Bitcoin will fail

[CtrlAltBernanke420]

OP's other alternative is raising money from the traditional banks - can you imagine how that conversation will go?

CtrlAltBernanke420: Hi, I need half a million dollars to start an organic farm so I can sell food to people.
Bank: Ok, what is your business plan? What will you use as collateral? What is your farming experience? How many other successful businesses do you have? Would you be willing to put down 20% ($100,000) toward the loan? Let me check your credit score and credit history. What is your current salary? Can you show proof of past history that would justify the returns you expect to be able to pay back $500,000?

or...

CtrlAltBernanke420: Hi, I need 3850 bitcoins to start an organic farm so I can sell food to people in exchange for bitcoins!
Bitcoin investor: Ok, what is your business plan? What will you use as collateral? What is your farming experience? How many other successful businesses do you have? Would you be willing to put down 20% (770BTC) toward the loan? Let me check your credit score and credit history. What is your current salary? Can you show proof of past history that would justify the returns you expect to be able to pay back 3850 bitcoins?
CtrlAltBernanke420: I will pay you $6/BTC for 3850 bitcoins.

I am not sure VC are always looking for a return for every dollar spent on a specific task. IE, no one makes money from marketing, no consumers pay to see advertisments. But, they are worth the dolling out, to get the return on the underlying product they are selling.

I do not plan to actually pay back 3850 BTC. But I do intend on making whatever bitcoins you have left, to be worth much more, because they are redeemable for food. A staple in human life. The beauty, again of bitcoins, is the wealth they hold, is physically intangible.

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[BTConomist]

If I want to start a bitcoin based store, it requires me to purchase all tangibles in fiat. This only supports the dollar economy.

Point well-made!

Now, where are da bees at?
(quietly pulls out his wizard hat and sniffs around)

[CtrlAltBernanke420]

I *agree* please send me your bitcoins, with give you $1 each.

also money velocity, you have not idea

once out that's just transaction rate between everyone, miners are irelevant, 1 bit coin can be split into 10^8 parts thus enough bitcoins out already to run many times the world economy

There are roughly 3 billion people in the world with access to internet. It would require 30 bitcoins to give everyone a single satoshi.

That is a reallllly good investment for 30 bitcoins.

[Elwar]

I am not sure VC are always looking for a return for every dollar spent on a specific task. IE, no one makes money from marketing, no consumers pay to see advertisments. But, they are worth the dolling out, to get the return on the underlying product they are selling.

Ya, that is the whole point of venture capital. They invest in your company early on when your company is in the early stages so that they can get a large share of your business so that if your business is successful they will get big returns. Almost like mining or buying bitcoins in the early stages so that the share is larger if it takes off.

It is a speculative gamble of buying low, hoarding your shares and then selling high.

I do not plan to actually pay back 3850 BTC. But I do intend on making whatever bitcoins you have left, to be worth much more, because they are redeemable for food. A staple in human life. The beauty, again of bitcoins, is the wealth they hold, is physically intangible.

So you want money to spend on something so that we can all benefit from the existence of your business? How kind of you.

I can buy food with bitcoins in several places. Amazon, Burger King, Applebees, Sams Club, etc.

[CtrlAltBernanke420]

I am not sure VC are always looking for a return for every dollar spent on a specific task. IE, no one makes money from marketing, no consumers pay to see advertisments. But, they are worth the dolling out, to get the return on the underlying product they are selling.

Ya, that is the whole point of venture capital. They invest in your company early on when your company is in the early stages so that they can get a large share of your business so that if your business is successful they will get big returns. Almost like mining or buying bitcoins in the early stages so that the share is larger if it takes off.

It is a speculative gamble of buying low, hoarding your shares and then selling high.

I do not plan to actually pay back 3850 BTC. But I do intend on making whatever bitcoins you have left, to be worth much more, because they are redeemable for food. A staple in human life. The beauty, again of bitcoins, is the wealth they hold, is physically intangible.

So you want money to spend on something so that we can all benefit from the existence of your business? How kind of you.

I can buy food with bitcoins in several places. Amazon, Burger King, Applebees, Sams Club, etc.

