Why Bitcoin Is Worthless: The Definitive Guide

Nighthawk said:
So, 3 years ago, Bitcoins have been worth how much in "fiat money terms"? Actually, investors give a $HIT about the worth of "Bitcoins". All they look after is to become rich millionaires in fiat money terms...I don´t know ANYBODY who keeps his Bitcoin wealth in Bitcoins....

All of them "convert" their wealth back into fiat money.

That´s their way of "value storage".

A bunch of TOTAL BULLOCKS! Why don´t these clowns keep their wealth in Bitcoins if they are SO, SO, SO convinced about the blockchain technology.

Bunch of hypocritical liars!
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Good points Night hawk; but dont forget about the Chicom bitcon investors, woke up + found out no redemptions for bitCon. Spell checker not used.LOL. Glad to hear Fidelity allows bitCon in thieir cafe.LOL [ Make sure to buy a bunch more bitCons , in case the bitCon price drops 80-100% during your Fidelity cafe burger meal]

IF ONLY i had enough sense to buy overpriced tulips, in a mania ; @ least i would have good looking flower$ after the mania crash LOL .Some said it keeps going up; but that's nothing-- the Lotto goes up much, much more, unless you live in ILL, they did not pay for a lot of overdue state bills LOL. I asked a lotto buyer, in line @ BP gasoline /food mart. ''Ever won any thing ??'' No the lotto buyer said, but i have come close to winning ''LOL-LOL:D:cool::caution::caution:
 
Visaria said:
Can you explain this a bit further pls? Sounds a bit strange.
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Right now the situation looks like this either btc goes to 30k ? or btc goes to 0
x % chance bitcoin goes from 4k to 10? even 30k, that's a 6.5x return
1-x% chance bitcoin goes to < 1 or 0 that's a min 4000x return if you short it.
how much do you think that x is ? let's just try 50%
your probabilistic gain is 3.25x if you go long or 2000x if you short it.
Heck, even if x was 90% which it def is not
your gain would still look like 5.85 vs 400
hence my temptation to short it if i had 1k to spare.
 
I wonder if people who accept Bitcoin as payment for a service actually report that as income. This is a near perfect currency for the underground economy.
 
Covertibility said:
I wonder if people who accept Bitcoin as payment for a service actually report that as income. This is a near perfect currency for the underground economy.
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90% of them cashes out right away to avoid currency loss, very few like Overstock keeps it on the books

What most fan don't get is that a fastly appreciating currency encourages holding, what is obviously not good for the function of currency, namely the exchange of value...
 
Pekelo said:
90% of them cashes out right away to avoid currency loss, very few like Overstock keeps it on the books

What most fan don't get is that a fastly appreciating currency encourages holding, what is obviously not good for the function of currency, namely the exchange of value...
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is there any view on which conditions could permit a stabilization of the price ?
 
NominalSpeculator said:
they don't but the IRS is on their back.
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IRS on their back because they can not tax it when its used for payment of service ?

I think there's a 20k exempt threshold. Although I'm not sure how the IRS handles someone doing business in Bitcoin and then wants to "deduct" their expenses involving Bitcoin.

Seems like one of those things where the government right now can say..."we're going to tax you but you're not allowed to make any deductions for doing business in Bitcoin". :D
 
How would the IRS know if you're collecting Bitcoin via a wallet if you never cash it in? I don't think they have the resources (or legal right?) to follow everyone's wallet or transactions along the blockchain. This is an interesting topic.
 
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