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Honestly what do reaction do you expect when taking about virtual currency on a survival forum? This is not the target audience for virtual anything and extreme skepticism of this scheme is natural. If you think we don't understand your scheme how do you think the generally dumb public views it?
 

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Sic Semper Tyrannis
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Honestly what do reaction do you expect when taking about virtual currency on a survival forum? This is not the target audience for virtual anything and extreme skepticism of this scheme is natural. If you think we don't understand your scheme how do you think the generally dumb public views it?
It's not virtual, it's actual. People are actually using it.

A better description would be it's not a Traditional currency. The American dollar is largely digital these days just like Bitcoin. I rarely use cash these days, I bought a generator at a yard sale using paypal. That's right, I didn't even need cash at a freaking yard sale.

The thing I find intriguing about is how efficient it is. A bank is slow, takes days to transfer large sums of money and they always put a hold on it. With Bitcoin you and I could exchange millions almost instantly.
 

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It's not virtual, it's actual. People are actually using it.

A better description would be it's not a Traditional currency. The American dollar is largely digital these days just like Bitcoin. I rarely use cash these days, I bought a generator at a yard sale using paypal. That's right, I didn't even need cash at a freaking yard sale.

The thing I find intriguing about is how efficient it is. A bank is slow, takes days to transfer large sums of money and they always put a hold on it. With Bitcoin you and I could exchange millions almost instantly.
+1

Even most people here at SB are still convinced that the only thing besides PMs (which I really like too) that can take the form of money is cotton paper or digital numbers that a gooberment says is money. On one hand, they claim to hate everything the government does, but on the other hand, they hold to their FRNs with a death grip.

Having your own private stash of globally recognized currency that is very capable of purchasing real things that can be exchanged 24/7/365 without government 'oversight' are all very real benefits of Bitcoin.

Ultimately, Bitcoin may fail, but digital currency is already here, and it's not going anywhere, regardless of what any of us think.

lol, I love it. Got in the second time at $75, got out at $1000. Got back in at $220, getting ready to get out now at about $600. Better than the stock market. Bitcoin has paid for almost all my preps.
 

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Discussion Starter #105
I am definitely a believer in diversity, but I think I'll take the metal that was created during a super nova explosion billions of years ago and is EMP proof. Just know I won't be trading my vegetables for bitcoin after a collapse. God knows, maybe they will create a cryptocurrency backed by gold and silver :)
 

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God knows, maybe they will create a cryptocurrency backed by gold and silver :)
If so, it wouldn't really be any different from a silver or gold ETF. Also, for it to be truly 'backed' by a PM, you would have to be able to trade your currency for its corresponding quantity of PM. That's hard to do digitally.
 

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Comic, not your lawyer!
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Anything from seashells to salt to knots in rope and much more has served as currency throughout recorded history.

At its core, any currency is just a tallying system. Imagine that there is one big book that records every value transaction in an entire economy. When I sell you something, your tally of X goes down by that much and mine goes up. It doesn't matter what X is as long as you and I are both willing to do it.

FRNs, Euros, Yen, Yuan, Bitcoin, and every other currency out there are built on the exact same premise in that they serve as a tallying system. Someone is willing to sell their tally of Euros for FRNs, for instance, or give FRNs for Bitcoin.

The three things that seem to make people the most nervous about Bitcoin are (1) it's not government controlled or regulated, which is actually a GOOD thing, (2) it's almost strictly digital (you can put Bitcoins on paper), and (3) it's not as widely accepted as FRNs. But none of those things prevent it from being a currency. Is it the 'best' currency out there? No, and very few are saying that it is. Is it potentially a very good currency? Absolutely.

When the 25 new Bitcoins are created, they are simply added in the ledger to the winning miner's account, which is really no different from the bank loaning you money in the fractional reserve system; there are no FRNs exchanging hands until someone else wants to buy the Bitcoins from someone else. The big difference is that no more than 25 new Bitcoins are created every ten minutes or so, so the total supply is increasing at a known, finite rate.

Don't forget that as long as you are married to your FRNs, you're married to the Federal Reserve, the U.S. Treasury, and all the baggage that goes with it. Until we break ourselves apart from government-controlled currency, we will always be their servants, and they know it very well.
Really?

I'll give anyone here 5 seashells and 4 rope knots for $50,000. Please PM me for details.
 

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Comic, not your lawyer!
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Please don't take offense, but it's clear that you don't really understand how modern currencies work in our fractional reserve banking system, how FRNs are created, and how Bitcoin works.

There are roughly 15 million Bitcoins in circulation already. 3,600 added to the supply every day does essentially nothing to the price of the existing Bitcoins because it's only .00024% being added daily. This is no different from those who mine physical gold; they aren't doing so fast enough to hurt the price of gold.

But Bitcoin's price is still headed upward because the number of people using it is going up much faster than the amount of new Bitcoin added to the supply.

And if you don't like your Bitcoin, you can easily find a buyer. Remember that the price of Bitcoin has gone from 10,000 for one pizza to $600 per each over the course of several years.

If you think that Bitcoin is a Ponzi scheme, then you really need to reconsider every major currency out there; by your definition, they are all Ponzi schemes, and it's only a question as to how many people have bought into it. The Federal Reserve can literally create as many FRNs as they want, when they want, and that is simply impossible with Bitcoin.

I would really encourage you to watch this video from Stefan Molyneux about Bitcoin.
https://www.youtube.com/watch?v=joITmEr4SjY

No, bitcoin is increasing because there are really stupid people who will buy dumb things with money.

Bitcoin is going to fail either by accident or purposefully, leaving a lot of people with worthless bitcoins, and others lucratively rich.

