I submitted my last balance, and got to a point where the Gox is asking for more money submitted from my Dwolla account.  I am unable to access my account at Gox but this is just about the final straw for me.  Between the wait for getting funds in through Dwolla and now this, I can truly say that I am sick of the games the Gox is playing.  I had warned Magical Tux that he needed to watch himself and his exchange, and of course was ignored. 

I am a supporter of bitcoin, but I must say that any criticism of the coin seems to label one as a Troll.  I want to see this system work, but if you cannot even trust the main exchange and escrow services are being taken away, you have lost the biggest trust services there.  I have a few coin but this has gotten to the point where I cannot believe in this system.

I suppose this is what you get when dreams trump reality.

I see a correction, as demand and fresh dwolla accounts taper off a bit.  The real smart money has bought on the dip.

As far as kids, I tend to agree that there is lots of idealism coupled with scared money.  More experienced investors have seen this before, and are taking advantage of these facts.

At any rate I'm in for the long haul, even though my friends called asking me if I were planning on selling when the market dipped.

Skysurfer808

Great posts guys, you've described exactly what happens to society when money becomes devalued over time, a thing we are all conditioned with as we've grown up watching the dollar's value plummet.  The hope is that Bitcoin appreciates and is adopted to the point where it acts as a corrective to the decline in the value of Fiat.  

Skysurfer808

Interesting points brought up in this thread.  

As far as alternative currencies in the USA, in may of this year the state of Utah passed a bill in their legislature allowing gold and silver to be used as currency.  Utah also abolished state capital gains taxes on sales of gold and silver, though the Federal tax still applies.  This is an interesting development, the question is whether Utah will be marginalized or become the trendsetter for the rest of the nation.  Greshem's law does apply, and few people will end up paying their taxes with gold and silver, but this does open up interesting options.

What I find interesting is that Bitcoin and Gold/Silver based money are both beginning to come online at the same time as hedges against the dollar.  I believe that a mix of both is a good way to survive inflation of fiat currency.  It is a classic mix of the old and the new.  Of course governments could and may ban the possession of both, as they banned Gold in 1933.  

A p2p decentralized system appears to be the only way for bitcoin to survive a crackdown on current exchanges.  Mainstream media is specifically mentioning Mt. Gox.  This could get ugly.  We live in interesting times.

Skysurfer808

Yes and no.

I have a feeling a lot of people were too young to really remember the .com frenzy of the late 90s.  Many early 20somethings weren't even teenagers then.  Every generation thinks it can change the world, and some do, while the rest grow and realize what can and can't be done in the world we live in.  It's a part of every generational cycle, and it is happening as we speak.

There are echoes of that these days, after all the internet was touted as a game changer, and it did become one.   Along the way, lots of people got rich, while those who bought at the top of the market lost their shirts.  Rinse and repeat over time...the Mortgage Market till 2007, and now today with bitcoin.  The thing to remember is to keep a level head and do what you can to contribute to this new economy.  Market manipulations are a fact of life, while learning and living are something all of us need to do as we journey through life.

I have no doubt Bitcoin will continue to rise, though exactly how high has yet to be determined.  In the end all we can do is do our part to make bitcoin a part of the world, and make its dream a reality.

Skysurfer808

I paid off my car being towed with pennies once, $66.00 in a crown royal bag that I brought over to the tow lot.  The guy was pissed, but I pointed to his sign that said CASH ONLY and said in a nice calm voice......"this is cash isn't it?"  He looked me pretty angrily and said "We're going to have to count them."  I said I was happy to, since my car was there and I had plenty of time.  By the time we were done I was smiling, and he was pretty upset, and there was nothing he could do.  I haven't been towed since, hopefully never will again.

Skysurfer808

Spending money you don't have is like imagining what you could have had.

Either way, I'm in and want to see how it goes.  It's going to be an interesting ride.

Now for those who bought and held from early on, you will have the power to face the world on your own terms. 

I wish all of us the best, but we must face this with open eyes.

Skysurfer808

I like millibit myself. 

As said before it lends itself to be used a millie, and could end up being a common transaction amount.

1 Bitcoin
.01 Bitcent
.001 Millibit

and so forth.

Skysurfer808

Bitcoin's deflationary nature is a natural corrective to Fiat's inflationary one.  What we are going to see with BTC is a grand experiment between two competing economic philosophies.  I am a happy supporter of Bitcoin.  Regarding inflation vs deflation, I have lived through a hyper-inflation in the former Soviet Union and find current events eerily similar.  If asked to choose between inflation vs deflation, I would choose deflation...though not on the scale of the original Great Depression.  Deflation is actually better for society because it encourages thrift and strengthens the ties of a culture.  Inflation has its place, and certainly is popular among governments, but cultures which value money and use it carefully always seem to do better then those who throw it away.

For a simplified but entertaining view between the two competing economic schools, I recommend the following two Youtube videos.

http://www.youtube.com/watch?v=d0nERTFo-Sk
Keynes VS Hayak Round 1

http://www.youtube.com/watch?v=GTQnarzmTOc
Keynes Vs Hayak Round 2

Skysurfer808

I have to agree and after this evening I am fortunate enough to possess both.  Each has its strengths and weaknesses.  One represents the past, the other the possible future.  At any rate looking at historic trends one can see that the USD is dying and alternatives are crucial.  My hope is the US powers that be decide to allow Bitcoin to function as a hedge to the collapse of fiat.  A more likely scenario is the adaptation of "Patriot" money as spoken about in that post.

Skysurfer808

Hello Everyone;

Newbie here, with no excuse to be so, and kicking myself for not being involved earlier.  Still, I believe Bitcoin has quite a future and I am happy to associate with such an interesting group.

I've already managed to lose my first 0.02 by forgetting the password, and am in Dwolla-Mt.Gox limbo waiting to buy my first few, looking at the stories here I'm amazed at how exponential growth has been. 

Looking forward to being involved in this community.

Skysurfer808