So in a few years when bitcoin hits $100 a coin ...

[mb300sd]

Some people don't realize that the extent to which Bitcoin succeeds is the extent to which "cashing out" becomes meaningless. You don't need/want to cash out if Bitcoin is accepted all over the place.

Or to think of it another way... I cashed out of USD into Bitcoin. I don't necessarily intend to go back.

Sometimes the best place to keep things safe is under your mattress. Are we always going to rely on some company to keep our assets safe and secure? I would certainly want and need the option to "cash out" with something like this.

It is a little funny. Cash out your bitcoin then take it to your local bank to store it in a safety deposit box. I know all roads don't lead to Rome, but what else is safer then a deposit box at a federally insured bank?

Brainwallet.

[1714787198]

1714787198

[1714787198]

1714787198

[westkybitcoins]

Some people don't realize that the extent to which Bitcoin succeeds is the extent to which "cashing out" becomes meaningless. You don't need/want to cash out if Bitcoin is accepted all over the place.

Or to think of it another way... I cashed out of USD into Bitcoin. I don't necessarily intend to go back.

Sometimes the best place to keep things safe is under your mattress. Are we always going to rely on some company to keep our assets safe and secure? I would certainly want and need the option to "cash out" with something like this.

It is a little funny. Cash out your bitcoin then take it to your local bank to store it in a safety deposit box. I know all roads don't lead to Rome, but what else is safer then a deposit box at a federally insured bank?

A hole in the middle of the woods? The way things are (in the U.S.) nowadays, I'd trust my own ability to split my assets up and hide them away rather than trusting a federally-controlled bank to keep them safe.

[GernMiester]

If and that is a big IF bitcoin ever competes with FIAT it will be made illegal.  Only fools believe that the government wont crush it when they want to if it is a threat.  If you think BTC cant be stopped you really don't understand the power of banks on the world stage.
BTC only has any value because people can turn it into cash.  Simply making BTC illegal will remove most users and the ability to turn it into real money and then BTC will be worthless in the countries that have made it illegal. BTC on the black market like drugs is just too funny to even waste time thinking about.
I laugh every time someone buys the BTC I sell.  Some jackasses paid  me well over 9 bucks a coin and now its worth 8.
I laugh all they way to the bank with my real money and I even include it on my tax returns. I hope BTC lasts a a long time so I can make money selling them.  I hope it hits $100 too but only so I can sell sell sell.

[westkybitcoins]

If and that is a big IF bitcoin ever competes with FIAT it will be made illegal.  Only fools believe that the government wont crush it when they want to if it is a threat.  If you think BTC cant be stopped you really don't understand the power of banks on the world stage.
BTC only has any value because people can turn it into cash.  Simply making BTC illegal will remove most users and the ability to turn it into real money and then BTC will be worthless in the countries that have made it illegal. BTC on the black market like drugs is just too funny to even waste time thinking about.
I laugh every time someone buys the BTC I sell.  Some jackasses paid  me well over 9 bucks a coin and now its worth 8.
I laugh all they way to the bank with my real money and I even include it on my tax returns. I hope BTC lasts a a long time so I can make money selling them.  I hope it hits $100 too but only so I can sell sell sell.

Please do. I anticipate I'll have a constant need for more.

[ridgemont4]

Bitcoin will never succeed. It's simply impossibly impractical. I think Bitcoin may see a huge run soon. At that point I would suggest you cash out all your profits and literally cash out on your fiat cash currency because holding cash would be just as risky as holding Bitcoin. Both are doomed. Physical assets, mainly land, are your best investment in the physical world.

I disagree. Yes, cash will crash, but I believe that that very fact will only strengthen Bitcoin. Without the normal fiat electronic banking systems being worth anything, the world will be crying out for some form of electronic commerce. And since we've allowed the governments of the world (ok, mainly the U.S.) to suppress gold-backed and silver-backed electronic commerce, Bitcoin will be the #1 substitute.

Or you could sell everything and follow God because all this is temporary.

Yes, it is all temporary. Have you sold everything yet?

You got that right when you said the world will cry out.. but what are they crying for? Well, look at history. Things got bad just less than 4 years ago and the people cried for what? A solution? no, more of the same, because global economics was not important to them. The only important thing was seeing the "DOW" return to higher levels and everyone could then sleep at night without worry. LOL. See my point? People are stupid and elect liars to solve problems. They do not look for solutions such as Bitcoin. Sorry, Bitcoin will be smothered by the One World Government just as easily as the FIAT currency the "One World Government" intends to destroy, and the funny part is they won't even do it themselves, the people will author their own fate. Look, the vast majority of people do not want solutions. otherwise America would have never been in trouble, they want what feels like a solution and when years go by and it's obvious what they have is not sustainable.. do you think they will learn? Nope.. they won't. Bitcoin is therefor a short lived side show inevitably. Don't worry the One World Government knows about Bitcoin. Something "better" will come around and even Bitcoiners will embrace it. Just like something better than America will come around and Americans will accept it. Welcome to the future. It's guaranteed. The common person is worthless and will not be able to stand. You ask if I have sold everything? I don't need to, it's being taken from me.

[westkybitcoins]

Bitcoin will never succeed. It's simply impossibly impractical. I think Bitcoin may see a huge run soon. At that point I would suggest you cash out all your profits and literally cash out on your fiat cash currency because holding cash would be just as risky as holding Bitcoin. Both are doomed. Physical assets, mainly land, are your best investment in the physical world.

I disagree. Yes, cash will crash, but I believe that that very fact will only strengthen Bitcoin. Without the normal fiat electronic banking systems being worth anything, the world will be crying out for some form of electronic commerce. And since we've allowed the governments of the world (ok, mainly the U.S.) to suppress gold-backed and silver-backed electronic commerce, Bitcoin will be the #1 substitute.

Or you could sell everything and follow God because all this is temporary.

Yes, it is all temporary. Have you sold everything yet?

You got that right when you said the world will cry out.. but what are they crying for? Well, look at history. Things got bad just less than 4 years ago and the people cried for what? A solution? no, more of the same, because global economics was not important to them; the only important thing was seeing the "DOW" return to higher levels and everyone could then sleep at night without worry. LOL. See my point? People are stupid and elect liars to solve problems. They do not look for solutions such as Bitcoin. Sorry, Bitcoin will be smothered by the One World Government just as easily as the FIAT currency the One World Government intends to destroy, and the funny part is they won't even do it themselves, the people will author their own fate. Look, the vast majority of people do not want solutions. otherwise America would have never been in trouble, they want what feels like a solution and when years go by and it's obvious what they have is not sustainable.. do you think they will learn? Nope.. they won't. Bitcoin is therefor a short lived side show inevitably. Don't worry the One World Government know about Bitcoin. Something "better" will come around and even Bitcoiners will embrace it. Just like something better than America will come around and Americans will accept it. Welcome to the future. It's guaranteed; The common person is worthless and will not be able to stand. You ask if I have sold everything? I don't need to; it's being taken from me.

OK. A Bitcoin-like system, centralized and run by a government, would be an incredible tool of oppression. But what exactly is your suggestion here? Drop everything and head for the hills? Shoot ourselves and get it over with? The fact is, Bitcoin is a powerful, liberating technology. It's definitely worth using. If society as a whole rejects it, well, OK, but that doesn't mean I'm going to preemptively reject it just to be in sync. I plan to support it to the end, because it's a good idea worth implementing.

So again, what exactly is the point of whining that it "won't work" because people "are stupid?" Because I'm sure not going to support a system that encourages people to behave foolishly and then exploits them for it!