Bitcoin crash/panic selling

Originally posted by dizzie56
Where exactly can you use bitcoins for products? I have yet to see shops that offer goods for bitcoins. All I get is "You have to know where to look." And, to be honest, who in their right minds would take virtual currency for a good or service that they provide?

Exactly. "Who in their right minds" is correct. Bitcoin is being labeled as a currency, but believers seem to trade it like a stock, and brag on that. The mark of currency is NOT volatility.

Should I go to a car dealership and buy a car with my Bitcoins? No, no dealer is not going to accept them if they have a volatile history and could lose half their value the next day. As the same with homes, foods, and anything else. The best thing a believer could hope to do would be find another believer and trade with them.

Bitcoins are like ostriches, if anyone remembers the "Get RICH, ostRICH" scams from the 1980s. It was a bunch of ostrich owners buying and selling to each other. When really they had NO COMMODITY in an ostrich.

reply to post by Ameilia


Exactly and IMHO

Currencies from online games are worth more then bitcoins, at least there is a demand and a market for them......

how this ever got considered a valid investment i have absolutely NO idea.........

Originally posted by ManBehindTheMask
reply to post by Ameilia

 

Exactly and IMHO

Currencies from online games are worth more then bitcoins, at least there is a demand and a market for them......

how this ever got considered a valid investment i have absolutely NO idea.........

You have a really good point there. I know people (usually from China) were making absolute BANK on World of Warcraft currency a year or two ago. They may still be. I have played WoW since inception, and a couple years ago you could not log on without getting spammed with private message and spammed in trade channels (not private, viewable to tons of players) with websites, the dollar cost, and the gold you could buy. You could not go to any website discussing WoW without seeing ads selling gold. Huge market.

And I have heard about this being done with other large games as well.

I think Mike Adams predicted this like a day before on the AJ show.

reply to post by Chrisfishenstein


I mine and trade bitcoins, and guess what, i usualy buy things wtih my bitcoins, and never been in troubles for it.

And here is a quick list of place who accept the digital currency

www.spendbitcoins.com...

Originally posted by AnonyWarp
reply to post by Chrisfishenstein

 

I mine and trade bitcoins, and guess what, i usualy buy things wtih my bitcoins, and never been in troubles for it.

And here is a quick list of place who accept the digital currency

www.spendbitcoins.com...

thats great, but the issue is that bitcoins are so volatile that business like that are going to go under because the currency of bitcoins wont be able to match other real currency......

Im telling ya, they are gonna take bitcoins and send them down the tubes........

Originally posted by ManBehindTheMask

Originally posted by eLPresidente

Originally posted by malchir
Bitcoin is only as good as the sites that accept it, I checked out the list and wouldn't use any of those services anytime soon, so I would consider bitcoin to be a coupon for a service I don't want. Until amazon.com jumps on the bitcoin bandwagon I can't see ever wanting to invest in it.

That isn't the point because that would make you a bandwagoner/mainstream user.

The point of investment is to understand what bitcoin actually is and how it operates and investing in it BEFORE major retail services begin to accept it.

Otherwise you'll just be another $400-$600/share google/apple investor.

which is not gonna matter a damn bit because again.......world currencies dont like to compete with "virtual" money of any kind.........

If any of you guys actually think this is gonna hold out after all the publicity its been getting all the sudden....

Then i really feel sorry for your bank accounts...........

That isn't the point because that would make you a bandwagoner/mainstream user.

There is no point in holding a currency that cannot be used..........

So to invest in something that has no practical use to BUY anything is a bit pointless..........

edit on 11-4-2013 by ManBehindTheMask because: (no reason given)

Bitcoin ATMs being rolled out, more businesses are starting to accept it, etc...

I don't hold any bitcoins but I don't think holding bitcoins are pointless. The more we are integrated in the digital world, the more a digital currency will grow and maintain value/strength.

Sure there are external forces that are not happy with it, like I mentioned two posts ago, but there are ways to circumvent that.

Bit coin effectively serves as the prototype for what will soon become the new standard.

Such a concept is the natural evolution to take over from the Gold and Monetary standards.

All those saying that it doesn't represent currency because it holds new true value, needs to be reminded that if they look in their wallet all it 'actually' contains is worthless pieces of paper that (now) don't actually hold any backing in Gold.

Value of anything is quite simply dictated by collective perception of its worth

This is a principle that is widely displayed within many industries.

Pearl companies in Australia hold massive stockpiles of pearls unreleased to the public. This is due to values relations to the 'rules of abundance/scarcity', where it's collective perception vlue can be dictated by an objects abundance.

Flood the market with their stockpile of pearls, they fast become worthless.

Bitcoin, or a model similar, will eventually become the new standard, true worth or not.

By its nature, it will bubble. These bubbles will burst. With time the process will rinse and repeat. The finite decimal deflation model of the product though does dictate, that as a long-term investment over 10-15 years it will be almost guaranteed that you will get a very tidy return on your investment.

