I'm Out

[infofront]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

considering your handle is infofront you seem a litle behind?

You exclude some information that is very pertinent:

For producers/vendors/merchants, Bitcoin is already supremely sweet.

Credit cards have a confirmation time of well over a month! CC Chargeback rates are increasing.

It doesn't matter what's more convenient for the producers/vendors/merchants. The consumers will use what is most beneficial to them, and the rest will be forced to play along.
All my credit card purchases appear to happen instantly and seemlessly to the consumer. Bitcoin transactions take hours to verify, which is painfully obvious when moving money around.

[ryanmnercer]

I spend tens of thousands on credit cards yearly, and don't pay any of those things except international fees if I leave the US. As for interest rates, I couldn't tell you, since I never go into debt.
Also, I get 1+% back on all my transactions, transactions are instant, and I'm protected from fraud. With bitcoin, there's an enormous risk of being scammed, the software is clunky, I have to wait hours for a few transaction confirmations, and my bitcoins can be stolen fairly easily.

You don't get 1% back, you pay 2-4% more. Where do you think that 1% comes from? From the fee the merchant is charged. How do you think the merchant deals with that fee? They mark their prices up to include the fee.

[TeeBone]

Congrats, smart move. Dont let the Btc cultists get you down.

i've done something similar to you but with around 60%, not totally out. Cashed in profits and bought up metals on the cheap, and other miscellaneous goods.

Besides, you could always get back in if you feel a bubble around the corner.

[infofront]

I spend tens of thousands on credit cards yearly, and don't pay any of those things except international fees if I leave the US. As for interest rates, I couldn't tell you, since I never go into debt.
Also, I get 1+% back on all my transactions, transactions are instant, and I'm protected from fraud. With bitcoin, there's an enormous risk of being scammed, the software is clunky, I have to wait hours for a few transaction confirmations, and my bitcoins can be stolen fairly easily.

You don't get 1% back, you pay 2-4% more. Where do you think that 1% comes from? From the fee the merchant is charged. How do you think the merchant deals with that fee? They mark their prices up to include the fee.

If you purchase something in bitcoin, there's a 2-4% fee tacked on as well. Try to buy something in bitcoin at tigerdirect for instance. Look at the fiat price and then compare it to their BTC price, converted to fiat.

[ryanmnercer]

If you purchase something in bitcoin, there's a 2-4% fee tacked on as well. Try to buy something in bitcoin at tigerdirect for instance. Look at the fiat price and then compare it to their BTC price, converted to fiat.

Yes because a miniscule fraction of their customers pay with BTC, I refund most of the difference to my customers via store credit. http://www.gyft.com does it via points.

[TeeBone]

I spend tens of thousands on credit cards yearly, and don't pay any of those things except international fees if I leave the US. As for interest rates, I couldn't tell you, since I never go into debt.
Also, I get 1+% back on all my transactions, transactions are instant, and I'm protected from fraud. With bitcoin, there's an enormous risk of being scammed, the software is clunky, I have to wait hours for a few transaction confirmations, and my bitcoins can be stolen fairly easily.

You don't get 1% back, you pay 2-4% more. Where do you think that 1% comes from? From the fee the merchant is charged. How do you think the merchant deals with that fee? They mark their prices up to include the fee.

If you purchase something in bitcoin, there's a 2-4% fee tacked on as well. Try to buy something in bitcoin at tigerdirect for instance. Look at the fiat price and then compare it to their BTC price, converted to fiat.

Not to mention the fees turning paper to btc at the exchanges, or premiums at places like local bitcoins are outrageous. It's a total lie/scam that btc is fee-free, its just what the Pumpers propagandize.

[g4c]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

considering your handle is infofront you seem a litle behind?

You exclude some information that is very pertinent:

For producers/vendors/merchants, Bitcoin is already supremely sweet.

Credit cards have a confirmation time of well over a month! CC Chargeback rates are increasing.

It doesn't matter what's more convenient for the producers/vendors/merchants. The consumers will use what is most beneficial to them, and the rest will be forced to play along.
All my credit card purchases appear to happen instantly and seemlessly to the consumer. Bitcoin transactions take hours to verify, which is painfully obvious when moving money around.

For online payments where consumers pay and the vendor ships out, bitcoin wins hands down. You can not argue this.

