BitCoin - Intellectual Fraud or a Stunning Idea??

[Pekelo]

Quote from WoodyK:

IF I get any $hit from cretins here I will NEVER post here again.

You are just getting our hopes up, again.

Max Keiser has been the strongest supporter of Bitcoin

Interesting story, I will look into it.

claiming many will become Bitcoin millionaires.

Nobody has to claim it, we know that there are Bitcoin millionaires. They actually have a subreddit on Reddit. It is invitation only...

BTW, why is it necessary to get involved in this obvious bubble rather than merely trade for a living?

Well, for 2 reasons:

1. You actually believe in the idea and want to support it. Not because of the bubble, but because you want Bitcoin to succeed.
2. Because a trader/investor trades/invests in whatever moves. Bitcoin started to move really well this year, so it just makes sense that you use it as a trading vehicle.

Did you miss the Lincoln quote in the 2nd post? As long as you know it is a bubble and you are aware of the risk and you don't bet the farm on it, it is OK to participate in a bubble.

Seems to me greed is the driver here

Hm, a trader complaining about greed. I thought greed was good since Mr. Gekko...

and usually leads to disaster for most...

I agree and you are right, lots of people are going to get hurt, but hey such is life. There is a Bitcoin, Ponzi,Pokemon in every 5-10 years and people never learn.

I prefer to step in AFTER the bubble bursts

Good thinking, although not all bubbles recover. Bitcoin probably will, unless some really big thing (government action, huge hacking scandal) happens.

and buy for a fraction like I did in Vegas 2 years ago in RE.

Thank you for the detailed tails of your adventures in RE, but we really don't give a shit.

You must really be an older guy posting this log in and out info. Completely useless, since you can read ET when you are logged off.

Anyway, good luck with the European bunny hunt!!

 

[Pekelo]

Quote from achilles28:

And its designed to be scarce. That's what underwrites its value -

This drives me crazy. People, stop saying Bitcoin is scarce. It is not. It is limited issue, but that doesn't mean scarce. You can not have a popular and usable currency that is scarce, that is an oxymoron. For a currency to be widely used it CAN NOT BE scarce!!!

You know what is a scarce currency? Roman gold coins from Jesus' times. That is scarce.

Bitcoin is 11 million times 10 million units, if that is scarce, you are a fucking moron. If BTC goes up much higher, people will have to start to use milicoins, because it has a 1/1000th value of the Bitcoin.

Now I hope we put this scarce notion into the ground...

P.S.: Oh yes, and its value is not coming from its rareness. It comes from its usability and acceptance and hype. That's it....

3 years ago when you couldn't use it for anything, nobody wanted it and it didn't have a hype, it was worthless...

 

[trade2live]

So let me get this straight , hype is value for you ?
You sound like a 21 year old addicted to his iPhone and social media.

you'd be a fool buying this stuff , did you see the chart ?
It's basically a (penny) internet stock.

 

[Banjo]

http://www.businessinsider.com/texas-family-we-sold-this-porsche-last-night-for-300-bitcoins-2013-4

 

[Pekelo]

Quote from trade2live:

So let me get this straight , hype is value for you ?

Get the facts of life son, hype creates value. Cabbage kids, Pokemon, Bitcoin, 90s stock market, whatever...

It doesn't matter if you like it or not, let's repeat with me, hype creates value. Now you could argue that it is just temporary, but sometimes even a good idea needs a little hype first to get off of the ground....

Just to clarify, by hype I also mean fads. Interestingly, Cabbage Patch kids is an excellent example:

"The doll brand went on to become one of the most popular toy fads of the 1980s and one of the longest-running doll franchises in America."

So first it was a huge fad/hype that gave it incredible value but nevertheless it actually had a lasting effect and became a very long running franchise...

http://en.wikipedia.org/wiki/Cabbage_Patch_Kids

"At the peak of their popularity the dolls were a must-have toy for Christmas.Parents across the United States flocked to stores to try to obtain one of the Cabbage Patch Kids for their children, with fights occasionally erupting between parents over the hard-to-find dolls."

"1983 - Cabbage Patch Kids were introduced with great fanfare at the International Toy Fair in NYC. By October, riots were occurring in stores around the country. The dolls made the cover of Newsweek before Christmas and stories of their success were heralded around the world."

It is/was a fucking ugly toy....People were paying extreme prices just to get them. Thus hype ADDED value....

