Bitcoin scam is comming to an end

[DiaperedDynamo]

http://i1.sndcdn.com/artworks-000006708596-xcgyo3-crop.jpg?f5c0ba2

An image macro is not a proper rebuttal.

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[johnyj]

In long term, the only fortune you earned is those you have spent

[N12]

When you say "The majority lost big time", I assume you ment yourself. So, who told you bitcoin was an investment vehicle? Because it's not. It's a currency. If you use it as such, there is no loosing.

A currency that you can’t reasonably hold for longer than two minutes without having to fear a drastic loss in purchasing power?

[gw4tt]

Bitcoin: The New and Improved Zimbabwe Dollars.

[GideonGono]

Bitcoin: The New and Improved Zimbabwe Dollars.

No

[Gabi]

A troll with 14 post that come and call bitcoin a scam?

I'm sure he is LEGIT and he is not a TROLL!!!!!!

[anu]

When you say "The majority lost big time", I assume you ment yourself. So, who told you bitcoin was an investment vehicle? Because it's not. It's a currency. If you use it as such, there is no loosing.

Bitcoin can be an investment like any other currency / commodity. In these insecure times I chose to do a number of hedges against:

1a. the Euro and the EU is going down the drain
1b. the USD is going the same way
2. BTC is becoming ubiquitous and hence extremely valuable. It might at some point be no fun to purchase valuable BTC for devalued EUR (or Deutschmark)

So I bought Gold, CHF, certain shares and, of course, BTC during the last few years. So far, I am only worried about my CHF investment. Once I feel like BTC bottomed out, I might swap some CHF against BTC.

[critmass]

It is not a Ponzi scheme, it is a currency market.  What drives a currency market is imports and exports.  It is really difficult to see the importing and exporting to and from the bitcoin economy, but it happens.  If a miner wants to use the bitcoins he mined to pay his power bill, he has to exchange them for USD or Euros because the power company doesn't accept bitcoins as payment.  This means that the miner is importing power into the bitcoin economy, which drives the bitcoin's price down.  When Joe Average wants to buy some organic coffee from so-and-so bitcoin vender, they have to go to buy bitcoins before they can make this transaction.  This is an export, which drives bitcoin's price up.  Also, if you buy something in USD then sell it in bitcoins to a bitcoin miner, you are still importing.  Likewise, if you buy something in bitcoins then sell it for USD you are exporting.  When imports matches exports, you'll have a stable currency.

true, but it has value as a low cost means of cross border exchange where only rapid price variation is a problem.

if I want to sell an investment worth £30,000 to potential investors, I can do so on a global market, and repay later at whatever the exchange has floated to.

Eventually the price will stabalise based on that growing market of cross border exchange + the cost of electricity killing miners. Eventually the price will bobble above and below some break even with regards to mining?

Pretty much yes.  What we seen with the giant jump was a lot of money flooding in to a really cool idea that everyone wanted to invest in, because there was no place for that money to go (ie actual investments inside the bitcoin economy) it is now flooding out.  We've seen this happen before in brick-and-mortar economies, Singapore is the best example that comes to mind.  As far as bitcoin acting as a "middle-man" currency, the valuation is only going to affect prices based on the lag time between currency exchanges, and given that in a virtual economy, lag times tend to be very short, we can expect this to have minimal effect on the system over-all.

[dancupid]

in theory its a good idea "the way to instantly pay with zero fees to anyone anywhere in the world" BUT i rather pay the 3% paypal fees and i can use a stable currency and there are professionals behind this and actualy control themes. not something that went from 0.01 USD to 30 and then back to 6... and the sites where you can trade the currency being hacked several times. and who the bleep is mt gox ?? have you heard about them beforfe ? who is behind it ? if they would decide to take all the money and fly to thailand what would you do ? nothing but a stupid face.

and just one THEORETICAL example :

what would be if the developer of this software pumped a good amount of the money into the market initially and caused this hype ? (and holding like 85% of all the bicoins). paying himself for bitcoins he generated with his own software...

i dont get how people can be this naive... you could make some good money with bitcoin mining- yes - but buying bitcoins ? give me a break.

I transferred $1500 from GBP to $ dollars using bitcoin when it was crashing (with almost zero fees) . I maintained my stored value (I was quick). It doesn't matter how much bitcoin is worth if you want to use it to transfer stored value. That functionality is worth a lot.

[Otoh]

in theory its a good idea "the way to instantly pay with zero fees to anyone anywhere in the world" BUT i rather pay the 3% paypal fees and i can use a stable currency and there are professionals behind this and actualy control themes. not something that went from 0.01 USD to 30 and then back to 6... and the sites where you can trade the currency being hacked several times. and who the bleep is mt gox ?? have you heard about them beforfe ? who is behind it ? if they would decide to take all the money and fly to thailand what would you do ? nothing but a stupid face.

and just one THEORETICAL example :

what would be if the developer of this software pumped a good amount of the money into the market initially and caused this hype ? (and holding like 85% of all the bicoins). paying himself for bitcoins he generated with his own software...

i dont get how people can be this naive... you could make some good money with bitcoin mining- yes - but buying bitcoins ? give me a break.

I transferred $1500 from GBP to $ dollars using bitcoin when it was crashing (with almost zero fees) . I maintained my stored value (I was quick). It doesn't matter how much bitcoin is worth if you want to use it to transfer stored value. That functionality is worth a lot.

yes, I too think that this may become a major use for Bitcoins in the future, when I transfered GBP to $ via XE-Trade last week I got mid market rates less about 1.3% (& no fees from them or from either bank), I wouldn't risk doing this though until the Btc price was a lot less volatile, it would take me a couple of hours (4 at weekends) to get the money from my UK bank account to the Britcoin exchange & they don't have the volumes to be sure to buy Btc there fast, when I used Mt.Goxxed UK deposit option it took about 2 days to appear (they didn't mention this) & the Btc rate had then changed from under $6 to over $9, they said they were going to fix this poor service but seem, as of today, to just have removed being able to do this at all within the UK

I transfered bitcoins that I'd bought for GBP at Britcoin to MtGoxxed & that went smoothly, I checked after about an hour (at W/E) & they were cleared, I'm holding them but if this was to exchange GBP to $ then one could sell instantly & withdraw the funds to a US $ bank account, I have one linked but haven't tryed this yet so need to check what the fees would be, but if less than 1% it would be a winner when the Btc price was more stable & if/when MtG allowed UK bank free GBP FPS 'faster' transfers to them