proudhon
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September 23, 2011, 11:28:37 PM |
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Nagle, how do you feel about Gold? It doesn’t pay any dividend either, and its industrial and economic use is very limited.
Is this a pyramid scheme as well?
I like your answer. It's funny how Chodpabas answer is very similar to yours, yet yours doesn't get disputet at all, while the thread unwinds to discuss Chodpabas answer at length. It's because, well, who would dispute the value of gold? It's had value for thousands of years, yet is suffers some of the same "problems" bitcoin "suffers" from. I've been pointing out that bitcoin is more like gold than like a currency (or, god beware, bank notes) since I first got in touch with bitcoin in early 2011. That sentiment doesn't resonate much for some reason and people just go on to discuss money, investement, economics,... probably a good thing. If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails. Seems you don't grasp what it is to say one thing is more like another. Saying that bitcoin is more like gold than like a currency is not saying that anything one can do with gold one can do with bitcoin. Crossbows are more like handguns than like pocket knives. That doesn't mean that I ought to be able to effectively fire bullets from a crossbow. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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Whoever mines the block which ends up containing your transaction will get its fee.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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mizike29
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November 17, 2011, 02:48:33 AM |
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One has to agree it carries characteristics of gold as well as a bunch of other crap lol. Only problem is now its pretty close to worthless and has been for a couple months, 2bux a bitcoin isnt going to cut it with the cost it takes to make them and the difficulty to use them for things that matter. So now there like cheap trading cards
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legolouman (OP)
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November 17, 2011, 03:19:05 AM |
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One has to agree it carries characteristics of gold as well as a bunch of other crap lol. Only problem is now its pretty close to worthless and has been for a couple months, 2bux a bitcoin isnt going to cut it with the cost it takes to make them and the difficulty to use them for things that matter. So now there like cheap trading cards
Nice necrobump. While true, I think the community has learned to accept them, and slowly people are selling out of Bitcoin. |
If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
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casascius
Mike Caldwell
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Merit: 1136
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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November 17, 2011, 03:33:47 AM |
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If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails.
I wonder if I can embed a private key inside a ring. Then it really would be a ring of bitcoin. |
Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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nelisky
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November 17, 2011, 09:18:46 AM |
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If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails.
This is just plain wrong, in the karmic sense of the word! Bitcoins are about freedom, why would you use then to help you tie the knot? Wrong, wrong, wrong... now I have to take a long shower and scrub myself clean. |
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cbeast
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Let's talk governance, lipstick, and pigs.
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November 17, 2011, 09:30:50 AM |
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If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails.
I wonder if I can embed a private key inside a ring. Then it really would be a ring of bitcoin. A nice gold locket or broach containing Bitcoin with a sparkling hologram might look nice. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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mizike29
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November 23, 2011, 12:11:47 AM |
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Really sucks that this died, forums dying, support dying price dying, bitcoins have become pointless and does now seem to have been a ponzi or pyramid scheme lol Just wish I would have hit it hard at 30 bux.
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DeathAndTaxes
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Gerald Davis
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November 23, 2011, 12:21:21 AM |
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It isn't that Bitcoin was designed poorly. The deflation theory was bad, but the other problems, that have to do with mining were unforeseen. Satoshi didn't think that GPU's would end up being used to mine BTC, and that is where these problems are coming from. What problems are related to GPU (or mining in general)? |
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legolouman (OP)
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November 23, 2011, 01:08:28 AM |
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If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails.
I wonder if I can embed a private key inside a ring. Then it really would be a ring of bitcoin. Take one of your coins, then do the ring from a coin thing (I've seen an article on wiki-how or something.). It isn't that Bitcoin was designed poorly. The deflation theory was bad, but the other problems, that have to do with mining were unforeseen. Satoshi didn't think that GPU's would end up being used to mine BTC, and that is where these problems are coming from. What problems are related to GPU (or mining in general)? IMHO GPU's turned a project like Bitcoin (a decentralized currency) and turned it into a gaining investment. GPU's gave way to farming, and thus gave way to an enhanced deflationary symptom. Without GPU's, I personally don't think we'd be in the situation we are in now. |
If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
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DeathAndTaxes
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Gerald Davis
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November 23, 2011, 01:13:48 AM |
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IMHO GPU's turned a project like Bitcoin (a decentralized currency) and turned it into a gaining investment. GPU's gave way to farming, and thus gave way to an enhanced deflationary symptom. Without GPU's, I personally don't think we'd be in the situation we are in now. Please explain. The number of coins generated is static. Had GPU mining been impossible when prices spiked you would have seen CPU farms being built instead. Find the combination of hardware which produces the most MH/W. If 1 unit is profitable then 10 units are 10x as profitable. Also without the improved economics of GPU we all would be hashing of FPGA. FPGA destroy CPU in both price and efficiency. Adoption has only been slow because the higher cost (relative to GPU) outweighs the higher efficiency in the mind of most miners. Still the trend is inevitable. If Bitcoin lasts long enough we will go all the way to custom ASICs. Unoptomized CPU -> OpenCL CPU miners -> GPU miners -> FPGA miners -> SASIC miners -> Full custom ASIC miners. Blaming GPU is like blaming the Irish immigrants for all the ills of America circa early 1800s. |
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Jonathan Ryan Owens
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November 23, 2011, 01:15:21 AM |
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If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold. If I can't, then your argument fails.
I wonder if I can embed a private key inside a ring. Then it really would be a ring of bitcoin. Take one of your coins, then do the ring from a coin thing (I've seen an article on wiki-how or something.). It isn't that Bitcoin was designed poorly. The deflation theory was bad, but the other problems, that have to do with mining were unforeseen. Satoshi didn't think that GPU's would end up being used to mine BTC, and that is where these problems are coming from. What problems are related to GPU (or mining in general)? IMHO GPU's turned a project like Bitcoin (a decentralized currency) and turned it into a gaining investment. GPU's gave way to farming, and thus gave way to an enhanced deflationary symptom. Without GPU's, I personally don't think we'd be in the situation we are in now. $18k in electric bills per day, with an average loss of 25% per coin produced by miners, that could otherwise be used to purchase bitcoins? You think that it's bad for Bitcoin that up to $540k a month flows out of the system to pay electric bills? Are you suggesting *gasp* that miners should put that money toward supporting Bitcoin by purchasing them for less than they mine them for rather than hoping for speculators and idealistic white knights to continually keep the ship afloat? Nonsense, sir! I call shenanigans! -Jonathan |
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Cluster2k
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November 23, 2011, 10:44:20 AM |
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Really sucks that this died, forums dying, support dying price dying, bitcoins have become pointless and does now seem to have been a ponzi or pyramid scheme lol Just wish I would have hit it hard at 30 bux.
You're not the only one. Many people wish they could have dumped their bitcoins for at least $20 each. Anyone claiming they didn't mind missing the bubble just isn't very good at math. |
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naypalm
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howdy
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November 23, 2011, 11:03:49 AM |
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Every time I see this thread title, I think of  I see the low price of BTC as a excellent opportunity to invest great deals of money  |
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