Bitcoin hits $100
- Thread starter lcver
- Start date
Why the fuck would idiots use bitpay when they can just accept bitcoins themselves??
This is a bubble LukeP's ass notwithstanding. My guess is that the major price jumps are from speculators. If I want to buy a legal product, why would I convert my dollars into bitcoins and then use them to buy the service. It's a hassle unless I'm mining coins.
So, from what I can tell the demand is coming from:
1. Speculators
2. People buying illegal items
3. Money laundering
If something like e-gold, which was actually backed by physical gold and superior to BTC, can get shut down by the Feds, I don't think bitcoins have a Chinaman's chance as they say. This mania is being propelled by the Greater Fool theory.
So, from what I can tell the demand is coming from:
1. Speculators
2. People buying illegal items
3. Money laundering
If something like e-gold, which was actually backed by physical gold and superior to BTC, can get shut down by the Feds, I don't think bitcoins have a Chinaman's chance as they say. This mania is being propelled by the Greater Fool theory.
(O_o)
H̨̼̩͐̑͆̀̚&
I'll be buying myself a car with BTC->USD soon. i'm not trying to evade any taxes.
and then 1000 gay strippers.
speculation is backed by real things happening with BTC. more every day. its not just crap being pulled out of thin air.
expect rises and falls. i'm in it for the long haul.
The money laundering/illegal buying shit is only the slant the government puts on it to make it seems 'bad'. you think people dont launder and buy drugs with USD/EUROS? Lol
and then 1000 gay strippers.
speculation is backed by real things happening with BTC. more every day. its not just crap being pulled out of thin air.
expect rises and falls. i'm in it for the long haul.
The money laundering/illegal buying shit is only the slant the government puts on it to make it seems 'bad'. you think people dont launder and buy drugs with USD/EUROS? Lol
(O_o)
H̨̼̩͐̑͆̀̚&
100% speculator + already hedged myself against what i initially invested into btc by selling some off.
I both support the use of BTC on my websites and own some.
I would love to see PayPal/Online payment empire get diminished by something like btc.
I both support the use of BTC on my websites and own some.
I would love to see PayPal/Online payment empire get diminished by something like btc.
Man, it's been crazy since then:
I don't think these are all just hoarders, do you?
Watch the damn video, pewep. Their service is vastly superior to any other payment service ever imagined.
Unless....
1. You already had bitcoins from when someone paid you in them.
2. You prefer to stay anonymous.
3. You prefer the merchant or can't find the product elsewhere.
4. You prefer the Bitcoin economy to the shitty one you're forced to use otherwise.
5. You just want to see the Fed die and freedom win.
Meanwhile, merchant solutions make it more and more painless every single day. Watch that bitpay vid.
That $4 Million USD worth of sales in March to legal product merchants wasn't on your list, bro.
You're welcome to your opinion, but I'm sticking to mine. (Today's news did made me move #6 into the #5 position.) You're the one who passes up the chance of a lifetime, however.
Um, didn't you get the memo, bro? E-gold had a central office! It was POSSIBLE to shut down e-gold, so the feds did so.
There are well over a million miners now scattered around the world. Let's see the US feds shut us all down. :thumbsup:
The exchanges are the weakest link. When the gov't shuts those down, the mania will die. It's not hard to shut them down because they have to use the financial system somehow. Unless, you're going to put dollars in envelopes to buy BTC and send them in the mail to mail drops or they're going to put dollars in envelopes when you want to cash out, which I don't see happening.
When BTC becomes unconvertible, who will want them? Are you going to use your BTC to buy a domain, weed, etc and then sell that to someone with cash, so you can convert your BTC into dollars? At that point, BTC will become Pain in the Butt Coin (PBC).
Ok, let's do this.
Mt.Gox is the weakest link, since they moved to silicon valley. Yes, taking them out would be bad indeed, but certainly not fatal... All old-school coiners and all miners already are very nervous about how big that one exchage is and try to boost the others with their business daily.
The rest of the major exchanges aren't even on US soil. A simple proxy would allow murikans to exchange on them if the iron curtain came down soon on the ISPs. (And if not soon, then we'll all have mesh networking anyway and BE our own ISPs.)
Then there are the minor exchanges, including the Over-The-Counter exchanges that would prove pretty hard to kill...
And after that line of defense, you've got a cubic fuckton of what I call Cash Uploaders... The very services that the fed wanted to go after in the first place, many impossible to stop.
Some of these are as simple as an app that shows people with bitcoins near your geolocation ready to trade. Every day more people get in on this parade, offering new solutions for cash uploading.
Assuming a full prohibition-like law to shut down the US Exchange and businesses doing business in bitcoin only, then sure, the mania would die down a bit, but then the resentment towards our government for flat-out stealing our wealth would grow... And not just within the wealthy few, either.
Think about it for a second... We'd still all have access to bitcoin, we'd still all have our wallets, but suddenly the government is being a big meanie and saying "we'll jail anyone who takes them."
Do you think that went over well with Prohibition? At least with Alcohol, they could say "we're just doing it to save you" -But with bitcoin it will be screaming out" "we're just doing it to save ourselves."
Not gonna work. It'll likely backfire on them bigtime.
That is my concern as well. Everything relies on the exchanges to put money in or out. I feel that if at one point some severely negative news comes out regarding BitCoins that with the amount of peopletrying to exchange the Bitcoins into their currency will overwhelm the exchanges. This would lead to very slow processing, would leads to more panic. That will drop prices even more.
Too much hinges on the exchanges.
Thanks bro! When does she arrive? :338:Just for Luke and his love of bitcoins.
No, the government will just regulate it, like they do everything else. For example, if you want to be a BTC exchange, you have to follow proper tax reporting and KYC laws. If you don't, your domain gets seized, you get thrown in jail, and slapped with a multi-million dollar fine.
They already did that, Matt. Bitcoin prices have soared since then, presumably because bitcoin is more Legit with uncle sam now.
This thread reminds me of time a buddy of mine who was knee deep in Iomega stock. I think he had about $700k in stock from a tiny investment of $10k or whatever. Nothing I said to him could penetrate his noggin. He rode the market down and still managed to make at least a hundred thousand but his ass was sore. Sorta like someone shoved a fistful of butt coins in there.:moon: To this day, he won't talk stocks with me.
It also reminds me of an ex-boss I had. He had to buy real estate because everyone else was. He just had to get in! I told him he would regret it. Well, his condo lost about 50% in value and was short sold about two years ago.
Greed and stupidity are a lethal combination.
It also reminds me of an ex-boss I had. He had to buy real estate because everyone else was. He just had to get in! I told him he would regret it. Well, his condo lost about 50% in value and was short sold about two years ago.
Greed and stupidity are a lethal combination.
