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Author Topic: $10,000 Bet that Bitcoins will outperform Gold, Silver by 100X !!!  (Read 19541 times)
runeks
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October 18, 2011, 04:19:24 PM
 #81

^ If either silver or gold is up no more than, for example, 1% and Bitcoins are up 100% (to ~5.4 BTC/USD), anyone betting against will lose $10,000 and would need to have invested $5,000 in Bitcoins in order to break even.

The bet isn't that Bitcoins will be worth 100x more, it's that they will outperform gold, silver, stocks etc. with a factor 100.
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October 18, 2011, 04:29:54 PM
 #82

Also, don't forget that the winner only decides to which charity the money of the loser goes - the winner itself doesn't get anything (besides not having to donate $10,000).
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October 18, 2011, 04:36:01 PM
 #83

If either silver or gold is up no more than, for example, 1% and Bitcoins are up 100% (to ~5.4 BTC/USD), anyone betting against will lose $10,000 and would need to have invested $5,000 in Bitcoins in order to break even.

It's not 100% its 10,000% (100x)
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October 18, 2011, 06:41:05 PM
 #84

If either silver or gold is up no more than, for example, 1% and Bitcoins are up 100% (to ~5.4 BTC/USD), anyone betting against will lose $10,000 and would need to have invested $5,000 in Bitcoins in order to break even.

It's not 100% its 10,000% (100x)
The bet is not about Bitcoins increasing in value by 10,000%. It's about Bitcoins outperforming gold, silver, stocks by 10,000%.

If X is up 1% and Y is up 100%, Y has outperformed X by 10,000% (because 100% is 100 times more than 1%).
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October 19, 2011, 03:26:22 AM
 #85

Quote
With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

By all of the traditional payment methods,  any government can block your transaction for any arbitrary reason. 


Right of the bat, these points are WRONG.

Until, bitcoin is a currency, this is completely wrong. Since you use fiat currency value, i assume you know bitcoin isnt a currency yet.

Explain to me whats "FREE" here.


Tell my what makes you think goverment CANT intervene your transfer. They can care shitless about your bitcoins transaction. They can shut down your exchange account. Enjoy your "Free" transfer cost now.

Infact, I challenge you RIGHT now, $10k. To transfer 1million USD from China to US using bitcoins.

Stop with all the wet dream.


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October 19, 2011, 04:31:04 AM
 #86

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With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.
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October 19, 2011, 04:46:43 AM
 #87

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With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE.  

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.

Yeah it doesn't work for large sums, but I just did 100btc worth (from mt.gox $ to Intersango £) - actually I made a bit of a profit as someone had left a sell buy order on and then gone to bed.  Unfortunately I can only move 100bct out of mt.gox each day (which I'm sure cant be good for the bitcoin economy at these prices).
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October 19, 2011, 05:12:35 AM
 #88

Quote
With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.

This is why i cant take OP seriously. Either hes extremely dumb or he has his own agenda.

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October 19, 2011, 05:56:14 AM
 #89

Quote
With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.

This is why i cant take OP seriously. Either hes extremely dumb or he has his own agenda.


At the time I made the original post,  there was plenty of depth to accommodate  buying or selling $20,000 worth of bitcoins, and hardly move the price at all.  Today that is not the case,  but give it some time.....

I'm not "extremely dumb"  but I do have my own agenda.
It is promoting the free market and the accompanying voluntary society.

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October 19, 2011, 04:43:49 PM
 #90

Quote
With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.

This is why i cant take OP seriously. Either hes extremely dumb or he has his own agenda.


At the time I made the original post,  there was plenty of depth to accommodate  buying or selling $20,000 worth of bitcoins, and hardly move the price at all.  Today that is not the case,  but give it some time.....

I'm not "extremely dumb"  but I do have my own agenda.
It is promoting the free market and the accompanying voluntary society.

Bullshiet, whatever your agenda is, its for your own benefits.

Saying no goverment intervention is also stupid. But i'm sure you know that.

Tips gladly accepted: 1LPaxHPvpzN3FbaGBaZShov3EFafxJDG42
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October 20, 2011, 11:59:32 PM
 #91

At the time I made the original post,  there was plenty of depth to accommodate  buying or selling $20,000 worth of bitcoins, and hardly move the price at all.  Today that is not the case,  but give it some time.....

