BITCON... WHY its totally FLAWED

stellaconcepts said:
If bitcoin fall in value, everyone loses.... since only 0.5% of bitcoin users actually spend their bitcoins on stuff....everyone is in for the speculation.
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Absolute crap, track yourself down some transaction volume charts that don't include Satoshidice and Exchanges.

Not only are they already good volumes they are increasing sharply.

Being a pro trader doesn't make you an expert on the Bitcoin economy, as you are not planning on trying to profit from it you would invest very little time in researching it and your lack of knowledge shows.

Once an exchange invests in some decent DDoS protection, thats a non-issue.

...oh and thanks for pointing out the arb opportunities, no-one has ever mentioned them in this thread. :lol:
 
stellaconcepts said:
Some people must be laughing so hard...? What about those that bought at 266? Crying so hard?

What about those that have had 100's of thousands stolen from them, with no recourse?

What about those that accepted bitcoins as payment, only to have it halved in price as soon as they make a sale?
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1- Yes, hopefully they weren't stupid enough to invest more than they could afford to lose.
2- Stolen is the wrong word, people have been being taxed for their stupidity for a long time.
3- A risk they took, I'm sure the pizza shop that accepted 10,000 bitcoins for $25 of pizza doesn't regret it.
 
RetardedMonkey said:
You say that like 99% of people in Silver are in it for when doomsday is here.

Everyone is in most things for speculation.
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Is it speculation if people are just trying to preserve buying power? Rather than counting on it going todamoon tomorrow?
 
I also enjoyed the reference to trading multi-bagger penny stocks being smarter than trading BTC. :lol:

Most of the time it's the exact same concept, punting money on something that might hold value, or it might not. How many of those pumps crash just as hard, probably 99.5% since you love that figure so much.

stellaconcepts, you are a crack up, this coming from someone who currently holds no BTC, and has lost no money on BTC.
 
col0016 said:
Is it speculation if people are just trying to preserve buying power? Rather than counting on it going todamoon tomorrow?
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Oh come on, 1% of people in silver are trying to preserve buying power.

The rest are trying to make money.

Only need to look at how many people trade SLV.
 
RetardedMonkey said:
col0016 said:
Is it speculation if people are just trying to preserve buying power? Rather than counting on it going todamoon tomorrow?
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Oh come on, 1% of people in silver are trying to preserve buying power.

The rest are trying to make money.

Only need to look at how many people trade SLV.
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I thought you meant on this forum, my mistake.
 
Silver is speculation. Yes. No denying that.

The difference between bitcoins and silver is one that is quite simple, yet overlooked.

Bitcoin is touted as a CURRENCY. Currency should never be a tool for speculation. A good currency is one that is a UNIT of ACCOUNT. not $30 one minute, $250 the next, $65 the next... its an absolute joke.

Silver is not being touted as a currency (and when it was - its price was way more STABLE than it is even now)

Those speculating on bitcoins at the same time calling it a currency is oxymoronic beyond compare.
 
stellaconcepts said:
Bitcoin is touted as a CURRENCY. Currency should never be a tool for speculation. A good currency is one that is a UNIT of ACCOUNT. not $30 one minute, $250 the next, $65 the next... its an absolute joke.

Silver is not being touted as a currency (and when it was - its price was way more STABLE than it is even now)

Those speculating on bitcoins at the same time calling it a currency is oxymoronic beyond compare.
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Whilst this is true as of late, the price has been relatively stable for the previous 2 years and it functioned very well, I can say that as a participant in it's use as a currency.

Bitcoin is in it's infancy, it won't always be full of speculators.
 
stellaconcepts said:
I am just so shocked that the silver staking world is getting swept away with bitcoin... shame on all of you who are into bitcoin and have ever bagged out the financial system running this world... you are oppo-sames. I make a living from trading, but I do so with reason, fundamental analysis and logic. All you guys who think you can buy bitcoins on the dips and ride it to infinity are deluded most extreme.
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It's just plain common sense.

What I love about this little mania is that it's making obvious who's a Bozo, and who's actually a serious operator.

People really seem desperate to make a lousy buck. You can sense it by how emotional they get about Bitcon.
 
I'm sure when some fool first picked up a shiny rock and decided it would make a good currency he was laughed at too. :lol:

Interesting how times change.
 
It's only just getting started. A fact that's been pointed out multiple times by many people. There is no depth.

What it is is something completely different and far superior to all other currencies out there. And yes, superior to gold.

Those of us who recognise how trade works and the internet market works realise btc is necessary and there was an opportunity to get in extremely early. It's not a penny stock. There is no management. It's something that's never been seen before.

At current prices I'm still at an almost 1000% profit on the majority on my bitcoins in less than a year.

It will become a viable currency but it has to gain acceptance first. It's not something that can be legislated down people's throats and then counterfeited at will.
 
stellaconcepts said:
Bitcoin is touted as a CURRENCY.
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Sorry, still not seeing where you're going with all of this.

currency (krn-s, kr-)
n. pl. currencies
1. Money in any form when in actual use as a medium of exchange

If I give my carpenter 2oz of silver for some work he does, it's considered a currency, correct? a medium of exchange after all.

So silver can be both speculative and regarded as a currency.
 
hawkeye said:
What it is is something completely different and far superior to all other currencies out there. And yes, superior to gold.
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It can be shut down by the banksters tomorrow if they want. never forget that they own the internet.

This is their system, you just live in it.

Gold they didn't make, and they can't switch off.
 
valuecreator said:
It can be shut down by the banksters tomorrow if they want. never forget that they own the internet.
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...I'm speechless...I really am...

Peer to peer, google it.


RetardedMonkey said:
Anyway, I'm done. No point trying to teach old dogs new tricks.
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Me too, the level of strong opinions based on incorrect information here is astounding.
 
hawkeye said:
It's only just getting started. A fact that's been pointed out multiple times by many people. There is no depth.

What it is is something completely different and far superior to all other currencies out there. And yes, superior to gold.

Those of us who recognise how trade works and the internet market works realise btc is necessary and there was an opportunity to get in extremely early. It's not a penny stock. There is no management. It's something that's never been seen before.

At current prices I'm still at an almost 1000% profit on the majority on my bitcoins in less than a year.

It will become a viable currency but it has to gain acceptance first. It's not something that can be legislated down people's throats and then counterfeited at will.
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Why are you in a precious metal forum then? You are just looking for arguments with that statement. Go to the bitcoin forum and air your support there; god knows they need it now.
 
pro$pector said:
stellaconcepts said:
Bitcoin is touted as a CURRENCY. Currency should never be a tool for speculation. A good currency is one that is a UNIT of ACCOUNT. not $30 one minute, $250 the next, $65 the next... its an absolute joke.

Silver is not being touted as a currency (and when it was - its price was way more STABLE than it is even now)

Those speculating on bitcoins at the same time calling it a currency is oxymoronic beyond compare.
Click to expand...

Whilst this is true as of late, the price has been relatively stable for the previous 2 years and it functioned very well, I can say that as a participant in it's use as a currency.

Bitcoin is in it's infancy, it won't always be full of speculators.
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I get that... but do you not feel that because a currency CAN be unfunctional (as it is now) that it isn't a currency at all?
 
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