I'm a bear and proud

[notme]

yes fiat doesn't have an intrinsic value, however if you go to a shop you can pay in physcial fiat and pay for something, you recieve physical change, you can't with bitcoin, thats what give fiat one hundred times more backing than bitcoin, i supppose portability of currency gives fiat backing
i agree electro mucus

Bitcoin certainly has fiat beat on portability.  I will give you that the network effects are stronger for fiat at this time, but popular opinion isn't a very solid backing.

[XXthetimeisnowXX]

Furthermore the bitcoin will never reach $1000, bulls stop pipe dreaming, why would individuals risk $1000 of their hard earned fiat cash, for something that isn't backed by gold/ silver or a commodity, one way to get seriously burned, but the rationale of a group

100% proof that this Junior Profile "early adopter" has no idea what he's talking about. This is a classic example of the psychological barrier of a price of "1 whole bitcoin." It doesn't matter whether you buy 1 whole bitcoin or a piece of a bitcoin or 2 and 3/17ths of a bitcoin. The fact that OP is hung up on the "whole bitcoin = $$X" issue is a dead giveaway that he doesn't really understand bitcoin.

Individuals don't have to risk $1000 of their hard earned cash because "one whole bitcoin" doesn't matter. They can risk $200 or $5 or $5,000,000.

$1000 per One Whole Bitcoin is "unreachable," so what IS reachable? $1000 CAD for 3 bitcoins? 10000 JPY for one millibitcoin? $175 for 0.75 bitcoins? 3,000,000 pesos for a kilobitcoin? 14 remnibi for one satoshi? Take a discrete math class, for god's sake, this is all psychological.

In the code, bitcoin values do not even have a decimal place. They are just a big long string of integers. The decimal place is put in where it is for easy readability, and obviously in its infancy, one bitcoin being worth 50 cents or 1.75 was not psychologically outrageous. In the same way that some large companies split stocks to avoid the psychological barrier of a large stock value, using mBTC or smaller values solves the same problem. The whole number before the decimal DOES NOT MATTER! It is purely psychological. The fact that you do not understand this shows how likely it is that you are really an "early adopter," as the true early adopters tend to have done their research on the concept before buying in. 

Did you say you bought at $12?

buoght at 12 dollars,

So you're not really an "early adopter." You bought in a few months ago and are calling yourself an "early adopter." Lol.

this!!!!!! + 1 +1 + 1 + 1

[nkspace]

care to tell me how bitcoin portability  beats fiat

[notme]

care to tell me how bitcoin portability  beats fiat

1. cross border transactions- faster/cheaper than cash or digital fiat
2. internet transactions- faster/cheaper than digital fiat
3. person to person transfers- faster/cheaper than digital fiat
4. in person transactions- equivalent to cash, cheaper than digital fiat

Care to give me one example of bitcoin not being portable?  In physical locations where it is accepted, bitcoin is just as easy to use as cash.

[Manticore]

Hey bulls I now have cheap tulips, gold, beanie babies, 1/4 acre lots on the moon, credit default swaps, Enron stock, and some great tech stocks trading at pennies.  You better get this stuff while it is cheap or you will be very sorry soon my friends.

Oh crap I forget bulls only like to buy up a lot when the price is super high, on second thought I'm charging an extra 1000% markup on all.

Trade? Peanut the Royal Blue Elephant (Beanie Baby) for my weekend home in Ordos, my entire MF Global stock holdings, an ounce of Rhodium, and I'll throw in two bitcoins to sweeten the deal. PM me if interested....

[nkspace]

what if i can't afford have a smart phone or pc? and i want to buy a can of coca cola down the road

[notme]

what if i can't afford have a smart phone or pc? and i want to buy a can of coca cola down the road

Write down a private key or a passphrase for a brain wallet and use that as payment.  The merchant can instantly verify it and send the funds to their address.

[nkspace]

so i have to write down a private key and pass phrase to buy a can of coca cola? i would rather stick to fiat thanks

[awakening]

so i have to write down a private key and pass phrase to buy a can of coca cola? i would rather stick to fiat thanks

You can have paper like cash with the wallet printed on it. Just give and done, can paid.

[notme]

so i have to write down a private key and pass phrase to buy a can of coca cola? i would rather stick to fiat thanks

What do you think fiat is?

It's a fucking serial number on a piece of paper.

