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^ that's the problem with having a conversation with people ungrounded in fact.

Please detail EXACTLY what basis you have for your claim (in bold)
I agree, it's hard to have a conversation with someone who has their head in the sand because they can't or won't comprehend what you're saying. :thumb:

Google is your friend but I'll point you in the right direction. If Venezuelans had kept their money in BTC instead of the bolivar they'd be ahead of the game, even with the hyperinflation they are currently experiencing. That's the beauty of crypto for the developing world and to a lesser extent even the developed world. In the future, with widespread adoption of crypto, the banks would be cut out of the equation all together as point of sale could directly interface with your crypto wallet.




It's an old article but here's another example of why crypto will matter going forward.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/


Again, most people on this board can't comprehend the difficulties that people in other countries, even some developed countries deal with. We're very spoiled here in the U.S. and for the most part have been able to depend upon the dollar.
 

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Oh I understand what your saying.
I'm just also recognizing that there is absolutely no factual basis for your claims!

Comparing a highly volitile Fiat currency (bitcoin) that is not down *right now* cherry picked with another at a specific time (using 20/20 hindsight) is proof of NOTHING.
The same could be said using *almost anything else* from gold, to dollars, to cans of tuna.

Care to try again, you know... with REAL data....
 

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Oh I understand what your saying.
I'm just also recognizing that there is absolutely no factual basis for your claims!

Comparing a highly volitile Fiat currency (bitcoin) that is not down *right now* cherry picked with another at a specific time (using 20/20 hindsight) is proof of NOTHING.
The same could be said using *almost anything else* from gold, to dollars, to cans of tuna.

Care to try again, you know... with REAL data....

:rolleyes: No data would satisfy you especially since this "REAL data" you ask for doesn't exist for any other currency or asset. As I've mentioned time and time again, I don't believe in investing in crypto at this moment outside of pure speculation.

On the other hand I fully believe that in time widespread adoption will take place and as that happens fundamentals of economics will apply. Widespread world wide usage of any currency creates stability (that's the only thing the dollar has going for it as a reserve currency), add to that the ease of use and built in anti-inflationary properties of cryptos and the future is clear, assuming of course that governments don't stop it. We will see.
 

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Bitcoin is far too complicated to be used on an everyday basis, and there are just not enough businesses accepting it. However with so many people putting a little in their portfolio, it has some value right now. But if confidence rises in another asset class, money might be moved out of BTC by a lot of people. There certainly is money to be made on the fluctuation rate, and I believe a large portion of people are holding it hoping for that $1,000 price from a few years ago. In fact I believe if BTC got up to $1,000 again it would be dumped down pretty low again. A lot of the investments from a few years ago which offered some decent interest are washed up. BTC Jam phased out, Mining investments are mostly gone and even the Bank To The Future investments by Max Keiser arnt even working and a lot of the initial investors were pretty ****ed. Everyone new crypto currency that comes out has a spike in price upon launch then dwindles. How many people thought LTC, START or ETC would go somewhere and they just havn't. The fact of the matter is I think perception is changing where physical investments are going to reign in the next 10 years. I don't think anyone in Venezuela is worried about getting some BTC, let alone even if they had it wouldnt have a clue what to do or any outlets to use it. They are busy trying to find old garbage to eat. Their priorities may not change and I can guarantee their physical assets have the most value right now, a sentiment I think is going to spread as all economies further decline. I think BTC is going to be like my hay-day of playing Everquest, when selling platinum coins and level 65 characters on Ebay could make you $1,000's of dollars. Now that digital asset is worthless. My Platinum coins and 65 level characters have no value.
 

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The US Dollar although stored digitally cannot be compared to Bitcoin.

The power of Bitcoin is not it's currency but the utility it brings.
Speed
Micropayments
Limited to 21,000,000 bitcoins (limited inflation)
Private (not anonymous)
Can send and receive money across the internet (trade with whoever you want in the world)
 

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bitcoin has not been hacked. companies that hold bitcoins (like a bank) have been hacked and the bitcoins stolen.
Bitcoin is a "virtual currency".. a cryptocurrency... it ONLY exist in electronic form..you store bitcoins in an "electronic wallet". NOT in a bank or any physical building!!?!!
 

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I agree, it's hard to have a conversation with someone who has their head in the sand because they can't or won't comprehend what you're saying. :thumb:

Google is your friend but I'll point you in the right direction. If Venezuelans had kept their money in BTC instead of the bolivar they'd be ahead of the game, even with the hyperinflation they are currently experiencing. That's the beauty of crypto for the developing world and to a lesser extent even the developed world. In the future, with widespread adoption of crypto, the banks would be cut out of the equation all together as point of sale could directly interface with your crypto wallet.