 

[Algo_Design_Kid]

Quote from Pekelo:

Get the facts of life son, hype creates value. Cabbage kids, Pokemon, Bitcoin, 90s stock market, whatever...

It doesn't matter if you like it or not, let's repeat with me, hype creates value. Now you could argue that it is just temporary, but sometimes even a good idea needs a little hype first to get off of the ground....

Just to clarify, by hype I also mean fads. Interestingly, Cabbage Patch kids is an excellent example:

"The doll brand went on to become one of the most popular toy fads of the 1980s and one of the longest-running doll franchises in America."

So first it was a huge fad/hype that gave it incredible value but nevertheless it actually had a lasting effect and became a very long running franchise...

http://en.wikipedia.org/wiki/Cabbage_Patch_Kids

"At the peak of their popularity the dolls were a must-have toy for Christmas.Parents across the United States flocked to stores to try to obtain one of the Cabbage Patch Kids for their children, with fights occasionally erupting between parents over the hard-to-find dolls."

"1983 - Cabbage Patch Kids were introduced with great fanfare at the International Toy Fair in NYC. By October, riots were occurring in stores around the country. The dolls made the cover of Newsweek before Christmas and stories of their success were heralded around the world."

It is/was a fucking ugly toy....People were paying extreme prices just to get them. Thus hype ADDED value....

Yes, BTC are must have's for the holiday season. Grandma's are going out to purchase BTC for their grandchildren this Easter, throw a USB drive with 5 BTC on it in the basket for the kids.

I am beginning to think you are mentally retarded Pekelo.

 

[Pekelo]

Quote from Algo_Design_Kid:

I am beginning to think

...that you are intellectually dishonest, we already established. Denial of parabolic rise and shit. Now your inability to understand a simple example/analogy about hype just confirms the rest, that you are an idiot. Welcome to my Ignore....

And keep reading my posts, you might eventually learn something.... Like hype adds value.

 

[Algo_Design_Kid]

Quote from Pekelo:

...that you are intellectually dishonest, we already established. Denial of parabolic rise and shit. Now your inability to understand a simple example/analogy about hype just confirms the rest, that you are an idiot. Welcome to my Ignore....

And keep reading my posts, you might eventually learn something.... Like hype adds value.

Really?

Do I need to keep linking the logarithmic chart to shut you up?

Not to be mean, but you sound like my dad. "This is all a ponzi-scheme, blah blah blah." It seems the older you get, the more you know about new technologies and future implications and the less you need to research. Btw, I say this in all fun, because BTC could drop to $50 at any time.

But seriously, start thinking for yourself and research BTC.

 

[gmst]

Lets keep the discussion respectful here.

Pekelo - what was the Pokemon hype? Can you describe it a bit like you described the doll thing. thanks.

 

[achilles28]

Quote from Pekelo:

This drives me crazy. People, stop saying Bitcoin is scarce. It is not. It is limited issue, but that doesn't mean scarce. You can not have a popular and usable currency that is scarce, that is an oxymoron. For a currency to be widely used it CAN NOT BE scarce!!!

You know what is a scarce currency? Roman gold coins from Jesus' times. That is scarce.

Bitcoin is 11 million times 10 million units, if that is scarce, you are a fucking moron. If BTC goes up much higher, people will have to start to use milicoins, because it has a 1/1000th value of the Bitcoin.

Now I hope we put this scarce notion into the ground...

P.S.: Oh yes, and its value is not coming from its rareness. It comes from its usability and acceptance and hype. That's it....

3 years ago when you couldn't use it for anything, nobody wanted it and it didn't have a hype, it was worthless...

If the US Treasury capped the total supply of dollars at 21 million (digital and fiat) at it's inception, would the US Dollar be more scarce, or less scarce, then it is today? Real easy, isn't it?

Being divisible doesn't make something less scarce. Gold is divisible. Does that mean gold isn't scarce?? Palladium, silver, platinum and oil are nearly infinitely divisible. Does that not make them "scarce"? What is "scarcity"? Shall we have theoretical debate now about semantics?

The whole point, in colloquial terms, all these distinctions are relative. Bitcoin versus fiat. Scarcity versus plenty etc. And it's unnecessary to go any further than that, imo.

As for it's value, I think you drastically underestimate it's utility. There's alot more going on here, than people have grasped..