Bitcoins - can I get rich? ponzi scheme?

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Krieg
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Krieg »

featherboa wrote:
Krieg wrote:Cloth diapers, I assume.
I'm pretty sure we already discussed this. But we don't buy them from amazon I don't think. Also I already have a million.

"Diapers" as symbol, not necessarily accurate in this context.
Are you drunk?
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Re: Bitcoins - can I get rich? ponzi scheme?

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i have vouchers for
http://wdc.rapidballs.eu/
and
http://btc.rapidballs.eu/

basically free plays
just post a BTC or WDC receive address
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Re: Bitcoins - can I get rich? ponzi scheme?

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yes i think he's drunk, i don't understand what he's saying
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Re: Bitcoins - can I get rich? ponzi scheme?

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quark is on the rise, and has a lot of room to do so.
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Re: Bitcoins - can I get rich? ponzi scheme?

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Honky Kong 64 wrote:I use this daily and it scrobbles my Lil B songs just fine?
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Jerrod »

Did you guys hang on to your coins? The price has been hovering around $900 all week, then suddenly dropped below 700 today. I'm thinking about buying a couple when the price drops below $500 again.
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Re: Bitcoins - can I get rich? ponzi scheme?

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Jerrod wrote:Did you guys hang on to your coins?
Unfortunately not. I sold almost everything when they were around 200 EUR thinking it was a good move. I indeed made like 5 times my initial investment but I could make much more if I waited until they were like 1000 EUR, I would have enough money to buy a nice brand new car. LOL

Now I have that nonsense mental block telling me it wouldn't make sense to buy unless they go down a lot. But then why would I buy something that is crashing?
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Jerrod »

Krieg wrote:
Jerrod wrote:Did you guys hang on to your coins?
Unfortunately not. I sold almost everything when they were around 200 EUR thinking it was a good move. I indeed made like 5 times my initial investment but I could make much more if I waited until they were like 1000 EUR, I would have enough money to buy a nice brand new car. LOL

Now I have that nonsense mental block telling me it wouldn't make sense to buy unless they go down a lot. But then why would I buy something that is crashing?
Because with the amount of money that people and companies are pumping into Bitcoin, and the instability, it's likely that it would bounce back. Like I said, I'm just waiting for it to drop below $500 on Bitstamp before I make an investment. Bummer you didn't keep your coins!
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by featherboa »

I didn't keep them...
I put most of them in worldcoin

heh heh heh
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Zap Rowsdower »

Jerrod wrote:
Krieg wrote:
Jerrod wrote:Did you guys hang on to your coins?
Unfortunately not. I sold almost everything when they were around 200 EUR thinking it was a good move. I indeed made like 5 times my initial investment but I could make much more if I waited until they were like 1000 EUR, I would have enough money to buy a nice brand new car. LOL

Now I have that nonsense mental block telling me it wouldn't make sense to buy unless they go down a lot. But then why would I buy something that is crashing?
Because with the amount of money that people and companies are pumping into Bitcoin, and the instability, it's likely that it would bounce back. Like I said, I'm just waiting for it to drop below $500 on Bitstamp before I make an investment. Bummer you didn't keep your coins!
Bitcoin is trading at $200 now. It dropped that much since the day opened. You sure you want to put money into something plummeting so fast?

The elevated prices were the result from a regulatory arbitrage opportunity. People with billions in technology and information at their disposal seized the opportunity to ripoff opportunistic neckbeards before regulators started snooping around. Basic fundamentals suggest trusting currencies backed by a sovereign over the kind protected by a server.
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Re: Bitcoins - can I get rich? ponzi scheme?

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Zap Rowsdower wrote: Bitcoin is trading at $200 now.
Around $700 at the moment. From where are you getting those exchange rates? I want to buy.
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Re: Bitcoins - can I get rich? ponzi scheme?

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I'll take some $200bux coin too
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Re: Bitcoins - can I get rich? ponzi scheme?

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Krieg wrote:
Zap Rowsdower wrote: Bitcoin is trading at $200 now.
Around $700 at the moment. From where are you getting those exchange rates? I want to buy.
D'oh. Everything I read says "falls $200," not falls to. :fp:

Notwithstanding, way too much volatility for something that's inherently worthless and backed by Reddit speculators. The price was at $200 a month ago.
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Re: Bitcoins - can I get rich? ponzi scheme?

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Zap Rowsdower wrote: Notwithstanding, way too much volatility for something that's inherently worthless and backed by Reddit speculators. The price was at $200 a month ago.
Because real money is not inherently worthless? or because gold or diamonds are not worthless?

I am not really a pro-BTC guy, but those arguments are very poor. Things are valuable because we decide to believe they are valuable, not because they are "backed" by something.
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Re: Bitcoins - can I get rich? ponzi scheme?

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not sure if this is the right place to post, but I just saw this mind-expanding documentary...