It's an old article but here's another example of why crypto will matter going forward.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/


Again, most people on this board can't comprehend the difficulties that people in other countries, even some developed countries deal with. We're very spoiled here in the U.S. and for the most part have been able to depend upon the dollar.
The biggest problem with bitcoin is that it has a very limited ability to buy "everyday" items unless you buy them on the "dark side" of the web... but not many everyday items are available there.
I doubt many of them have bitcoin wallets to store their bitcoin.. or the computers on which to use them.
Most ]Venezuelans still would have "virtually" nothing!
 

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People can whine and complain about BTC being worthless virtually currency all they want.

In the mean time, the price has gone up to $657 USD as of today.

It might go back down, or it might continue to go up. But over the long-term, it's going up in value and is likely to continue to do so. More and more people are accepting it, and by the time it's as ubiquitous as the dollar, the price will be almost certainly be far higher than it is now.

Keep in mind that most people on this site are not 'early adopters' of new technology; rather, most are on the other side of the adoption/diffusion process.
 

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People can whine and complain about BTC being worthless virtually currency all they want.

In the mean time, the price has gone up to $657 USD as of today.

It might go back down, or it might continue to go up. But over the long-term, it's going up in value and is likely to continue to do so. More and more people are accepting it, and by the time it's as ubiquitous as the dollar, the price will be almost certainly be far higher than it is now.

Keep in mind that most people on this site are not 'early adopters' of new technology; rather, most are on the other side of the adoption/diffusion process.
Just wait until the American Government claims that bitcoins fund terrorism and makes it illegal to possess, or exchange them for goods and services.

Of course the rest of the world (thanks Soros and Rothschild) will comply with American standards and the bitcoin will be greatly, if not entirely, devalued.
 

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Just wait until the American Government claims that bitcoins fund terrorism and makes it illegal to possess, or exchange them for goods and services.

Of course the rest of the world (thanks Soros and Rothschild) will comply with American standards and the bitcoin will be greatly, if not entirely, devalued.
Dude, you really have no understanding as to how Bitcoin works.

It doesn't matter WHAT the .gov says about BTC because they have ZERO control over it. That's part of why they are scared to death of it. Bitcoin is worth ~$650 today because that's what the market says its worth. No government is involved in any way.

Unless the government literally 'shuts down the Internet', they can't stop Bitcoin, period.

Please don't continue in this fatalistic, 'the elites will hose us regardless' mentality.
 

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Bitcoin is a "virtual currency".. a cryptocurrency... it ONLY exist in electronic form..you store bitcoins in an "electronic wallet". NOT in a bank or any physical building!!?!!
If that is a question then yes and no, you have the option to store Bitcoin physically, simply through Coinbase you can withdraw funds onto a certificate with a unique Bitcoin address associated with that transaction. Many people physically store bitcoins this way as it is THE safest way to store Bitcoins currently. There also have been from time to time physical bitcoins produced with the same unique signature. However if, I guess the entire internet went down or every single Bitcoin program was hacked then you wouldn't be able to redeem your physically stored bitcoins. In that case I think we would be in more problems then just not using Bitcoins anyhow. I think it's a poor argument that Bitcoins are risky because they are a digital currency, however they are risky because the fluctuation rate of value vs. USD is still very drastic year after year.
 

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If that is a question then yes and no, you have the option to store Bitcoin physically, simply through Coinbase you can withdraw funds onto a certificate with a unique Bitcoin address associated with that transaction. Many people physically store bitcoins this way as it is THE safest way to store Bitcoins currently. There also have been from time to time physical bitcoins produced with the same unique signature. However if, I guess the entire internet went down or every single Bitcoin program was hacked then you wouldn't be able to redeem your physically stored bitcoins. In that case I think we would be in more problems then just not using Bitcoins anyhow. I think it's a poor argument that Bitcoins are risky because they are a digital currency, however they are risky because the fluctuation rate of value vs. USD is still very drastic year after year.
It's funny that people don't seem at all concerned about someone hacking into their checking account, stealing their identity, and the like, especially considering that that actually happens all the time. But they're scared to death that their BTC will just vanish overnight. :upsidedown:
 

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It's funny that people don't seem at all concerned about someone hacking into their checking account, stealing their identity, and the like, especially considering that that actually happens all the time. But they're scared to death that their BTC will just vanish overnight. :upsidedown:
It might have something to do with federal protections if the bank gets hacked. There are none for the hacking of whoever is storing your bitcoins.
 