Let me sell you a life insurance policy please... You will die young, i make some money!!! With my farm, you gain good health. Another intangible. Another point in life that require discipline, sacrafice.


How is paying for marketing profitable? Marketing, commercials, adverts, in and of themselves are not profitable. Marketing is a money pit for businesses, but often necessary if they want their product to get known.

[Elwar]

I actually bought some organic dog food for my dogs with bitcoins last month.

It did not raise the price of bitcoin one bit.

[CtrlAltBernanke420]

I actually bought some organic dog food for my dogs with bitcoins last month.

It did not raise the price of bitcoin one bit.

You should know the peoples names who grow the food you eat. You should have at least met them once.. They are noble people. You, i am not so sure. Your judgement day is coming.

[Elwar]

I actually bought some organic dog food for my dogs with bitcoins last month.

It did not raise the price of bitcoin one bit.

You should know the peoples names who grow the food you eat. You should have at least met them once..

That would limit me to buying something locally. That limits my choices. And your $500,000 to 'help bitcoin' would only help local people in your area to be able to purchase food with bitcoins.

Hell, even FinShaggy asked for $2 million and in exchange for your $10k investment you got a piece of land, a house, computer and a TV.

[BTConomist]

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.

Ok here the steps:
1. Some government tries to buy up all the Bitcoins, so they pump millions after millions in it

Why should governments buy when they can just mine? And while they're at it, why not amass 51% of the mining power to fork a block chain to one's liking?

You seem to underestimate the power of the masses, my friend... If you didn't know, governments were designed to represent the masses, including the interests of corporations. When taking into account millions upon millions that are being represented, pennies can add up to a nice chunk of dough, even enough to buy every mining rig out there, ASIC-based or not. Did I say buy?... Sorry, I meant confiscate.

[CtrlAltBernanke420]

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.

Ok here the steps:
1. Some government tries to buy up all the Bitcoins, so they pump millions after millions in it

Why should governments buy when they can just mine? And while they're at it, why not amass 51% of the mining power to fork a block chain to one's liking?

You seem to underestimate the power of the masses, my friend... If you didn't know, governments were designed to represent the masses, including the interests of corporations. When taking into account millions upon millions that are being represented, pennies can add up to a nice chunk of dough, even enough to buy every mining rig out there, ASIC-based or not. Did I say buy? Sorry, I meant to say confiscate!

As mentioned as Bitcoin 2013, it was very difficult for ?butterfly labs? to get a chip maker to work with them because they NEED to know someone or else no one will even talk to them... The US govt, I do not think has this problem.

[ralree]

Good thing you made this important discovery that we all missed. Crap, well... Go ahead and send me all your worthless coins and I will see to it that they are disposed of. 

I am not a miner. The speculators(me) have a potential role to create an inflated value by buying bitcoins at an exchange as I think they might be worth something one day. But based on what I see already, they will not be once people realize there is no where to spend them.

If all you care about is the gold 2.0, understand the dollar wins! Similar to money, it is a tool, not a store of value.

Yeah it's like when gold became worthless years ago!  Since nobody denominates their economy in it, no one wants it, so now that it's $2-4 per ounce, it's fair value.

[CtrlAltBernanke420]

Good thing you made this important discovery that we all missed. Crap, well... Go ahead and send me all your worthless coins and I will see to it that they are disposed of. 

I am not a miner. The speculators(me) have a potential role to create an inflated value by buying bitcoins at an exchange as I think they might be worth something one day. But based on what I see already, they will not be once people realize there is no where to spend them.

If all you care about is the gold 2.0, understand the dollar wins! Similar to money, it is a tool, not a store of value.

Yeah it's like when gold became worthless years ago!  Since nobody denominates their economy in it, no one wants it, so now that it's $2-4 per ounce, it's fair value.

Dollar wins dollar wins dollar wins!

[RodeoX]

Just wanted to add that in today's economy it is the Yen that wins, not the dollar.

Also it looks like my farmer is going to start taking bitcoin. I am very involved with community supported agriculture here and working to help farmers produce with BTC. Next I will work on their suppliers. Baby steps.