Ben Swann on Bitcoin (and Aliens?)

reply to post by Notheycant

Do you own Bitcoin and have any stories to share? What are your major concerns with it? I'm curious to know whether people trust it more or less than the U.S. dollar.

I am a long time bitcoiner. I have certainly had my ups and downs- especially now with the MtGox meltdown. Thankfully I am lucky to be working with some fantastic ninja lawyers in Japan.

Anyhow, here is a little scrapbook primer to help people just starting out:

(see bitcoins are related to aliens )

My best recommendation is don't invest more than you are willing to lose. Virtual currencies are extremely volatile. I don't even sneeze when I see 40% price swings.

That said I am still extremely bullish. Bitcoin might be the honey badger of money, but it is not infallible. In fact I am positive it will be improved upon and possibly even eventually replaced. The scrapbook gives a hint of where I think it is going.

Bottom line though I think the technologies underlying Bitcoin (i.e. the cryptographic techniques and the blockchain) are here to stay.

lifeboat.com...

Miniscuzz
reply to post by jrmcleod

 

Bitcoin is NOT a long term investment LOLOLOL! I made five figures PROFIT in buying them the moment Silk Road went down and re-selling them when it opened a month later. Hell, if you have 10 BTC's, sell on Friday for $670ish and buy back on Sunday night when they have dropped $50 and you'll make $500/week doing jack. I've been doing this for weeks now.

The market for BTC always drops on Friday because BTC is closed to many of the bigger overseas markets. It jumps again on Monday when US markets open and people log on to Silk Road to buy their drugs.

If you're going to speak about something like you're knowledgeable in it, be knowledgeable in it first.

Bitcoin isn't ever going anywhere and besides LiteCoin...its the ONLY reliable crypto-currency.

This thread has no business even being started by the OP because it's patently obvious to me that the OP has no idea about crypto-currency or online economics in general....much like almost all of the member don't here. Yeah...BTC is for the aliens. How utterly asinine.

Bitcoin and Litecoin are probably the most unreliable/unsafe cryptocoins out there to invest in (with serious money and long term plans). They have horrendous confirmation times (i believe Bitcoins average is 6+ mins), hence why the Mt Gox problem occurred. You can sit there and say Bitcoin and Litecoin are the only reliable cryptocoins all you like, but clearly you are the one who lacks understanding of all the other potential coins out there and what other coins have over these 2 coins.

I didn't say Bitcoin specifically should be viewed as a long term investment, i was referring to other coins that are being marketed and established at the moment. Yes you can make money on Bitcoin just now if you know what you are doing but it won't last...and deep down you probably know that.

reply to post by Notheycant


Bitcoin is NOT the solution if you want to protect yourself from your government.

Any electronic communication is heavily dependent on government controlled infrastructure.

Only closely knit communities that can produce own food can protect themselves from WWIII. The Amish are a very good example.

There is a very real fear of breakdown of commerce in WWIII. Any money - paper or electronic - will be worthless.

reply to post by GargIndia


Just because BTC wont solve WW3 situation does not mean it wont help you in less serious situations, like in what happened in Cyprus.

Bedlam
My major concern with Bitcoin is that the Fed will decide they own it, and thenceforth all Bitcoin belong to them, thus pretty much ruining it.

As I've said, I'd LOVE to see it continue pretty much as is for, oh, say a year, maybe 18 months.

Actually Jannet Yellen publicly admitted that the FED has no authority over BC.

reply to post by Notheycant


ats is getting lazy on their top page...and top threads..(4 days in a row for this thread?)

bitcoin is for people to buy and sell drugs via internet