Short term you might make a ton of REAL money, but long term you are a fool to hold bitcoins. It's a ponzi scheme.
 

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Comic, not your lawyer!
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ROFLMAO. "I don't understand." Good one. Nah, I understand very well. But you can go right on believing in BTC. I love how it's value gets measured in USD or some other currency that is supposedly worthless or not stable. Enjoy your BTC. Madoff got away with his con for a long time. His investors were his best salesmen.
Excellent point.

Analogy.

Your poop is worthless. Here, invest in my dead grass that is worth 600 of your poop.

lol.
 

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Comic, not your lawyer!
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It's not virtual, it's actual. People are actually using it.

A better description would be it's not a Traditional currency. The American dollar is largely digital these days just like Bitcoin. I rarely use cash these days, I bought a generator at a yard sale using paypal. That's right, I didn't even need cash at a freaking yard sale.

The thing I find intriguing about is how efficient it is. A bank is slow, takes days to transfer large sums of money and they always put a hold on it. With Bitcoin you and I could exchange millions almost instantly.
Notice you didn't use bitcoin. You traded US dollars electronically. Big difference.

Of course US dollars can be moved electronically. Duh.

But as I said before, I wouldn't take a bitcoin unless the terms were 90% in my favor and I could dump the bitcoin on some schmuck same day. I wouldn't hold it overnight. Far too complex of a monetary system, too easy to manipulate, no regulations, etc. No thanks.
 

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Comic, not your lawyer!
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+1

Even most people here at SB are still convinced that the only thing besides PMs (which I really like too) that can take the form of money is cotton paper or digital numbers that a gooberment says is money. On one hand, they claim to hate everything the government does, but on the other hand, they hold to their FRNs with a death grip.

Having your own private stash of globally recognized currency that is very capable of purchasing real things that can be exchanged 24/7/365 without government 'oversight' are all very real benefits of Bitcoin.

Ultimately, Bitcoin may fail, but digital currency is already here, and it's not going anywhere, regardless of what any of us think.
I've traveled pretty extensively, never once seen a sign in any store anywhere in the world that said that bitcoins were accepted. Not one person I know openly uses bitcoins for anything. In an crisis, or if the grid went down, I suspect bitcoins would be as useful as paint chips.
 

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Sic Semper Tyrannis
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Notice you didn't use bitcoin. You traded US dollars electronically. Big difference.

Of course US dollars can be moved electronically. Duh.

But as I said before, I wouldn't take a bitcoin unless the terms were 90% in my favor and I could dump the bitcoin on some schmuck same day. I wouldn't hold it overnight. Far too complex of a monetary system, too easy to manipulate, no regulations, etc. No thanks.
All you've done on the whole thread is cherry pick te points your ring to make. The point is our money is almost as digital as bitcoin these days. Most folks, like you, don't understand it or haven't heard of it in the rural area I live. But in the Bay Area people are using Bitcoin like gangbusters.

You don't have to use Bitcoin, and I suspect anybody who owns it won't be doing business with you anyways, since they'd be losing 90% so it's a non issue.

I personally don't own any right now either. However I've set up a wallet, perhaps the next ebay sale or side job some might offer me some bit coin. That would be a good way to score a few with no risk and see what happens.
 

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Sic Semper Tyrannis
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I've traveled pretty extensively, never once seen a sign in any store anywhere in the world that said that bitcoins were accepted. Not one person I know openly uses bitcoins for anything. In an crisis, or if the grid went down, I suspect bitcoins would be as useful as paint chips.
I think you should Google how many retailers are accepting Bitcoin, I think you'd be surprised. More importantly, people find value in a currency system like this because they can make Peer to Peer transactions quickly and easily with no government or banking institutions nonsensical rules.

Cherry picking again.
 

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Sic Semper Tyrannis
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No, bitcoin is increasing because there are really stupid people who will buy dumb things with money.

Bitcoin is going to fail either by accident or purposefully, leaving a lot of people with worthless bitcoins, and others lucratively rich.

Short term you might make a ton of REAL money, but long term you are a fool to hold bitcoins. It's a ponzi scheme.
Again, people obviously don't understand Bitcoin or Ponzi Schemes. Bitcoin isn't social security.
 

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Yes, they ARE ponzi schemes, it's just that they have many MORE people who've bought in, so they will take longer to fall.
No money is real money unless it is valued and treated by people as money. This includes dollars, euros, rice, salt, gold, silver, or Bitcoin.
 

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Comic, not your lawyer!
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Eh, some good points.

I don't see a need, or market, for bitcoin, Litecoin, etc. I see it as a trendy way for bored computer nerds with too much time on their hands to arbitrage and manipulate and make money by taking advantage of less sophisticated folks.

Like other fads, it will peak, bubble, and pop when the next cool thing comes around or when someone hacks into them and steals them all. Some folks will get filthy rich on the scheme, and many will lose a lot of money just like all pyramid ponzi manipulated schemes.

I personally have zero, zero need for a bitcoin. Lots of other more traditional currencies have served me just fine, and in a world where the dollar or computers fail, I suspect all your fake wealth tied up in bitcoins will be lost.
 

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It's not virtual, it's actual. People are actually using it.
If the power goes out, or I don't have an internet connection, it doesn't exist. That's virtual.

A better description would be it's not a Traditional currency.
I can agree with that.

The thing I find intriguing about is how efficient it is. A bank is slow, takes days to transfer large sums of money and they always put a hold on it. With Bitcoin you and I could exchange millions almost instantly.
No we couldn't. I don't use BitCoin, so the transaction would never happen.
 
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