The only real consideration to the security of the currency is within the key deepweb cyber markets which will keep the currency afloat.

If you look into what underground drug sites such as Silk Road represent to the sustainability of Bitcoins, you will realise that it is part of what makes Bit Coin so unique.

The entirety of the markets which have helped to establish Bit Coin, exist within a system that is by its entire architecture and nature; ungovernable.

It is the underground blackmarket. A problem for Governments for many years, with which, their opponent always seems to be several steps ahead.

As long as such sites continue to elude law enforcement, and maintain bitcoins as their currency, bit coins will represent a very statistically high representation of a long term investment.

Even the most notable 'bubble burst' markets such as .com etc, eventually represented a profitable long-term investment.

The programming of the system and the security of its blackmarket ties make this one almost irresistible if you have the money to put away, and forget about it.

Think about this; the finite distribution is released and the popularity of its usage continues to increase. The deflating decimal system comes into play. Now just quickly think about what a reasonable investment in the currency would return at a stage when the system is working in the two decimal range??

I've happily got money put into it that I am going to forget about. The only time I would consider withdrawing said funds, is if its foundations such as Silk Road were shut down, or stopped using them as their commodity, or if I was suddenly desperate for money. If by some chance Bit Coin is made illegal, it will simply move underground onto the deepweb along side its buddies. Governments will only try this after they realise that it will be borderline impossible to regulate.

To all those considering putting a little money into these, consider what I just said as the 'withdrawal' indicators for the currency, FORGET the impulse market fluctuations as this should only ever be looked at in the long term.

But my main reason for my personal investment into the currency is for the fact that; a digital standard will soon be widely adopted. As bitcoin reprsents a 'YouTube, Google, Ebay' style pioneer in their own digital concept. There is no reason to doubt that Bitcoin will be the candidate chosen for this.

Now, lets say you spared a grand and got 5 coins today and forgot about them.

It becomes an acceptable digital format ... Fantastic ..

I can almost guarantee you all, that not long after (may not even be too far away from a reality now if you think about the genius of those behind it), you will see announcements in the media such as;

Bitcoin establishes deal with Ebay as its first digital currency.

Or Amazon .. one of the two will be first. From here, its implementation would domino in the exact same way Paypal did.

Even with just the market value increase it would receive from a partnership with Ebay alone .. What do you think those 5 coins you purchased would suddenly be worth??

Play it smart .. as always .. But I am honestly predicting that this will become one of the Internet superpower companies within 5 years.

reply to post by eLPresidente

Bitcoin ATMs being rolled out, more businesses are starting to accept it, etc... I don't hold any bitcoins but I don't think holding bitcoins are pointless. The more we are integrated in the digital world, the more a digital currency will grow and maintain value/strength. Sure there are external forces that are not happy with it, like I mentioned two posts ago, but there are ways to circumvent that.

Just saying, you dont think they have ways to circumvent that either?

Point is......like someone stated earlier its only as valuable as someone says it is.........and a digital currency like that can be manipulated WAY easier then any other currency........

The bitcoin ATMs are from some entrepreneur which is fantastic good on the guy, but that doesnt mean a damn thing.......

Again the currency is only worth what it is to other people that have it........If you want to sell me 200 bitcoins and I dont see their worth, regardless of what YOU say they are worth, to me they are worthless and your stuck with bitcoins you cant get rid of...........

Again they are also HIGHLY volatile , and as long as their are people out there who dont want to see a different currency on the market they will continue to be so to the point that people wont bother to deal w them......

Again, YES there are some stores, but how long before they cant keep up with the fluctuation enough to make a profit? and they go down?

I looked into mining them about 2 years ago but my judgement got the better of me.......

People need to be thinking with common sense on this..........

reply to post by BornOfSin

Flood the market with their stockpile of pearls, they fast become worthless. Bitcoin, or a model similar, will eventually become the new standard, true worth or not.

Thats all great.........problem is , its not even in the realm of precious metals because precious metals are also used to MAKE things.....and not just jewelery......

bit coins are a just an internet bit of information that has no other value then the currency amount put on it......it serves NO other purpose.........

hell oil is a better currency , because its actually USED , it has value......real value.........

Play it smart .. as always .. But I am honestly predicting that this will become one of the Internet superpower companies within 5 years.

in addition to everything i said, my prediction is its too volatile and the world banks wont recognize it there for making it worthless.........

Just my prediction!

reply to post by ManBehindTheMask


You completely missed the point of the story, which was collectives perception of worth dictating value.


As for the banks. Who gives a # about banks? We are talking a new standard, banks are an institution of the monetary system.

You are looking at it from the erroneously comfortable perspective of someone locked into a faltering system whos global/digital shortcomings are going to effectively perpetuate the adoption of a new unregulated standard.

I would love to say that I developed all of this opinion through my own intelligence, but it's actually more prophetic than anything. I've already seen our non-bank controlled world.

