BitCoin - Real or a fools errand?

bigdirty

Senior Chief Petty Officer
Joined
Oct 4, 2013
Messages
652
Re: BitCoin - Real or a fools errand?

I never will understand how some folks assume that because someone doesn't want the government (of any country) tracking their money and what they do with it they are automatically "unfavorable".

Oh no no no, not at all what I was saying.. all toads are frogs, but not all frogs are toads... (or something like that? :laugh:)

I don't assume all people who don't want their money tracked are criminal or unfavorable, but with such a system it is bound to have a few people using it for or in 'not so legit' ways... just like people tend to do with un-emplyment benefits, welfare, or insurance systems.... but compared to the ones i just listed, bitcoin just seams a lot easier to manipulate for the criminal minded IMO.
 

bigdirty

Senior Chief Petty Officer
Joined
Oct 4, 2013
Messages
652
Re: BitCoin - Real or a fools errand?

Just curious what others think of BitCoin and what you base your view on.

Well, its just what i think of it is all.. :laugh: ...you asked..

My view on it is based only on my own 'surfings' of the internet, and it always seams that a lot of people are 'using' bitcoins (trading, asking to be paid for in or selling something for $X bitcoins) for possibly less than legal stuff, as it isn't as easily 'traceable' like a credit card or paypal.
 

southkogs

Moderator
Staff member
Joined
Jul 7, 2010
Messages
14,935
Re: BitCoin - Real or a fools errand?

Hmmmm ... the plot thickens: saw THIS today. Don't really know what to make of it, but there ya' have it.
 

angus63

Captain
Joined
May 20, 2002
Messages
3,726
Re: BitCoin - Real or a fools errand?

Seems to me BitCoins are morphing into Willkie Buttons...
 

dolluper

Captain
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Jul 19, 2004
Messages
3,904
Re: BitCoin - Real or a fools errand?

Well I bought some bit coins for 50 bones each ........bought a 57 chevy for 100 bit coins.......so I did well......appraised value 26,000....now bank owner in China killed worth not much went up to close to a grand per figure that .....and so called founder in Cal.....very modest......no billions
 

JustJason

Vice Admiral
Joined
Aug 27, 2007
Messages
5,320
Re: BitCoin - Real or a fools errand?

To me it's a long term scam/long term Ponzi.

Imagine your a person, and you want to scam people, you sell them a product that does not exist, just like Bernie Madoff. Or rather, sell them a product that you just made up out of thin air, ala credit default swaps via goldman sachs. So your this person and you want a get rich quick scheme for yourself. What better way to do that than to "print your own money", such as bitcoin. If you are the guy(s) that came up with this, people are handing money over to you hand over fist for something you created on a computer. It's pretty genius if you ask me. Eventually the house of cards will fall if the coin gains any real traction, or starts to threaten the FED, or when the US and EU bans them. Just like any other Ponzi, some people will make themselves a decent return in the interim. But more people will loose, than win. To me, I would rather have 100$ cash in my pocket, then some fraction of a bitcoin sitting in an institution that is not an FDIC insured actual bank.
 
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