It will be trivial to implement an instant confirmation layer atop bitcoin, I'm sure Lloyds of london will be happy to provide the insurance to cover the confirmation time.

Besides that, what do you mean "moving money around"? Bitcoin is the fastes for this, the only other option is bank transfer and that takes longer.  Credit cards cannot be used for large money moves, simply because one party risks loss though chargeback.

[ryanmnercer]

Not to mention the fees turning paper to btc, at the exchanges or premiums at places like local bitcoins are outrageous. It's a total lie/scam that btc is fee free, its just what the Pumpers propagandize.

Tell me, just how much money have you lost on dips of bitcoin... I smell someone bitter over losing money trying ot get rich quick.

Exchanging to fiat isn't a function of BTC, it's what people choose to do. I have yet to convert any fraction of a bitcoin I've been paid with via my business to fiat. It's all been used to purchase things for the business with a small bit held in reserve.

As far as paying a fee to turn fiat into BTC... I've bought a fair deal of BTC, never paid a cent.

[kthejung]

I don't like having to put in all my personal information to make small purchases online from different websites.  Not only is it time consuming but it's annoying having to keep up with all the passwords and stressful wondering about who still holds my personal info.  This is why Amazon holds such a monopoly on online purchases because one website is all I have to deal with.  With bitcoins however, I would be able to buy more things from more different places without entering into a commitment just to make a single purchase from a single web store.  Pick and add item to cart, entering shipping info, send bitcoins, and done; and if the site gets hacked, then no problem.

I know a lot of people, typically older people, who still refuse to buy items online because they do not want to enter their credit card info; bitcoin solves this.

[BitchicksHusband]

For the first time since I bought my first bitcoins at about $5/ea, I don't own any. With the IRS decision, its obvious [immediate] effects and the slight dip in the price of silver, I headed over to Amagi and spent it all on junk silver (90%). It feels weird to "be out of the game" as far as owning bitcoins goes. Did I make the right decision? Has the ship sailed? Or does anybody think now is the perfect time to hop back on it?

Replying so that I can revive this in 1-2 years... 

[BitchicksHusband]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

Buying a $500 item for only $5?  That's not an advantage?  It is to me.

And I would use ANYTHING before PayPal.

[BitchicksHusband]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

Please, tell me more!

Do you mean criminal interest rates?
Do you mean absurd charges, surcharges, convenience charges, annual fees, international fees etc?

I spend tens of thousands on credit cards yearly, and don't pay any of those things except international fees if I leave the US. As for interest, I've never paid any, since I pay off my bill every month, so I wouldn't know much about the interest rates.
Also, I get 1+% back on all my transactions, transactions are instant, and I'm protected from fraud. With bitcoin, there's an enormous risk of being scammed, the software is clunky, I have to wait hours for a few transaction confirmations, and my bitcoins can be stolen fairly easily.

And if all the vendors started giving you a 3% discount for using Bitcoin?

[rocks]

If you purchase something in bitcoin, there's a 2-4% fee tacked on as well. Try to buy something in bitcoin at tigerdirect for instance. Look at the fiat price and then compare it to their BTC price, converted to fiat.

Bitcoin enables vendors to offer the same "cash discounts" as done with cash transactions. The two gas stations closest to me offer a "credit" price and a "cash" price. The cash price is cheaper. If more people use bitcoin, we will see vendors do the same and offer discounted prices in BTC.

The thing to remember is the wording is all marketing spin. These gas stations are not offering a "cash discount", they are really charging a "credit surcharge". But people don't like to pay extra surcharges, so marketing just calls the real price a discount.

This reminds me of what happened when coke tried to enable vending machines to charge different prices depending on the temperature. What they really tried to do was raise the price on hot days and charge more, but that turned people off. So instead the vending machines were programmed to say the new higher price was the real price and on colder days you received a discount (back to the regular price).

People like discounts, they hate surcharges. The key for bitcoin is to expose how everything else prices in a surcharge, but bitcoin offers a discount.

[DPoS]

I can kind of understand cashing some out now if you bought at $5, but I am surprised that OP does not think it worth keeping just a small amount in order to keep an interest in Bitcoin.