Also the large bitcoin miner is the systems original programmer. His holding and generation of blocks in the chain actually represents programming he included in the system to allow him to make internal 'modifications' to his creation, and maintain 100% control over it anonymously.

This will eventually become know to us. It's part of the protection within the system that WILL make it impossible to govern in the future.

reply to post by BornOfSin


You make a statement like this

As for the banks. Who gives a # about banks? We are talking a new standard, banks are an institution of the monetary system.

And then tell me im looking at things erroneously? I think YOURE missing the point.....its the BANKS the will dictate the value set on your ONLINE currency......

Because its WORLD banks that have the currencies for their countries and regions...........

You dont think the banks are in the slightest a threat to this whole "bitcoin" revolution......

but im the one not looking at it right.....thats comical

Your vocabulary is impressive, but it doesnt mean 2 bitcoins worth in relation to how this is really going to play out on the real world markets

I would love to say that I developed all of this opinion through my own intelligence, but it's actually more prophetic than anything. I've already seen our non-bank controlled world.

Ahh , yes.......i must be completely off my rocker and wrong on all accounts then..........because you had a vision......

was it the same vision where you saw the reptilians in your other thread that are in control of so much of the world?

Originally posted by ManBehindTheMask
its the BANKS the will dictate the value set on your ONLINE currency......

Because its WORLD banks that have the currencies for their countries and regions...........

Are you able to explain precisely how they may do this... or are you just talking out of your ass?

Originally posted by Navieko

Originally posted by ManBehindTheMask
its the BANKS the will dictate the value set on your ONLINE currency......

Because its WORLD banks that have the currencies for their countries and regions...........

Are you able to explain precisely how they may do this... or are you just talking out of your ass?

well thats pretty easy considering every single bit coins value right now is dictated by the currency behind it, HENCE the reason they are being used by some places as a way to by products........

You dont really think people would sell you a TV on the internet for bitcoins just because someone on the internet says their worth something do you? They have to be backed by something or they are worthless.....

Also hence the reason if you go look at any bitcoin site they say they are worth a certain amount of dollars, euros, etc......

But please continue being snide.......it adds validity to your claim that im just talking out of my arse....

They will dictate it the same way the manipulate money markets all around the world.......Bitcoins will be no exception........

reply to post by Ameilia

IT is a new twist on "the greater fool theory" altho this new generation of digital speculators does not think that he or she is a fool because "it is different this time."

Originally posted by ManBehindTheMask
They will dictate it the same way the manipulate money markets all around the world.......Bitcoins will be no exception........

Okay so give me an example; exactly what might they do - specifically - in order to manipulate Bitcoins to their advantage? And explain why will it be to their advantage?

Originally posted by camaro68ss
Bitcoins = Beanie Babies

Bitcoins = Pogs

Bitcoins = Magic Cards, Pokimon cards, ect

edit on 11-4-2013 by camaro68ss because: (no reason given)

Paper money = toilet paper
Paper money = theft
Paper money = slavery

Sorry, had to...

Originally posted by Navieko

Originally posted by ManBehindTheMask
They will dictate it the same way the manipulate money markets all around the world.......Bitcoins will be no exception........

Okay so give me an example; exactly what might they do - specifically - in order to manipulate Bitcoins to their advantage? And explain why will it be to their advantage?

thats pretty easy, pass laws on the books that you cant have that kind of currency........

Pull funding or refuse to do business with any business that uses bit coins..........

Any number of things............CRASH the bitcoin market........

They manipulate stock markets, money markets, world markets, and world currencies, they coordinate wars and determine world wide energy and oil commodities......

They purposefully devalue the dollar of countries, get that COUNTRIES.... to make millions.........

You dont think they can turn your bitcoin into a flash in the pan idea?

Give me a break.......

Originally posted by Chrisfishenstein

Originally posted by dizzie56
Where exactly can you use bitcoins for products? I have yet to see shops that offer goods for bitcoins. All I get is "You have to know where to look." And, to be honest, who in their right minds would take virtual currency for a good or service that they provide?

YOU CAN'T!!

They are illegal......You are not allowed to rival the USD (if you live in the US)......Anything that rivals the dollar is illegal and punishable by jailtime.....Felony charges also.....

They slap all kinds of charges to using a fake currency to rival the dollar.....Read about some of those cases....There was a guy in N.C. that created silver eagles, his own, and it didn't work too well for him either! There are cases of people trying things like this before, but it will never work.....Just a scam they will not back up or stand tough when the government cracks down....Then you lose your money and they keep it....Simple scam

You and your "Illegal"... Explain this Einstein...









There are quite a few currencies that are NOT the dollar all over the US... Yet, none of those people/users are in jail.

You people rambling on about how no one accepts bitcoin are completely ridiculous.

There are plenty of places where you can spend bitcoin. Wordpress now accept bitcoin as do Reddit. Most of the shops that accept bitcoin are online merchants but there are a few dozen real world shops. We even have a dedicated electronic super store for Bitcoin. Some people even pay their rent with bitcoin.