I'm not "extremely dumb"  but I do have my own agenda.
It is promoting the free market and the accompanying voluntary society.

Bullshiet, whatever your agenda is, its for your own benefits.

Saying no goverment intervention is also stupid. But i'm sure you know that.

Wow.

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October 21, 2011, 12:21:24 AM
 #92

Quote
With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE. 

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

This is a joke right?  The price now is $2.4.  Somebody sends $20,000 USD worth to somebody else.  That's 8,333.33BTCs.  The recipient wants to cash out immediately to pay for something.  Remember, we're comparing this to services like Paypal, bank wires, etc, where in the end the recipient has cash that they can spend anywhere.  So, the recipient sells their 8,333.33BTCs on MtGox and, uh oh, at the current depth they get $18,800 (not including MtGox fees!).

To get the same result that they would get from PP (i.e. an end result of cash they can spend anywhere) ends up costing at least twice as much!  Isn't it wonderful.

This is why i cant take OP seriously. Either hes extremely dumb or he has his own agenda.


At the time I made the original post,  there was plenty of depth to accommodate  buying or selling $20,000 worth of bitcoins, and hardly move the price at all.  Today that is not the case,  but give it some time.....

I'm not "extremely dumb"  but I do have my own agenda.
It is promoting the free market and the accompanying voluntary society.

Bullshiet, whatever your agenda is, its for your own benefits.

Saying no goverment intervention is also stupid. But i'm sure you know that.


You sound kind of stupid, plastic.elastic, but I'm sure you know that.

Kudos to you MemoryDealers.  I don't think bitcoin is going to outperform gold and silver by 100x, but I think this will give it some good publicity and will benefit a charity either way, so that's great.
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August 04, 2012, 09:34:56 PM
 #93

I've posted the one year update to my $10,000 Bitcoin bet video: http://www.youtube.com/watch?v=TxC0dIBPzZg

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August 04, 2012, 11:39:02 PM
 #94

Great update. You are not the only one hoping that you win this bet  Grin

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August 04, 2012, 11:52:00 PM
 #95

Even if you lose and Bitcoin only goes up to 1x gold, we all still win.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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August 05, 2012, 12:10:58 AM
 #96

So no one took this bet, right? I do not see it on the site.

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August 05, 2012, 12:14:30 AM
 #97

So no one took this bet, right? I do not see it on the site.

No one took the bet,  but it is still listed on the site:
http://longbets.org/611/

Earlier today I asked Peter Schiff if he would be interested in the opposing side of the bet via his facebook page:
http://www.facebook.com/PeterSchiff?filter=2

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August 05, 2012, 03:13:00 AM
 #98

So no one took this bet, right? I do not see it on the site.

No one took the bet,  but it is still listed on the site:
http://longbets.org/611/

Earlier today I asked Peter Schiff if he would be interested in the opposing side of the bet via his facebook page:
http://www.facebook.com/PeterSchiff?filter=2

One of the first books I read out of high school was one written by his dad, Irwin Schiff. To this day, the IRS has not gotten their fair share out of my ass due to his writings. The first time I ever lived in Las Vegas, I went out of my way to drive by one of his old offices (building). It was my way of paying homage to Mecca.

~Bruno~
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August 05, 2012, 03:24:24 AM
 #99

So no one took this bet, right? I do not see it on the site.

No one took the bet,  but it is still listed on the site:
http://longbets.org/611/

Earlier today I asked Peter Schiff if he would be interested in the opposing side of the bet via his facebook page:
http://www.facebook.com/PeterSchiff?filter=2

One of the first books I read out of high school was one written by his dad, Irwin Schiff. To this day, the IRS has not gotten their fair share out of my ass due to his writings. The first time I ever lived in Las Vegas, I went out of my way to drive by one of his old offices (building). It was my way of paying homage to Mecca.

~Bruno~


I also read some of his dad's book around the time I graduated high school. 
It is shameful the way the USA government has treated him.
He is surely a political prisoner

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April 07, 2013, 11:37:43 PM
 #100

With 4 months to go in the bet (unfortunately, no challengers have arisen, AFAIK), BTC is up 1600% when measured in dollars. Not too shabby!


By performance i dont think he meant the price.

But i can see definitely btc will out perform gold. Just not sure if 4 months is enough time.

Rogers is one of the person i would love to be on TV instead of those so-called financial experts.
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