a_skeleton_03
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The "coins" don't have a value. Think of them as a transaction identifier and you will be fine
Doesn't help for holding on to them but yeah.
Haha thanks. I was worried about that. Usually when I put money into a new bank I always try to deposit and then withdraw a reasonably large amount (several thousand) before I put more money in.Tuco: MtG:OX is a black hole for your money. Money goes in --- can't come out. Coinbase seems the only reliable way to convert bitcoin to real money. You can get money back out of a lot places, but it seems like people have problems getting significant money out of most of them. Like approve a $500 sell. Sell $5k? Suspicious activity. Account suspended.
I would also note that coinbase does appear suspiciously ponzi like to me. I've no proof, but my gut is they are paying out based on new entrants to the market. So caveat emptor &c.Haha thanks. I was worried about that. Usually when I put money into a new bank I always try to deposit and then withdraw a reasonably large amount (several thousand) before I put more money in.
So goddamn annoying. They have to mention it at every possible moment also.I would also like to say that I find bitcoiners use of the word "fiat" really annoying.
Just bought 0.1 BTC off coinbase at 534.20 USD per coin using coinbase. Obviously it's not enough to be a significant investment but I wanted to be part of the fun.Haha thanks. I was worried about that. Usually when I put money into a new bank I always try to deposit and then withdraw a reasonably large amount (several thousand) before I put more money in.Tuco: MtG:OX is a black hole for your money. Money goes in --- can't come out. Coinbase seems the only reliable way to convert bitcoin to real money. You can get money back out of a lot places, but it seems like people have problems getting significant money out of most of them. Like approve a $500 sell. Sell $5k? Suspicious activity. Account suspended.
As for BTC being valuable, it just seems like a function of whether it can be used as a currency. There's nothing out there I know of that I want to buy that I can use BTC to purchase, so it has very little intrinsic value to me.
Hah, I just did the same thing, but for a lil higher price, couple days ago it was in the 400s but I was only just trying to figure out which site to use. Found coinbase due to this thread and set it all up. Just purchased .1 at ~690sh. I wouldn't mind buying more if it goes lower but probably won't purchase anymore if it keeps going up. It's such a volatile market from what Ive witnessed.Just bought 0.1 BTC off coinbase at 534.20 USD per coin using coinbase.
That's not going to happen before BTC can reliably be exchanged for USD on a large scale. The company clearly states they will not carry BTC on their balance sheet, but immediately convert to USD. As far as I understand, that's not currently viable.Overstock.com to begin accepting bitcoin as payment in 2014
http://www.businessinsider.com/overs...t-year-2013-12
but the upside is infinite!!!!!!!!!That's not going to happen before BTC can reliably be exchanged for USD on a large scale. The company clearly states they will not carry BTC on their balance sheet, but immediately convert to USD. As far as I understand, that's not currently viable.
I still wouldn't invest a single penny in cryptocurrency as anything other than a hobby. The downside risk is 100%.
Bro do you even fiat?That's actually not a bad way to look at it. Bitcoin is like gold in that it's not a monetary instrument. It's an asset. It can't ever be a currency in a current form because it lacks the basic necessities of currency. The exchange of bitcoins for goods, services, or financial assets is a barter transaction.
The problem is that nearly anything can be used for barter. Some things are bad at it and some things are good. Bitcoin isn't a bad means of barter and certainly has upsides, but the big thing is getting the people you want to trade with to agree that your asset, who's primary function is a store of socially agreed upon wealth, is actually socially agreed upon. Gold got that pretty well on lockdown, but bitcoin is new on the block, has systemic flaws, and can be easily replaced by another more efficient cryptocurrency.
What bitcoin does really fucking well is function as a speculative bubble. It has a perfectly inelastic supply with an extremely elastic demand. That's an environment ripe for making and losing shit tons of dough.
I would also like to say that I find bitcoiners use of the word "fiat" really annoying. In that the USD is obviously fiat by the definition of "issued by the government", but fiat is used also solely with second definition "no intrinsic value". The instrisic value of the dollar is effectively 0 because we don't have a lot of use for a small square of cloth paper with some scribbling on it, just like the intrinsic value of some bits in computer memory signifying the existence of those bits isn't worth anything in and of itself.