You don't have to buy a whole Bitcoin! You can buy partial!

[kireinaha]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

[1715552044]

1715552044

[Wilikon]

Good.

People who don't even unterstand the basics of bitcoin should probably not invest in the first place.

A large influx of naive investors, who don't get the concepts behind bitcoin and only buy because "the price is going up", could be very damaging at this stage.

They are going to become panic sellers at the slightest sign of trouble, and we are going to see yet another massive crash.

Growth is good but it should be gradual and organic.

Everything happening to bitcoin is organic including people wanting to make a fast profit and leave. Just remember this experiment will face many many threats until the last bitcoin is mined, more than a century from now.

Forget the scale of your own mortality and think in decades instead of days then you'll see that even if bitcoin goes down to 10 bux it will not matter as of now if the code is not compromised.

[Wilikon]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

Who is forcing who to buy bitcoin? Who is setting the value of bitcoin?

[Walter Rothbard]

Maybe we should rename 1.0 Bitcoin - call it "one ounce of Bitcoin."

Or kilograms if you prefer.  (I'll concede the superiority of the metric system.)

[kireinaha]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

Who is forcing who to buy bitcoin? Who is setting the value of bitcoin?

Bitcoin can hardly be considered a true currency, right now its a hot ticket for wild eyed speculators who hope to strike it rich. Its a zero sum game, and the majority will be left holding the bag when all is said and done. I consider it nothing short of reckless to advocate to my friends and family to invest in such a pyramid scheme, and will not be encouraging anyone to buy in.. even if they cant afford a full coin. What a joke.

[Mike Christ]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

You're very confusing; do you want Bitcoin to succeed or don't you?  I don't see any scenario in which Bitcoin "succeeds" and isn't worth a huge amount of wealth for each.  There is no technology which will fix that divide between the poor and the rich, and I'm sorry you falsely believed this could be possible.

And for the record, I'm not a freedom fighter; what does a firefighter do?

[kireinaha]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

You're very confusing; do you want Bitcoin to succeed or don't you?  I don't see any scenario in which Bitcoin "succeeds" and isn't worth a huge amount of wealth for each.  There is no technology which will fix that divide between the poor and the rich, and I'm sorry you falsely believed this could be possible.

And for the record, I'm not a freedom fighter; what does a firefighter do?

Yes, I wanted bitcoin to work, but not anymore. Aside from buying a subway sandwich in Pennsylvania, there`s very little that can be purchased with bitcoins at present. And this gives them a value of $700 a pop? It`s ridiculous, and anyone who fails to recognize that is delusional. Until bitcoin can actually build the infrastructure and means to warrant high values and mass adoption, investment is a high risk gamble that will pay off handsomely for few and result in many getting burned. I wanted bitcoin to succeed, but as a currency and not a high ROI speculation vehicle.

[Mike Christ]

Yes, I wanted bitcoin to work, but not anymore. Aside from buying a subway sandwich in Pennsylvania, there`s very little that can be purchased with bitcoins at present. And this gives them a value of $700 a pop? It`s ridiculous, and anyone who fails to recognize that is delusional. Until bitcoin can actually build the infrastructure and means to warrant high values and mass adoption, investment is a high risk gamble that will pay off handsomely for few and result in many getting burned. I wanted bitcoin to succeed, but as a currency and not a high ROI speculation vehicle.

I agree; it would be great to see Bitcoin make it as a popular currency.

However, I don't believe swearing off it and never telling anyone about it will help merchants to adopt it, which is the only way to make it a currency.  This is exactly the reason why it's still a speculative vehicle, if I can be blunt.

[kireinaha]

I have no problem with spreading the gospel about bitcoins, but I would discourage anyone from trading for them during a bull run like this. What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much. I think its great for people to become a part of it, but it shouldn`t be an issue of, "Hurry up before you miss the gravy train to the moon!" etc.