[nkspace]

only you dont have to write it, plus coins? wheres the serial there

[anu]

As a fellow bear let me tell you: There isn't really a upper or lower limit for the valuation of individual Bitcoins, just a limit on the real market capitalization.

"0" should be a lower limit. Modern finance gave us negative interest, but I fail to see how a digital key can have a negative value.

[awakening]

only you dont have to write it, plus coins? wheres the serial there

  Look https://www.casascius.com/  

[nkspace]

* not legal for over the counter exchange

[XXthetimeisnowXX]

what if i can't afford have a smart phone or pc? and i want to buy a can of coca cola down the road

HITTING HEAD ON TABLE OVER AND OVER AND OVER AND OVER!!!!!!!!!!!!! GET ME THE FUCK OUT OF HERE!!!

[ElectricMucus]

As a fellow bear let me tell you: There isn't really a upper or lower limit for the valuation of individual Bitcoins, just a limit on the real market capitalization.

"0" should be a lower limit. Modern finance gave us negative interest, but I fail to see how a digital key can have a negative value.

In a a way. But considering how many people are buying BTC on credit that may not actually hold true.
The key itself may not go into the negative value but it could be possible for one bitcoin to be considered equivalent to a certain amount of debt.*

*In a way that's what happened with bank bailouts

[notme]

only you dont have to write it, plus coins? wheres the serial there

Sure, you don't have to write anything... unless you pay by check.

Yes, if you refuse to have internet, cash can save you 5 seconds over bitcoin .

What about the other 3 points that you have ignored:

1. cross border transactions- faster/cheaper than cash or digital fiat
2. internet transactions- faster/cheaper than digital fiat
3. person to person transfers- faster/cheaper than digital fiat

[seleme]

Don't agree with op in lot of stuff and have a lot of belief in bitcoin or some other more advanced cryptocurrency and on top of that don't give a flying one about threads like this (why the heck I would care what some random nobody either from bull or bear side thinks, and why he thinks his opinion is remotely important enough to open a thread about it instead of posting it in some of other 3 billion threads) but can't stand arrogant bull pricks who jump on necks of anyone who doesn't have their opinion. Grade A twats.

[Wuji]

Don't agree with op in lot of stuff and have a lot of belief in bitcoin or some other more advanced cryptocurrency but can't stand arrogant bull pricks who jump on necks of anyone who doesn't have their opinion. Grade A twats.

QUOTED FOR SOME MOTHER FUCKIN TRUTH!


No I don't think they are twats just run of the mill sheep who cause bubbles and love to buy high in greed and then panic and burn money.  Their logical fallacy is that they can emotionally manipulate this market with forum posts.  The real money in Bitcoin ain't got time for all that forum reading.  They are busy making real money.

PT Barnum - sucker born every minute.

It's like taking candy from babies!

A fool and his bitcoins are soon parted.

In the past 10 bubbles I've seen the same endless arrogant pricks preaching about how tech stocks would be fine.  Housing. Default swaps. Enron.  They just never stop wanting to believe.  Blind faith.  This is investing 101 not religion.

[Manticore]

1. cross border transactions- faster/cheaper than cash or digital fiat
2. internet transactions- faster/cheaper than digital fiat
3. person to person transfers- faster/cheaper than digital fiat
4. in person transactions- equivalent to cash, cheaper than digital fiat

Care to give me one example of bitcoin not being portable?  In physical locations where it is accepted, bitcoin is just as easy to use as cash.

Agree with #1.

Agree with #3 & #4 if sender already holds Bitcoins but not to purchase BTC simply to make transfers within the US. I hate Paypal, but one can send money transfers (not purchase related) free of fees for both sender & receiver. If one already holds BTC as an investment, it makes sense to make intra-border (US) purchases and transfers.

Disagree with #2. Because of Bitcoin volatility, 99.9% of merchants can only accept it through BitPay. This will likely never change due to foreign exchange risk. BitPay charges 1%. The spread to purchase BTC is usually 0.5% to 1% and much higher (5%) during period of high volatility. The merchant price through BitPay must account for spread. So all things being equal and assuming instantaneous transactions, the USD-BTC-USD transaction would cost 1.5% to 2% at the minimum. And this doesn't include the substantial foreign exchange risk assumed by the purchaser, which could certainly dwarf a CC fee in a matter of seconds.

One case for USD-BTC-USD is for very niche, privacy related reasons that likely involve international sites (gambling, etc).