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DannyA · 02-10-2014, 07:19 AM

I was considering getting a large amount before people were speculating to actually use as currency, but I'm not kicking myself. I still don't think it's even a remotely good idea to speculate on cryptocurrency. There are a lot of people who made a killing, but like in any other market you've got them patting themselves on the back without having any real perspective on the gamble they took.

All the crazy profits just reflect a crazy volatility that no currency should have. Speculators should not be able to control the value of anything like that, especially actual fucking money.

Just remember that cryptocurrency as a commodity depends on it ultimately being USED as currency. You can time your bets on bubbles shrinking or growing, but you can't control the intrinsic value. If society doesn't switch to using it as money, the bubble bursts.

Now let's be honest. I was going to buy bitcoin to use for things I didn't want traced back to me. Anonymity is the only benefit to using it at all. The fucking cyberpunk libertarian evangelists may create cool wallets and whatever, and you may be able to use it at X restaurant or Y electronic cigarette vaporizer store in Minnesota, but almost all of it was spent on drugs on the silk road. The rest was used to wash money made doing identity theft and things like that. Why else would you use it? You have to pay somebody to change it into real money you can use and it's not insured or remotely secure.

The real reason I say stay out though, is that it's not even remotely the best way to do crime. If I'm one of the people who actually provide the intrinsic value I'm doing (illegal) business with it. Speculators can change the value of bitcoin but the price of heroin doesn't change. If I spend $1,000 on heroin, sell it for $1,500 worth of bitcoin, then the value of the bitcoins drops to $1,000 again I'm out $500. That's money earned working lost, not something I wanted to gamble on. Fuck that, I'm just gonna use greendot. That's anonymous and I can depend on the dollar guaranteeing I can make the reup tomorrow.

End rant lol. Shit makes me nervous.

02-10-2014, 07:19 AM
DannyA Registered User Join Date: Oct 2005 Posts: 85	I was considering getting a large amount before people were speculating to actually use as currency, but I'm not kicking myself. I still don't think it's even a remotely good idea to speculate on cryptocurrency. There are a lot of people who made a killing, but like in any other market you've got them patting themselves on the back without having any real perspective on the gamble they took. All the crazy profits just reflect a crazy volatility that no currency should have. Speculators should not be able to control the value of anything like that, especially actual fucking money. Just remember that cryptocurrency as a commodity depends on it ultimately being USED as currency. You can time your bets on bubbles shrinking or growing, but you can't control the intrinsic value. If society doesn't switch to using it as money, the bubble bursts. Now let's be honest. I was going to buy bitcoin to use for things I didn't want traced back to me. Anonymity is the only benefit to using it at all. The fucking cyberpunk libertarian evangelists may create cool wallets and whatever, and you may be able to use it at X restaurant or Y electronic cigarette vaporizer store in Minnesota, but almost all of it was spent on drugs on the silk road. The rest was used to wash money made doing identity theft and things like that. Why else would you use it? You have to pay somebody to change it into real money you can use and it's not insured or remotely secure. The real reason I say stay out though, is that it's not even remotely the best way to do crime. If I'm one of the people who actually provide the intrinsic value I'm doing (illegal) business with it. Speculators can change the value of bitcoin but the price of heroin doesn't change. If I spend $1,000 on heroin, sell it for $1,500 worth of bitcoin, then the value of the bitcoins drops to $1,000 again I'm out $500. That's money earned working lost, not something I wanted to gamble on. Fuck that, I'm just gonna use greendot. That's anonymous and I can depend on the dollar guaranteeing I can make the reup tomorrow. End rant lol. Shit makes me nervous.