I must admit that I cashed out a fair bit in late 2013 — much of which was bought at a similar price — but it's all too fascinating to completely abandon and I've been tending to buy back at the low points such as now.

to all people who feel this way you need to see how the big mining data centers are going to slam the price until they feel like they can trust each other to form price control agreements like OPEC, London Gold Fix, etc

that might not happen until the next block halving

http://bitcoinclock.com/

you have about 2 years to wait before you 'get left behind' in any price skyrocketing

[DPoS]

That chart is already out of date.

M0 money supply is $3.8T now and rising faster every day. The fact that M0 is doubling every few years inevitably means that BTC will go up in dollar terms. Remember M0 was ~$0.7T in 2008...

I used to think that was a main indicator as well until I learned about stepping back and seeing that the increase in M0 is barely filling in the vacuum of credit destruction.
That is why the fed can print crazy money and we still do not see as much inflation as one might think

velocity is also a main factor for prices but until you see interest rates rise (which is designed to take purchasing activity away from cash holders) the lack of credit is still being infused with printing

[YipYip]

Look at the fundamentals. ...

+1
In fact it may be all you should look at. I ask myself:
Is bitcoin still the fastest, safest, and cheapest way to buy things over the network?
As long as those things are true bitcoin has a bright future, IMO.

AGreed ...does it deliver the functionality that people want

Of course it does ....peopel who have used it ...love it

12 months and it will be awesome

[Bit_Happy]

what....you don't see how powerful BTC is that's it got the world powers running scared. The more Govs try to ban, hinder and tax BTC the brighter BTC's future and the more GOVs consign themselves to irrelevance.

and they can't ban BTC. Also there will be plenty of Chinese GOV officials buy BTC. Think of them as extra loud FUD.

Running scared?  Delusional or denial.  You pick.  

Agreed, market cap is still teeny weeny.

Lots of room to grow, which is nice.

Is BTC an exploding bubble, or...
A once in a lifetime growth opportunity?

[dandirk]

It doesn't matter what's more convenient for the producers/vendors/merchants. The consumers will use what is most beneficial to them, and the rest will be forced to play along.
All my credit card purchases appear to happen instantly and seemlessly to the consumer. Bitcoin transactions take hours to verify, which is painfully obvious when moving money around.

I am with you Info... BTC is great and all but it isn't the be-all end all for using to make purchases.

People want believe that BTC is "great" for merchant due to no charge backs etc... but these same features make it difficult for consumers to use AND it makes theft/scams even easier.  What will happen is the credit card companies (or something similar) will start to process and insure BTC transactions so they can be instantaneous just like CC purchases.  Guess what will happen?  Similar fees just like CC transaction will be charged, hopefully a bit less though.

Good for large purchases?  Yeah I can see that, faster and less expensive then wire transfers, mailing a check... a check?... no one uses those but that is basically what a BTC is, just a bit faster and with the times.

To those that think using BTC will "save them time" shopping online and relieving the difficult job of remembering accounts... is honestly just silly.  I have made purchases at sites where you don't have to create an account and guess what... the only extra info you need to give them is a password.  They have to collect all the info anyways, like where to ship, email for updates notifications etc.  I suppose if you were purchase digital or non-deliverable items it could save typing your name and address (oh the horror).

As I said what will happen with BTC and normal buying is the same thing that is happening with CC/banks, people will have apps on their phone and will scan codes/bump etc to transfer funds.  It will be cheaper until either the Feds get to regulating or the big corps come in like the CC companies and decide they should charge the same they always have.

[CoinPal]

For the first time since I bought my first bitcoins at about $5/ea, I don't own any. With the IRS decision, its obvious [immediate] effects and the slight dip in the price of silver, I headed over to Amagi and spent it all on junk silver (90%). It feels weird to "be out of the game" as far as owning bitcoins goes. Did I make the right decision? Has the ship sailed? Or does anybody think now is the perfect time to hop back on it?

Being out of the game is not a good thing, if we want the bitcoin revolution to success we are going to need a lot of people to participate.

That's our exact thoughts at coinpal.net, and thats why with our exchange when we launch we will be dedicating a lot of time to trying to get 'your average Joe' in to crypto-trading. It's easier said than done but I believe with the exchange we have to offer and all it's speciality add ons as well as our skilled team, we can certainly try to help with mass awareness of the crypto currency.

[counter]

It is very hard to say but I respect your decision even If don't fully agree with selling all the coins you got.  Who knows it could be a great call or maybe not time will tell either way I like that you got alot of silver and hope it works out for you one way or another.