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Author Topic: 400 European Banks Accept Bitcoin Purchase Agreement. FRAUD WARNING!!!  (Read 2182 times)
BurtW
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October 07, 2014, 03:24:32 PM
 #21

I really hope this does not happen to bitcoins.

If you mean shorting then people already do it all the time - any time they sell BTC.  You can also borrow BTC in a margin account in order to sell them at https://www.bitfinex.com

You can also borrow USD in order to buy BTC on margin - do you think that is evil or is only the borrowing of BTC in order to sell them what you dislike?

I lend a lot of USD and BTC all the time there.  It is great because as long as the exchange itself it honest and viable the USD and BTC I have there are safe and the exchange takes care of getting me my principle and interest back.  Assuming an honest exchange my loaned out funds are safe because my loans never leave the exchange.  Works great, please don't try it because according to many here loaning funds is the root of all evil.

Shorting, buying BTC, shorting on margin, buying BTC on margin are not the evil things you make them out to be.  Even fractional reserve accounts will have their place and no amount of hand wringing on your part is going to stop it.

The point is that it is your choice whether you want to participate in these things or not.  Participation has its rewards and, of course, its risks.  If you want to play it safe then put your BTC into cold storage and put your USD into cash and hide it in your mattress.  If you want to make interests then loaning your BTC and USD to speculators on a reputable exchange, depositing your USD or BTC into an interest bearing fractional reserve accounts, etc. should and will eventually be available to you.

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October 07, 2014, 03:34:19 PM
 #22

There is nothing you can do to stop the creation of BTC derivatives, contracts, etc.  So stop worrying about it. ...
Amen. You guys wanted financial freedom. Money without rules. Well, congratulations. Bitcoin is that money and of course people who know about money are going to experiment will all sorts of assets based on bitcoin. Surely your not suggesting that regulators come in and decide who can do what with their bitcoin.
Bitcoin is fair, but don't confuse that with kind. It does not solve inequity by favoring users who have less or by enforcing rules for banks and the wealthy. The fairness is that you can do exactly what they can do. You could also short BTC, for example.

But hey, thanks for the "warning" that bitcoin can now be used more easily.   

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October 07, 2014, 11:20:28 PM
 #23

When you hear news such as: 400 European Banks Accept Bitcoin, that's how you know Bitcoin is now officially a fiat currency.
Otherwise, the Banks would not be interested in it.

                                                                               
                 
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