Bitcoins - digital currency - Page 1345 - Business, Finances and Investing Forum

Imagine a world where everyone is just fed up with fiat/government money and they stop using it and just move to bitcoin. All the fiat just ends up on the streets as paper garbage.

So there are no governments and we have descended into anarchy?

Also, you do realize that money is an idea, not those pieces of paper/plastic. Don't you?

Quote

07-17-2019 , 05:43 AM

#33602

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by Didace

S

Also, you do realize that money is an idea

God no, the money is a shared illusion argument.

Why did several cultures end up with gold as their monetary unit, without exchanging between each other? If money is just an idea, the odds of that happening are non-existent.

If you say stuff like this it's so obvious you're a noob on this subject.

Quote

07-17-2019 , 06:05 AM

#33603

Jsmith27

banned

Join Date: Jun 2019 Posts: 3,984

"First they ignore you, then they laugh at you, then they fight you, then you win."

Quote

07-17-2019 , 07:00 AM

#33604

despacito

old hand

Join Date: Nov 2018 Posts: 1,369

Quote:

Originally Posted by de captain

Bitcoin can't moon on speculation alone.

Are you saying that price increases to date have been based on something other than pure speculation?

Sure there are some real-world applications of bitcoin but at this stage they are a tiny sliver of the pie.

Quote:

Originally Posted by RT

There will always be things like localbitcoins and forex, but your average person isn't going to want to go that route, just like your average fish didn't want to jump through extra hoops after the UIGEA.

LocalBitcoins no longer supports cash trades fwiw. Presumably for regulatory reasons.

Quote

07-17-2019 , 08:14 AM

#33605

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

Nobody used the LocalBitcoin escrow system for cash trades anyway - they just found each other on LBC and then did the trade in person. This is still happening, as I did a small trade last week meeting someone from LBC. Most people have in their profile that they do cash trades (who did it before), so the "ban" means nothing.

Also, TS has to be F5'ing furiously hoping for an 8k print for his triumphant return.

Quote

07-17-2019 , 09:07 AM

#33606

despacito

old hand

Join Date: Nov 2018 Posts: 1,369

Quote:

Originally Posted by protonewb

Interesting take.

It always seemed too sketchy to me but I can see potential utility. For example it might be convenient if you were traveling and wanted to avoid getting reamed on exchange rates, fees and delays.

Quote:

Originally Posted by protonewb

Also, TS has to be F5'ing furiously hoping for an 8k print for his triumphant return.

Was there a timeline to that prediction? Kind of meaningless without one.

Quote

07-17-2019 , 09:10 AM

#33607

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

Quote:

Originally Posted by despacito

Was there a timeline to that prediction? Kind of meaningless without one.

lol, of course not.

Quote

07-17-2019 , 09:15 AM

#33608

ToothSayer

Carpal \'Tunnel

Join Date: Jul 2015 Posts: 13,237

Quote:

Originally Posted by protonewb

Also, TS has to be F5'ing furiously hoping for an 8k print for his triumphant return.

Quote:

Was there a timeline to that prediction? Kind of meaningless without one.

It wasn't a prediction, leaving was a kindness to the bulls who went ape **** when I picked the top and bitcoin crashed within an hour and never recovered.

Quote

07-17-2019 , 09:45 AM

#33609

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 51,682

TS please let us know when stage 6 of ponzi wave is starting to form.

Quote

07-17-2019 , 09:48 AM

#33610

jbouton

banned

Join Date: Jul 2019 Posts: 3,906

Quote:

Originally Posted by Didace

So there are no governments and we have descended into anarchy?

Also, you do realize that money is an idea, not those pieces of paper/plastic. Don't you?

Im not suggesting this scenario will be the reality. Its just a thought experiment to show that the fate of bitcoin's price is not based on the amount of traditional money exchanged for it.

Quote:

Originally Posted by RT

There's your problem.

No there isn't a problem with what I am explaining. It is not correct to assert the value and price of bitcoin is a function of the money exchanged for it. Many other factors drive its market valuation and it is internationally held such that local policy decisions about on/off ramps can't affect the international market value to any significant degree.

Quote

07-17-2019 , 09:50 AM

#33611

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by ToothSayer

It wasn't a prediction, leaving was a kindness to the bulls who went ape **** when I picked the top and bitcoin crashed within an hour and never recovered.

Lol, "NEVER" recovered. It's been less then a month since the drop and has 5 previous up months in a row and it's "never recovered".

Most of us here are long term investors. We'll see where we are at in 5 years to see if it's "never recovered". It'll have halved twice by then and have more demand. You keep worrying about what happened last minute, I'll look at the big picture.

Also in BTC you have to look at the lows, not the highs. With your attitude, BTC could shoot to 100k next month and crash to 20k and you'll think you have been right about it. Just like it went from 3500 to 13k and now it's NEVER RECOVERED at 9k. LOL

Last edited by onemoretimes; 07-17-2019 at 09:58 AM.