>http://www.youtube.com/watch?v=k3Ya5qiiW6k<
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good thing I'll be dead soon, cause I'm tired of liars winning
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Zap Rowsdower »

Gold and diamonds do have commercial and industrial end use. I recognize how tenuous such end use is in relation to market value, but there is still demand for them outside of financial speculation. USD, RMB, EUD, JPY et al. yes all are inherently worthless, but their values are at least tied to the economic output of the underlying country. They're "backed" by an expectation that what we value will continue to be valuable (i.e. there will be continued demand for precious metals and buillion; countries will continue to exist and produce).

Even if these are poor arguments, there's better reason to trust the value behind such assets than there is for bitcoin. I just don't see much viable value in bitcoin beyond its secretive nature. This can easily be killed by governmental regulation, which is becoming all the more likely.
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Re: Bitcoins - can I get rich? ponzi scheme?

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because regulation is feasible...
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Re: Bitcoins - can I get rich? ponzi scheme?

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Zap Rowsdower wrote:They're "backed" by an expectation that what we value will continue to be valuable (i.e. there will be continued demand for precious metals and buillion; countries will continue to exist and produce).
Just like BTCs are "backed" by the cost of the electricity invested in mining them. Most things are backed but other things that have no intrinsic value either. There is really no difference, money, gold, diamonds, silver, houses, shares, etc, they are all really backed by what we believe.
Zap Rowsdower wrote: Even if these are poor arguments, there's better reason to trust the value behind such assets than there is for bitcoin. I just don't see much viable value in bitcoin beyond its secretive nature. This can easily be killed by governmental regulation, which is becoming all the more likely.
How is BTC something secretive? BTC is fully open source, anyone can buy them, sell them, mine them, etc without the intervention of any "official" entity. Everything you need to fulfill a BTC transaction is the 3 people, the one with the BTC, the one who wants to get the BTC and the one who will facilitate the transaction. So as long as there is one person doing the transaction BTC will be alive, and that person can be just a plain normal user. So how are governments going to stop that?

I can understand people being afraid of putting big amounts of high earned dollar bux on BTC, but at the end of the day it is just a very volatile currency, it is not magic and it is not a scam. It is just very risky.
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by badgevvrecker »

but money must be backed by jewelrystuff or people with militaries!
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Krieg
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Krieg »

Money is made out of thin air, money it is just numbers in the computer bank. Every time someone loan money from the bank they just write a new balance in your account with the money you loaned, just like that. It is backed up by Jew magic.

Edit: BTW, the BTC prices are crashing right now.
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Re: Bitcoins - can I get rich? ponzi scheme?

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truly hope you aren't responding to my sarcasm with stuff that anyone who reads about money knows.
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Jerrod »

Krieg wrote:Edit: BTW, the BTC prices are crashing right now.
BTC China is getting hammered by the Chinese government, but they're still operational and looking for ways of sidestepping the latest rulings. If they can figure a way to recharge accounts without using yuan, prices will shoot back up. I'll be watching closely the next few weeks.
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Thrashmaster Flash »

Now is definitely a good time to get either filthy rich or 100% stone-cold broke, but I'm not sure which! I'm actually considering buying some of these damn things after the current crash, but I'm a little too risk-averse, I think. If you could flip these things really fast (maybe you can; I don't know because I know approximately jack shit about investing), then I think you could very reasonably make some big returns in the next day or two.
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by Zap Rowsdower »

Krieg wrote:
How is BTC something secretive? BTC is fully open source, anyone can buy them, sell them, mine them, etc without the intervention of any "official" entity. Everything you need to fulfill a BTC transaction is the 3 people, the one with the BTC, the one who wants to get the BTC and the one who will facilitate the transaction. So as long as there is one person doing the transaction BTC will be alive, and that person can be just a plain normal user. So how are governments going to stop that?

I can understand people being afraid of putting big amounts of high earned dollar bux on BTC, but at the end of the day it is just a very volatile currency, it is not magic and it is not a scam. It is just very risky.
I mean the people who use them generally do so for secretive, off-the-grid purposes (i.e. child porn, drugs, money laundering, and tax evasion).
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Re: Bitcoins - can I get rich? ponzi scheme?

Post by featherboa »

Thrashmaster Flash wrote:Now is definitely a good time to get either filthy rich or 100% stone-cold broke, but I'm not sure which! I'm actually considering buying some of these damn things after the current crash, but I'm a little too risk-averse, I think. If you could flip these things really fast (maybe you can; I don't know because I know approximately jack shit about investing), then I think you could very reasonably make some big returns in the next day or two.
It'll probably take to long to get setup on a website and then wire transfer money to an exchange. That big dip is already done anyways, for now. You can flip them fast on an exchange. You can watch that happening here http://bitcoinwisdom.com/
Getting USD out of an exchange back to your bank takes longer

I did have a gambling/odds question though...

http://wdc.rapidballs.eu/

under what conditions should I play these raffles? Lately, not many people have been entering. I always forget to in time because it happens at 8pm UTC.
1 WDC = ~$0.30
Yesterday only 5 people entered the daily raffle.

I have a bunch that I bought for cheap
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