Look who is buying bitcoin and why?
3 2017-11-01 by rockytimber
Wall Street is a huge owner! And speculators. Nothing is priced in bitcoins because not only is it fiat, its not stable enough in trumped up value to price anything, so to spend it you have to pay the price of conversion, conversion to a government sponsored fiat currency!
Folks, this is a tulip mania. At first blockchain was a novelty, an invention with some intrinsic value, but folks, there are now dozens of blockchain currencies to chose from, and more will be created out of thin air. So, more fiat, less cash, and more NSA monitoring of every internet transaction. Now people are going to be taxed on their capital gains in bitcoin! Its a modern day tulip mania in every way, suckers.
https://en.wikipedia.org/wiki/List_of_cryptocurrencies
Edit: people say bitcoin has inherent value as a secure payment mechanism, but so does paypal or any number of banks who have online payment mechanisms. https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280 the recurring cost to society of maintaining this bitcoin farce is probably in the millions of dollars a day. Compare that with the cost of paypal, or cash, per transaction.
28 comments
1 Rocksolid1111 2017-11-01
What happened to all the bitcoins the DOJ seized when they took down those dark web sites? The run up on the price went up right after that making the seized coins a whole lot more valuable.
1 rockytimber 2017-11-01
There are rooms full of computers mining bitcoin as we speak. It uses millions of kilowatthours worth of electricity to perform the computations necessary to mine bitcoin. Very funny. https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
1 truthmaybefalse 2017-11-01
they auctioned them off here
1 Rocksolid1111 2017-11-01
Interesting. Thanks for the link.
1 chipmessiah 2017-11-01
FUD, this person is clueless.
1 rockytimber 2017-11-01
900 blockchain currencies and growing. You got nothing more than a mob, a bunch of hype, and greed. Enjoy it while you can.
1 throw_trash_ 2017-11-01
Altcoins being a scam doesn't mean that all cryptocurrencies are scams. Bitcoin is definitely not going anywhere any time soon, for example.
1 rockytimber 2017-11-01
Currencies are here to stay. State or non-state, electronic or cash, even precious metals. Currency is like language. Its a tool for exchange. Once you have a tool, you don't usually scrap it unless you come up with a better one.
On the other hand, languages, means of exchange, they are abstract, they only have the meanings and values people agree to at any time. You cant drive on a map or eat a word or a coin. In the non-abstract world, value has immediate ties to reality, not derived ties as in words and other means of exchange that are not the "thing". Food, air, water, shelter, clothing, transportation. Keep yourself grounded man, and whatever baseball cards the world wants to value today or tomorrow, remember, its nothing more than a convention. New conventions have that extra sex appeal though. Go for it!
1 throw_trash_ 2017-11-01
Every time you bring up paypal you're only showing how much you don't understand cryptocurrency. They're so fundamentally different that I don't know where to begin.
So... no investing in other non-tangible services? No facebook? No Google? Hell the finance world even figured out how to make houses into non-tangible goods so they could fuck that up too. Just because something isn't as tangible as a sandwich or an acre of land doesn't mean it's worthless.
Yeah, it sounds like you just fear change and I'm sorry you feel that way but the rest of us will continue moving into the future.
1 Garbagebutt 2017-11-01
Stay poor dumbass.
Tulip Mania lasted less than a year btw, bitcoins almost 10 years old.
1 rockytimber 2017-11-01
Lots of manias out there to pick from. The roaring 20's lasted more than a year.
1 truthmaybefalse 2017-11-01
wow, someones pissed they missed the boat...... except "you didnt miss the boat." When the car was first introduced to the world, blacksmiths told eveyone it was a passing fad, no uneven roads to travel on, they break down, they are expensive. etc. etc. you my friend are a modern day blacksmith.
BUY BITCOIN!
1 rockytimber 2017-11-01
Oh, I am sure there will always be more pyramid scams buddy, the boat leaves every single day. Enjoy it while you can. 900 cryptocurrencies and counting. A sucker born every day.
By the way, how many car companies were there in 1922? Take a guess. https://en.wikipedia.org/wiki/List_of_defunct_automobile_manufacturers_of_the_United_States
1 truthmaybefalse 2017-11-01
Yea, well there are still a lot of car companies in business today.... so thats a second economic principal/fact that flies right over you head.
Here is the 181 times bitcoin has been declared dead.
My guess is your "friends" have been telling you to get in on bitcoin for a long while. But you are now the one guy who thought he was smarter, and now feels left out when they all brag about their ROI.
1 rockytimber 2017-11-01
No, to be honest, I don't know of a single friend who is into it, but then my friends aren't into tech or investing all that much, we are more into art, conversation, gardening stuff like that.
What got my interest was that Jamie Damon was having a spat with Goldman Sachs on the matter. Yeah, I read Zero Hedge, so that's what got me looking into it. I had heard about it a long time ago and it never made any sense to me except if someone thought it would be handy on that website they shut down for trading in controlled substances.
Prohibition seems to have been one of the driving forces for cryptocurrency, but it turns out prohibition doesn't work, and also that the feds can track cryptocurrency. So, outside of the nifty but readily available secure payment mechanism, I chalked it up to a ponzi scheme in private hands instead of in the hands of the federal reserve. Time will tell, but its been a rather informative day.
1 raizen991 2017-11-01
In your edit, you actualy prove the exact opposite.
