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Bitcoins are perfect example of a thing called Giffen good where as the price raises the demand gets higher and as price drops so does the demand. That's a thing that doesnt follow normal rules in economy and that is why economists dont agree that Giffen goods exist.
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Bitcoin is a currency -- money. Not goods. Yes, the more money is worth, the more people want it. All money, not just bitcoin. Price of goods rising is the exact opposite of the price of currency rising. That's why it helps to know a bit about economics. Money in fact is a good that is used in transactions.. In economics good is describes something that satisfy human need, that needs to be obtained only difference is that bitcoins are intangible goods, like information... Bitcoins are goods in that way since atm they satisfy our need and greed, same as everything else before invention on money as a payment for a good. In the time when people used to trade items. So now you trade bitcoins for money or you use it to by something else. So yes it helps to know a bit about economics.... |
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One of the reasons a lot of people on these forums don't care about economic theory is because it doesn't work.
Like everything to do with money once someone figures how to manipulate the system, the system stops working and ends up being something it was never intended to be.
The beauty of bitcoin is that once someone starts to manipulate it and it stops working right, people can simply abandon it for a different altcoin of some kind.
It's that simple...conventional economic theory is so yesterday. Brilliant, yet another person who doesn't understand simple economics at all ("economic theory...doesn't work"), then states an ignorant conclusion without any support whatsoever. Economics works regardless of the monetary system because it is how human beings live their lives, whether they are conscious of it or not. Every single decision, no matter how small, no matter how many each day, is made using cost/benefit analysis. You state that "it doesn't work", might I ask why you believe such a thing? It's that simple...cost/benefit analysis is so every day. Economy works in a modern life to some degree. It looks on system of production and trade and a need to satisfy the needs of millions. In a modern way it does work as I said, but economy is in the eye of beholder. Bitcoins are perfect example of a thing called Giffen good where as the price raises the demand gets higher and as price drops so does the demand. That's a thing that doesnt follow normal rules in economy and that is why economists dont agree that Giffen goods exist. You can't apply rules you find in economy to everything in a real life. That is the reason what one day you can be worth billions and the next day lose everything. |
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You don't need to know anything about economics to make money... With bitcoins many who made lots of money had luck. I know few friends who got into it just because someone told them it is funny and that some day it might be worth a lot. Some of them now have 2000-3000BTC
And also most of you I hope knows that money is like IOU, nothing else. It is a paper that is telling me/you how much we owe for something....
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I don't panic. I don't see the reason to do that. I invested some amount that I more then quadruple.
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Wow, do you have anyone interested?
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Il pass  |
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Don't think so. Too much of a hassle.
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I drink normal coffee not some flavored and such so i wouldnt chose starbucks, but assuming i sit and order coffee at 12:15 and i wanna pay with BTC i would pay as soon as i get my coffee, that way even if the confirmation is longer it wouldnt effect my time....
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I don't think I will reach old age...
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Oh nice, I can buy it now |
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If you are using Kaspersky Anti-Virus, then you can use the virtual keyboard in it to type anything without worrying about the key-loggers.
I am 100% sure that is not 100% safe |
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Sorry guys, if it hits $10k/btc I'm cashing out my $200k usd and buying an ashotn martin or ferrari. That's the only reason i'm in this game
And when you take it to mechanic after 1st year you will sell your kidney to pay for bills.... Nothing. Same as I am doing now. |
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With this price you can make few K each day if you are wiling to risk it, well depending how much bitcoins you have. Buy low, sell high....
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Are you f***ing serious?? lol.... You do realize that in a year or two, that BTC you just spent is gonna be worth a lot more... congratulations, you just bought a sandwich for $300 LOL!! These stores are smart to accept bitcoins and store as much as they can early on
Are you kidding me? Do you know anything about economy? Do you think bitcoin would have this insane price if no one would trade them? |
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Ups sorry, didnt know it is a repost ;(
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Any value that brings you profit is a good value. So even if its 50$ and you still earn money the price is OK. If you are sitting on 100k and you didn't sold for 750$ then that is your decision, just don't be crying if the price drops and never goes as high as that....
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I will sell the rest of bitcoins I have for some amount of money. I always try to keep certain amount for trade and "manipulating" market, the rest is converted into cash and spent/saved...
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Ok can explain why should we do it, rather then giving link to petition and asking us to sign if we wish....
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