there a database of sites to avoid anywhere or reveiws of sites?
Thanks
Scamadvisor is pretty good, but I'm not sure if it lists black market sites. However, the easiest way to avoid scams is to use your brain. A black market seller of no doubt counterfeit items (if he even actually delivers) asks for no escrow and you give him $300 in an untraceable currency? How long did you think about this? Unless you're buying drugs or child porn there's really no reason to be buying stuff off the darknet. It's much safer to use a legit site. |
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14jxHgSifNzHHSFWAcD86WraDqEfoPGBy9
Thanks!
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I already signed up a few days ago. Definitely my favorite gambling site. This is probably the only gambling site I've found where it's possible to actually make money. If anyone else is signing up, could you use my referral link? https://satoshicircle.com/?aid=1053Thanks! |
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