Quote

07-17-2019 , 10:19 AM

#33612

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,391

Quote:

Originally Posted by CoolTimer

If you say stuff like this it's so obvious you're a noob on this subject.

I've worked in finance for over 30 years. So I'm not a noob. I might be wrong, but I'm not.

If money is not an idea, as opposed to a physical thing, explain bitcoin? Where can I get my hands on some? I mean, actually holding it in my hands.

Quote

07-17-2019 , 11:34 AM

#33613

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by Didace

Being an economist for more than 30 years actually makes it way more likely you have no idea what you're talking about. It's really hard to unlearn stuff pounded into you for 30+ years.

I have no idea what you mean with the 2nd part. Are you saying that money NEEDS to be physical?

Quote

07-17-2019 , 12:07 PM

#33614

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,391

Quote:

Originally Posted by CoolTimer

I have no idea what you mean with the 2nd part. Are you saying that money NEEDS to be physical?

No. The exact opposite.

Quote

07-17-2019 , 01:22 PM

#33615

jbouton

banned

Join Date: Jul 2019 Posts: 3,906

Quote:

Originally Posted by CoolTimer

Being an economist for more than 30 years actually makes it way more likely you have no idea what you're talking about. It's really hard to unlearn stuff pounded into you for 30+ years.

This is not a good way to view things. Most bitcoiners think this is the truth. Economists dont understand mobey and the satoshians do. Economics perfectly explains the bitcoin phenomenon we are witnessing

Quote:

I have no idea what you mean with the 2nd part. Are you saying that money NEEDS to be physical?

Money is that which is held by the actions of propriety. It certainly doesn't need to be physical\tangible. I think this is what didace is getting at.

Quote

07-17-2019 , 02:30 PM

#33616

btc

Challah Atcha

Join Date: Dec 2017 Posts: 2,576

Quote:

Originally Posted by Jsmith27

"First they ignore you, then they laugh at you, then they fight you, then you win."

You think you're the upside of that statement?

You ignore regulations, then you laugh when the price is up, then you juice it when it won't moon and regs coming, then... Yea

Quote:

Originally Posted by despacito 6-27-2019

No. It means you're a degenerate. But if it was on Full Tilt or Ultimate Bet, then it was a Pongenzi.

BTC likely to hit $30,000 within 3 months. $50K not unlikely. $100K possible but unlikely.

Want to combine this into a teaser with your level 5 prediction

Quote

07-17-2019 , 03:11 PM

#33617

despacito

old hand

Join Date: Nov 2018 Posts: 1,369

Quote:

Originally Posted by btc

Want to combine this into a teaser with your level 5 prediction

had high hopes for you based on your sn, how can you even joke about betting on the downside?

Last edited by despacito; 07-17-2019 at 03:18 PM.

Quote

07-17-2019 , 03:32 PM

#33618

btc

Challah Atcha

Join Date: Dec 2017 Posts: 2,576

Quote

07-17-2019 , 03:42 PM

#33619

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 51,682

Lol @ ppl in thread that think aml/kyc regulations enforced on crypto = bad news, moon over.

Quote

07-17-2019 , 03:49 PM

#33620

btc

Challah Atcha

Join Date: Dec 2017 Posts: 2,576

And I see you still think that's what regulations mean. How can you be serious hodler and not understand the fundamental breakdowns that result from the recommendations in that memo? It's beyond you trivializing kyc, which is only a barnacle to what is in there. Do your homework and stop copying from something you read on a crypto advocate's website. When the gov is talking about national security threat, protect the $, and sanctions in the same presser, do you think its encouraging for speculators? Shouldn't that give you pause to go find out about what exactly could happen and develop an exit strategy? And when given the information, should you ingest it on your own or let mama bird chew the food for you?

Last edited by btc; 07-17-2019 at 03:58 PM.

Quote

07-17-2019 , 03:58 PM

#33621

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 51,682

I'm talking to 3 congressmen in DC tomorrow about this. I'm abundantly positive I'm far more knowledgeable in this space than you.

Quote

07-17-2019 , 04:05 PM

#33622

btc

Challah Atcha

Join Date: Dec 2017 Posts: 2,576

then with all due respect, you seem ignorant for someone so well informed

Quote

07-17-2019 , 04:05 PM

#33623

de captain

Pooh-Bah

Join Date: Mar 2008 Posts: 5,514

Quote:

Originally Posted by housenuts

I'm talking to 3 congressmen in DC tomorrow about this. I'm abundantly positive I'm far more knowledgeable in this space than you.

Please ask them this question:

Quote:

Originally Posted by housenuts

...Why isn't USD prohibited? It has funded exponentially more drugs, terrorism and other illicit activities than crypto...

Quote

07-17-2019 , 04:08 PM

#33624

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 51,682

Lol captain. You missed the context on that post.

Quote

07-17-2019 , 04:09 PM

#33625

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,391

Are you going to share this?

Quote:

Originally Posted by housenuts

Bitcoin will be harder to ban than the Federal Reserve. Bitcoin is at least constitutional.

Quote

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