[Serpo Eben]

Some of you guys are worse than a pump and dump penny stock thread.  The fact is that there are only a finite amount of Bitcoins remaining.  21 million is not a lot.  Actually it is microscopic.  The price of Bitcoin will continue its meteoric rise.

[Mike Christ]

I have no problem with spreading the gospel about bitcoins, but I would discourage anyone from trading for them during a bull run like this. What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much. I think its great for people to become a part of it, but it shouldn`t be an issue of, "Hurry up before you miss the gravy train to the moon!" etc.

It seems this is unavoidable however; considering our small user base (at least, compared to national currencies) compared to how much a single BTC is worth, the price is just going to get higher as more wealth is denominated not in dollars or euros or renminbi, but in Bitcoin; since the wealth isn't changing, just how it's denominated, the price of Bitcoin will always increase so long as it's favored and adopted by more people, whose wealth is also stored there.  This is just a quality of money that can't be avoided; the only way to fix it is to figure out how society can function without money, and then get people to believe it's preferable   I think the Zeitgeisters are trying this right now...

[Mondy]

True but who wants 0.01 of a btc? haha

[theecoinomist]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

That's like saying Facebook is a scheme cause Bono made alot of money from it..

[og kush420]

if someone knows that little about bitcoin, they shouldnt invest in it.

[kireinaha]

You both miss the point entirely. This is the perfect example of a pyramid scheme in action. As early adopters, we all had the chance to buy several coins, but now its our duty to convince others they can still get in on the action, even if they can`t buy a full coin?

It`s just a shameless effort to profit off the backs of others. For a group of people who largely consider themselves freedom fighters against the scurge of bankers and government regulators, you are all beginning to sound like you`ve found good company. Makes me sick... I did not get into bitcoins to profit off of others via investment schemes. I wanted to see bitcoin succeed. But alas, human nature is a strong force to reckon with.

That's like saying Facebook is a scheme cause Bono made alot of money from it..

Facebook is a stock and bitcoin is a currency. In Facebook`s case, the value is determined by economic indicators such as the company P/E ratio, and if it`s overvalued, the market will correct that, as they did when the IPO was first introduced and it plummeted in value.

Bitcoin`s value, on the other hand, has no basis in reality and depends solely on finding new suckers to buy in at higher and higher amounts in order to benefit earlier investors. That`s what is happening right now. It`s irresponsible to advocate for novices to invest in bitcoin when there is no real utility to support the current prices.

Facebook offers a real service, and has a massive user base and ad revenue to support its valulation. Bitcoin has nothing except the underlying protocol and lots of rainbow and sunshine hopes for the future. That`s the difference between a sound investment and a pyramid scheme.

[Walter Rothbard]

What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.

What I primarily have a problem with is the valuation of a kilogram of platinum.  There's no reason why a kilogram of platinum should be this expensive, to the point where people should be considering buying partial kilogram coins because a full kilogram of platinum is too much.

[Walter Rothbard]

True but who wants 0.01 of a btc? haha

I do!  I work hard for every Bitcent I earn.

[Walter Rothbard]

What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.

If you believe this, you should probably be looking for a way to short bitcoin.

[kireinaha]

What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.

What I primarily have a problem with is the valuation of a kilogram of platinum.  There's no reason why a kilogram of platinum should be this expensive, to the point where people should be considering buying partial kilogram coins because a full kilogram of platinum is too much.

Why platinum? I don`t remember hearing any news of platinum shooting up and down in value 50% or more in one day, and it belongs in the family of precious metals which have been valued by humans for thousands of years. Aside from that, it has real world utility. This is unlike bitcoin, which outside of the bitcoin protocol, has zero value.

[kireinaha]

What I primarily have a problem with is their valuation; there`s no reason they should be this expensive, to the point where people should be considering buying partial coins because a full coin is too much.

If you believe this, you should probably be looking for a way to short bitcoin.

As far as I know it could keep going up for some time. We`re dealing with an irrational market right now, which is difficult to predict. I`m just waiting to see how things develop for now.