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It might have something to do with federal protections if the bank gets hacked. There are none for the hacking of whoever is storing your bitcoins.
There are for losses not incurred due to stolen login credentials through Coinbase, similar to FDIC ...

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

Which is why you must use at a minimum 2FA on all accounts.

Plus Great American Insurance Company offers fraud insurance for BTC privately ...

http://www.coindesk.com/great-american-insurance-bitcoin-coverage-businesses/
 

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It might have something to do with federal protections if the bank gets hacked. There are none for the hacking of whoever is storing your bitcoins.
A poster on SB is betting their savings on Federal protection?? :rolleyes:

Don't forget that a number of government agencies, particularly the IRS, can freeze or seize your bank account at their pleasure.

Depending on how you store your BTC, that can be completely avoided. That's why there's so much rhetoric from the Fed and bankers about why it's bad, even though they're rushing to emulate it.
 

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I can understand people using crypto-currencies. I don't understand people facination with gold and silver.
Then you should be asking your Representative why the US government owns over 8000 tonnes of gold. It doesn't pay interest. It costs the government to store it. Why does our government own so much, if it is so worthless?
 

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A poster on SB is betting their savings on Federal protection?? :rolleyes:
t.
Not "savings"



Consumable savings.

I keep low 5 figures in a couple different banks. (If one card gets compromised I switch to another for the day it takes to put the money back and the 2-3 days it takes (tell them not to bother overnighting it) to get me a new card.)
I might pull a chunk out at any given time to buy a car, boat, guns, I'm looking at 3 acres.... etc.

Keep near that in cash, to say nothing of saleable PM'S, guns, a boat (extra) vehicles (buy/sell) 3 wheelers, etc.

I have "insurance" of food, guns, and gold, but also insurance through USAA incase my house burns down.

They are NOT mutually exclusive as you infer...
 

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Not "savings"



Consumable savings.

I keep low 5 figures in a couple different banks. (If one card gets compromised I switch to another for the day it takes to put the money back and the 2-3 days it takes (tell them not to bother overnighting it) to get me a new card.)
I might pull a chunk out at any given time to buy a car, boat, guns, I'm looking at 3 acres.... etc.

Keep near that in cash, to say nothing of saleable PM'S, guns, a boat (extra) vehicles (buy/sell) 3 wheelers, etc.

I have "insurance" of food, guns, and gold, but also insurance through USAA incase my house burns down.

They are NOT mutually exclusive as you infer...
That's all quite true. It still doesn't address the fact that it's at least currently far easier for TPTB and other '3rd parties' to 'access' your bank account than your BTC wallet, depending on how it's stored.
 

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That's all quite true. It still doesn't address the fact that it's at least currently far easier for TPTB and other '3rd parties' to 'access' your bank account than your BTC wallet, depending on how it's stored.
THE SAFEST way to store any wealth digitally outside of having physical cash, gold, silver, or BTC on hand is to either have a BTC wallet backed up on a computer not connected to the internet, USB drive or a well encrypted foreign anonymous cloud server outside of the 14 eyes. Hands down, there is no safer way to store digital wealth. I'd choose multiple backups on well encrypted USB drives and hidden around. You can backup a BTC wallet multiple times. Put one or the cloud, some on USB drives. Nobody is finding this, the government isnt looking for wealth they don't even know you have let alone 98% of the population doesnt even understand BTC. The only saving grace of the complications of BTC is it gives an advantage to hiding wealth.
 

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That's all quite true. It still doesn't address the fact that it's at least currently far easier for TPTB and other '3rd parties' to 'access' your bank account than your BTC wallet, depending on how it's stored.
But you see... you put qualifyers on there.

Bitcoins get hacked or otherwise made inaccessable.

Family and buddies of mine have accounts in offshore banks with (I actually find it quite interesting) numbered accounts with debit cards with quite high limits. (I don't have enough liquid to do this... yet.)

So I sadisfy myself with $1,000,000 in liability insurance (this doesn't include the cost of the legal team they will hire inclusive of the policy which is in excess of my traceable (and non traceable) assets.

I do not owe unpaid taxes.... there's no "risk" you seem fearful of.
If it DOES happen I have enough in my pocket right now to carry me 6 months at minimum, and if you want that you'll need to talk to my friend Glock.

Lots of things I can do in 6 months, even in my weakened state.
 
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