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Author Topic: Weird feeling- I keep spending BTC while watching balance converted 2 USD go up!  (Read 1787 times)
bitlotto
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May 09, 2011, 02:13:17 AM
 #1

I use mybitcoin sometimes and it's always weird seeing my USD equivalent for my account go up even though I'm spending the BTC! I understand why, it's just kind of cool to see.
Even for my lottery, if the number of players go down a bit the value in USD will be higher. (21 BTC so far and it's already 77 USD)

I think I like BTC!  Cool

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tiberiandusk
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May 09, 2011, 02:52:39 AM
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One of the weaknesses I see with bitcoin right now is all the speculating on the dollar value. This doesn't help bitcoin as a currency. It needs to be spent on actual goods and services. If everyone is just in it to sell their coins what use is bitcoin besides kind of a ponzi scheme trying to leave people holding coins when the mt gox value corrects. That's why I setup BitBid. The more people using it as real money the more actual value bitcoin will have.

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rezin777
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May 09, 2011, 03:16:33 AM
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One of the weaknesses I see with bitcoin right now is all the speculating on the dollar value. This doesn't help bitcoin as a currency. It needs to be spent on actual goods and services. If everyone is just in it to sell their coins what use is bitcoin besides kind of a ponzi scheme trying to leave people holding coins when the mt gox value corrects. That's why I setup BitBid. The more people using it as real money the more actual value bitcoin will have.

A Ponzi scheme involves fraud. There is no fraud in investing in bitcoin. No one is promising any return. 

Bitcoin needs to be spent on actual goods and services like gold needs to be spent on actual goods and services.
gigabytecoin
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May 09, 2011, 04:36:44 AM
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One of the weaknesses I see with bitcoin right now is all the speculating on the dollar value. This doesn't help bitcoin as a currency. It needs to be spent on actual goods and services. If everyone is just in it to sell their coins what use is bitcoin besides kind of a ponzi scheme trying to leave people holding coins when the mt gox value corrects. That's why I setup BitBid. The more people using it as real money the more actual value bitcoin will have.

Is Gold simply a ponzi scheme?

You can't do anything with gold besides make electronic components and trade it as a store of value.

At present: you can't do anything with bitcoins besides make an irreversible transaction and trade it as a store of value.

I don't see much difference.
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