Listen up, when you own bitcoin, in your wallet, you OWN it. nobody can get it for you. How much value can 'paypal or any number of banks' can have, if they decide that they simply want to BAN you from using their service. What if they freeze your accounts ?
When the gouverment wanted to shut up Wikileaks, they ordered the banks , and paypal, to stop their services with them. And guess what? They were 'saved' by bitcoin. Bitcoin is a permisionless system. There's no authority to tell you if you can or CAN'T use it. Or to take it away from you.
Do you see how that gives it value? There is some WORK behind it. It is not created out of thin air. Not to mention, that that is also what keeps it safe.
You are comparing a payment system, with a store of value/possible payment system that is permisionless/unforgable with a FIX AMOUNT that is already known(so no inflation).
They are just getting in the game. And even if that would be so..If I need something and I have to pay 100$ for it, I'll buy 100$ worth of bitcoin and send it to destination. (maybe 101$ cause of the network fee). So it dosen't matter if they crush the price, or up the price, etc.
Yes, and many more could/would be created. so? Nobody says you should use it. or put money/faith in it. If the kids around the block use bottle caps as currency in their games, Will you be mad on them? No. But does it have any value to them? Yes.
In the end, value is abstract.
Yes, but imagine one day, if the currency settles up good, you will start seeing goods priced in bitcoin directly, not conveted to some fiat. Yes, it sounds like a huge, ridiculous dream, but, bear in mind, Bitcoin has been here for only 8 years, almost now it starts to pick some ground in 'the game' and some big bankers are already terified of it.
Sounds familiar, is your last name Morgan ?
The title >Look who is buying bitcoin and why?
That is your just opinion. I for one, have quite a few years using it, actualy using it, not just for speculation. And it has made wounders for me, as regarding to moving funds arround.
I'll take my mathematical based currency anytime over some paper that some corupt gouverments says: here, this is the real deal.
But that's ok, by your tone, you are either a shill, or just in shock.
Love it when trying to talk to somebody online, and their argument ends in "suckers" . Says a lot about your education, therfore, your vision. I'm sorry.
1 rockytimber 2017-11-01
Tell that to millions of Chinese right now. China shut them down.
Look, why not just legalize drugs rather than keep trying to make it hard to stop crime and corruption?
Here is one of my heroes who started calling people suckers:
http://www.efootage.com/stock-footage/84582/Speakeasy_Entertainers_-_1/
1 raizen991 2017-11-01
China shut down the trading sites, temporary, to apply them some reggulations. (Also, As we're speaking they are opening again) ..Check the news.
Also, what you are doing, bringing drugs into this topic is known as a False Analogy fallacy so...yea. Have fun trolling.
1 rockytimber 2017-11-01
Did a search. Link me a quote that "as we are speaking..." Seems like wishful thinking. Talk about a troll, all this bitcoin hype is one big damn troll.
1 raizen991 2017-11-01
Poor search you did there.
https://www.zb.com/
1 rockytimber 2017-11-01
No, I meant credible news article not a site that is probably not allowed to operate.
1 mercusn 2017-11-01
I don't understand your logic OP.
If you don't believe in it, don't invest in it at all. If you want to hedge your bets then only buy a little bit. Usual investment stuff, remember when people thought you couldn't lose money on houses and then that bubble burst :-D
1 rockytimber 2017-11-01
Both the dollar and bitcoin are fiat. That's all.
1 mercusn 2017-11-01
You could have made a few hundred dollars in the day since you posted this.
1 rockytimber 2017-11-01
So could you. And you probably did. People made that kind of money on Enron too, until they didn't.
The rationalizations for Enron or any other ponzi are priceless. Funny how when the bubble pops, those are so quickly forgotten. Greed gets replace by fear. Its rather bipolar.
And notice, you price the gain of hundreds in a day, not in dozens of eggs, not in gallons of gas, but in dollars.
In the meantime, I have enough eggs and gas thank you, without playing the casino.
1 mercusn 2017-11-01
Oh I don't think it's anything but a kind of investment, much more volatile than most.
1 rockytimber 2017-11-01
I can respect your point of view but still disagree. I am with Jamie Dimon on this one. And I generally have little respect for Wall Street.
1 mercusn 2017-11-01
Says it all.
1 rockytimber 2017-11-01
Oh, I am sure there will always be more pyramid scams buddy, the boat leaves every single day. Enjoy it while you can. 900 cryptocurrencies and counting. A sucker born every day.
By the way, how many car companies were there in 1922? Take a guess. https://en.wikipedia.org/wiki/List_of_defunct_automobile_manufacturers_of_the_United_States
1 rockytimber 2017-11-01
Currencies are here to stay. State or non-state, electronic or cash, even precious metals. Currency is like language. Its a tool for exchange. Once you have a tool, you don't usually scrap it unless you come up with a better one.
On the other hand, languages, means of exchange, they are abstract, they only have the meanings and values people agree to at any time. You cant drive on a map or eat a word or a coin. In the non-abstract world, value has immediate ties to reality, not derived ties as in words and other means of exchange that are not the "thing". Food, air, water, shelter, clothing, transportation. Keep yourself grounded man, and whatever baseball cards the world wants to value today or tomorrow, remember, its nothing more than a convention. New conventions have that extra sex appeal though. Go for it!